T. Rowe Price Group, Inc.

- In Q4 2025, OHA held the final closing of the OLED fund, focused on senior direct lending, with $17.7 billion in capital—its largest single fundraise ever. - OHA achieved record fundraising in 2024 and 2025 combined, raising nearly $40 billion of capital including leverage. - Currently, OHA has over $30 billion in dry powder across various strategies, positioning it well for opportunistic capital deployment. - OHA sees significant institutional interest for dislocation funds and is receiving inquiries for new allocations. - OHA is advancing partnership expansions (e.g., with Aspida and First Abu Dhabi Bank) and developing new products, including ETFs and interval funds targeted for launch later in the year. - No explicit announcements of future specific debt or equity fundraising rounds were detailed, but OHA is actively exploring opportunities and remains well-capitalized for growth and acquisitions.

- Continued investment in strategic initiatives throughout the year, absorbing early Q1 expense management tailwinds. - Focus on growth areas including retirement-oriented outcomes and solutions, modern portfolio building blocks (ETF, SMA, interval funds). - Developing advice capabilities for individual and retirement plan services businesses. - Opportunistic and selective capital deployment through M&A, share repurchases, and investing in the business via seed and co-invest strategies. - Capacity to self-fund a significant portion of investments through efficiency improvements. - Expansion and product development in alternatives, including collaboration with T. Rowe Price and Goldman Sachs (e.g., co-branded target date strategies, multi-asset offerings). - Building out alternatives offering to support wealth partners across client segments from ultra-high net worth to mass affluent. - No expected cash build; maintaining significant deployable capital for opportunistic use during market stress/dislocation.

- Adjusted net revenue for Q1 2026 was over $1.8 billion, up 5% from Q1 2025, driven by higher investment advisory fees and accrued carried interest. - Average assets under management (AUM) at $1.78 trillion, up 9.6% year-over-year. - Growth fueled by multi-asset, fixed income, and alternatives delivering positive net flows; equities, especially U.S. growth-oriented strategies, saw outflows. - Target Date franchise showed solid growth with $4.9 billion net inflows, driven by blend products. - ETFs and SMA businesses are expanding, with ETFs generating over $2.8 billion and SMAs $962 million in net inflows in Q1. - New product developments and partnerships (e.g., with Goldman Sachs, Aspida) expected to broaden distribution and revenue streams by mid-2026. - Continued investments in strategic initiatives and alternative credit expected to support future growth. - The firm is opportunistic in capital deployment and sees strong demand from institutional clients for differentiated products.

- Q1 2026 adjusted EPS was $2.52, up 13% year-over-year and 3% from Q4 2025. - Increase driven by higher revenue from growing AUM, lower expenses, lower tax rate, and reduced share count. - 2026 adjusted operating expenses expected to rise 3% to 6% over 2025, reflecting investments in strategic priorities but within guidance (~$4.6 billion). - Investment in growth areas such as ETFs, SMAs, retirement solutions, and alternatives anticipated. - Ongoing expense management initiatives aim to drive efficiency and partially self-fund growth investments. - Capital allocation to be opportunistic including M&A, share repurchases, and business investments; no intent to build cash levels further. - Overall focus on balancing disciplined expense growth with strategic investments to drive future earnings growth.

- The institutional pipeline is characterized as a slow-moving, deliberate process with disciplined asset allocation and rebalancing. - No significant immediate shifts in institutional interest due to market dynamics; institutions maintain balanced portfolios. - There is strong demand from institutional investors globally, with many seeking proposals for dislocation funds amid current market conditions. - Interest from institutional clients is robust, with capital allocations ongoing despite broader market uncertainty. - The retail/wealth market shows increased redemption requests across the industry, but this segment remains smaller and more sentiment-driven. - Overall, persistent significant inquiry and engagement from institutional investors indicate a healthy orderbook pipeline, especially for opportunistic capital deployment.