Item 1. Financial Statements.

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Item 1. Financial Statements.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in millions, except share data)


	6/30/2026		12/31/2025
ASSETS
Cash and cash equivalents	$	3,234.3	$	3,378.2
Accounts receivable and accrued revenue	941.6		931.2
Investments	4,090.2		3,325.2
Assets of consolidated investment products ($1,906.6 million at June 30, 2026 and $1,596.1 million at December 31, 2025, related to variable interest entities)	2,477.2		1,951.0
Operating lease assets	369.8		382.9
Property, equipment and software, net	813.5		845.3
Intangible assets, net	245.4		274.2
Goodwill	2,642.8		2,642.8
Other assets	542.4		611.0
Total assets	$	15,357.2	$	14,341.8

LIABILITIES
Accounts payable and accrued expenses	$	402.4	$	352.7
Debt and liabilities of consolidated investment products ($414.6 million at June 30, 2026 and $14.2 million at December 31, 2025, related to variable interest entities)	452.5		21.3
Operating lease liabilities	429.4		447.2
Accrued compensation and related costs	600.4		235.7
Deferred compensation liabilities	1,268.5		1,176.8

Income taxes payable	31.2		54.9
Total liabilities	3,184.4		2,288.6

Commitments and contingent liabilities

Redeemable non-controlling interests	1,009.3		1,036.0

STOCKHOLDERS' EQUITY
Preferred stock, undesignated, $0.20 par value — authorized and unissued 20,000,000 shares	—		—
Common stock, $0.20 par value — authorized 750,000,000; issued 213,312,000 shares at June 30, 2026 and 218,565,000 at December 31, 2025	42.7		43.8
Additional capital in excess of par value	—		—
Retained earnings	11,018.0		10,866.8
Accumulated other comprehensive loss	(58.2)		(50.5)
Total stockholders' equity attributable to T. Rowe Price Group	11,002.5		10,860.1
Non-controlling interests in consolidated entities	161.0		157.1
Total permanent stockholders' equity	11,163.5		11,017.2
Total liabilities, redeemable non-controlling interests, and permanent stockholders' equity	$	15,357.2	$	14,341.8

The accompanying notes are an integral part of these statements.

Page 2

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per-share amounts)


	Three months ended				Six months ended
	6/30/2026		6/30/2025		6/30/2026		6/30/2025
Revenues
Investment advisory fees	$	1,744.8	$	1,567.6	$	3,427.8	$	3,166.0
Performance-based advisory fees	6.5		6.4		14.0		16.8
Capital allocation-based income	11.9		(0.4)		40.0		(1.6)
Administrative, distribution, servicing, and other fees	144.2		149.7		282.6		306.0
Net revenues	1,907.4		1,723.3		3,764.4		3,487.2

Operating expenses
Compensation and related costs	823.4		727.7		1,483.1		1,392.2
Distribution and servicing costs	106.1		92.5		205.4		186.1
Advertising and promotion costs	20.3		29.9		38.7		56.0
Product and recordkeeping related costs	83.1		74.8		157.4		158.6
Technology, occupancy, and facility costs	205.9		195.0		410.3		376.2
General, administrative, and other costs	104.9		93.9		197.3		183.6

Acquisition-related amortization and impairment costs	16.5		31.2		34.5		59.9
Restructuring charge	6.7		—		16.7		—
Total operating expenses	1,366.9		1,245.0		2,543.4		2,412.6

Net operating income	540.5		478.3		1,221.0		1,074.6

Non-operating income
Net gains on investments	237.4		165.9		231.3		197.8
Net gains on consolidated investment products	132.6		78.6		91.2		110.5
Other losses, including foreign currency losses	(0.9)		(9.0)		(1.7)		(2.1)
Total non-operating income	369.1		235.5		320.8		306.2

Income before income taxes	909.6		713.8		1,541.8		1,380.8
Provision for income taxes	214.2		157.7		362.3		319.6
Net income	695.4		556.1		1,179.5		1,061.2
Less: net income attributable to redeemable non-controlling interests	63.4		50.9		49.3		65.5
Net income attributable to T. Rowe Price Group, Inc.	$	632.0	$	505.2	$	1,130.2	$	995.7

Earnings per share on common stock of T. Rowe Price Group, Inc.
Basic	$	2.88	$	2.24	$	5.11	$	4.39
Diluted	$	2.88	$	2.24	$	5.10	$	4.38

The accompanying notes are an integral part of these statements.

Page 3

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


	Three months ended				Six months ended
	6/30/2026		6/30/2025		6/30/2026		6/30/2025
Net income	$	695.4	$	556.1	$	1,179.5	$	1,061.2
Other comprehensive income (loss)
Currency translation adjustments
Consolidated investment products—variable interest entities	(0.8)		19.8		(2.2)		27.5
Reclassification (gains) losses recognized in non-operating income upon deconsolidation of certain investment products	—		(3.1)		(0.2)		(3.1)
Total currency translation adjustments of consolidated investment products—variable interest entities	(0.8)		16.7		(2.4)		24.4
Equity method investments	(7.8)		0.8		(8.4)		(3.5)











Other comprehensive income (loss) before income taxes	(8.6)		17.5		(10.8)		20.9
Net deferred tax (expense) benefit	1.1		(2.3)		1.5		(2.8)
Total other comprehensive income (loss)	(7.5)		15.2		(9.3)		18.1
Total comprehensive income	687.9		571.3		1,170.2		1,079.3
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	62.5		58.8		47.7		76.5
Comprehensive income attributable to T. Rowe Price Group	$	625.4	$	512.5	$	1,122.5	$	1,002.8

The accompanying notes are an integral part of these statements.

Page 4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Six months ended
	6/30/2026		6/30/2025
Cash flows from operating activities
Net income	$	1,179.5	$	1,061.2
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and impairment of property, equipment and software	139.3		132.9
Amortization and impairment of acquisition-related assets and retention arrangements	66.4		116.4

Stock-based compensation expense	89.8		96.9


Net gains recognized on investments	(196.7)		(173.8)
Net redemptions in investment products used to economically hedge deferred compensation liabilities	54.8		71.3
Net change in securities held by consolidated investment products	(547.4)		(409.5)
Other changes in assets and liabilities	555.9		267.4
Net cash provided by operating activities	1,341.6		1,162.8

Cash flows from investing activities
Purchases of sponsored investment products	(728.4)		(114.0)
Dispositions of sponsored investment products	169.5		223.5
Net cash of investment products upon deconsolidation	(0.7)		(1.1)
Additions to property, equipment and software	(128.4)		(144.2)

Other investing activity	(29.4)		(21.0)
Net cash used in investing activities	(717.4)		(56.8)

Cash flows from financing activities
Repurchases of common stock	(500.8)		(328.3)
Common share issuances under stock-based compensation plans	(0.1)		16.5
Dividends paid to common stockholders and equity-unit holders	(571.2)		(575.1)
Borrowings of debt of consolidated products	217.8		—
Net distributions to non-controlling interests in consolidated entities	(14.3)		(5.5)
Net subscriptions from redeemable non-controlling interest holders	138.0		205.1
Net cash used in financing activities	(730.6)		(687.3)

Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	(1.3)		(1.1)

Net change in cash and cash equivalents during period	(107.7)		417.6
Cash and cash equivalents at beginning of period, including $39.1 million at December 31, 2025, and $63.1 million at December 31, 2024, held by consolidated investment products	3,417.3		2,712.9
Cash and cash equivalents at end of period, including $75.3 million at June 30, 2026, and $71.6 million at June 30, 2025, held by consolidated investment products	$	3,309.6	$	3,130.5

The accompanying notes are an integral part of these statements.

Page 5

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(shares in thousands; dollars in millions)


	Three months ended 6/30/2026
	Common shares outstanding	Common stock		Additional capital in excess of par value		Retained earnings		AOCI(1)		Total stockholders’ equity attributable to T. Rowe Price Group		Non-controlling interests in consolidated entities		Total permanent stockholders' equity		Redeemable non-controlling interests
Balances at March 31, 2026	214,880	$	43.1	$	—	$	10,786.1	$	(51.6)	$	10,777.6	$	157.6	$	10,935.2	$	940.2
Net income	—	—		—		632.0		—		632.0		6.8		638.8		63.4
Other comprehensive loss, net of tax	—	—		—		—		(6.6)		(6.6)		—		(6.6)		(0.9)
Dividends declared ($1.30 per share)	—	—		—		(283.9)		—		(283.9)		—		(283.9)		—

Common stock-based compensation plans activity:
Shares issued upon option exercises	9	—		0.6		—		—		0.6		—		0.6		—
Restricted shares issued, net of shares withheld for taxes	5	—		(0.3)		—		—		(0.3)		—		(0.3)		—

Net shares issued upon vesting of restricted stock units	9	—		(0.5)		—		—		(0.5)		—		(0.5)		—
Forfeiture of restricted awards	(18)	—		—		—		—		—		—		—		—
Stock-based compensation expense	—	—		40.7		—		—		40.7		—		40.7		—
Restricted stock units issued as dividend equivalents	—	—		0.1		(0.1)		—		—		—		—		—
Common shares repurchased	(1,573)	(0.4)		(40.6)		(116.1)		—		(157.1)		—		(157.1)		—
Net distributions to non-controlling interests in consolidated entities	—	—		—		—		—		—		(3.4)		(3.4)		—

Net subscriptions into T. Rowe Price investment products	—	—		—		—		—		—		—		—		11.4
Net deconsolidations of T. Rowe Price investment products	—	—		—		—		—		—		—		—		(4.8)
Balances at June 30, 2026	213,312	$	42.7	$	—	$	11,018.0	$	(58.2)	$	11,002.5	$	161.0	$	11,163.5	$	1,009.3


	Three months ended 6/30/2025
	Common shares outstanding	Common stock		Additional capital in excess of par value		Retained earnings		AOCI(1)		Total stockholders’ equity attributable to T. Rowe Price Group		Non-controlling interests in consolidated entities		Total permanent stockholders' equity		Redeemable non-controlling interests
Balances at March 31, 2025	221,061	$	44.2	$	160.2	$	10,242.2	$	(51.9)	$	10,394.7	$	160.4	$	10,555.1	$	977.2
Net income (loss)	—	—		—		505.2		—		505.2		(1.5)		503.7		50.9
Other comprehensive income, net of tax	—	—		—		—		7.3		7.3		—		7.3		7.9
Dividends declared ($1.27 per share)	—	—		—		(286.1)		—		(286.1)		—		(286.1)		—

Common stock-based compensation plans activity:
Shares issued upon option exercises	33	0.1		1.9		—		—		2.0		—		2.0		—
Restricted shares issued, net of shares withheld for taxes	8	—		(0.2)		—		—		(0.2)		—		(0.2)		—

Net shares issued upon vesting of restricted stock units	10	—		(0.4)		—		—		(0.4)		—		(0.4)		—

Stock-based compensation expense	—	—		46.6		—		—		46.6		—		46.6		—

Common shares repurchased	(1,210)	(0.3)		(108.3)		—		—		(108.6)		—		(108.6)		—
Net distributions to non-controlling interests in consolidated entities	—	—		—		—		—		—		(5.6)		(5.6)		—

Net subscriptions into T. Rowe Price investment products	—	—		—		—		—		—		—		—		169.1
Net deconsolidations of T. Rowe Price investment products	—	—		—		—		—		—		—		—		(106.0)
Balances at June 30, 2025	219,902	$	44.0	$	99.8	$	10,461.3	$	(44.6)	$	10,560.5	$	153.3	$	10,713.8	$	1,099.1

The accompanying notes are an integral part of these statements.

Page 6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(shares in thousands; dollars in millions)


	Six months ended 6/30/2026
	Common shares outstanding	Common stock		Additional capital in excess of par value		Retained earnings		AOCI(1)		Total stockholders’ equity attributable to T. Rowe Price Group		Non-controlling interests in consolidated entities		Total permanent stockholders' equity		Redeemable non-controlling interests
Balances at December 31, 2025	218,565	$	43.8	$	—	$	10,866.8	$	(50.5)	$	10,860.1	$	157.1	$	11,017.2	$	1,036.0
Net income	—	—		—		1,130.2		—		1,130.2		18.2		1,148.4		49.3
Other comprehensive loss, net of tax	—	—		—		—		(7.7)		(7.7)		—		(7.7)		(1.6)
Dividends declared ($2.60 per share)	—	—		—		(572.3)		—		(572.3)		—		(572.3)		—

Common stock-based compensation plans activity:
Shares issued upon option exercises	13	—		0.9		—		—		0.9		—		0.9		—
Restricted shares issued, net of shares withheld for taxes	5	—		(0.3)		—		—		(0.3)		—		(0.3)		—

Net shares issued upon vesting of restricted stock units	14	—		(0.7)		—		—		(0.7)		—		(0.7)		—
Forfeiture of restricted awards	(18)	—		—		—		—		—		—		—
Stock-based compensation expense	—	—		89.8		—		—		89.8		—		89.8		—
Restricted stock units issued as dividend equivalents	—	—		0.3		(0.3)		—		—		—		—		—
Common shares repurchased	(5,267)	(1.1)		(90.0)		(406.4)		—		(497.5)		—		(497.5)		—
Net distributions to non-controlling interests in consolidated entities	—	—		—		—		—		—		(14.3)		(14.3)		—

Net subscriptions into T. Rowe Price investment products	—	—		—		—		—		—		—		—		128.5
Net deconsolidations of T. Rowe Price investment products	—	—		—		—		—		—		—		—		(202.9)
Balances at June 30, 2026	213,312	$	42.7	$	—	$	11,018.0	$	(58.2)	$	11,002.5	$	161.0	$	11,163.5	$	1,009.3


	Six months ended 6/30/2025
	Common shares outstanding	Common stock		Additional capital in excess of par value		Retained earnings		AOCI(1)		Total stockholders’ equity attributable to T. Rowe Price Group		Non-controlling interests in consolidated entities		Total permanent stockholders' equity		Redeemable non-controlling interests
Balances at December 31, 2024	222,966	$	44.6	$	311.9	$	10,040.6	$	(51.7)	$	10,345.4	$	160.7	$	10,506.1	$	944.0
Net income (loss)	—	—		—		995.7		—		995.7		(1.9)		993.8		65.5
Other comprehensive income, net of tax	—	—		—		—		7.1		7.1		—		7.1		11.0
Dividends declared ($2.54 per share)	—	—		—		(574.9)		—		(574.9)		—		(574.9)		—

Common stock-based compensation plans activity:
Shares issued upon option exercises	264	0.1		17.1		—		—		17.2		—		17.2		—
Restricted shares issued, net of shares withheld for taxes	8	—		(0.2)		—		—		(0.2)		—		(0.2)		—

Net shares issued upon vesting of restricted stock units	15	—		(0.6)		—		—		(0.6)		—		(0.6)		—

Stock-based compensation expense	—	—		96.9		—		—		96.9		—		96.9		—
Restricted stock units issued as dividend equivalents	—	—		0.1		(0.1)		—		—		—		—		—
Common shares repurchased	(3,351)	(0.7)		(325.4)		—		—		(326.1)		—		(326.1)		—
Net distributions to non-controlling interests in consolidated entities	—	—		—		—		—		—		(5.5)		(5.5)		—

Net subscriptions into T. Rowe Price investment products	—	—		—		—		—		—		—		—		259.7
Net deconsolidations of T. Rowe Price investment products	—	—		—		—		—		—		—		—		(181.1)
Balances at June 30, 2025	219,902	$	44.0	$	99.8	$	10,461.3	$	(44.6)	$	10,560.5	$	153.3	$	10,713.8	$	1,099.1

(1) Accumulated other comprehensive income

The accompanying notes are an integral part of these statements.

Page 7

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.

T. Rowe Price Group derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide globally to individual and institutional investors that invest in a broad range of investment solutions across equity, fixed income, multi-asset, and alternatives capabilities. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and other advisory services.

The investment solutions are provided in a number of vehicles including the T. Rowe Price U.S. mutual funds (U.S. mutual funds), subadvised funds, separately managed accounts, collective investment trusts, exchange-traded funds, and other sponsored products. The other sponsored products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, business development companies, an interval fund, and collateralized loan obligations.

Investment advisory fees depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.

BASIS OF PREPARATION.

These unaudited consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States and include the accounts of the Company and its controlled subsidiaries. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates.

Certain prior‑period technology-related professional fees and servicing costs have been reclassified from general, administrative, and other costs to technology, occupancy, and facilities costs to conform with current year presentation. The new presentation better aligns the nature of the expenses following our decision to outsource and expand certain technology capabilities through trusted vendor partnerships. The amounts reclassified for the three- and six- months ended June 30, 2025 were $15.5 million and $29.1 million. While the presentation of certain expense categories changed, the reclassifications did not impact previously reported total operating expenses, operating income, net income, or cash flows.

The unaudited financial information contained in these consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2025 Annual Report.

CONSOLIDATION.

Our consolidated financial statements include the accounts of all wholly-owned subsidiaries, majority-owned entities that are entitled to a disproportionate allocation of income, or carried interest, and investment products in which we have a controlling interest.

During the three months ended June 30, 2026, we closed a collateralized loan obligation (CLO) offering. Prior to closing, the CLO issuer acquired debt investments that became collateral for the CLO at closing. These debt investments were financed primarily using a warehouse credit facility and were repaid using proceeds from notes the CLO issued to third-party investors at close. We retain a controlling economic interest in the CLO issuer through our ownership of subordinated notes and provide investment management services. We evaluated the CLO under the consolidation guidance of ASC 810, Consolidation, and determined that the CLO is a variable interest entity for which we are the primary beneficiary. Accordingly, the CLO is being consolidated in our financial statements and reported with our other consolidated investment products. We recognize and report the CLO’s financial information in our consolidated financial statements on a three-month reporting lag as the information is not available in a timely manner. As such, our financial statements and related footnotes as of June 30, 2026, reflect the assets, liabilities and related activities of the CLO issuer as of March 31, 2026.

Page 8

We have determined that the consolidated CLO meets the definition of an investment company under ASC 946, Financial Services—Investment Companies. We have also elected the fair value option pursuant to ASC 825, Financial Instruments, for measuring the warehouse facility and the notes issued by the CLO to eliminate inconsistencies that would otherwise arise from using different accounting bases. To determine fair value, we elected the collateralized financing entity measurement alternative, under which both the assets and liabilities of the CLO would be measured based on the fair value of the CLO’s assets, since they have the more observable fair value. Gains and losses related to changes in the fair value of the assets and liabilities of the consolidated CLOs are recognized in net gains (losses) on consolidated investment products in the consolidated statements of Income and are largely offset within that line item. Additionally, net income (loss) attributable to T. Rowe Price Group, Inc. reflects only changes in the fair value of its retained economic interests in the consolidated CLOs due to the elimination of income (loss) attributable to noncontrolling interests.

NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-4): Disaggregation of Income Statement Expenses, which requires disclosures of additional information and disaggregation of certain expenses included in the income statement. The guidance is effective for the firm on January 1, 2027, and allows for either a prospective or retrospective approach on adoption. We are currently evaluating the impact the adoption will have on our financial statements and have not yet determined our transition approach.

In September 2025, the FASB issued Accounting Standards Update No. 2025-06 - Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends the existing internal-use software guidance. The amendment eliminates the project stage model and clarifies that capitalization of internal-use software costs commences when management has authorized and committed funding for the project and it is probable that software will be completed and used for its intended function. The amendment allows for varying transition approaches and is effective for the firm on January 1, 2028, with early adoption permitted. We are currently evaluating the impact the adoption will have on our financial statements and have not yet determined our transition approach.

We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited consolidated financial statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

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

Net revenues earned in the three- and six-month periods ended June 30, 2026 and 2025 are included in the table below along with details of investment advisory revenues by underlying asset class. We also included average assets under management by asset class, on which we earn investment advisory fees.

Page 9


	Three months ended				Six months ended
(in millions)	6/30/2026		6/30/2025		6/30/2026		6/30/2025
Investment advisory fees
Equity	$	1,011.9	$	923.6	$	1,986.6	$	1,882.8
Fixed income, including money market	113.5		105.5		225.3		209.1
Multi-asset	529.5		455.9		1,038.6		910.6
Alternatives	89.9		82.6		177.3		163.5
Total investment advisory fees	$	1,744.8	$	1,567.6	$	3,427.8	$	3,166.0
Performance-based advisory fees	6.5		6.4		14.0		16.8
Capital allocation-based income	11.9		(0.4)		40.0		(1.6)
Administrative, distribution, servicing, and other fees	144.2		149.7		282.6		306.0
Net revenues	$	1,907.4	$	1,723.3	$	3,764.4	$	3,487.2

Average AUM (in billions):
Equity	$	886.6	$	784.4	$	873.9	$	805.3
Fixed income, including money market	219.0		198.0		216.4		194.8
Multi-asset	671.2		552.5		656.6		551.1
Alternatives	60.9		53.9		60.0		53.3
Average AUM	$	1,837.7	$	1,588.8	$	1,806.9	$	1,604.5

Total net revenues earned from sponsored investment products totaled $1,619.6 million and $1,435.2 million for the three months ended June 30, 2026 and 2025, respectively. Total net revenues earned during the six months ended June 30, 2026 and 2025 aggregate to $3,194.1 million and $2,906.5 million, respectively. Accounts receivable from these products aggregate to $702.3 million at June 30, 2026 and $664.2 million at December 31, 2025.

Investors we serve are primarily domiciled in the U.S.; investors domiciled outside the United States account for 9.1% at June 30, 2026, 8.6% at March 31, 2026, and 8.8% at December 31, 2025 of our assets under management.

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NOTE 3 – INVESTMENTS.

The carrying values of our investments that are not consolidated investment products are as follows:


(in millions)	6/30/2026		12/31/2025
Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	954.0	$	463.7
Redeemable seed capital investments	337.8		316.1
Investments used to hedge the deferred compensation liabilities	1,286.4		1,243.3
Investment partnerships and other investments	98.2		157.9
Equity method investments
T. Rowe Price investment products
Discretionary investments	173.9		—
Redeemable seed capital investments	9.3		8.3

Investment in UTI Asset Management Company Limited (India)	155.6		162.8
Investments in affiliated private investment funds - carried interest	381.1		390.3
Investments in affiliated private investment funds - seed/co-investment	370.1		304.7

Investment partnerships and other investments	251.2		204.9
Held to maturity
Investments in affiliated collateralized loan obligations	21.2		21.8
Certificates of deposit	50.4		50.4
U.S. Treasury note	1.0		1.0
Total	$	4,090.2	$	3,325.2

During the six months ended June 30, 2026 and 2025, certain T. Rowe Price investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we report our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. The net impact on our unaudited consolidated balance sheets and statements of income as of the dates the products were deconsolidated or reconsolidated is detailed below.


	Three months ended				Six months ended
(in millions)	6/30/2026		6/30/2025		6/30/2026		6/30/2025
Net decrease in assets of consolidated investment products	$	(3.5)	$	(181.4)	$	(259.4)	$	(604.1)
Net decrease in liabilities of consolidated investment products	$	1.2	$	(1.8)	$	(0.2)	$	(25.3)
Net decrease in redeemable non-controlling interests	$	(4.8)	$	(106.0)	$	(202.9)	$	(181.1)

Net gains recognized upon deconsolidation	$	—	$	3.1	$	0.2	$	3.1

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

INVESTMENTS AT FAIR VALUE

The investment partnerships and other investments held at fair value are valued using net asset value (NAV) per share as a practical expedient or using the measurement alternative. Our interests in the investment partnerships are generally not redeemable and are subject to significant transferability restrictions. The underlying investments of these partnerships have contractual terms through 2036, though we may receive distributions of liquidating assets over a longer term. The investment strategies of these partnerships include growth equity, buyout, venture capital, and real estate.

Page 11

During the three- and six- months ended June 30, 2026, we recognized $168.0 million and $115.1 million, respectively, of net unrealized gains on investments held at fair value that were still held at June 30, 2026. For the same periods of 2025, we recognized $112.4 million and $85.1 million, respectively, of net unrealized gains on investments held at fair value that were still held at June 30, 2025.

VARIABLE INTEREST ENTITIES.

Our fair value and equity method investments at June 30, 2026 and December 31, 2025, include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows:


(in millions)	6/30/2026		12/31/2025
Investment carrying values	$	1,188.0	$	978.7
Unfunded capital commitments	177.4		199.3
Accounts receivable	107.5		113.3
Maximum risk of loss	$	1,472.9	$	1,291.3

We have unfunded capital commitments, totaling $177.4 million at June 30, 2026 and $199.3 million at December 31, 2025, related primarily to the affiliated private investment funds and the investment partnerships in which we have an existing investment. In addition to such amounts, a percentage of prior distributions may be recalled under certain circumstances.

Investments in affiliated private investment funds - carried interest represent interests in the general partners of affiliated private investment funds that are entitled to a disproportionate allocation of income, also known as carried interest. The entities that hold these interests (carried interest entities) are considered variable interest entities and are consolidated as T. Rowe Price is determined to be the primary beneficiary. The total assets, liabilities and non-controlling interests of these carried interest entities as of June 30, 2026 and December 31, 2025 are as follows:


(in millions)	6/30/2026		12/31/2025
Assets	$	426.1	$	438.7
Liabilities	$	1.1	$	5.8
Non-controlling interest	$	161.0	$	157.1

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

There is debt associated with our investments in affiliated collateralized loan obligations. The debt outstanding is related to repurchase agreements of €18.6 million at June 30, 2026, compared to €18.6 million at December 31, 2025 (equivalent to $21.2 million at June 30, 2026 and $21.8 million at December 31, 2025 at the respective EUR spot rates) that are collateralized by the CLO investments and reported in accounts payable and accrued expenses in our consolidated balance sheets. These repurchase agreements bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 3.2% to 11.1% as of June 30, 2026. The debt matures on various dates through 2035 or if the investments are paid back in full or cancelled, whichever is sooner.

NOTE 4 – FAIR VALUE MEASUREMENTS.

We determine the fair value of our cash equivalents and certain investments held at fair value using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical financial instruments accessible at the reporting date.

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads. These inputs are based on market data obtained from independent sources.

Page 12

this category generally include investments for which there is not an actively-traded market. There were no level 3 investments at June 30, 2026 and December 31, 2025.

These levels are not necessarily an indication of the risk or liquidity associated with our investments. The following table summarizes our investments and liabilities that are recognized in our unaudited consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated investment products, which are presented separately in our unaudited consolidated balance sheets and are detailed in Note 5.


	6/30/2026				12/31/2025
(in millions)	Level 1		Level 2			Level 1		Level 2
T. Rowe Price investment products
Cash equivalents held in money market funds	$	2,866.2	$	—		$	3,049.0	$	—
Discretionary investments	954.0		—			463.7		—
Redeemable seed capital investments	273.4		64.4			258.6		57.5
Investments used to hedge the deferred compensation liabilities	1,286.4		—			1,243.3		—
Other investments	0.8		—			0.3		—
Investments in affiliated collateralized loan obligations	—		1.9			—		3.2
Total	$	5,380.8	$	66.3		$	5,014.9	$	60.7

The fair value hierarchy level table above does not include the investment partnerships and other investments for which fair value is estimated using their NAV per share as a practical expedient or the measurement alternative. The carrying value of these investments as disclosed in Note 3 were $95.5 million at June 30, 2026 and $154.4 million at December 31, 2025.

NOTE 5 – CONSOLIDATED INVESTMENT PRODUCTS.

The investment products that we consolidate in our financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. mutual funds and certain other products are considered voting interest entities, while those regulated outside the U.S. and CLOs are considered variable interest entities.

The following table details the net assets of the consolidated investment products:


	6/30/2026						12/31/2025
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	26.7	$	48.6	$	75.3	$	3.0	$	36.1	$	39.1
Investments(2)	518.1		1,834.1		2,352.2		344.3		1,541.2		1,885.5
Other assets	25.8		23.9		49.7		7.6		18.8		26.4
Total assets	570.6		1,906.6		2,477.2		354.9		1,596.1		1,951.0
Debt and other liabilities(3)	37.9		414.6		452.5		7.1		14.2		21.3
Net assets	$	532.7	$	1,492.0	$	2,024.7	$	347.8	$	1,581.9	$	1,929.7

Attributable to T. Rowe Price Group	$	373.6	$	641.8	$	1,015.4	$	269.8	$	623.9	$	893.7
Attributable to redeemable non-controlling interests	159.1		850.2		1,009.3		78.0		958.0		1,036.0
	$	532.7	$	1,492.0	$	2,024.7	$	347.8	$	1,581.9	$	1,929.7

(1) Cash and cash equivalents includes $24.7 million at June 30, 2026 and $2.5 million at December 31, 2025 of investments in

T. Rowe Price money market mutual funds.

(2) Investments include $66.0 million at June 30, 2026 and $61.7 million at December 31, 2025 of other T. Rowe Price investment products.

Page 13

(3) Debt and other liabilities at June 30, 2026 include $220.1 million related to a warehousing facility used by the CLO issuer to finance the accumulation of investment assets along with unsettled trades prior to securitization. The facility has a floating interest rate based on the daily simple Secured Overnight Financing Rate (SOFR) plus 1.65%. In the event of a default, the floating interest rate is based on the daily simple SOFR plus 2.00%. As disclosed in Note 1, these balances reflect the CLO issuer's liabilities as of March 31, 2026, because we report the CLO's financial information on a one-quarter lag. In the second quarter of 2026, the CLO completed its securitization, issued notes to third-party investors, and used the proceeds to repay the warehousing facility. These activities will be reflected in our September 30, 2026 financial statements.

Although we can generally redeem our net interest in the consolidated investment products at any time, we cannot directly access or sell the assets held by these products to obtain cash for general operations. Additionally, the assets of these investment products are not available to our general creditors.

Since third-party investors in these investment products have no recourse to our credit, our overall risk related to the net assets of consolidated investment products is limited to valuation changes associated with our net interest. However, we are required to recognize the valuation changes associated with all underlying investments held by these products in our consolidated statements of income and disclose the portion attributable to unrelated third-party investors as net income attributable to non-controlling interests.

The operating results of the consolidated investment products for the three- and six- months ended June 30, 2026 and 2025 are reflected in our unaudited consolidated statements of income as follows:


	Three months ended
	6/30/2026						6/30/2025
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	(0.3)	$	(2.5)	$	(2.8)	$	(0.1)	$	(2.3)	$	(2.4)
Net investment income (loss) reflected in non-operating income (loss)	30.5		102.1		132.6		2.4		76.2		78.6
Impact on income before taxes	$	30.2	$	99.6	$	129.8	$	2.3	$	73.9	$	76.2

Net income (loss) attributable to T. Rowe Price Group	$	23.4	$	43.0	$	66.4	$	2.2	$	23.1	$	25.3
Net income (loss) attributable to redeemable non-controlling interests	6.8		56.6		63.4		0.1		50.8		50.9
	$	30.2	$	99.6	$	129.8	$	2.3	$	73.9	$	76.2


	Six months ended
	6/30/2026						6/30/2025
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	(0.5)	$	(5.0)	$	(5.5)	$	(0.3)	$	(4.6)	$	(4.9)
Net investment income (loss) reflected in non-operating income (loss)	27.5		63.7		91.2		17.5		93.0		110.5
Impact on income before taxes	$	27.0	$	58.7	$	85.7	$	17.2	$	88.4	$	105.6

Net income (loss) attributable to T. Rowe Price Group	$	20.6	$	15.8	$	36.4	$	12.4	$	27.7	$	40.1
Net income (loss) attributable to redeemable non-controlling interests	6.4		42.9		49.3		4.8		60.7		65.5
	$	27.0	$	58.7	$	85.7	$	17.2	$	88.4	$	105.6

Page 14

The operating expenses of the consolidated investment products are reflected in general, administrative and other expenses. In preparing our unaudited consolidated financial statements, we eliminated operating expenses of $1.6 million and $1.4 million for the three months ended June 30, 2026 and 2025, respectively, against the investment advisory and administrative fees earned from these products. Operating expenses eliminated for the six months ended June 30, 2026 and 2025 were $2.7 million and $2.8 million, respectively. The net investment income (loss) reflected in non-operating income (loss) includes dividend and interest income as well as realized and unrealized gains and losses on the underlying securities held by the consolidated investment products.

The following table details the impact of these consolidated investment products on the individual lines of our unaudited consolidated statements of cash flows.


	Six months ended
	6/30/2026						6/30/2025
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Net cash provided by (used in) operating activities	$	(152.5)	$	(280.9)	$	(433.4)	$	(161.6)	$	(144.4)	$	(306.0)
Net cash provided by (used in) investing activities	(0.1)		(0.6)		(0.7)		0.5		(1.6)		(1.1)
Net cash provided by (used in) financing activities	176.3		295.3		471.6		155.1		161.6		316.7
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	—		(1.3)		(1.3)		—		(1.1)		(1.1)
Net change in cash and cash equivalents during period	23.7		12.5		36.2		(6.0)		14.5		8.5
Cash and cash equivalents at beginning of year	3.0		36.1		39.1		7.2		55.9		63.1
Cash and cash equivalents at end of period	$	26.7	$	48.6	$	75.3	$	1.2	$	70.4	$	71.6

For the six months ended June 30, 2026, the net cash provided by (used in) financing activities includes $115.8 million of net subscriptions we made into the consolidated investment products, net of dividends received. For the six months ended June 30, 2025, the net cash provided by (used in) financing activities included $111.6 million of net subscriptions we made into the consolidated investment products, net of dividends received. These cash flows were eliminated in consolidation.

FAIR VALUE MEASUREMENTS.

We determine the fair value of investments held by consolidated investment products using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical financial instruments accessible at the reporting date.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The inputs into the determination of fair value require significant management judgment or estimation. Investments in this category generally include investments for which there is not an actively-traded market. There were no Level 3 investments at June 30, 2026 and December 31, 2025.

These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. The following table summarizes the investment holdings held by our consolidated investment products using fair value measurements determined based on the differing levels of inputs.

Page 15


	6/30/2026				12/31/2025
(in millions)	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents	$	25.7	$	—		$	2.8	$	—
Equity securities	382.1		325.4			475.2		376.5
Fixed income securities	—		1,606.0			—		1,002.5
Other investments	0.6		38.1			0.4		30.9
	$	408.4	$	1,969.5		$	478.4	$	1,409.9

Debt and other liabilities	$	(0.6)	$	(233.2)		$	(0.3)	$	(5.1)

NOTE 6 – GOODWILL AND INTANGIBLE ASSETS.

Goodwill and intangible assets consist of the following:



(in millions)	6/30/2026		12/31/2025
Goodwill	$	2,642.8	$	2,642.8
Indefinite-lived intangible assets - trade name	86.0		86.0
Indefinite-lived intangible assets - investment advisory agreements	62.3		62.3
Definite-lived intangible assets - investment advisory agreements	97.1		125.9
Total	$	2,888.2	$	2,917.0

Amortization and impairment expense for the definite-lived investment advisory agreements intangible assets was $15.1 million and $28.8 million for the three- and six- months ended June 30, 2026, respectively. For the three- and six- months ended June 30, 2025, amortization and impairment expense for the definite-lived investment advisory agreements intangible assets was $23.5 million and $47.9 million, respectively. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the five succeeding years is as follows:


(in millions)
Remaining 2026	$	25.9
2027	39.1
2028	11.8
2029	8.8
2030 and after	11.5
	$	97.1

We evaluate the carrying amount of goodwill in our unaudited consolidated balance sheets for possible impairment on an annual basis in the fourth quarter or if triggering events occur that require us to evaluate for impairment earlier. No triggering events arose for goodwill during the six months ended June 30, 2026 and 2025. We recorded an immaterial impairment related to a definite-lived investment advisory agreement intangible asset during the six-months ended June 30, 2025.

Page 16

NOTE 7 – LONG-TERM INCENTIVE COMPENSATION.

RESTRICTED STOCK UNITS.

The following table summarizes the status of, and changes in, our nonvested restricted stock units during the six months ended June 30, 2026.


	Restricted stock units	Weighted- average fair value
Nonvested at December 31, 2025	5,918,352	$	114.80
Time-based grants	703,551	$	103.48


Vested	(20,633)	$	119.90
Forfeited	(222,827)	$	116.34
Nonvested at June 30, 2026	6,378,443	$	113.48

Nonvested restricted stock units at June 30, 2026 includes performance-based restricted stock units of 384,080. These nonvested performance-based restricted stock units include 110,794 units for which the performance period has lapsed, and the performance threshold has been met.

FUTURE STOCK-BASED COMPENSATION EXPENSE.

The following table presents the compensation expense to be recognized over the requisite service period of the stock-based awards outstanding at June 30, 2026. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met and adjustments for actual forfeitures.


(in millions)


Third quarter 2026	$	47.5
Fourth quarter 2026	42.0
2027	98.8
2028 through 2031	95.7
Total	$	284.0

RESTRICTED FUND UNITS.

The following table summarizes changes in the restricted fund units liability, which is reported in deferred compensation liabilities on the unaudited consolidated balance sheet, for the six months ended June 30, 2026 and 2025.



(in millions)	2026		2025
Balance at beginning of period	$	54.7	$	14.7
Amortization of grant date value	35.2		22.9
Amortization of market appreciation (depreciation)	10.3		2.3
Forfeitures	(3.0)		—

Balance at June 30	$	97.2	$	39.9

The following table presents the compensation expense to be recognized over the requisite service period of the restricted fund units outstanding at June 30, 2026. Estimated future compensation expense will change to reflect future grants, changes in the market value of the restricted fund units, which is based on selected hypothetical investments, and adjustments for actual forfeitures. The grants outstanding will vest by 2030.

Page 17


(in millions)


Third quarter 2026	$	18.6
Fourth quarter 2026	15.0
2027	36.7
2028 through 2030	32.8
Total	$	103.1

NOTE 8 – EARNINGS PER SHARE CALCULATIONS.

The following table presents the reconciliation of net income attributable to T. Rowe Price Group to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflects the potential dilution, determined using the treasury stock method, that could occur if outstanding non-participating stock awards vested.


	Three months ended				Six months ended
(in millions)	6/30/2026		6/30/2025		6/30/2026		6/30/2025
Net income attributable to T. Rowe Price Group	$	632.0	$	505.2	$	1,130.2	$	995.7
Less: net income allocated to outstanding restricted stock and stock unit holders	16.0		12.4		28.5		24.8
Net income allocated to common stockholders	$	616.0	$	492.8	$	1,101.7	$	970.9

Weighted-average common shares
Outstanding	214.0		220.2		215.7		221.3
Outstanding assuming dilution	214.2		220.4		215.9		221.5

Page 18

NOTE 9 – OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS.

The changes in each component of accumulated other comprehensive income (loss), including reclassification adjustments, for the three months ended June 30, 2026 and 2025 are presented in the table below.


	Three months ended 6/30/2026						Three months ended 6/30/2025

(in millions)	Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments		Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments
Balances at beginning of period	$	(57.9)	$	6.3	$	(51.6)	$	(53.2)	$	1.3	$	(51.9)
Other comprehensive income (loss) before reclassifications	(7.8)		0.1		(7.7)		0.8		11.9		12.7
Reclassification adjustments recognized in non-operating income	—		—		—		—		(3.1)		(3.1)
Other comprehensive income (loss) before income taxes	(7.8)		0.1		(7.7)		0.8		8.8		9.6
Net deferred tax benefits (income taxes)	1.1		—		1.1		(0.1)		(2.2)		(2.3)
Other comprehensive income (loss)	(6.7)		0.1		(6.6)		0.7		6.6		7.3
Balances at end of period	$	(64.6)	$	6.4	$	(58.2)	$	(52.5)	$	7.9	$	(44.6)

The other comprehensive income (loss) in the table above excludes net losses of $0.9 million and net gains of $7.9 million for the three months ended June 30, 2026 and 2025, respectively, related to redeemable non-controlling interests held in our consolidated investment products.

The changes in each component of accumulated other comprehensive income (loss), including reclassification adjustments, for the six months ended June 30, 2026 and 2025 are presented in the table below.



	Six months ended 6/30/2026						Six months ended 6/30/2025
(in millions)	Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments		Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments
Balances at beginning of period	$	(57.4)	$	6.9	$	(50.5)	$	(49.5)	$	(2.2)	$	(51.7)



Other comprehensive income (loss) before reclassifications	(8.4)		(0.6)		(9.0)		(3.5)		16.5		13.0
Reclassification adjustments recognized in non-operating income	—		(0.2)		(0.2)		—		(3.1)		(3.1)
Other comprehensive income (loss) before income taxes	(8.4)		(0.8)		(9.2)		(3.5)		13.4		9.9
Net deferred tax benefits (income taxes)	1.2		0.3		1.5		0.5		(3.3)		(2.8)
Other comprehensive income (loss)	(7.2)		(0.5)		(7.7)		(3.0)		10.1		7.1

Balances at end of period	$	(64.6)	$	6.4	$	(58.2)	$	(52.5)	$	7.9	$	(44.6)

The other comprehensive income (loss) in the table above excludes net losses of $1.6 million and net gains of $11.0 million for the six months ended June 30, 2026 and 2025, respectively, related to redeemable non-controlling interests held in our consolidated investment products.

Page 19

NOTE 10 – SEGMENT REPORTING.

We have one reportable segment: investment management services. We derive our revenue and net income globally and manage business activities on a consolidated basis.

We largely derive our revenues and net income from investment advisory services provided to individual and institutional investors. We also provide certain administrative services, including mutual fund transfer agent, fund and product accounting, distribution, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; and other advisory services. Our revenues and net income depend largely on the total value and composition of our assets under management, as such, the consideration for our services is generally variable and recognized over time.

Our chief operating decision maker (CODM) is the chief executive officer. The CODM utilizes consolidated net income attributable to T. Rowe Price Group as reported on the consolidated statements of income and certain non-GAAP metrics to assess performance and allocate resources. Based on these metrics, the CODM decides either to reinvest profits into the business based on our strategic priorities and/or return cash to stockholders through dividends and share repurchases.

We determined there were no significant segment expenses that required a separate disclosure, as the major categories of expenses regularly reviewed by the CODM to manage operations are disclosed in the consolidated statements of income. Quarterly reviews of expenses highlight those influenced by financial markets, such as distribution and servicing costs, as well as those that are both qualitatively and quantitatively significant. The measure of segment assets is reported on the consolidated balance sheet as total assets.

NOTE 11 – COMMITMENTS AND CONTINGENCIES.

COMMITMENTS.

T. Rowe Price Group has committed $278 million for investment in future OHA product launches through 2030.

CONTINGENCIES.

Contingent Consideration

As part of the purchase consideration for our acquisition of OHA in December 2021, there is contingent

consideration in the amount of up to $900 million, payable in cash, that may be due as part of an earnout payment in 2026 and 2027 upon satisfying or exceeding certain defined revenue targets. These defined revenue targets will be evaluated on a cumulative basis from 2022 through 2026. About 22% of the earnout is conditioned upon continued service with T. Rowe Price Group and was excluded from the purchase consideration and deemed compensatory. The fair value of the earnout is remeasured each reporting period and was valued at zero as of December 31, 2025. In April 2026, it was determined and agreed that no contingent consideration would be earned and paid at the end of 2026.

Other

Various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

NOTE 12 – RESTRUCTURING CHARGE.

As separately disclosed in the unaudited consolidated statements of income, we recognized a restructuring charge of $6.7 million and $16.7 million, primarily severance, for the three- and six-month periods ended June 30, 2026, respectively, related to actions taken under a broad and ongoing expense management program, which is designed to reduce expense growth and realign resources to support investment in existing and future capabilities. At June 30, 2026, we had $10.8 million in accrued compensation and related costs related to this program.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors

T. Rowe Price Group, Inc.:

Results of Review of Interim Financial Information

We have reviewed the consolidated balance sheet of T. Rowe Price Group, Inc. and subsidiaries (the Company) as of June 30, 2026, the related consolidated statements of income, comprehensive income, and stockholders’ equity for the three-month and six-month periods ended June 30, 2026 and 2025, the related consolidated statements of cash flows for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively, the consolidated interim financial information). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 13, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ KPMG LLP

Philadelphia, Pennsylvania

July 31, 2026

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