⚠ AI-Generated

The summary below was generated by an AI language model and may contain errors or omissions. All other content on this page is deterministically extracted from the original SEC EDGAR filing.

T. Rowe Price Group removed one risk factor related to seed capital and co-investment losses, reflecting either reduced exposure or reallocation of that business risk. Six risk factors underwent substantive modifications, with notable updates to disclosures on regulatory compliance costs, asset-based revenue volatility, and strategic transaction considerations. The company maintained 26 unchanged risk factors, indicating consistency in its core risk assessment across the two filing periods.

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🔴 No Match in Current Filing

Our financial condition and liquidity would be adversely affected by losses on our seed capital and co-investments.

This section from the 2025 filing does not have a high-confidence textual match in the 2026 filing. It may have been removed, merged, or substantially reworded.

We have capital held in investment products we manage in a variety of asset classes, including equities, fixed income products, multi-asset products, financial instruments, real estate and alternative investments. Investments in these products are generally made to establish a…

View 2025 text

We have capital held in investment products we manage in a variety of asset classes, including equities, fixed income products, multi-asset products, financial instruments, real estate and alternative investments. Investments in these products are generally made to establish a track record, meet purchase size requirements for trading blocks or demonstrate economic alignment with other investors in our funds. Adverse market conditions may result in the need to write down the value of these seed capital and co-investments, which may adversely affect our results of operations or liquidity. Page 20 Page 20 Page 20 Table of Contents Table of Contents

🟡 Modified Compliance within a complex regulatory and legal environment which continues to evolve imposes significant financial and strategic costs on our business, and non-compliance could result in fines and penalties. 🔒

🟡 Modified Our revenues are based on the market value and composition of the assets under our management, all of which are subject to fluctuation caused by factors outside of our control. 🔒

🟡 Modified We may review and pursue strategic transactions in order to maintain or enhance our competitive position and these could pose risks. 🔒

🟡 Modified Our hedging strategies utilized to mitigate risk may not be effective, which could impact our net income. 🔒

🟡 Modified A majority of our revenues are based on contracts with commingled vehicles that are subject to termination without cause and on short notice. 🔒

🟡 Modified Any damage to our reputation could harm our business and lead to a loss of revenues and net income or access to capital. 🔒

6 more changes in this filing

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