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0001113169falsePRICE T ROWE GROUP INC00011131692025-02-052025-02-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): February 5, 2025

T. Rowe Price Group, Inc.
(Exact name of registrant as specified in its charter)
Maryland 000-32191 52-2264646
(State of
incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
100 East Pratt Street, Baltimore, Maryland 21202
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (410) 345-2000

N/A
(Former Name of Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.20 TROW
The NASDAQ Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12-2 of this chapter).
                                        Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Section 2 - Financial Information.
Item 2.02. Results of Operations and Financial Condition.

On February 5, 2025 we issued an earnings release reporting our results of operations for the three and twelve months ended December 31, 2024. A copy of this earnings release is attached hereto as Exhibit 99.1 and is incorporated by reference.

The information in this Current Report on Form 8-K and the Exhibits attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Section 7 Regulation FD

Item 7.01. Regulation FD Disclosure

On February 5, 2025, the Company will hold an investor conference call and webcast to discuss the Company’s earnings results for the three and twelve months ended December 31, 2024. A copy of supplemental materials used during the earnings call is furnished as Exhibit 99.2 to this Form 8-K. All information in Exhibits 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided.

Section 9 - Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Earnings Release dated February 5, 2025
99.2 Earnings Release Supplement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
T. Rowe Price Group, Inc.
By: /s/ Jennifer B. Dardis
Jennifer B. Dardis
Vice President, Chief Financial Officer and Treasurer
Date: February 5, 2025

EX-99 2 earningsreleaseq42024.htm EX-99.1 Document

trustee-2023a.gif

NEWS RELEASE
T. ROWE PRICE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
BALTIMORE (February 5, 2025) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported its results for the fourth quarter and full year of 2024.
▪Assets under management (AUM) of $1.61 trillion at December 31, 2024
▪Net client outflows of $19.3 billion for Q4 2024 and $43.2 billion for 2024
▪Diluted earnings per common share (EPS) of $1.92 for Q4 2024 and $9.15 for 2024
▪Adjusted diluted EPS of $2.12 for Q4 2024 and $9.33 for 2024
▪Returned $355 million in Q4 2024 and $1.5 billion in 2024 to stockholders from the recurring quarterly dividend and stock repurchases

Rob Sharps, chair, CEO, and president, commented, “We are growing our ETF business, expanding our position in the insurance channel, and extending our target date franchise into Canada. We closed 2024 with $1.6 trillion in AUM and $43.2 billion in 2024 net outflows—which we reduced by nearly half year over year. I am optimistic that we remain on the path to positive flows, and we are on pace to further reduce outflows again this year.”

Financial Highlights
Three months ended Year ended
(in millions, except per-share data) 12/31/2024 12/31/2023
 Change(1)
 9/30/2024
Change(1)
12/31/2024
 12/31/2023
 Change(1)
U.S. GAAP basis
Investment advisory fees $ 1,667.2  $ 1,435.9  16.1  % $ 1,627.3  2.5  % $ 6,399.7  $ 5,709.5  12.1  %
Performance-based advisory fees(2)
 $ 19.3  $ 25.3  (23.7) % $ 5.6  n/m $ 59.3  $ 38.2  55.2  %
Capital allocation-based income(3)
 $ (5.2) $ 40.2  n/m $ 4.6  n/m $ 46.6  $ 161.9  (71.2) %
Net revenues $ 1,824.5  $ 1,642.0  11.1  % $ 1,785.6  2.2  % $ 7,093.6  $ 6,460.5  9.8  %
Operating expenses $ 1,256.1  $ 1,254.8  0.1  % $ 1,172.0  7.2  % $ 4,760.3  $ 4,474.3  6.4  %
Net operating income $ 568.4  $ 387.2  46.8  % $ 613.6  (7.4) % $ 2,333.3  $ 1,986.2  17.5  %
Non-operating income (loss) $ 4.6  $ 259.7  n/m $ 212.5  n/m $ 486.3  $ 504.1  (3.5) %
Net income - T. Rowe Price Group, Inc. $ 439.9  $ 437.6  0.5  % $ 603.0  (27.0) % $ 2,100.1  $ 1,788.7  17.4  %
Diluted earnings per common share $ 1.92  $ 1.90  1.1  % $ 2.64  (27.3) % $ 9.15  $ 7.76  17.9  %
Adjusted basis(4)
Operating expenses $ 1,222.6  $ 1,150.7  6.2  % $ 1,099.0  11.2  % $ 4,498.8  $ 4,260.7  5.6  %
Operating expenses, excluding accrued carried interest related compensation $ 1,218.7  $ 1,135.5  7.3  % $ 1,087.4  12.1  % $ 4,456.3  $ 4,190.7  6.3  %
Net operating income $ 620.2  $ 502.7  23.4  % $ 718.4  (13.7) % $ 2,685.9  $ 2,263.2  18.7  %
Non-operating income (loss) $ 34.3  $ 49.5  (30.7) % $ 51.2  (33.0) % $ 148.7  $ 140.8  5.6  %
Net income - T. Rowe Price Group, Inc. $ 484.8  $ 394.7  22.8  % $ 586.5  (17.3) % $ 2,139.5  $ 1,750.1  22.3  %
Diluted earnings per common share $ 2.12  $ 1.72  23.3  % $ 2.57  (17.5) % $ 9.33  $ 7.59  22.9  %
Assets under management (in billions)
Average assets under management $ 1,638.6  $ 1,374.3  19.2  % $ 1,589.5  3.1  % $ 1,561.9  $ 1,362.3  14.7  %
Ending assets under management $ 1,606.6  $ 1,444.5  11.2  % $ 1,630.9  (1.5) % $ 1,606.6  $ 1,444.5  11.2  %
Investment advisory annualized effective fee rate (EFR) (in bps)
EFR without performance-based fees 40.5  41.5  (1.0) 40.7  (0.2) 41.0  41.9  (0.9)
EFR with performance-based fees 40.9  42.2  (1.3) 40.9  —  41.4  42.2  (0.8)
(1) n/m - the percentage change is not meaningful.
(2) Performance-based advisory fees were previously included in the investment advisory fees. Prior periods were recast to reflect this change.
(3) Capital allocation-based income represents the change in accrued carried interest.
(4) See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release.

1

Assets Under Management
During Q4 2024, assets under management (AUM) decreased $24.3 billion to $1.61 trillion. The components of the change in AUM, by asset class, are shown in the table below.
Three months ended 12/31/2024
(in billions) Equity Fixed income, including money market
Multi-asset(1)
Alternatives(2)
 Total
Assets under management at beginning of period $ 832.0  $ 186.3  $ 560.9  $ 51.7  $ 1,630.9 
Net cash flows prior to manager-driven distributions (8.2) 3.5  (15.5) 1.7  (18.5)
Manager-driven distributions —  —  —  (0.8) (0.8)
Net cash flows (8.2) 3.5  (15.5) 0.9  (19.3)
Net market appreciation (depreciation) and income(3)
 5.9  (1.7) (9.4) 0.2  (5.0)
Change during the period (2.3) 1.8  (24.9) 1.1  (24.3)
Assets under management at December 31, 2024
 $ 829.7  $ 188.1  $ 536.0  $ 52.8  $ 1,606.6 
(1)     The underlying AUM of the multi-asset portfolios have been aggregated and presented in this category and not reported in the equity and fixed income columns.
(2) The alternatives asset class includes strategies authorized to invest more than 50% of its holdings in private credit, leveraged loans, mezzanine, real assets/CRE, structured products, stressed/distressed, non-investment grade CLOs, special situations, business development companies, or that have absolute return as its investment objective. Generally, only those strategies with longer than daily liquidity are included. Unfunded capital commitments were $16.2 billion at December 31, 2024 and $14.5 billion as of September 30, 2024, and are not reflected in fee basis AUM above.
(3) Includes net distributions not reinvested of $4.8 billion.


Investors domiciled outside the United States accounted for 8.8% of the firm's AUM at December 31, 2024, and 8.6% at September 30, 2024 and December 31, 2023.

The firm provides participant accounting and plan administration for retirement plans that primarily invest in the firm's U.S. mutual funds, collective investment trusts, and funds managed outside of the firm's complex. As of December 31, 2024, the firm's assets under administration were $282 billion, of which $159 billion were assets we manage.

The firm offers non-discretionary advisory services through model delivery and multi-asset solutions for providers to implement. The firm records the revenue earned on these services in administrative fees. The assets under advisement in these portfolios, predominantly in the United States, were $16.4 billion at December 31, 2024.


2


Financial Results Highlights
Net Revenues
Three months ended
(in millions) 12/31/2024 12/31/2023 Change 9/30/2024 Change
Investment advisory fees
  Equity $ 1,006.2  $ 864.3  16.4  % $ 978.5  2.8  %
  Fixed income, including money market 106.2  98.2  8.1  % 104.1  2.0  %
  Multi-asset 473.8  400.6  18.3  % 465.8  1.7  %
  Alternatives 81.0  72.8  11.3  % 78.9  2.7  %
Total investment advisory fees 1,667.2  1,435.9  16.1  % 1,627.3  2.5  %
Performance-based advisory fees(1)
 19.3  25.3  n/m 5.6  n/m
Capital allocation-based income(2)
 (5.2) 40.2  n/m 4.6  n/m
Administrative, distribution, and servicing fees 143.2  140.6  1.8  % 148.1  (3.3) %
Net revenues $ 1,824.5  $ 1,642.0  11.1  % $ 1,785.6  2.2  %
Average AUM (in billions):
  Equity $ 842.7  $ 704.9  19.5  % $ 813.1  3.6  %
  Fixed income, including money market 186.9  168.4  11.0  % 183.3  2.0  %
  Multi-asset 556.3  453.6  22.6  % 542.3  2.6  %
  Alternatives 52.7  47.4  11.2  % 50.8  3.7  %
Average AUM $ 1,638.6  $ 1,374.3  19.2  % $ 1,589.5  3.1  %
Investment advisory annualized effective fee rate (bps) 40.5  41.5  (1.0) 40.7  (0.2)
Investment advisory annualized effective fee rate, including performance-based fees (bps) 40.9  42.2  (1.3) 40.9  — 
(1) Performance-based advisory fees were previously included in the investment advisory fees. Prior periods were recast to reflect this change.
(2) The Capital allocation-based income represents the change in accrued carried interest. The percentage change is not meaningful (n/m).

Net revenues in Q4 2024 were $1.8 billion, an increase of 11.1% from Q4 2023 and 2.2% from Q3 2024. Performance-based fees earned in each period were primarily related to alternatives strategies.

▪The investment advisory annualized effective fee rate, excluding performance-based fees, of 40.5 basis points in Q4 2024 decreased from 42.2 basis points earned in Q4 2023 and 40.7 basis points earned in Q3 2024. In comparison to prior periods, client flows and transfers drove a mix shift in assets under management toward lower fee products and asset classes partially offset by market appreciation.

▪Capital allocation-based income in Q4 2024 reduced net revenues by $5.2 million, which includes $12.5 million in additional accrued carried interest, offset by $17.7 million in acquisition-related, non-cash amortization and impairments. Comparatively, the Q4 2023 amount of $40.2 million includes $51.1 million in additional accrued carried interest, partially offset by $10.9 million in acquisition-related, non-cash amortization and impairments. The decreases from prior periods were primarily the result of overall lower returns.


3


A portion of the capital allocation-based income is passed through as compensation and recognized in compensation and related costs, with the unpaid amount reported as non-controlling interest on the consolidated balance sheet. For detail on the quarterly change in accrued carried interest, which is reported as part of investments on the consolidated balance sheet and related non-controlling interest, see the applicable tables at the end of this release.

Operating Expenses
Three months ended
(in millions) 12/31/2024 12/31/2023
 Change (1)
 9/30/2024
 Change (1)
Compensation, benefits, and related costs $ 705.4  $ 649.4  8.6  % $ 632.9  11.5  %
Acquisition-related retention agreements 14.2  13.5  5.2  % 4.0  255.0  %
Capital allocation-based income compensation(2)
 (3.4) 10.6  n/m (2.0) n/m
Market-related change in deferred compensation liability (6.7) 61.9  n/m 43.4  n/m
Total compensation and related costs 709.5  735.4  (3.5) % 678.3  4.6  %
Distribution and servicing 92.9  75.7  22.7  % 91.6  1.4  %
Advertising and promotion 50.2  44.4  13.1  % 20.8  141.3  %
Product and recordkeeping related costs 74.5  68.1  9.4  % 75.0  (0.7) %
Technology, occupancy, and facility costs 169.3  171.6  (1.3) % 164.0  3.2  %
General, administrative, and other 128.3  128.1  0.2  % 104.2  23.1  %
Change in fair value of contingent consideration —  (9.6) n/m (13.4) n/m
Acquisition-related amortization and impairment costs 31.4  41.1  (23.6) % 51.5  (39.0) %
Total operating expenses $ 1,256.1  $ 1,254.8  0.1  % $ 1,172.0  7.2  %
Total adjusted operating expenses(3)
 $ 1,222.6  $ 1,150.7  6.2  % $ 1,099.0  11.2  %
(1) n/m - the percentage change is not meaningful.
(2) Capital allocation-based income compensation represents the change in accrued carried interest compensation along with acquisition-related, non-cash amortization and impairments.
(3) See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release.

Operating expenses were $1,256.1 million, an increase of 0.1% from Q4 2023 and 7.2% from Q3 2024. On a non-GAAP basis, adjusted operating expenses in Q4 2024 were $1,222.6 million, an increase of 6.2% from Q4 2023 and 11.2% from Q3 2024.

▪Compensation, benefits, and related costs in Q4 2024 of $705.4 million increased $56.0 million from Q4 2023 and $72.5 million from Q3 2024. The increase from Q4 2023 was primarily due to a higher bonus accrual, salaries, and employee benefits. These increases were partially offset by lower other employee-related costs and higher capitalized labor. Compared to Q3 2024, the increase was primarily due to higher compensation costs related to the firm's annual long-term incentive grant, higher employee benefit costs, and a higher bonus accrual. Each year, the level of the Q4 bonus accrual is driven by the total bonus pool awarded compared to the cumulative bonus expense accrued over the first three quarters of the year. The firm employed 8,158 associates at December 31, 2024, an increase of 3.2% from 7,906 associates at December 31, 2023, and 0.7% from 8,104 associates at September 30, 2024.


4


▪Distribution and servicing costs in Q4 2024 of $92.9 million increased $17.2 million from Q4 2023 and $1.3 million from Q3 2024. The increase from Q4 2023 was primarily driven by higher average assets under management distributed through third-party intermediaries.

▪Advertising and promotion expenses in Q4 2024 of $50.2 million increased $5.8 million from Q4 2023 and $29.4 million from Q3 2024. The increase from prior periods was primarily due to higher media spend. Additionally, the seasonal nature of the spending contributed to the increase compared to Q3 2024.

▪Technology, occupancy, and facility costs in Q4 2024 of $169.3 million decreased $2.3 million from Q4 2023 and increased $5.3 million from Q3 2024. The increase from Q3 2024 was due to higher costs from the firm's ongoing investment in its technology capabilities, primarily hosted solution licenses.

▪General, administrative, and other costs in Q4 2024 of $128.3 million increased $0.2 million from Q4 2023 and $24.1 million from Q3 2024. The increase from Q3 2024 was primarily due to higher professional fees, travel, and entertainment.

Non-operating income (loss)
(in millions) Three months ended
12/31/2024 12/31/2023 9/30/2024
Net gains (losses) from non-consolidated T. Rowe Price investment products
Cash and discretionary investments
Dividend income $ 39.8  $ 33.1  $ 37.4 
Market-related gains (losses) and equity in earnings (losses) (1.4) 5.4  5.9 
  Total net gains (losses) from cash and discretionary investments 38.4  38.5  43.3 
Seed capital investments
Dividend income 1.6  0.6  0.5 
Market-related gains (losses) and equity in earnings (losses) 1.9  25.3  21.3 
Net gains (losses) recognized upon deconsolidation 0.2  (0.7) (0.6)
Investments used to hedge deferred compensation liabilities (9.2) 65.0  41.1 
Total net gains (losses) from non-consolidated T. Rowe Price investment products 32.9  128.7  105.6 
Other investment income (loss) 11.8  12.8  13.4 
Net gains (losses) on investments 44.7  141.5  119.0 
Net gains (losses) on consolidated investment products (36.4) 119.2  85.9 
Other gains (losses), including foreign currency gains (losses) (3.7) (1.0) 7.6 
Non-operating income (loss) $ 4.6  $ 259.7  $ 212.5 
Adjusted non-operating income (loss)(1)
 $ 34.3  $ 49.5  $ 51.2 
(1) See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release.

On a non-GAAP basis, non-operating income (loss) consists of investment gains/losses generated from the firm's cash and discretionary investment portfolio.


5


Income taxes

The following reconciles the statutory federal income tax rate to the firm's effective tax rate for the years ended December 31, 2024 and 2023:
Year ended
12/31/2024 12/31/2023
Statutory U.S. federal income tax rate 21.0  % 21.0  %
State income taxes for current year, net of federal income tax benefits(1)
 2.9  2.3 
Net (income) losses attributable to redeemable non-controlling interests(2)
 (0.3) (0.5)
Net excess tax losses (benefits) from stock-based compensation plans activity (0.2) 0.1 
Valuation allowances 0.2  3.4 
Other items 0.7  — 
Effective income tax rate 24.3  % 26.3  %
(1) State income tax benefits are reflected in the total benefits for net income attributable to redeemable non-controlling interests and stock-based compensation plans activity.
(2) Net income attributable to redeemable non-controlling interest represents the portion of earnings held in the firm's consolidated investment products, which are not taxable to the firm despite being included in pre-tax income.

The firm's non-GAAP effective tax rate for 2024 was 24.5% compared to 27.2% for 2023. The decrease in the firm's effective tax rate is primarily due to lower valuation allowances recognized in 2024 compared to the 2023 period. In 2023, valuation allowances were recognized against cumulative UK-based deferred tax assets.

The firm estimates that its effective tax rate for the full year 2025 will be in the range of 23.0% to 27.0% on a U.S. GAAP basis, and 23.0% to 26.0% on a non-GAAP basis.

Other Matters

The financial results presented in this release are unaudited. KPMG LLP is currently completing its audits of the firm's 2024 consolidated financial statements and internal controls over financial reporting at December 31, 2024. The firm expects that KPMG will complete its work in the middle of February and will then file its Form 10-K Annual Report for 2024 with the U.S. Securities and Exchange Commission. The Form 10-K will include additional information, including the firm's audited consolidated financial statements, management's report on internal controls over financial reporting at December 31, 2024, and the KPMG reports.

Certain statements in this earnings release may represent “forward-looking information,” including information relating to anticipated changes in revenues, our operations, expenses, earnings, liquidity, cash flows and capital expenditures, industry or market conditions, amount or composition of assets under management, flows into our investment funds, regulatory developments, changes in our effective fee rate, demand for and pricing of our products, new products and services, effective tax rates, net income and earnings per common share, future transactions, our strategic initiatives, general economic conditions, dividends, stock repurchases, and other market conditions. For a discussion concerning risks and other factors that could affect future results, see the firm's 2023 Annual Report on Form 10-K.

6


Founded in 1937, T. Rowe Price (NASDAQ – GS: TROW) helps individuals and institutions around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Clients rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price serves millions of clients globally and manages $1.61 trillion in assets under management as of December 31, 2024. About two-thirds of the assets under management are retirement-related. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.

Webcast Information
Chair, CEO, and President Rob Sharps, Chief Financial Officer Jen Dardis, and Head of Global Investments Eric Veiel, will provide an update on business performance, review financial results, and answer questions on a webcast to be held on Wednesday, February 5, 2025 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 company's investor relations website shortly before the start of the call. A replay of the webcast will be available on the company's investor relations website shortly after the event.

CONTACTS:
Public Relations Investor Relations
Jamaal Mobley Linsley Carruth
410-345-3403 410-345-3717
jamaal.mobley@troweprice.com linsley.carruth@troweprice.com


7


Unaudited Consolidated Statements of Income
(in millions, except per-share amounts)
Three months ended Year ended
Revenues 12/31/2024 12/31/2023 9/30/2024 12/31/2024 12/31/2023
Investment advisory fees $ 1,667.2  $ 1,435.9  $ 1,627.3  $ 6,399.7  $ 5,709.5 
Performance-based advisory fees(1)
 19.3  25.3  5.6  59.3  38.2 
Capital allocation-based income (5.2) 40.2  4.6  46.6  161.9 
Administrative, distribution, and servicing fees 143.2  140.6  148.1  588.0  550.9 
Net revenues 1,824.5  1,642.0  1,785.6  7,093.6  6,460.5 
Operating expenses
Compensation, benefits, and related costs 705.4  649.4  632.9  2,603.4  2,450.7 
Acquisition-related retention agreements 14.2  13.5  4.0  44.8  55.0 
Capital allocation-based income compensation (3.4) 10.6  (2.0) 5.4  44.6 
Market-related change in deferred compensation liabilities (6.7) 61.9  43.4  104.3  123.2 
Total compensation and related costs 709.5  735.4  678.3  2,757.9  2,673.5 
Distribution and servicing 92.9  75.7  91.6  354.1  289.9 
Advertising and promotion 50.2  44.4  20.8  129.6  114.2 
Product and recordkeeping related costs 74.5  68.1  75.0  297.5  291.0 
Technology, occupancy, and facility costs 169.3  171.6  164.0  644.1  632.6 
General, administrative, and other 128.3  128.1  104.2  433.8  421.3 
Change in fair value of contingent consideration —  (9.6) (13.4) (13.4) (82.4)
Acquisition-related amortization and impairment costs 31.4  41.1  51.5  156.7  134.2 
Total operating expenses 1,256.1  1,254.8  1,172.0  4,760.3  4,474.3 
Net operating income 568.4  387.2  613.6  2,333.3  1,986.2 
Non-operating income (loss)
Net gains (losses) on investments 44.7  141.5  119.0  363.2  355.2 
Net gains (losses) on consolidated investment products (36.4) 119.2  85.9  130.3  164.6 
Other gains (losses), including foreign currency gains (losses) (3.7) (1.0) 7.6  (7.2) (15.7)
   Total non-operating income (loss) 4.6  259.7  212.5  486.3  504.1 
Income before income taxes 573.0  646.9  826.1  2,819.6  2,490.3 
Provision for income taxes 156.3  173.3  185.7  683.8  654.6 
Net income 416.7  473.6  640.4  2,135.8  1,835.7 
Less: net income (loss) attributable to redeemable non-controlling interests (23.2) 36.0  37.4  35.7  47.0 
Net income attributable to T. Rowe Price Group, Inc. 439.9  437.6  603.0  2,100.1  1,788.7 
Less: net income allocated to outstanding restricted stock and stock unit holders 11.6  11.7  15.5  55.8  44.4 
Net income allocated to T. Rowe Price common stockholders $ 428.3  $ 425.9  $ 587.5  $ 2,044.3  $ 1,744.3 
Earnings per share
Basic $ 1.93  $ 1.91  $ 2.64  $ 9.18  $ 7.78 
Diluted $ 1.92  $ 1.90  $ 2.64  $ 9.15  $ 7.76 
Weighted-average common shares
Outstanding 222.4  223.5  222.3  222.8  224.1 
Outstanding assuming dilution 222.8  224.0  222.8  223.3  224.8 
Summary of Adjusted Basis(2)
 Three months ended Year ended
(in millions, except per-share data) 12/31/2024 12/31/2023 9/30/2024 12/31/2024 12/31/2023
Operating expenses $ 1,222.6  $ 1,150.7  $ 1,099.0  $ 4,498.8  $ 4,260.7 
Operating expenses, excluding accrued carried interest related compensation $ 1,218.7  $ 1,135.5  $ 1,087.4  $ 4,456.3  $ 4,190.7 
Net operating income $ 620.2  $ 502.7  $ 718.4  $ 2,685.9  $ 2,263.2 
Non-operating income (loss) $ 34.3  $ 49.5  $ 51.2  $ 148.7  $ 140.8 
Net income attributable to T. Rowe Price $ 484.8  $ 394.7  $ 586.5  $ 2,139.5  $ 1,750.1 
Diluted earnings per common share $ 2.12  $ 1.72  $ 2.57  $ 9.33  $ 7.59 
(1) Performance-based advisory fees were previously included in the investment advisory fees. Prior periods were recast to reflect this change.
(2) See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release.

8


Assets Under Management
Year ended 12/31/2024
(in billions) Equity Fixed income, including money market
Multi-asset(1)
Alternatives(2)
 Total
Assets under management at beginning of period $ 743.6  $ 170.0  $ 483.0  $ 47.9  $ 1,444.5 
Net cash flows prior to manager-driven distributions (52.0) 12.6  (6.5) 6.4  (39.5)
Manager-driven distributions —  —  —  (3.7) (3.7)
Net cash flows (52.0) 12.6  (6.5) 2.7  (43.2)
Net market appreciation and gains(3)
 138.1  5.5  59.5  2.2  205.3 
Change during the period 86.1  18.1  53.0  4.9  162.1 
Assets under management at December 31, 2024
 $ 829.7  $ 188.1  $ 536.0  $ 52.8  $ 1,606.6 
(1)     The underlying AUM of the multi-asset portfolios have been aggregated and presented in this category and not reported in the equity and fixed income columns.
(2) The alternatives asset class includes strategies authorized to invest more than 50% of its holdings in private credit, leveraged loans, mezzanine, real assets/CRE, structured products, stressed/distressed, non-investment grade CLOs, special situations, business development companies, or that have absolute return as its investment objective. Generally, only those strategies with longer than daily liquidity are included. Unfunded capital commitments were $16.2 billion as of December 31, 2024 and $11.6 billion as of December 31, 2023 and are not reflected in fee basis AUM above.
(3) Includes net distributions not reinvested of $5.9 billion.

Net Revenues Year ended
(in millions) 12/31/2024 12/31/2023  % Change
Investment advisory fees
  Equity $ 3,864.7  $ 3,442.3  12.3  %
  Fixed income, including money market 410.7  400.4  2.6  %
  Multi-asset 1,814.1  1,583.4  14.6  %
  Alternatives 310.2  283.4  9.5  %
Total investment advisory fees $ 6,399.7  $ 5,709.5  12.1  %
Average AUM (in billions):
  Equity $ 804.3  $ 705.2  14.1  %
  Fixed income, including money market 178.6  169.3  5.5  %
  Multi-asset 529.0  442.3  19.6  %
  Alternatives 50.0  45.5  9.9  %
Average AUM $ 1,561.9  $ 1,362.3  14.7  %
Performance-based advisory fees were previously included in the investment advisory fees. Prior periods were recast to reflect this change.

Non-Operating Income (Loss) Year ended
(in millions) 12/31/2024 12/31/2023
Net gains (losses) from non-consolidated T. Rowe Price investment products
Cash and discretionary investments
Dividend income $ 138.6  $ 109.1 
Market-related gains (losses) and equity in earnings (losses) 4.8  24.5 
  Total net gains (losses) from cash and discretionary investments 143.4  133.6 
Seed capital investments
Dividend income 2.4  1.8 
Market-related gains (losses) and equity in earnings (losses) 62.0  50.3 
Net gains (losses) recognized upon deconsolidation (0.4) — 
Investments used to hedge deferred compensation liabilities 96.4  123.6 
Total net gains (losses) from non-consolidated T. Rowe Price investment products 303.8  309.3 
Other investment income (loss) 59.4  45.9 
Net gains (losses) on investments 363.2  355.2 
Net gains (losses) on consolidated investment portfolios 130.3  164.6 
Other gains (losses), including foreign currency gains (losses) (7.2) (15.7)
Non-operating income (loss) $ 486.3  $ 504.1 
Adjusted non-operating income (loss)(1)
 $ 148.7  $ 140.8 
(1) See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release.


9


The following table summarizes the cash flows for the year ended 2024 that are attributable to T. Rowe Price, our consolidated investment products, and the related eliminations required.

Year ended
12/31/2024
(in millions)
 Cash flow attributable to T. Rowe Price Cash flow attributable to consolidated investment products
Elims
As reported
Cash flows from operating activities
Net income (loss) $ 2,100.1  $ 120.5  $ (84.8) $ 2,135.8 
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, amortization and impairments of property, equipment and software 254.1  —  —  254.1 
Amortization and impairment of acquisition-related assets and retention agreements 250.1  —  —  250.1 
Fair value remeasurement of contingent liability (13.4) —  —  (13.4)
Stock-based compensation expense 247.3  —  —  247.3 
Net (gains) losses recognized on investments (425.0) —  84.8  (340.2)
Net investments in investment products used to economically hedge deferred compensation liabilities (123.2) —  30.0  (93.2)
Net change in trading securities held by consolidated investment products —  (760.4) —  (760.4)
Other changes 23.9  6.1  (24.5) 5.5 
Net cash provided by (used in) operating activities 2,313.9  (633.8) 5.5  1,685.6 
Net cash provided by (used in) investing activities (187.9) (15.8) 26.2  (177.5)
Net cash provided by (used in) financing activities (1,542.8) 637.9  (31.7) (936.6)
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products —  (2.4) —  (2.4)
Net change in cash and cash equivalents during year 583.2  (14.1) —  569.1 
Cash and cash equivalents at beginning of year 2,066.6  77.2  —  2,143.8 
Cash and cash equivalents at end of year $ 2,649.8  $ 63.1  $ —  $ 2,712.9 

Unaudited Condensed Consolidated Balance Sheet Information As of
(in millions) 12/31/2024 12/31/2023
Cash and cash equivalents $ 2,649.8  $ 2,066.6 
Accounts receivable and accrued revenue 877.4  807.9 
Investments 3,000.5  2,554.7 
Assets of consolidated investment products 2,044.0  1,959.3 
Operating lease assets 226.8  241.1 
Property, equipment and software, net 977.0  806.6 
Goodwill and intangible assets 3,010.9  3,150.1 
Other assets 685.6  692.5 
Total assets 13,472.0  12,278.8 
Deferred compensation liabilities 1,020.7  895.0 
Total other liabilities, includes $62.1 at December 31, 2024, and $54.2 at December 31, 2023, from consolidated investment products
 1,001.2  1,092.6 
Non-controlling interests* 1,104.7  786.1 
Stockholders' equity attributable to T. Rowe Price Group, Inc., 223.0 common shares outstanding at
December 31, 2024 and 223.9 common shares outstanding at December 31, 2023
 $ 10,345.4  $ 9,505.1 
* This includes both redeemable and non-redeemable non-controlling interest in consolidated entities.




10


The following tables detail changes in our investments in affiliated private investment funds - carried interest and non-controlling interest in consolidated entities.
Investments in affiliated private investment funds - carried interest Three months ended Year ended
(in millions) 12/31/2024 12/31/2023 9/30/2024 12/31/2024 12/31/2023
Balance at beginning of period $ 499.7  $ 578.2  $ 497.3  $ 519.9  $ 467.8 
Capital allocation-based income:
Change in accrued carried interest 12.5  51.1  35.1  134.1  223.2 
Acquisition-related amortization and impairments (17.7) (10.9) (30.5) (87.5) (61.3)
Net distributions (67.6) (98.5) (2.2) (139.6) (109.8)
Balance at end of period
 $ 426.9  $ 519.9  $ 499.7  $ 426.9  $ 519.9 

Non-controlling interests (NCI) in consolidated entities Three months ended Year ended
(in millions) 12/31/2024 12/31/2023 9/30/2024 12/31/2024 12/31/2023
Balance at beginning of period $ 203.4  $ 221.5  $ 205.3  $ 192.0  $ 190.7 
Capital allocation-based income compensation:
Change in accrued carried interest compensation 3.9  15.2  11.6  42.5  70.0 
Acquisition-related amortization and impairments (7.3) (4.6) (13.6) (37.1) (25.4)
Net contributions (distributions) (39.3) (40.1) 0.1  (36.7) (43.3)
Balance at end of period
 $ 160.7  $ 192.0  $ 203.4  $ 160.7  $ 192.0 

Non-GAAP Information and Reconciliation

The firm believes the non-GAAP financial measures below provide relevant and meaningful information to investors about its core operating results. These measures have been established in order to increase transparency for the purpose of evaluating the firm's core business, for comparing current results with prior period results, and to enable more appropriate comparison with industry peers. However, non-GAAP financial measures should not be considered as a substitute for financial measures calculated in accordance with U.S. GAAP and may be calculated differently by other companies.

11


The following schedules reconcile U.S. GAAP financial measures to non-GAAP financial measures for the three months ended December 31, 2024 and 2023 and September 30, 2024.
Three months ended 12/31/2024
Operating expenses Net operating income Non-operating income (loss)
Provision (benefit) for income taxes(5)
 Net income attributable to T. Rowe Price Group, Inc.
Diluted earnings per share(6)
U.S. GAAP Basis (FS line item) $ 1,256.1  $ 568.4  $ 4.6  $ 156.3  $ 439.9  $ 1.92 
Non-GAAP adjustments:
Acquisition-related:
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs)
 7.3  10.4  —  2.4  8.0  0.04 
Acquisition-related retention arrangements(1) (Compensation and related costs)
 (14.2) 14.2  —  3.3  10.9  0.04 
Contingent consideration(1)
—  —  —  —  —  — 
Intangible assets amortization and impairments(1)
(31.4) 31.4  —  7.2  24.2  0.11 
Total acquisition-related (38.3) 56.0  —  12.9  43.1  0.19 
Deferred compensation liabilities(2) (Compensation and related costs)
 6.7  (6.7) 9.2  0.6  1.9  0.01 
Consolidated investment products(3)
 (1.9) 2.5  36.4  3.6  12.1  0.05 
Other non-operating income(4)
 —  —  (15.9) (3.7) (12.2) (0.05)
Adjusted Non-GAAP Basis $ 1,222.6  $ 620.2  $ 34.3  $ 169.7  $ 484.8  $ 2.12 

Three months ended 12/31/2023
Operating expenses Net operating income Non-operating income (loss)
Provision (benefit) for income taxes(5)
 Net income attributable to T. Rowe Price Group, Inc.
Diluted earnings per share(6)
U.S. GAAP Basis (FS line item) $ 1,254.8  $ 387.2  $ 259.7  $ 173.3  $ 437.6  $ 1.90 
Non-GAAP adjustments:
Acquisition-related:
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs)
 4.6  6.3  —  1.7  4.6  0.02 
Acquisition-related retention arrangements(1) (Compensation and related costs)
 (13.5) 13.5  —  3.6  9.9  0.04 
Contingent consideration(1)
9.6  (9.6) —  (2.6) (7.0) (0.03)
Intangible assets amortization and impairments(1)
(41.1) 41.1  —  11.1  30.0  0.14 
Total acquisition-related (40.4) 51.3  —  13.8  37.5  0.17 
Deferred compensation liabilities(2) (Compensation and related costs)
 (61.9) 61.9  (65.0) (0.8) (2.3) (0.01)
Consolidated investment products(3)
 (1.8) 2.3  (119.2) (21.8) (59.1) (0.26)
Other non-operating income(4)
 —  —  (26.0) (7.0) (19.0) (0.08)
Adjusted Non-GAAP Basis $ 1,150.7  $ 502.7  $ 49.5  $ 157.5  $ 394.7  $ 1.72 

12


Three months ended 9/30/2024
Operating expenses Net operating income Non-operating income (loss)
Provision (benefit) for income taxes(5)
 Net income attributable to T. Rowe Price Group, Inc.
Diluted earnings per share(6)
U.S. GAAP Basis (FS line item) $ 1,172.0  $ 613.6  $ 212.5  $ 185.7  $ 603.0  $ 2.64 
Non-GAAP adjustments:
Acquisition-related:
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs)
 13.6  16.9  —  2.3  14.6  0.06 
Acquisition-related retention arrangements(1) (Compensation and related costs)
 (4.0) 4.0  —  0.5  3.5  0.02 
Contingent consideration(1)
13.4  (13.4) —  (1.8) (11.6) (0.05)
Intangible assets amortization and impairments(1)
(51.5) 51.5  —  7.0  44.5  0.19 
Total acquisition-related (28.5) 59.0  —  8.0  51.0  0.22 
Deferred compensation liabilities(2) (Compensation and related costs)
 (43.4) 43.4  (41.1) 0.3  2.0  0.01 
Consolidated investment products(3)
 (1.1) 2.4  (85.9) (6.3) (39.8) (0.17)
Other non-operating income(4)
 —  —  (34.3) (4.6) (29.7) (0.13)
Adjusted Non-GAAP Basis $ 1,099.0  $ 718.4  $ 51.2  $ 183.1  $ 586.5  $ 2.57 

The following schedules reconcile certain U.S. GAAP financial measures for the year ended December 31, 2024 and 2023.

Year ended 12/31/2024
Operating expenses Net operating income Non-operating income (loss)
Provision (benefit) for income taxes(5)
 Net income attributable to T. Rowe Price Group, Inc.
Diluted earnings per share(6)
U.S. GAAP Basis (FS line item) $ 4,760.3  $ 2,333.3  $ 486.3  $ 683.8  $ 2,100.1  $ 9.15 
Non-GAAP adjustments:
Acquisition-related:
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs)
 37.1  50.4  —  10.2  40.2  0.18 
Acquisition-related retention arrangements(1) (Compensation and related costs)
 (44.8) 44.8  —  10.4  34.4  0.15 
Contingent consideration(1)
13.4  (13.4) —  (1.8) (11.6) (0.05)
Intangible assets amortization and impairments(1)
(156.7) 156.7  —  32.2  124.5  0.54 
Total acquisition-related (151.0) 238.5  —  51.0  187.5  0.82 
Deferred compensation liabilities(2) (Compensation and related costs)
 (104.3) 104.3  (96.4) 1.7  6.2  0.03 
Consolidated investment products(3)
 (6.2) 9.8  (130.3) (17.5) (67.3) (0.29)
Other non-operating income(4)
 —  —  (110.9) (23.9) (87.0) (0.38)
Adjusted Non-GAAP Basis $ 4,498.8  $ 2,685.9  $ 148.7  $ 695.1  $ 2,139.5  $ 9.33 


13


Year ended 12/31/2023
Operating expenses Net operating income Non-operating income (loss)
Provision (benefit) for income taxes(6)
 Net income attributable to T. Rowe Price Group, Inc.
Diluted earnings per share(7)
U.S. GAAP Basis (FS line item) $ 4,474.3  $ 1,986.2  $ 504.1  $ 654.6  $ 1,788.7  $ 7.76 
Non-GAAP adjustments:
Acquisition-related:
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs)
 25.4  35.9  —  7.9  28.0  0.12 
Acquisition-related retention arrangements(1) (Compensation and related costs)
 (55.0) 55.0  —  10.8  44.2  0.19 
Contingent consideration(1)
82.4  (82.4) —  (10.6) (71.8) (0.31)
Intangible assets amortization and impairments(1)
(134.2) 134.2  —  28.8  105.4  0.46 
Total acquisition-related (81.4) 142.7  —  36.9  105.8  0.46 
Deferred compensation liabilities(2) (Compensation and related costs)
 (123.2) 123.2  (123.6) 0.5  (0.9) — 
Consolidated investment products(3)
 (9.0) 11.1  (164.6) (22.3) (84.2) (0.37)
Other non-operating income(4)
 —  —  (75.1) (15.8) (59.3) (0.26)
Adjusted Non-GAAP Basis $ 4,260.7  $ 2,263.2  $ 140.8  $ 653.9  $ 1,750.1  $ 7.59 

(1)    These non-GAAP adjustments remove the impact of acquisition-related amortization and costs including intangible assets and acquired assets amortization and impairments, contingent consideration liability fair value remeasurements, amortization and impairments of acquired investments and non-controlling interest basis differences, and amortization of compensation-related arrangements. Management believes adjusting for these charges helps the reader's ability to understand the firm's core operating results and to increase comparability period to period.

(2)    This non-GAAP adjustment removes the compensation expense impact from market valuation changes in the deferred compensation liabilities, which include the supplemental savings plan and, beginning in Q4 2024, restricted fund units, and the related net gains (losses) on investments designated as economic hedges against the related liabilities. The liabilities are adjusted for appreciation (depreciation) of hypothetical investments chosen by participants. The firm uses investment products to economically hedge the market risk associated with the supplemental savings plan liability and the expected settlement value of unvested restricted fund units. Management believes it is useful to offset the non-operating investment income (loss) recognized on the economic hedges against the related compensation expense and remove the net impact to help the reader's ability to understand the firm's core operating results and to increase comparability period to period.

(3)    These non-GAAP adjustments remove the impact the consolidated investment products have on the firm's U.S. GAAP consolidated statements of income. Specifically, the firm adds back the operating expenses and subtracts the investment income of the consolidated investment products. The adjustment to operating expenses represents the operating expenses of the consolidated products, net of the elimination of related management and administrative fees. The adjustment to net income attributable to T. Rowe Price represents the net income of the consolidated products, net of redeemable non-controlling interests. Management believes the consolidated investment products may impact the reader’s ability to understand the firm's core operating results and increase the comparability period to period.

(4)    This non-GAAP adjustment represents the other non-operating income (loss) and the net gains (losses) earned on the firm's investment portfolio that are not designated as economic hedges of the deferred compensation liabilities and that are not part of the cash and discretionary investment portfolio. Management retains in its non-GAAP measures the investment gains recognized on the cash and discretionary investments as these assets and related income (loss) are considered part of the firm's core operations. Management believes adjusting for the remaining non-operating income (loss) helps the reader’s ability to understand the firm's core operating results and increases comparability to prior years. Additionally, management does not emphasize the impact of this portion of non-operating income (loss) when managing and evaluating the firm's performance.

(5)    The income tax impacts were calculated in order to achieve an overall year-to-date non-GAAP effective tax rate of 24.5% in 2024 and 27.2% in 2023. As such, the non-GAAP effective tax rate for the three months ended December 31, 2024 and 2023 was 25.9% and 28.5%, respectively.


14


(6)    This non-GAAP measure was calculated by applying the two-class method to adjusted net income attributable to T. Rowe Price Group and dividing by the weighted-average common shares outstanding assuming dilution. The calculation of adjusted net income allocated to common stockholders is as follows:

Three months ended Year ended
12/31/2024 12/31/2023 9/30/2024 12/31/2024 12/31/2023
Adjusted net income attributable to T. Rowe Price $ 484.8  $ 394.7  $ 586.5  $ 2,139.5  $ 1,750.1 
Less: adjusted net income allocated to outstanding restricted stock and stock unit holders 12.7  10.6  15.0  56.8  43.4 
Adjusted net income allocated to common stockholders $ 472.1  $ 384.1  $ 571.5  $ 2,082.7  $ 1,706.7 


15
EX-99 3 earningreleasesupplement.htm EX-99.2 earningreleasesupplement
T. Rowe Price Group, Inc. February 5, 2025 Earnings Release Supplement Q4 2024 A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of December 31, 2024, unless otherwise noted. All figures are USD, unless otherwise noted.

 
2T. R O W E P R I C E This presentation, and other statements that T. Rowe Price may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to T. Rowe Price’s future financial or business performance, strategies, or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” and similar expressions. Forward-looking statements in this presentation may include, without limitation, information concerning future results of our operations, revenues, expenses, earnings, liquidity, cash flows and capital expenditures, industry or market conditions, amount or composition of assets under management, flows into our investment funds, regulatory developments, changes in our effective fee rate, demand for and pricing of our products, new products and services, effective tax rates, net income and earnings per common share, future transactions, our strategic initiatives, general economic conditions, dividends, stock repurchases, and other market conditions. T. Rowe Price cautions that forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements, and future results could differ materially from historical performance. Forward-looking statements speak only as of the date they are made, and T. Rowe Price assumes no duty to and does not undertake to update forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10-K filed with the Securities and Exchange Commission. Forward-Looking Statement

 
3T. R O W E P R I C E Key Metric Q4 2023 Q3 2024 Q4 2024 2023 2024 AUM, Flows, & Investment Advisory Effective Fee Rate (EFR) Net Flows ($28.3B) ($12.2B) ($19.3B) ($81.8B) ($43.2B) Assets Under Management (AUM)1 $1.45T $1.63T $1.61T $1.45T $1.61T Average AUM $1.37T $1.59T $1.64T $1.36T $1.56T EFR without Performance-Based Fees 41.5 bps 40.7 bps 40.5 bps 41.9 bps 41.0 bps EFR with Performance-Based Fees 42.2 bps 40.9 bps 40.9 bps 42.2 bps 41.4 bps GAAP Basis Net Revenues $1,642.0M $1,785.6M $1,824.5M $6,460.5M $7,093.6M Operating Expenses $1,254.8M $1,172.0M $1,256.1M $4,474.3M $4,760.3M Diluted Earnings per Share (EPS) $1.90 $2.64 $1.92 $7.76 $9.15 Non-GAAP Basis Adjusted Operating Expenses2 $1,150.7M $1,099.0M $1,222.6M $4,260.7M $4,498.8M Adjusted EPS2 $1.72 $2.57 $2.12 $7.59 $9.33 Dividends Dividend per share $1.22 $1.24 $1.24 $4.88 $4.96 The financial results presented in this earnings release supplement are unaudited except for 2023 annual figures. 1 Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. 2 For the reconciliation between GAAP and adjusted (non-GAAP) expenses and EPS, see the current earnings release. Q4 and Full Year Financial Highlights

 
4T. R O W E P R I C E % of Funds/ Composites U.S. Funds Outperforming Morningstar Median1,2 U.S. Funds Outperforming Morningstar Passive Peer Median1,3 Composites Outperforming Benchmarks4 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Equity 51% 51% 46% 67% 55% 47% 43% 55% 39% 29% 40% 61% Fixed Income 48% 52% 55% 63% 52% 52% 61% 63% 60% 45% 56% 73% Multi-Asset 63% 63% 69% 82% 55% 60% 68% 64% NA NA NA NA All 54% 56% 56% 70% 54% 53% 56% 60% 48% 36% 46% 65% Past performance is not a reliable indicator of future performance. The investment performance reflects that of the T. Rowe Price-sponsored mutual funds, ETFs and composites. 1 Source: © 2025 Morningstar, Inc. All rights reserved. Please see page 22 for more information. 2 Primary share class only. Excludes T. Rowe Price passive funds, funds that are clones of other funds, and fund categories not ranked by Morningstar. 3 Primary share class only. Excludes T. Rowe Price passive funds and funds that are clones of other funds. Funds are measured against the most appropriate strategy benchmark used for portfolio manager evaluation, which may not always be the regulatory benchmark. 4 Net returns for composites are calculated using the highest applicable separate account fee schedule and compared to official GIPS composite primary benchmark. Excludes money market composites. % of AUM U.S. Funds Outperforming Morningstar Median1,2 U.S. Funds Outperforming Morningstar Passive Peer Median1,3 Composites Outperforming Benchmarks4 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Equity 57% 58% 49% 80% 64% 36% 29% 55% 50% 21% 42% 53% Fixed Income 66% 62% 64% 78% 68% 68% 85% 73% 65% 37% 47% 69% Multi-Asset 70% 68% 90% 94% 71% 58% 95% 95% NA NA NA NA All 61% 61% 59% 83% 66% 43% 48% 66% 52% 24% 43% 55% Investment Performance Overview

 
5T. R O W E P R I C E Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. OHA’s fee-basis AUM of $46.9B acquired on December 29, 2021, is reflected in 2021 ending AUM. All periods after 2021 reflect the related activity. Other acquisition of AUM is detailed in our quarterly releases and 10Qs. Distributions, net of reinvestments, are included in the market change figure. Manager-driven distributions related to our alternative products by year: 2022: $2.6B, 2023: $2.6B, 2024: $3.7B U.S. $ billions Assets Under Management Market Change ($B) +92.3 +60.4 -6.6 +70.1 +127.6 +50.7 +14.7 +50.5 +166.3 -42.0 +231.3 +256.9 +198.9 -351.4 +251.6 +205.3 Net Flows ($B) +22.7 +30.3 +14.1 +17.2 -12.0 +3.7 +1.6 -2.8 +14.0 +13.2 +13.2 +5.6 -28.5 -61.7 -81.8 -43.2 En di ng A U M $391 $482 $489 $577 $692 $747 $763 $811 $991 $962 $1,207 $1,471 $1,688 $1,275 $1,445 $1,607 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

 
6T. R O W E P R I C E Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Institutional includes defined contribution assets, including those through intermediaries and our full-service recordkeeping business. Retail includes our direct-marketed business and financial intermediaries. 1 See page 19 for further details on retirement assets. Assets Under Management and Net Flows U.S. $ billions ▪ Retirement assets are 67% of AUM1 ▪ U.S. defined contribution AUM of $719B ▪ Target date AUM of $476B ▪ Alternative AUM includes private markets ($20B), CLOs ($20B), and liquid strategies ($13B) ▪ $16.2B in unfunded capital commitments compared to $11.6B at December 31, 2023 ▪ Outflows largely concentrated in multi-asset and equities ▪ Multi-asset and retail outflows are primarily related to a subadvisory variable annuity termination ▪ Target date inflows of $2.2B in Q4 2024, and $16.3B in 2024 ▪ Alternative flows are net of $0.8B in manager-driven distributions Firmwide flows by quarter ($B) Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 (28.3) (8.0) (3.7) (12.2) (19.3) Net Flows Q4 2024 Assets Under Management As of December 31, 2024Asset Class Client Type Geography Equity $ (22.7) $ (12.8) $ (14.9) $ (16.1) $ (8.2) FI (6.0) 0.2 7.8 1.1 3.5 MA — 5.5 1.6 1.9 (15.5) Alts 0.4 (0.9) 1.8 0.9 0.9 Inst. $ (14.4) $ (0.5) $ 7.6 $ (2.2) $ 4.9 Retail (13.9) (7.5) (11.3) (10.0) (24.2) U.S. $ (17.8) $ (5.9) $ (5.2) $ (13.1) $ (20.2) APAC, EMEA, Canada (10.5) (2.1) 1.5 0.9 0.9 Retail Inst. U.S. APAC, EMEA, Canada $744 $803 $810 $832 $830 $170 $171 $180 $186 $188 $483 $521 $529 $561 $536 $48 $48 $50 $52 $53 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Fixed Income Multi-Asset Alts Equity $635 $676 $675 $695 $666 $810 $866 $894 $936 $941 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 $1,321 $1,412 $1,434 $1,490 $1,465 $124 $131 $135 $141 $142 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Assets Under Management Assets Under Management Assets Under Management Net Flows Net Flows Net Flows Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24

 
7T. R O W E P R I C E Asset Class Geography In billions Annual Net Flows Fixed Income Multi-Asset Alts Equity $ — $ (44.6) $ (72.7) $ (85.4) $ (52.0) FI 14.1 1.2 4.1 (6.8) 12.6 MA (8.5) 14.9 4.9 9.1 (6.5) Alts — — 2.0 1.3 2.7 Totals $ 5.6 $ (28.5) $ (61.7) $ (81.8) $ (43.2) Equity U.S. $ (13.9) $ (27.7) $ (49.7) $ (67.0) $ (44.4) APAC, EMEA, Canada 19.5 (0.8) (12.0) (14.8) 1.2 Totals $ 5.6 $ (28.5) $ (61.7) $ (81.8) $ (43.2) APAC, EMEA, Canada U.S. in billions 2020 2021 2022 2023 2024 Equity $-- ($44.6) ($72.7) $ (85.40) 0 Fixed Income 14.1 1.2 4.1 (6.8) 0 Multi-asset (8.5) 14.9 4.9 9.1 0 Alternatives -- -- 2.0 1.3 0 Total $5.6 ($28.5) ($61.7) $ (81.8) 0 2020 2021 2022 2023 2024 U.S. $ (13.9) ($27.7) ($49.7) $ (67.0) 0 Canada, EMEA, APAC 19.5 (0.8) (12.0) (14.8) 0 Total $5.6 ($28.5) ($61.7) $ (81.8) 0 5-year flows – Asset Class and Geography 2020 2021 2022 2023 2024 -100 -80 -60 -40 -20 0 20 40 2020 2021 2022 2023 2024

 
8T. R O W E P R I C E $231.3 ($6.0) ($38.6) ($6.8) $2.6 Q4 2023 Investment Advisory Fees Performance- Based Advisory Fees CABI (Change in Accrued Carried Interest) CABI (Amortization & Impairment) Administrative, Distribution, & Servicing Q4 2024 Quarterly Net Revenues U.S. $ millions ▪ Investment advisory fees represent about 90% of net revenue in the periods presented ▪ Q4 2024 investment advisory revenue was $1,667.2M ▪ CABI (change in accrued carried interest) was $13M in Q4 2024 compared to $51M in Q4 2023, and $35M in Q3 2024 Q4 2024 compared to Q3 2024 Q4 2024 compared to Q4 2023 $39.9 $13.7 ($22.6) $12.8 ($4.9) Q3 2024 Investment Advisory Fees Performance- Based Advisory Fees CABI (Change in Accrued Carried Interest) CABI (Amortization & Impairment) Administrative, Distribution, & Servicing Q4 2024 Capital allocation-based income (CABI) $182.5 / 11.1% $38.9 / 2.2% $1,642.0 $1,824.5 $1,824.5$1,785.6

 
9T. R O W E P R I C E $72.5 ($7.7) $1.3 $29.4 ($0.5) $5.3 $23.3 Q3 2024 Compensation & Related CABI Compensation Distribution & Servicing Advertising & Promotion Product & Recordkeeping Tech, Occ, & Facilities General & Admin & Other Q4 2024 Quarterly Adjusted Operating Expenses U.S. $ millions Q4 2024 compared to Q4 2023 $56.0 ($11.3) $17.2 $5.8 $6.4 ($2.3) $0.1 Q4 2023 Compensation & Related CABI Compensation Distribution & Servicing Advertising & Promotion Product & Recordkeeping Tech, Occ, & Facilities General & Admin & Other Q4 2024 Q4 2024 compared to Q3 2024 For the reconciliation between GAAP and adjusted (non-GAAP) expenses, see the current earnings release. Capital allocation-based income (CABI) compensation represents the portion of CABI (carried interest) that is passed through to certain associates as compensation. $71.9 / 6.2% $123.6 / 11.2% $1,150.7 $1,099.0 $1,222.6 $1,222.6

 
10T. R O W E P R I C E Annual Net Revenues and Adjusted Operating Expenses U.S. $ millions $633.1 / 9.8%Net Revenues $238.1 / 5.6% Adjusted Operating Expenses Year ended 12/31/2024 12/31/2023 Change (%) Adjusted Operating Expenses $ 4,498.8 $ 4,260.7 5.6% Adjusted CABI Compensation (42.5) (70.0) n/m Adjusted Operating Expenses, ex CABI Compensation $ 4,456.3 $ 4,190.7 6.3 % Basis for Operating Expense Guidance U.S. $ millions For the reconciliation between GAAP and adjusted (non-GAAP) expenses and EPS, see the current earnings release. PBFs: Performance-based advisory fees; CABI: Capital Allocation-Based Income (Change in Accrued Carried Interest) 422.4 10.3 230.7 26.8 21.1 (89.1) (26.2) 37.1 2023 Equity Fixed Multi-asset Alternatives PBFs CABI* CABI (Amort/ Impair) Admin & Distribution 2024 152.7 (27.5) 64.2 15.4 6.5 11.5 15.3 2023 Comp & Related CABI Compensation Distribution & Servicing Ad/Promo Product & Recordkeeping Tech, Occ, & Facility G&A & Other 2024 $690.2 $7,093.6 $6,460.5 $4,260.7 $4,498.8

 
11T. R O W E P R I C E 1 Operating margin is equal to operating income divided by net revenues; adjusted operating margin is equal to adjusted operating income divided by adjusted net revenues. See the GAAP to adjusted (non-GAAP) operating income and operating margin reconciliation on page 17. For the reconciliation between GAAP and adjusted (non-GAAP) net income and EPS, see the current earnings release. Net Income U.S. $ millions, (except EPS) Quarterly Operating Income and Net Income U.S. GAAP Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net Income $437.6 $573.8 $483.4 $603.0 $439.9 Diluted EPS $1.90 $2.49 $2.11 $2.64 $1.92 Operating Income U.S. GAAP Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Operating Income $387.2 $586.6 $564.7 $613.6 $568.4 Operating Margin1 23.6% 33.5% 32.6% 34.4% 31.2% Adjusted Operating Income Adjusted Operating Margin1 $502.7 $692.4 $654.9 $718.4 $620.230.4% 39.3% 39.5% 33.7% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Adjusted Net Income Adjusted EPS $394.7 $548.5 $519.7 $586.5 $484.8 $1.72 $2.38 $2.57 $2.12 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $2.26 37.2%

 
12T. R O W E P R I C E 1Operating margin is equal to operating income divided by net revenues; adjusted operating margin is equal to adjusted operating income divided by adjusted net revenues. See the GAAP to adjusted (non-GAAP) operating income and operating margin reconciliation on page 17. For the reconciliation between GAAP and adjusted (non-GAAP) net income and EPS, see the current earnings release and/or prior 10Ks filed with the SEC. Net Income U.S. $ millions, (except EPS) Annual Operating Income and Net Income Operating Income U.S. GAAP 2020 2021 2022 2023 2024 Operating Income $2,745.7 $3,710.0 $2,373.7 $1,986.2 $2,333.3 Operating Margin1 44.2% 48.4% 36.6% 30.7% 32.9% U.S. GAAP 2020 2021 2022 2023 2024 Net Income $2,372.7 $3,082.9 $1,557.9 $1,788.7 $2,100.1 Diluted EPS $9.98 $13.12 $6.70 $7.76 $9.15 Adjusted Operating Income Adjusted Operating Margin1 $2,873.9 $3,837.1 $2,500.5 $2,263.2 $2,685.9 2020 2021 2022 2023 2024 Adjusted Net Income Adjusted EPS $2,276.8 $2,995.3 $1,864.8 $1,750.1 $2,139.5 2020 2021 2022 2023 2024 46.2% 50.0% 38.0% 34.7% 37.4% $9.58 $12.75 $8.02 $7.59 $9.33

 
13T. R O W E P R I C E Capital Returned to Stockholders Cash and Investments1 1 Cash and investments includes our cash and investments in T. Rowe Price sponsored products. This display does not include the non-controlling interest of our seed investments, which we normally consolidate due to our ownership. U.S. $ millions Capital Management Data through 12/31/2024 Q4 2023 Q3 2024 Q4 2024 Cash and Cash Equivalents $2,066.6 $3,173.5 $2,649.8 Discretionary Investments $463.7 $471.8 $457.1 Cash and Discretionary Investments $2,530.3 $3,645.3 $3,106.9 Redeemable Seed Capital $1,370.9 $1,379.9 $1,262.3 Investments used to Hedge Deferred Compensation Liabilities $894.6 $969.1 $1,110.9 285 1,135 3,366 71 335 1,444 — — — Q4 2024 Last 12 months Last 36 months $4,810 $1,470 $355 Dividends Share Repurchases

 
14T. R O W E P R I C E $203.4 $3.9 ($7.3) ($39.3) $160.7 Q3 2024 Change in accrued carried interest compensation Acquisition-related amortization and impairments Net Distributions Q4 2024 At the end of each reporting period, accrued carried interest reflects what would be due from each investment fund as if the fair value of the underlying investments were realized as of such date, The change in the carrying value of accrued carried interest reflects amounts that are (1) market-related adjustments that are recognized as capital allocation-based income in the income statement, (2) acquisition-related amortization, and (3) realized and distributed by the fund. The change in accrued carried interest will fluctuate quarter to quarter. Approximately $2.2M of the 40%-50% of accrued carried interest recognized in compensation expense was not allocated to non-controlling interest holders, therefore, not categorized as CABI-related compensation. Quarterly Capital Allocation-Based Income (carried interest) U.S. $ millions, unless otherwise noted ▪ As of 12/31/2024, $19B of alternative fee-basis assets under management are eligible to earn carried interest ▪ In general, 50%-60% of accrued carried interest is expected to be retained in operating income with the remainder recognized as compensation expense ▪ Absolute performance of the following indices are an indicator of changes in accrued carried interest Non-controlling interests (NCI) in consolidated entities CABI Comp ($3.4) Q4 2024 returns ICE Bank of America U.S. High Yield Index: 0.2 % Credit Suisse Leveraged Loan Index: 2.3 % CABI ($5.2) Past performance is not a reliable indicator of future performance. Sources: ICE Data Indices, LLC, and CREDIT SUISSE GROUP AG and/or its affiliates Investments in affiliated private investment funds—carried interest $499.7 $12.5 ($17.7) ($67.6) $426.9 Q3 2024 Change in accrued carried interest Acquisition-related amortization and impairments Net Distributions Q4 2024

 
15T. R O W E P R I C E At the end of each reporting period, accrued carried interest reflects what would be due from each investment fund as if the fair value of the underlying investments were realized as of such date, The change in the carrying value of accrued carried interest reflects amounts that are (1) market-related adjustments that are recognized as capital allocation-based income in the income statement, (2) acquisition-related amortization, and (3) realized and distributed by the fund. The change in accrued carried interest will fluctuate year to year. Approximately $16.4M of the 40%-50% of accrued carried interest recognized in compensation expense was not allocated to non-controlling interest holders, therefore, not categorized as CABI-related compensation. Annual Capital Allocation-Based Income (carried interest) U.S. $ millions, unless otherwise noted ▪ Absolute performance of the following indices are an indicator of changes in accrued carried interest Investments in affiliated private investment funds—carried interest Non-controlling interests (NCI) in consolidated entities Past performance is not a reliable indicator of future performance. Sources: ICE Data Indices, LLC, and CREDIT SUISSE GROUP AG and/or its affiliates. 2024 returns ICE Bank of America U.S. High Yield Index: 8.2 % Credit Suisse Leveraged Loan Index: 9.1 % $519.9 $134.1 $(87.5) $(139.6) $426.9 2023 Change in accrued carried interest Acquisition-related amortization Net Distributions 2024 $192.0 $42.5 $(37.1) $(36.7) $160.7 2023 Change in accrued carried interest compensation Acquisition-related amortization Net Distributions 2024 CABI $46.6 CABI $5.4

 
Non-GAAP Reconciliation

 
17T. R O W E P R I C E Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2020 2021 2022 2023 2024 Net Revenues, GAAP Basis $1,642.0 $1,750.2 $1,733.3 $1,785.6 $1,824.5 $6,206.7 $7,671.9 $6,488.4 $6,460.5 $7,093.6 Non-GAAP Adjustments1: Consolidated Investment Products 0.5 1.2 0.5 1.3 0.6 9.9 5.5 1.9 2.1 3.6 Investment Amortization and Impairments 10.9 12.4 26.9 30.5 17.7 0.0 0.0 98.0 61.3 87.5 Net Revenues, Non-GAAP Basis $1,653.4 $1,763.8 $1,760.7 $1,817.4 $1,842.8 $6,216.6 $7,677.4 $6,588.3 $6,523.9 $7,184.7 Operating Income, GAAP Basis $387.2 $586.6 $564.7 $613.6 $568.4 $2,745.7 $3,710.0 $2,373.7 $1,986.2 $2,333.3 Non-GAAP Adjustments1: Acquisition-Related Adjustments 51.3 50.5 73.0 59.0 56.0 0.0 31.9 250.9 142.7 238.5 Consolidated Investment Products 2.3 2.3 2.6 2.4 2.5 16.4 12.2 8.2 11.1 9.8 Deferred Compensation Liabilities 61.9 53.0 14.6 43.4 (6.7) 111.8 83.0 (132.3) 123.2 104.3 Operating Income, Non-GAAP Basis $502.7 $692.4 $654.9 $718.4 $620.2 $2,873.9 $3,837.1 $2,500.5 $2,263.2 $2,685.9 Operating Margin, GAAP Basis2 23.6 % 33.5 % 32.6 % 34.4 % 31.2 % 44.2% 48.4% 36.6 % 30.7 % 32.9 % Operating Margin, as Adjusted2 30.4 % 39.3 % 37.2 % 39.5 % 33.7 % 46.2% 50.0% 38.0 % 34.7 % 37.4 % 1 For a description of the non-GAAP adjustments, see the related earnings releases and/or prior 10Q or 10Ks filed with the SEC. 2 Operating margin is equal to operating income divided by net revenues. U.S. $ millions Non-GAAP Net Revenues and Operating Income Reconciliation

 
Appendix

 
19T. R O W E P R I C E Assets Under Management – by Account Type U.S. $ billions Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. 1 Full-service recordkeeping manages ~$5B in defined benefit plans 2022 2023 2024 U.S. Defined Contribution – Investment only $410.2 $486.2 $565.2 U.S. Retirement Plan Sponsors - Full-service recordkeeping1 132.4 141.2 154.2 Total U.S. Defined Contribution (DC) 542.6 627.4 719.4 Other retirement accounts 304.3 341.4 349.1 Total U.S. DC and Other Retirement 846.9 968.8 1,068.5 Other accounts 427.8 475.7 538.1 Total AUM at end of period $1,274.7 $1,444.5 $1,606.6 Full-service recordkeeping and plan administration services provided to: ▪ $282 billion in assets under administration as of December 31, 2024 ▪ Over 8,000 U.S. retirement plans ▪ Over 2.3 million plan participants

 
20T. R O W E P R I C E Alternatives - Fee-basis AUM and Unfunded Commitments U.S. $ billions Fee-Basis AUM Private Markets CLOs Liquid Total At December 31, 2023 $ 18.5 $ 18.0 $ 11.4 $ 47.9 Net capital deployments 3.7 2.4 0.3 6.4 Manager-driven distributions (3.6) (0.1) — (3.7) Net flows, as reported 0.1 2.3 0.3 2.7 Market appreciation (depreciation) 1.5 (0.1) 0.8 2.2 At December 31, 2024 $ 20.1 $ 20.2 $ 12.5 $ 52.8 Net capital deployments represents capital deployments/client subscriptions net of client redemptions. Includes limited life draw down structures across private markets and liquid strategies, which will transition to fee basis assets under management or assets under advisement as capital is called and deployed. Unfunded Commitments Total At December 31, 2023 $ 11.6 New capital raised 9.9 Capital deployed (6.9) Net recallable distributions 1.6 At December 31, 2024 $ 16.2

 
21T. R O W E P R I C E ETF AUM and Flows Assets Under Advisement ETF AUM and flows do not include T. Rowe Price multi-asset product allocations to ETFs. Assets under advisement represent non-discretionary advisory services offered through model delivery and multi-asset solutions for providers to implement. Certain providers implement the model using T. Rowe Price proprietary products, which would be included in our reported assets under management. In billions ETFs and Assets under Advisement (AUA) Multi-Asset Solutions Managed Accounts – model delivery 2020 2021 2022 2023 2024 2.8 8.2 8.0 11.6 16.4 2020 2021 2022 2023 2024 Flows AUM $0.1 $0.4 $0.4 $1.4 $4.7 $0.2 $0.6 $0.8 $2.5 $8.0

 
22T. R O W E P R I C E Figures may not total due to rounding. Investment performance overview (slide 4) 1 Source: © 2025 Morningstar, Inc. All rights reserved. The information contained herein: 1) is proprietary to Morningstar and/or its content providers; 2) may not be copied or distributed; and 3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 2 Source: Morningstar. Primary share class only. Excludes money market mutual funds, funds with an operating history of less than one year, T. Rowe Price passive funds, and T. Rowe Price funds that are clones of other funds. The top chart reflects the percentage of T. Rowe Price funds with 1 year, 3 year, 5 year, and 10 year track record that outperformed the Morningstar category median. The bottom chart reflects the percentage of T. Rowe Price funds AUM that has outperformed for the time periods indicated. Total AUM included for this analysis includes $322B for 1 year, $318B for 3 years, $317B for 5 years, and $316B for 10 years. 3 Passive Peer Median was created by T. Rowe Price using data from Morningstar. Primary share class only. Excludes money market mutual funds, funds with an operating history of less than one year, funds with fewer than three peers, T. Rowe Price passive funds, and T. Rowe Price funds that are clones of a retail fund. This analysis compares T. Rowe Price active funds with the applicable universe of passive/index open-end funds and ETFs of peer firms. The top chart reflects the percentage of T. Rowe Price funds with 1 year, 3 year, 5 year, and 10 year track record that outperformed the passive peer universe. The bottom chart reflects the percentage of T. Rowe Price funds AUM that has outperformed for the time periods indicated. Total AUM included for this analysis includes $306B for 1 year, $302B for 3 years, $262B for 5 years, and $257B for 10 years. 4 Composite net returns are calculated using the highest applicable separate account fee schedule. Excludes money market composites. All composites compared to official GIPS composite primary benchmark. The top chart reflects the percentage of T. Rowe Price composites with 1 year, 3 year, 5 year, and 10 year track record that outperformed their benchmarks. The bottom chart reflects the percentage of T. Rowe Price composite AUM that has outperformed for the time periods indicated. Total AUM included for this analysis includes $1,423B for 1 year, $1,420B for 3 years, $1,418B for 5 years, and $1,367B for 10 years. Capital Allocation Based Income (slides 14 & 15) © 2025 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved. ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD-PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD-PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD-PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND T. ROWE PRICE OR ANY OF ITS PRODUCTS OR SERVICES. Additional Information

 
23T. R O W E P R I C E Important Information Referenced in the earnings call: Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets achieve financial security. All guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company. See https://investors.troweprice.com/news-releases/news-release-details/t-rowe- price-launches-lifetime-income-solution-retirees-pacific Capital Appreciation Fund performance record press release: https://investors.troweprice.com/news-releases/news-release-details/t-rowe-price-capital-appreciation-fund-establishes-new-record T. Rowe Price, OHA, and Aspida Strategic Partnership press release: https://investors.troweprice.com/news-releases/news-release-details/t-rowe-price-oha-and-aspida-forming-strategic-partnership The following entities may be referenced in the earnings supplement or the earnings call: ▪ TRPA – T. Rowe Price Associates, Inc. ▪ TRPIM – T. Rowe Price Investment Management, Inc. This material, including any statements, information, data and content contained within it and any materials, information, images, links, graphics or recordings provided in conjunction with this material are being furnished by T. Rowe Price for general informational purposes only. Under no circumstances should the material, in whole or part, be copied or distributed without consent from T. Rowe Price. The views contained herein are as of the date of the presentation. The information and data obtained from third-party sources which is contained in the report were obtained from the sources deemed reliable; however, its accuracy and completeness is not guaranteed. The products and services discussed in this presentation are available via subsidiaries of T. Rowe Price Group as authorized in countries throughout the world. The products and services are not available to all investors or in all countries. Visit troweprice.com to learn more about the products and services available in your country and the T. Rowe Price Group subsidiary which is authorized to provide them. The material is not intended for use by persons in jurisdictions that prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. © 2025 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.