First deal closed at $403.59 million

BALTIMORE, April 8, 2026 /PRNewswire/ -- T. Rowe Price, a global investment management firm and leader in retirement, announced its entrance to the market as an issuer of collateralized loan obligations (CLOs)* with the debut of ROWE CLO 2026-1 Ltd., a US$403.59 million CLO secured primarily by broadly syndicated first-lien loans. The firm's activity in the CLO marketplace will be conducted through its investment adviser, T. Rowe Price Associates, Inc.

T. Rowe Price's CLO business is an extension of the firm's established fixed income platform. The initiative complements and leverages T. Rowe Price's successful bank loan franchise and its securitized investment team to offer investors access to higher-income strategies using its bespoke credit selection. T. Rowe Price made its first bank loan investment in 2002 and expanded into CLO tranche investing in 2016. The firm has continued to strengthen its expertise, research capabilities, and related technology investments over time.

Steve Finamore and Adam Goldberg serve as co-portfolio managers for the CLO. They are members of the broader fixed income team and work closely with Paul Massaro, chief investment officer, head of Global High Yield, and portfolio manager of the firm's flagship bank loan offerings: T. Rowe Price Floating Rate Fund, T. Rowe Price Institutional Floating Rate Fund, and T. Rowe Price Floating Rate ETF.

"CLO management is a natural development from our deep experience investing in leveraged credit," said Eric Veiel, chief investment officer and head of Global Investments for T. Rowe Price. "We believe this move will expand our relationships with clients globally, across both debt and equity tranches, by meeting growing demand for these securities."

Arif Husain, chief investment officer and head of Global Fixed Income, said, "We aim to return to the market as a consistent and frequent CLO issuer. We have the knowledge and resources to be a top-tier manager of CLO assets, and we believe our team is well-positioned to pursue investment excellence and strong outcomes for clients within the CLO structure."

The T. Rowe Price Associates CLO team is separate and distinct from OHA, a leading global credit-focused alternative asset manager that T. Rowe Price Group, Inc. acquired in 2021. Each firm will operate independently in the CLO market. As of February 28, 2026, T. Rowe Price's fixed income assets under management totaled US$335 billion. This figure includes US$40 billion in leveraged credit and structured finance, with US$17 billion combined assets in bank loans and CLO tranche investments and US$119 billion from T. Rowe Price multi-asset portfolios, among other fixed income portfolios.

Wells Fargo Securities, LLC served as arranger, placement agent, and structuring agent.

*A collateralized loan obligation (CLO) is a structured credit product that issues floating rate debt and equity securities. The proceeds from issuance are used to invest in a diversified pool of floating rate bank loans, typically issued by companies with lower credit ratings. CLOs are privately offered to certain institutional investors based on their appetite for risk. The underlying assets of CLOs are actively managed by professional portfolio managers.

ABOUT T. ROWE PRICE

T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.80 trillion in client assets as of February 28, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.

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SOURCE T. Rowe Price Group

T. ROWE PRICE EXPANDS FIXED INCOME INVESTMENT PLATFORM WITH NEW CLO OFFERING