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Key Takeaways T. Rowe Price appears more compelling than KKR at the current levels, based on value and income.KKR offers stronger earnings growth prospects, with 2026 earnings expected to rise 20.7%.TROW trades at a lower P/E and offers a higher dividend yield after six dividend hikes in five years. T. Rowe Price (TROW - Free Report) and KKR & Co. Inc. (KKR - Free Report) are well-positioned to benefit from the asset management industry’s favorable yet rapidly evolving backdrop in 2026. Strong capital markets, robust demand for private-market investments and expanding retail access to alternatives continue to support fundraising and assets under management (AUM) growth. At the same time, geopolitical uncertainty, volatile interest rates, stretched valuations and emerging private-credit risks remain key concerns.

Against this backdrop, both TROW and KKR are leveraging their diversified alternative-investment platforms and strong fundraising capabilities. So, which of these asset management stocks currently offers greater upside potential? To answer that, we need to examine their fundamentals more closely.

The Case for KKRKKR has been expanding its platform through acquisitions to enhance its investment capabilities and drive asset growth. In May 2026, the company acquired Arctos Partners, an investment firm managing approximately $16 billion in AUM, expanding its capabilities across sports investing, GP solutions and secondaries. In July 2025, KKR acquired a majority stake in HealthCare Royalty Partners, adding nearly $3 billion to its AUM and expanding its healthcare-focused investment capabilities. These initiatives have supported KKR's efforts to scale its alternative investment platform, diversify revenue streams and accelerate AUM growth, positioning the company well for long-term expansion.

Building on these initiatives, KKR's AUM balance has grown steadily over the years, reflecting the strength of its diversified investment platform. The company's expanding presence across private equity, credit, infrastructure, real estate and insurance has supported AUM growth, while fundraising and capital deployment activity have been healthy. A growing perpetual capital base and continued expansion of investment capabilities are expected to support future asset growth. Management's goal of reaching at least $1 trillion in AUM by 2030 further underscores confidence in the company's long-term growth prospects.

Organic growth also remains a key strength for KKR. The company continues to benefit from the expansion of its traditional private equity and third-party businesses while adding capabilities across infrastructure, real estate, growth and core investing strategies. These efforts have increased deal activity and broadened KKR's revenue base over time. Continued expansion across these investment platforms is expected to support revenue growth and earnings generation over the long term.

Nevertheless, an elevated expense base remains a headwind for KKR. Higher commission, reinsurance and employee compensation expenses have increased costs, while continued fundraising activity is expected to drive higher placement fees. This could pressure the company's near-term earnings growth.

The Case for TROWT. Rowe Price’s diversified AUM across asset classes, client types and geographies supports earnings through different market environments. AUM rose from $1.78 trillion at the end of 2025 to $1.89 trillion as of June 30, 2026, as $138 billion in market appreciation more than offset $20.2 billion in first-half net outflows. Fixed income, multi-asset and alternatives each generated positive net flows for the quarter ending June 30, 2026, partly offsetting continued equity outflows.  Management expects consistent and sustained fixed-income net flows, and continued momentum in alternatives, providing additional avenues to diversify the firm’s flow profile.

The company continues to expand its investment capabilities through partnerships, acquisitions and internally developed products. Its collaboration with Goldman Sachs advanced in July 2026 with the launch of the T. Rowe Price Goldman Sachs Private Markets Fund, while a second public-private equity interval fund is expected later in 2026.  As the company is committed to diversifying its revenue streams and meeting customer needs, we believe that such endeavors will likely support its long-term prospects.

The company’s focus on fortifying its business by enhancing investment capabilities, broadening distribution reach and investing in new product offerings will support revenue growth. In March 2026, it introduced the T. Rowe Price OHA Flexible Credit Income Fund (OFLEX) in partnership with OHA to expand its alternative credit offerings. In 2023, it also launched T. Rowe Price OHA Select Private Credit Fund (OCREDIT) to provide private credit investment solutions for income-oriented individual investors. The company's shifting focus toward international growth funds is also expected to help increase both its revenues and investment management margin.

Nonetheless, the company’s bottom-line growth continues to suffer from high costs, driven by ongoing investments in technology, distribution and employee compensation.

How Do Earnings Estimates Compare for TROW & KKR?The Zacks Consensus Estimate for TROW’s 2026 sales and earnings implies a year-over-year rise of 4.3% and 5.5%, respectively. Earnings estimates for 2026 have been revised upward over the past month.

Estimate Revision Trend

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for KKR’s 2026 sales and earnings implies a year-over-year rise of 29.4% and 20.7%, respectively. Earnings estimates for 2026 have been revised upward over the past month.

Estimate Revision Trend

Image Source: Zacks Investment Research

TROW & KKR: Price Performance, Valuations & Other ComparisonsOver the past year, KKR shares have declined 21.8%, while TROW shares have gained 3.8% against the industry’s fall of 8.7%.

Price Performance

Image Source: Zacks Investment Research

From a valuation standpoint, TROW is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 11.02X, while KKR is currently trading at a forward 12-month P/E multiple of 16.8X. TROW stock is cheaper than KKR.

Price-to-Earnings F12M

Image Source: Zacks Investment Research

Meanwhile, both T. Rowe Price and KKR reward their shareholders handsomely. TROW raised its dividend six times over the past five years. It has a dividend yield of 4.7%. Similarly, KKR raised its dividend five times over the past five years. It has a dividend yield of 0.7%.  

TROW or KKR: Which Stock Offers More Value?While KKR offers stronger earnings growth prospects and significant long-term opportunities to expand its alternative-asset platform, T. Rowe Price appears to offer a more compelling value proposition at current levels. TROW trades at a discount compared with KKR, offering investors a more attractive entry point. Its higher dividend yield, coupled with six dividend hikes over the past five years, enhances its appeal for income-focused investors.

TROW also benefits from a diversified AUM base, an expanding presence in alternatives and continued efforts to strengthen its private-market capabilities. Although persistent net outflows and elevated operating expenses remain key concerns, initiatives to broaden its product lineup, expand distribution and deepen its exposure to higher-growth investment categories should support its longer-term prospects.

KKR, meanwhile, remains well-positioned to capitalize on growing demand for alternative investments. Its robust earnings-growth outlook, expanding AUM base and diversified investment platform make it an attractive growth-oriented investment. However, its relatively higher valuation and lower dividend yield make the stock less compelling from a value and income standpoint at present.

Considering valuation, shareholder returns, diversification and income potential, T. Rowe Price appears to offer better value than KKR at current levels. TROW’s lower earnings multiple and substantially higher dividend yield provide a more favorable risk-reward proposition, while its strategic expansion into alternatives and private markets offers additional avenues for long-term growth. 

At present, both TROW and KKR carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Allworth Financial LP purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,376 shares of the asset manager’s stock, valued at approximately $725,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Greenspring Advisors LLC acquired a new stake in T. Rowe Price Group during the 2nd quarter valued at approximately $1,757,000. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $1,512,000. Virtus Advisers LLC acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $209,000. Silvant Capital Management LLC purchased a new position in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $43,000. Finally, Mystic Asset Management Inc. purchased a new position in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $218,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance Shares of TROW opened at $111.51 on Monday. The business’s fifty day moving average price is $113.94 and its 200 day moving average price is $102.84. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00. The stock has a market capitalization of $23.79 billion, a PE ratio of 11.18, a price-to-earnings-growth ratio of 3.70 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.24 earnings per share. As a group, research analysts anticipate that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current fiscal year. T. Rowe Price Group Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group’s payout ratio is 52.16%.

Wall Street Analysts Forecast Growth TROW has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Barclays cut their price target on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a report on Monday, August 3rd. Weiss Ratings raised shares of T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Zacks Research lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, The Goldman Sachs Group boosted their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research report on Tuesday, June 30th. Ten investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $105.67.

Check Out Our Latest Analysis on T. Rowe Price Group

T. Rowe Price Group Company Profile (Free Report)

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

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Key Takeaways TROW's F/m Investments acquisition boosts fixed-income AUM nearly 9% and more than doubles ETF AUM.F/m Investments adds 20 ETFs and customized municipal, liquidity and SMA strategies to TROW's platform.TROW can leverage its $1.87T AUM base and distribution network to expand F/m Investments products. T. Rowe Price Group, Inc. (TROW - Free Report) is stepping up efforts to diversify its investment platform and capture growing demand for exchange-traded funds (ETFs), separately managed accounts (SMAs) and customized fixed-income strategies. Expanding these businesses should help TROW broaden its client base, strengthen relationships with advisers and institutional investors, and gradually reduce its dependence on traditional actively managed mutual funds.

Against this backdrop, T. Rowe Price has agreed to acquire F/m Investments LLC, a fixed-income asset manager and ETF specialist with approximately $19 billion in assets under management (AUM) as of July 31, 2026. The transaction, expected to close in early 2027 subject to customary conditions, should deepen TROW's fixed-income capabilities and accelerate growth of its ETF and SMA franchises. Financial terms were not disclosed.

How Will the Deal Strengthen TROW?The acquisition is expected to increase T. Rowe Price's fixed-income AUM by nearly 9% and more than double its fixed-income ETF AUM. More importantly, it gives TROW additional scale in investment vehicles that are gaining traction among advisers, institutions and high-net-worth investors.

The timing appears favorable. TROW's fixed-income AUM, including money market assets, increased to $222 billion as of June 30, 2026, from $212 billion at 2025-end. Adding F/m Investments’ assets while fixed income is already showing positive momentum could help TROW capitalize on stronger client demand and improve its ability to attract incremental flows.

The deal should also accelerate TROW's ETF expansion. In June 2026, the company said that AUM across its active ETF franchise had exceeded $25 billion. Its lineup included 10 fixed-income and 22 equity ETFs, alongside multi-asset products. F/m Investments’ 20 ETFs, covering U.S. Treasuries, Treasury Inflation-Protected Securities, corporate bonds and municipal securities, should significantly broaden this platform.

The strategic value of the acquisition extends beyond the additional assets. T. Rowe Price can combine F/m Investments’ specialized product-development capabilities with its larger investment infrastructure and distribution network. With $1.87 trillion in total client assets as of July 31, 2026, TROW has considerable scope to distribute these products across intermediary, institutional, retirement and wealth-management channels.

Its sizable retirement franchise further enhances that opportunity. Roughly two-thirds of TROW's assets are retirement-related, providing a broad existing client base through which newer ETF, SMA and fixed-income solutions could potentially gain adoption. The transaction also fits TROW's wider push to deepen its fixed-income platform. Early in 2026, the company entered the collateralized loan obligation market with a $403.6-million debut CLO. Together, the CLO initiative and F/m Investments acquisition indicate that TROW is expanding beyond traditional fixed-income products toward specialized strategies with stronger growth potential.

Overall, the F/m Investments acquisition should strengthen TROW's competitive position by adding scale, broadening its product mix and supporting faster ETF and SMA growth. While successful integration and sustained investor demand will determine the ultimate financial contribution, TROW's strong distribution capabilities and improving fixed-income momentum make the deal strategically compelling.

Other Firms Competing for Crypto-Related ExposureMajor banks like Goldman Sachs (GS - Free Report) and JPMorgan (JPM - Free Report) are expanding crypto-related capabilities even if they have not yet launched proprietary ETFs.

Goldman Sachs has been expanding its crypto exposure primarily through institutional-facing trading and structured products rather than retail offerings. The bank operates a digital asset trading desk that provides clients with access to bitcoin and ether through cash-settled derivatives, options and non-deliverable forwards. Goldman Sachs has also been active in crypto-linked structured notes, allowing investors to gain tailored exposure while managing downside risks.

JPMorgan has taken a broader, infrastructure-led approach to crypto and blockchain. The bank offers crypto trading services to institutional clients and has built out custody capabilities, while also piloting on-chain settlement and tokenized deposits through its blockchain unit, Onyx. JPMorgan has launched blockchain-based platforms for wholesale payments and repo transactions, enabling faster and more efficient settlement using tokenized assets.

TROW Price Performance & Zacks RankOver the past three months, shares of T. Rowe Price have gained 8.5% compared with the industry’s rise of 6.6%.

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.

BlackRock Inc. acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 23,996,119 shares of the asset manager’s stock, valued at approximately $2,728,119,000. BlackRock Inc. owned 11.25% of T. Rowe Price Group as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC lifted its position in T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after buying an additional 123 shares during the period. DV Equities LLC purchased a new stake in T. Rowe Price Group in the 4th quarter valued at about $32,000. Motiv8 Investments LLC purchased a new stake in T. Rowe Price Group in the 4th quarter valued at about $35,000. Bank & Trust Co increased its stake in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 108 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its stake in shares of T. Rowe Price Group by 92.0% during the 4th quarter. TD Waterhouse Canada Inc. now owns 386 shares of the asset manager’s stock valued at $40,000 after acquiring an additional 185 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

T. Rowe Price Group Price Performance NASDAQ TROW opened at $112.23 on Thursday. The firm has a market capitalization of $23.94 billion, a P/E ratio of 11.26, a P/E/G ratio of 4.29 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The business’s 50-day simple moving average is $113.83 and its 200-day simple moving average is $102.76.

T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last issued its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.24 EPS. On average, equities research analysts expect that T. Rowe Price Group, Inc. will post 10.13 EPS for the current fiscal year. T. Rowe Price Group Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.6%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s payout ratio is currently 52.16%.

Analyst Ratings Changes TROW has been the topic of several research analyst reports. BMO Capital Markets raised their target price on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Zacks Research lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Barclays cut their price target on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a research note on Monday, August 3rd. Evercore set a $118.00 price target on shares of T. Rowe Price Group in a report on Monday, August 10th. Finally, The Goldman Sachs Group boosted their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a research note on Tuesday, June 30th. Ten investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Reduce” and a consensus target price of $105.67.

Check Out Our Latest Research Report on TROW

T. Rowe Price Group Company Profile (Free Report)

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

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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.

Handelsbanken Fonder AB decreased its position in shares of T. Rowe Price Group, Inc. (NASDAQ: TROW) by 51.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,275 shares of the asset manager's stock after selling 28,473 shares

, /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

BALTIMORE, Aug. 13, 2026 /PRNewswire/ -- T. Rowe Price (NASDAQ: TROW) today announced leadership enhancements that support its firmwide artificial intelligence (AI) strategy and are designed to accelerate responsible adoption, scale practical AI capabilities, and translate AI innovation into value for clients, associates, and the business.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: T. Rowe Price (TROW - Free Report) Founded in 1937 and headquartered in Baltimore, T. Rowe Price Group, Inc. is a global investment management organization with $1.71 trillion in asset under management (AUM) as of March 31, 2026. It provides a broad array of mutual funds, sub-advisory services and separate account management for individual and institutional investors, retirement plans and financial intermediaries.

TROW is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 11.21; value investors should take notice.

Eight analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.57 to $10.13 per share. TROW also boasts an average earnings surprise of +4.3%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, TROW should be on investors' short list.

Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.

The earnings figure itself is key, of course, but a beat or miss on the bottom line can sometimes be just as, if not more, important. Therefore, investors should consider paying close attention to these earnings surprises, as a big beat can help a stock climb and vice versa.

Now that we know how important earnings and earnings surprises are, it's time to show investors how to take advantage of these events to boost their returns by utilizing the Zacks Earnings ESP filter.

The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP is more formally known as the Expected Surprise Prediction, and it aims to grab the inside track on the latest analyst estimate revisions ahead of a company's report. The idea is relatively intuitive as a newer projection might be based on more complete information.

Now that we understand the basic idea, let's look at how the Expected Surprise Prediction works. The ESP is calculated by comparing the Most Accurate Estimate to the Zacks Consensus Estimate, with the percentage difference between the two giving us the Zacks ESP figure.

In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.

Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.

Should You Consider Simon Property?The last thing we will do today, now that we have a grasp on the ESP and how powerful of a tool it can be, is to quickly look at a qualifying stock. Simon Property (SPG - Free Report) holds a #3 (Hold) at the moment and its Most Accurate Estimate comes in at $3.19 a share seven days away from its upcoming earnings release on August 10, 2026.

By taking the percentage difference between the $3.19 Most Accurate Estimate and the $3.18 Zacks Consensus Estimate, Simon Property has an Earnings ESP of +0.39%. Investors should also know that SPG is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

SPG is just one of a large group of Finance stocks with a positive ESP figure. T. Rowe Price (TROW - Free Report) is another qualifying stock you may want to consider.

T. Rowe Price is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on October 30, 2026. TROW's Most Accurate Estimate sits at $2.59 a share 88 days from its next earnings release.

T. Rowe Price's Earnings ESP figure currently stands at +1.67% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $2.55.

SPG and TROW's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.

Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>

, /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), announced its financial results for the second quarter of 2026. The earnings release can be found on the firm's website at troweprice.com/newsroom.

Chair and CEO Rob Sharps, Chief Financial Officer Jen Dardis, and President, Co-head of Global Investments and CIO, Eric Veiel, will provide an update on business performance, review financial results, and answer questions on a webcast today from 8:00 - 8:45 AM (Eastern Time). To access the webcast or to obtain dial-in instructions to ask a question, please visit investors.troweprice.com.

Supplemental materials will be available on the firm's investor relations website shortly before the start of the call. A replay of the webcast will be available on the firm's investor relations website shortly after the event.

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.

SOURCE T. Rowe Price Group

Worried About a Fading Rally? Consider These 3 Dividend StocksT. Rowe Price Group NASDAQ: TROW reported second-quarter 2026 adjusted diluted earnings per share of $2.57, up from $2.52 in the first quarter and $2.24 a year earlier, as higher average assets under management and investment advisory revenue outweighed increased expenses.

The asset manager ended the quarter with $1.9 trillion in assets under management and $6.5 billion in net outflows. Chair and CEO Rob Sharps said markets rebounded during the quarter after a difficult beginning to the year, while fundamental active equity strategies remained under pressure. He said the company expects that pressure to continue in the second half of 2026.

Get T. Rowe Price Group alerts:

10-year yield is below 4.5%...these dividend growth yields aren’tHowever, T. Rowe Price recorded positive flows in May and June, including a large defined-contribution investment-only mandate for its hybrid target-date series in May and a large sub-advisory mandate in research and integrated equity strategies in June. The company also reported positive client flows in Europe, the Middle East and Africa, as well as Asia-Pacific.

Revenue Growth and Expense Outlook Chief Financial Officer Jen Dardis said adjusted net revenue was $1.9 billion in the second quarter, increasing 2.7% from the first quarter and 8.5% from the prior-year period. Investment advisory revenue totaled $1.7 billion, rising from both comparison periods on higher AUM.

The company’s annualized effective fee rate, excluding performance-based fees, declined to 38.1 basis points from 38.4 basis points in the first quarter. Dardis attributed the continuing fee-rate pressure to asset and vehicle mix changes, client demand for lower-fee strategies and vehicles, and redemptions from higher-fee equity strategies and mutual funds.

Adjusted operating expenses were $1.2 billion, up 4.2% sequentially and 4.9% year over year. The increase reflected higher market-driven costs, product and record-keeping expenses, and nonrecurring general and administrative costs. Higher technology, occupancy and facilities expenses also contributed to the year-over-year increase, partly offset by savings initiatives.

Based on average AUM and revenue trends in the first half, T. Rowe Price now expects full-year adjusted operating expenses, excluding carried-interest expense, to rise 4% to 7% from 2025’s $4.6 billion. Dardis said the company intends to continue investing in ETFs, separately managed accounts, outcome-oriented products, advice-led offerings and artificial intelligence while aiming to keep controllable expense growth in the low single digits.

During the quarter, T. Rowe Price repurchased $157 million of stock, bringing year-to-date repurchases to more than $497 million, or nearly 2.5% of shares outstanding. The company ended the quarter with 213.3 million shares outstanding and $4.4 billion in cash and discretionary investments.

Strategic Focus on ETFs, SMAs and Alternatives Sharps said T. Rowe Price is pursuing growth across fixed income, alternatives, ETFs, SMAs and direct platforms, while continuing to support its active equity franchise. Direct active equity accounts for about $900 billion of the company’s AUM, he said, and remains important despite continued outflows.

The company’s integrated equity and fixed-income strategies, which combine fundamental research and quantitative insights, represent about $200 billion in AUM and generated $16 billion in net inflows year to date. T. Rowe Price launched two lower-tracking-error active core equity ETFs earlier this year.

The ETF platform expanded to 34 funds with $30 billion in AUM, including $4.4 billion of net inflows during the second quarter. In June, the company launched the T. Rowe Price Capital Appreciation Market Opportunities ETF. In mid-July, it launched the T. Rowe Price Active Crypto ETF, an actively managed multi-token exchange-traded product and the firm’s first non-investment-company ETF.

Sharps said the pace of U.S. ETF launches is expected to slow as the firm focuses more heavily on scaling its existing lineup. He identified ETF use as building blocks in wealth-management model portfolios as a major opportunity. President, Co-Head of Global Investments and CIO Eric Veiel added that the company is building relationships with technology providers and platforms to expand its reach in both customized and off-the-shelf models.

The separately managed account business included 43 products and $20 billion in AUM at quarter-end. Sharps said the company was a late entrant to the market but has placed strategies with 35 sponsors and plans to launch its own tax-efficiency capability with a vendor partner.

T. Rowe Price also advanced its alliance with Goldman Sachs. The firms launched the T. Rowe Price Goldman Sachs Private Markets Fund, their first interval fund collaboration, on July 1. A public-private equity interval fund is in registration and expected to launch later this year. Sharps said the firms have also launched five model portfolios that are approaching $500 million in AUM.

Investment Results and Second-Half Flows Veiel said more than half of T. Rowe Price funds outperformed their Morningstar peer groups over one-, three- and 10-year periods, while 44% outperformed over five years. On an asset-weighted basis, 79% of funds outperformed over 10 years, compared with 44%, 57% and 43% over one, three and five years, respectively.

Fixed-income performance was stronger on an asset-weighted basis, with more than 75% of funds outperforming in each reported period. Veiel highlighted global multi-sector, institutional floating-rate and several municipal strategies for top-quartile three-, five- and 10-year results.

Sharps cautioned that net flows will become “meaningfully more challenging” in the second half. He cited continued active-equity outflows, the absence of the large mandates that supported first-half results, expected portfolio rebalancing away from equities after market gains, and a late-stage lull in the target-date pipeline.

Still, he said the company expects 2026 to be a record year for gross flows, supported by client demand across lower-tracking-error strategies, active ETFs, fixed income, alternatives and international markets.

About T. Rowe Price Group (NASDAQ:TROW)T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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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

July 31, 2026 Thursday's MarketsS&P 500
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$64,718 (+1.91%) Good news! Starting tomorrow, your weekday Breakfast News gets a weekend companion: "Breakfast News: The Week in Review," a Saturday roundup of the market's biggest stories.

1. One of the Biggest Myths in Retirement Planning Knowing how much income you'll need in retirement is a key variable in determining how much you need to have saved before you stop working. But retirement isn't just one financial goal; it's a series of annual goals – the amount you need in the first year of retirement, then how much you need in the second year, and then the third, and so on.

The default assumption is that retirees need their income to go up every year along with inflation. We see this assumption in most retirement calculators, from most financial planners, and in most retirement research – including the research underpinning ye olde 4% rule.

However, the truth is that spending of the average retiree does not go up along with inflation. As we get older, we do less and we spend less.

This has been documented by many studies, including in a recent report by David Blanchett, head of retirement research at Prudential Financial. The upshot: When assuming real-life retirement spending trajectories in retirement plan calculations, we may not need to save as much before retiring, and we may be able to withdraw more once we've retired. That's good news.

To learn more, listen to my recent interview with Blanchett on the Motley Fool Hidden Gems Investing podcast.

Source: Image created by Jester AI.

2. Amazon Cloud Growth Trumps Apple Margin Hit Amazon (AMZN +13.45%) rose over 10% in pre-market trading, while Apple (AAPL -9.83%) fell around 7%. Why? Well, overnight results saw Amazon report revenue growth of 20% year over year, as AWS revenue delivered the cloud unit's fastest growth in 18 quarters. For Apple, revenue expectations for the coming quarter missed consensus and a forecasted hit to margins showed supply chain headaches.

Apple CEO Tim Cook warns the impact from "less flexibility in the supply chain" would "increase significantly": Higher memory chip prices are starting to be felt, as Cook warned it "could drive an increasing impact on our business" through to the end of the year. He also flagged the difficulty in relying on just three major suppliers for memory. As for Amazon, Fool analyst Sanmeet Deo said the results show "a rare combination of scale and acceleration." Despite net sales passing the $200 billion mark, the AI and custom chip businesses each cleared a $25 billion run rate, both growing triple digits. "Foolish investors watch conversion, not headlines": From here, Sanmeet said, "See the pattern? Mr. Market is no longer applauding spending. It is applauding proof. The stocks rising are the ones showing accelerating revenue clearly attached to money already spent. Amazon has that proof this quarter." 3. Musk Denies WSJ Report on Tesla-SpaceX Elon Musk has denied a WSJ report on Tesla (TSLA +0.60%) that said executives are in talks with advisors reportedly weighing a spin-off, sale, or closure options for the China unit. The report said such a move was being discussed as part of a potential merger between Tesla and SpaceX (SPCX -1.02%), adding to recent market speculation.

"Obviously we can't talk about, you know, combining companies and that kind of thing on earnings calls": Musk is quoted as saying an "appropriate process" needs to be followed when it comes to any merger. Yet on social media he denied it, saying "this has never come up in a discussion ever" and that it was "absurdly fake news." Any separation of China operations would address potential conflict of interests associated with SpaceX having U.S. government contracts. Recent market speculation put to bed for now: Musk stepping forward to deny the claims helps to clarify the position of Tesla and SpaceX. However, investors should watch for confirmation or contradiction from Tesla's actual filings, China-unit financials, or follow-up reporting – not just Elon's tweets. Tesla stock jumped over 4% ahead of the opening bell on the merger speculation, then gave back those gains once Musk denied the sale reports.

4. After-Hours Fireworks From Team Rule Breakers Recs

Roblox (RBLX -25.66%) fell over 14% ahead of the opening bell after results showed bookings grew just 8% to $1.6 billion, a dramatic slowdown from the 70% growth rate in Q3 2025. This could be interpreted as a monetization and retention problem, and it directly challenges the belief that engagement compounds into pricing power. From here, it could just be a one-quarter blip for the business as other metrics showed growth, such as daily active users (DAUs) up 10% to 123 million and hours engaged rose 5% to 29 billion. GoDaddy (GDDY -25.13%) moved around 8% lower in pre-market trading. Even though revenue and earnings provided a slight beat against consensus, the growth rate going forward was unexciting. Further, investors weighed the shift toward its new AI platform, Airo, and the cautious outlook for the rest of the year. Looking ahead, today's drop shouldn't be seen as a verdict on the AI transition, as more time is needed to clearly see results. Reddit (RDDT -16.27%) dropped around 10% before the market opened despite results beating expectations for earnings. Revenue of $805 million was up more than 60% year on year for an eighth straight quarter. CEO Steve Huffman said "search referrals were choppy," which underscored investor worries about Reddit's dependence on search engines to bring in new users. This matters as it impacts the bull case that the company has durable, low-cost user acquisition that's independent. As a result, user-growth rates will be closely watched going forward.

5. Four to Watch on Friday AM: CVX, MRNA, TROW, CBOE

Chevron (CVX +0.20%) rose around 3% ahead of the opening bell after reporting record U.S. production volumes, up 20% from last year. Geopolitical tensions were addressed, with CEO Mike Wirth explaining how the company had to remain focused despite these challenges and related market volatility. Another business highlight was the signing of an agreement to develop a power facility in West Texas, providing capacity to Microsoft (MSFT +1.80%). This all builds on the Foundational Dividend Investor rec's performance from the previous quarter. Cboe Global Markets (CBOE +0.18%) is forecasted to deliver double-digit percentage growth on both revenue and earnings this quarter, as the Stock Advisor rec by Team Rule Breakers continues to benefit from higher trading volumes. Investors will watch whether management raises full-year guidance again – as they did last quarter – or for signals the growth rate is normalizing. T.Rowe Price (TROW -5.73%) results are expected to benefit from higher investment advisory fees and rising AUM, aided by a strong equity market. There will also be a focus on structural questions for the Dividend Investor rec, such as whether it can offset the outflows from last quarter, as well as how it deals with ongoing fee pressure and rising expenses. Moderna (MRNA -0.95%) is recommended by both Team Rule Breakers and Team Hidden Gems. Earnings today will aim to build on the strong performance in the previous quarter, aided by high international vaccine sales. The real long-term question isn't whether Moderna beats a heavily discounted, declining COVID-revenue base, it's whether the non-COVID respiratory pipeline (RSV, flu) is building into a durable, diversified franchise. 6. Today's Take: Stocks That Beat the Bear

When the initial COVID-19 crash happened in March 2020, there was one stock in my portfolio that was in the green – data center real estate owner Digital Realty Trust (DLR +0.21%). There was a good reason. As millions of workers unexpectedly became remote, it quickly became clear that the internet traffic flowing around the world wasn't going to slow down. The company proved to be more resilient than my initial thesis gave it credit for. I initially viewed it as more of a technology play that would perform well in a bull market where technology investment remained strong. In the years since, Digital Realty has become even more resilient in the AI age as demand for data center infrastructure has grown exponentially. Thankfully, when I got a chance to add shares at a discount in the 2022 bear market, the resilience it showed during the pandemic was a big reason why I jumped at the chance to buy.-- Matt Frankel Team Hidden Gems

7. Your Take Whether you're still saving or already retired, how did you settle on your "retirement number"?

Debate with friends and family, or become a member to hear what your fellow Fools are saying!

This image and article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Apple, Chevron, Digital Realty Trust, Microsoft, Moderna, Reddit, Roblox, T. Rowe Price Group, and Tesla. The Motley Fool recommends Cboe Global Markets and GoDaddy. The Motley Fool has a disclosure policy.

T. Rowe Price Group, Inc. (NASDAQ:TROW) will release its second quarter earnings report before the opening bell on Friday, July 31.

Analysts expect the Baltimore, Maryland-based company to report quarterly earnings of $2.52 per share, up from $2.24 per share in the year-ago period. The consensus estimate for T. Rowe Price’s quarterly revenue is $1.92 billion. It reported $1.76 billion last year, according to Benzinga Pro.

On June 15, T. Rowe Price named Mike Barry as head of Global Marketing.

T. Rowe Price shares rose 0.3% to close at $119.28 on Thursday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying TROW stock? Here’s what analysts think:

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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.

Posted by Defense World Staff on Jul 28th, 2026

Bradley Foster & Sargent Inc. CT reduced its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 32.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,126 shares of the asset manager’s stock after selling 4,475 shares during the quarter. Bradley Foster & Sargent Inc. CT’s holdings in T. Rowe Price Group were worth $823,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Goldman Sachs Group Inc. grew its position in T. Rowe Price Group by 332.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock worth $897,880,000 after acquiring an additional 6,740,172 shares during the last quarter. First Trust Advisors LP lifted its position in T. Rowe Price Group by 126.5% in the fourth quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager’s stock valued at $335,894,000 after purchasing an additional 1,832,231 shares during the last quarter. Norges Bank purchased a new stake in shares of T. Rowe Price Group during the fourth quarter valued at approximately $128,283,000. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of T. Rowe Price Group during the fourth quarter valued at approximately $61,073,000. Finally, Caisse de depot et placement du Quebec grew its holdings in shares of T. Rowe Price Group by 81.0% in the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock worth $134,142,000 after purchasing an additional 584,949 shares during the last quarter. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Up 2.3% Shares of T. Rowe Price Group stock opened at $119.21 on Tuesday. The business has a 50 day moving average of $110.52 and a 200 day moving average of $101.81. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $121.17. The company has a market cap of $25.54 billion, a PE ratio of 12.78, a P/E/G ratio of 4.18 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.37 by $0.15. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.23 earnings per share. On average, research analysts anticipate that T. Rowe Price Group, Inc. will post 10.12 earnings per share for the current year.

T. Rowe Price Group Announces Dividend The business also recently announced a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.73%.

Insider Buying and Selling at T. Rowe Price Group In other news, VP Stephon A. Jackson sold 3,000 shares of T. Rowe Price Group stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total transaction of $307,680.00. Following the sale, the vice president owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. The trade was a 3.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades Several research analysts recently commented on TROW shares. Evercore set a $121.00 target price on shares of T. Rowe Price Group in a research note on Friday, July 10th. BMO Capital Markets raised their price target on shares of T. Rowe Price Group from $98.00 to $110.00 and gave the stock a “market perform” rating in a report on Monday, May 4th. Keefe, Bruyette & Woods boosted their price objective on shares of T. Rowe Price Group from $107.00 to $120.00 and gave the company a “market perform” rating in a research report on Friday, July 10th. The Goldman Sachs Group upped their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. dropped their target price on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $104.50.

Check Out Our Latest Research Report on TROW

T. Rowe Price Group Company Profile (Free Report)

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

Read More Five stocks we like better than T. Rowe Price Group AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight Want to see what other hedge funds are holding TROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report).

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Wall Street expects a year-over-year increase in earnings on higher revenues when T. Rowe Price (TROW - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 31. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis financial services firm is expected to post quarterly earnings of $2.52 per share in its upcoming report, which represents a year-over-year change of +12.5%.

Revenues are expected to be $1.92 billion, up 11.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.17% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for T. Rowe?For T. Rowe, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination makes it difficult to conclusively predict that T. Rowe will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that T. Rowe would post earnings of $2.37 per share when it actually produced earnings of $2.52, delivering a surprise of +6.33%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

T. Rowe doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAmong the stocks in the Zacks Financial - Investment Management industry, Virtus Investment Partners (VRTS - Free Report) , is soon expected to post earnings of $6.15 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of -1.6%. This quarter's revenue is expected to be $187.15 million, down 2% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Virtus has been revised 2.4% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

When combined with a Zacks Rank of #2 (Buy), this Earnings ESP makes it difficult to conclusively predict that Virtus will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

The immersive experience, displayed at The Shops at the Oculus inside the Westfield World Trade Center, transforms financial market data into a dynamic visual journey, representing how T. Rowe Price active ETF portfolio managers discern meaningful signals amid market complexity

, /PRNewswire/ -- T. Rowe Price, a global asset management firm, today unveiled "Signals From the Noise," an immersive art installation on display at The Shops at the Oculus inside the Westfield World Trade Center, a major transit hub in Manhattan's financial district. The two-day display is designed to help financial advisors and investors see through the noise of the continuous flow of market data and visualize how T. Rowe Price active exchange traded funds use active management to create investment opportunities and help achieve financial goals.

T. Rowe Price's “Signals From the Noise,” an immersive art installation on display at The Shops at the Oculus inside the Westfield World Trade Center. Credit: World Trade Center | Port Authority of New York & New Jersey The large-scale public display1 reflects the investment approach behind T. Rowe Price active exchange traded funds (ETFs), where experienced portfolio managers perform fundamental investing as the firm has championed for nearly 90 years – combining rigorous research, market insights, and disciplined judgment to make investment decisions as markets rapidly evolve.

"Signals From the Noise," developed in collaboration with WIRED, is designed to represent how these professional investors make sense of the cacophony of information about financial markets as they actively seek to uncover attractive opportunities amid complexity. Using real market data as its foundation, the installation by artist and engineer Karyn Nakamura begins with thousands of individual particles moving in seemingly chaotic formations and patterns. As the experience evolves, those particles gradually organize into flowing structures, revealing hidden relationships and moments of color. This transformation illustrates how order can emerge through interpretation, serving as a visual metaphor for the work of T. Rowe Price active ETF portfolio managers, who analyze markets, identify opportunities, and help investors navigate uncertainty.

"Markets are constantly sending signals, but some are just distractions," said Kelly Fredrickson, Head of Global Brand and Public Relations at T. Rowe Price. "'Signals from the Noise' brings to life what active management is designed to do: combine rigorous research, experience, and disciplined judgment to identify the insights that can create opportunity. That's the value we strive to deliver to clients every day through our active ETFs."

The "Signals From the Noise" installation will be open to the public on July 22-23, inviting visitors to learn about T. Rowe Price active ETFs and the firm's research-driven approach to investing. Supporting the art installation, T. Rowe Price will also implement a range of marketing elements, including digital ads featured in major subway stations and near The Shops at the Oculus, online digital advertisements, and branded video and branded content with WIRED. Video elements of the initiative will also feature conversations with Jodi Love, lead portfolio manager of four active equity ETFs, and Dom Rizzo, portfolio manager of the T. Rowe Price Technology ETF.

Since 2020, T. Rowe Price has grown an expanding lineup of more than 30 active ETFs designed to meet investors' range of needs, spanning equity, multi-asset, and fixed income funds, as well as a range of sector, thematic, and international options. The total assets under management for the firm's active ETFs now surpasses $25 billion. Each ETF delivers key features associated with ETFs such as tax efficiency, more competitive expense ratios, and the flexibility to buy and sell shares throughout the trading day.

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 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.

ETFs 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.

_________________________

1 10 feet tall x 37 feet in diameter

SOURCE T. Rowe Price Group

Dividend Aristocrats have earned their reputation the hard way: through recessions, rate cycles, and oil crashes, they kept raising the payout. The most persuasive proof point in this bundle comes from Federal Realty (NYSE:FRT | FRT Price Prediction), which has now stretched its increase streak to 58 consecutive years, the longest in the entire REIT industry. That is the kind of track record that lets passive income do the heavy lifting in a portfolio, and the five names below all lean on cash generation deep enough to keep the checks arriving on schedule.

Realty Income (O) Realty Income (NYSE:O) yields 4.76% and pays it out monthly, which is exactly the cadence retirees want. The current monthly dividend sits at $0.271 per share, with an annualized rate of $3.252, and the company has now declared 670 consecutive monthly dividends and 114 consecutive quarterly increases since its 1994 NYSE listing.

Dividend safety here rests on AFFO coverage and scale. Q1 2026 AFFO per share came in at $1.13, up 6.6% year over year, and management raised full-year 2026 AFFO guidance to $4.41 to $4.44 per share, comfortably above the annualized dividend. Portfolio occupancy is 98.9% with a rent recapture rate of 103.4%, credit ratings sit at A3 from Moody’s and A- from S&P, and free cash flow yield is 6.30%. The bull case is simple: a diversified net-lease portfolio spanning over 15,500 properties leased to 1,786 clients, with 2026 investment volume guided up to $9.5 billion and new private capital vehicles with Apollo and GIC extending the runway.

The caveat is leverage. Net debt to EBITDA sits at 7.91x and full-year 2025 interest expense reached $1.13 billion against $471.3 million in impairment provisions, so any refinancing shock would pinch AFFO growth.

Federal Realty Investment Trust (FRT) Federal Realty is the only REIT Dividend King, riding 58 consecutive years of dividend increases. The current quarterly dividend is $1.13 per share, for an indicated annual rate of $4.52, most recently paid on July 15, 2026.

The safety math is unusually clean for a REIT. Full-year 2026 Core FFO guidance was raised to $7.46 to $7.55 per diluted share, or 5.7% to 6.9% growth, and Q1 2026 Core FFO of $1.88 per share was up 10.6% year over year. That leaves the $4.52 annualized dividend covered many times over on FFO. Portfolio occupancy stood at 93.8% with a leased rate of 96.1%, cash rent spreads hit 13%, and the balance sheet was reinforced by an expanded revolver from $1.25 billion to $1.4 billion. The bull case is a premium, coastal, open-air retail portfolio (Santana Row, Pike & Rose, Assembly Row) whose higher-income consumer base keeps buying through cycles.

The risk is a rising interest expense environment for a REIT that is actively developing. Q4 2025 included a $7.4 million impairment, and refinancing costs could compress coverage if long rates stay sticky.

Chevron (CVX) Chevron (NYSE:CVX) yields 3.48% and just extended its increase streak to 39 consecutive years. The current quarterly payout of $1.78 per share annualizes to $7.12, and management has now returned more than $5 billion to shareholders for 16 consecutive quarters.

Safety comes from a fortress balance sheet paired with real cash generation. Debt to equity is 0.25, net debt to EBITDA is 1.08x, and interest coverage is 13.70x. Full-year 2025 delivered operating cash flow of $33.9 billion and free cash flow of $16.6 billion, funding $27.1 billion in total shareholder returns. The Hess deal is now integrated, with Q1 2026 production up 15% year over year to 3,858 MBOED and the Permian sitting at 1 million BOE per day. CEO Mike Wirth framed the quarter this way: “This disciplined performance supports dependable cash generation, enabling us to continue returning significant capital to shareholders, while investing in advantaged long-lived assets.”

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The caveat is commodity sensitivity. Brent averaged $64 per barrel in Q4 2025 versus $75 the prior year, and Alpha Vantage shows a payout that currently runs above trailing EPS with dividend per share of $6.91 against diluted TTM EPS of $5.74. Cash flow easily covers it, but sustained low crude would test the math.

T. Rowe Price (TROW) T. Rowe Price (NASDAQ:TROW) offers a yield of 4.31%, backed by a current quarterly dividend of $1.30, up from $1.27 in 2025 and $1.24 in 2024. The annualized forward estimate is $5.20.

The dividend is easily covered. TTM diluted EPS is $9.34 against dividend per share of $5.11, operating margin runs at 37.2%, and return on equity is 18.7%. The balance sheet is debt-free with $3.73 billion in cash and equivalents, and Q1 2026 operating cash flow of $966.3 million funded $629 million returned to shareholders. Multi-asset advisory fees, the fastest-growing segment, rose 12.0% year over year, and AUM finished the quarter at $1.71 trillion. Trading at a forward P/E of 12, income investors get a well-covered payout at a modest multiple.

The caveat is the flows story. Net client outflows were $13.7 billion in Q1 2026 on top of $56.9 billion in full-year 2025, and the effective fee rate slipped to 38.4 bps. The dividend is safe today, but the growth rate depends on stabilizing active equity flows.

Franklin Resources (BEN) Franklin Resources (NYSE:BEN) yields 3.87%, with a current quarterly dividend of $0.33 per share and an annualized forward rate of $1.32. The dividend has stepped up from $0.31 in early 2024 to $0.32 and now $0.33.

Coverage is anchored by a turnaround that is now visibly showing up in the numbers. Q2 FY2026 EPS came in at $0.71, beating consensus of $0.55, with operating income more than doubling year over year and long-term net inflows of $16.9 billion reversing prior outflows. AUM has climbed to $1.74 trillion as of April 30, 2026, alternatives fundraising totaled $14.3 billion in the quarter, and Canvas custom indexing grew 27% quarter over quarter. CEO Jenny Johnson called out “positive long-term net flows in every region”. Alpha Vantage shows a forward P/E of 11 and TTM operating margin of 17.2%, both supportive of the current payout.

The caveat is Western Asset Management, which still bled $4.1 billion in Q2 net outflows. Until that subsidiary stabilizes, headline flow numbers will keep needing an asterisk.

The Bottom Line These five Aristocrats attack income from different angles: monthly cadence at Realty Income, the REIT industry’s longest increase streak at Federal Realty, energy cash flow at Chevron, and asset-manager operating leverage at T. Rowe Price and Franklin Resources. Every one is backed by earnings or AFFO that comfortably fund the current payout, and each has already raised the dividend in 2026. For an income investor who wants passive checks to carry the load, the combination of coverage, streak length, and yield here is doing exactly that.

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Contact [email protected] for any questions or corrections.

In the latest close session, T. Rowe Price (TROW - Free Report) was down 1.28% at $117.35. The stock trailed the S&P 500, which registered a daily loss of 1.01%. At the same time, the Dow lost 0.77%, and the tech-heavy Nasdaq lost 1.4%.

The stock of financial services firm has risen by 10.42% in the past month, leading the Finance sector's gain of 2.6% and the S&P 500's gain of 0.32%.

The investment community will be closely monitoring the performance of T. Rowe Price in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2026. The company is expected to report EPS of $2.5, up 11.61% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1.92 billion, up 11.56% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $10.07 per share and revenue of $7.73 billion, which would represent changes of +3.6% and +5.7%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for T Rowe Price. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 4.6% upward. Right now, T. Rowe Price possesses a Zacks Rank of #1 (Strong Buy).

Looking at valuation, T. Rowe Price is presently trading at a Forward P/E ratio of 11.8. Its industry sports an average Forward P/E of 11.84, so one might conclude that T. Rowe Price is trading at a discount comparatively.

We can also see that TROW currently has a PEG ratio of 4.28. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The average PEG ratio for the Financial - Investment Management industry stood at 1.11 at the close of the market yesterday.

The Financial - Investment Management industry is part of the Finance sector. With its current Zacks Industry Rank of 90, this industry ranks in the top 37% of all industries, numbering over 250.

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

You can find more information on all of these metrics, and much more, on Zacks.com.

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, July 16:

Nabors Industries Ltd. (NBR - Free Report) : This oilfield services company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 18.4% over the last 60 days.

Nabors Industries'shares gained 32.8% over the last six months compared with the S&P 500’s decline of 9.0%. The company possesses a Momentum Score of B.

Carpenter Technology Corporation (CRS - Free Report) : This specialty materials company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 1.3% over the last 60 days.

Carpenter Technology’s shares gained 29.5  % over the last three months compared with the S&P 500’s decline of 5.7%. The company possesses a Momentum Score of A.

T. Rowe Price Group, Inc. (TROW - Free Report) : This investment management firm has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.3% over the last 60 days.

T. Rowe Price Group’s shares gained 23.7% over the last three months compared with the S&P 500’s decline of 5.7%. The company possesses a Momentum Score of A.

See the full list of top ranked stocks here

Learn more about the Momentum score and how it is calculated here.

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Headquartered in Baltimore, T. Rowe Price (TROW - Free Report) is a Finance stock that has seen a price change of 13.37% so far this year. The financial services firm is paying out a dividend of $1.30 per share at the moment, with a dividend yield of 4.48% compared to the Financial - Investment Management industry's yield of 2.76% and the S&P 500's yield of 1.34%.

Looking at dividend growth, the company's current annualized dividend of $5.20 is up 2.4% from last year. Over the last 5 years, T. Rowe Price has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.97%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. T. Rowe's current payout ratio is 52%, meaning it paid out 52% of its trailing 12-month EPS as dividend.

TROW is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $9.95 per share, representing a year-over-year earnings growth rate of 2.37%.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. That said, they can take comfort from the fact that TROW is not only an attractive dividend play, but also represents a compelling investment opportunity with a Zacks Rank of #2 (Buy).

Investors interested in Financial - Investment Management stocks are likely familiar with Franklin Resources (BEN - Free Report) and T. Rowe Price (TROW - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Franklin Resources has a Zacks Rank of #1 (Strong Buy), while T. Rowe Price has a Zacks Rank of #3 (Hold) right now. This means that BEN's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

BEN currently has a forward P/E ratio of 11.98, while TROW has a forward P/E of 11.99. We also note that BEN has a PEG ratio of 0.79. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. TROW currently has a PEG ratio of 4.62.

Another notable valuation metric for BEN is its P/B ratio of 1.33. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, TROW has a P/B of 2.32.

Based on these metrics and many more, BEN holds a Value grade of B, while TROW has a Value grade of C.

BEN has seen stronger estimate revision activity and sports more attractive valuation metrics than TROW, so it seems like value investors will conclude that BEN is the superior option right now.

, /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced June month-end assets under management of $1.89 trillion. Net inflows for June 2026 were $0.8 billion, including a large subadvised equity inflow. Net outflows for the quarter-ended June 2026 were $6.5 billion. Quarterly net flows include $0.5 billion of manager-driven distributions.

The below table shows the firm's assets under management as of June 30, 2026, and for the prior month-, quarter- and year-end by asset class and in the firm's target date retirement portfolios.

As of

(in billions)

6/30/2026

5/31/2026

3/31/2026

12/31/2025

 Equity

$            919

$          919

$          810

$          879

 Fixed income, including money market

222

221

215

212

 Multi-asset

690

691

625

627

 Alternatives

62

61

60

58

Total assets under management

$          1,893

$       1,892

$       1,710

$       1,776

Target date retirement portfolios

$            622

$          623

$          561

$          561

Q2 2026 EARNINGS RELEASE AND EARNINGS CALL

T. Rowe Price will release Q2 2026 earnings on Friday, July 31, 2026 at 7:00 AM ET. The company will host an earnings call from 8:00 – 8:45 AM ET that day. To access the webcast and accompanying materials, visit the company's investor relations website at: investors.troweprice.com.

OTHER MATTERS

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 long-standing 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.

T. ROWE PRICE CONTACTS:

Public Relations

Investor Relations

Arminta Plater

Linsley Carruth

410-577-2813

410-345-3717

[email protected]

[email protected]

SOURCE T. Rowe Price Group