# EDGAR Filing Document

**Accession Number:** 0000834798
**File Stem:** 0001193125-26-068816
**Filing Date:** 2026-2
**Character Count:** 173820
**Document Hash:** a274f8d8da63c35fce8e201fece5a182
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-068816.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001193125-26-068816

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Small-Cap Value Fund, Inc.
- **CENTRAL INDEX KEY:** 0000834798

**ORGANIZATION NAME:**
- **EIN:** 521575325
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02215-99
- **FILM NUMBER:** 26674593

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE SMALL CAP VALUE FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Small-Cap Value Fund, Inc. (Series ID: S000002121)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005510 | T. Rowe Price Small-Cap Value Fund, Inc.         | PRSVX           |
| C000005511 | T. Rowe Price Small-Cap Value Fund-Advisor Class | PASVX           |
| C000159683 | T. Rowe Price Small-Cap Value Fund-I Class       | PRVIX           |
| C000219318 | T. Rowe Price Small-Cap Value Fund-Z Class       | TRZVX           |

?xml version='1.0' encoding='ASCII'? Small-Cap Value Fund, Inc._SCV

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-02215-99

T. Rowe Price Small-Cap Value Fund, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g72157g89y32.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Small-Cap Value Fund

# Investor Class (PRSVX)
This annual shareholder report contains important information about Small-Cap Value Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Small-Cap Value Fund - Investor Class | $82 | 0.79% |

---

## What drove fund performance during the past 12 months?
* Small-cap stocks advanced, with growth names outperforming value peers. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve cut interest rates three times in the latter part of the year. 

* Versus the style-specific Russell 2000 Value Index, stock selection in the industrials and business services sector was the leading contributor to relative performance. Strong demand from aerospace and defense markets supported share gains for RBC Bearings, a niche supplier of ball bearings and related products. The energy sector also added value due to stock choices, particularly our holding in UK oil field services provider TechnipFMC, which benefited from robust subsea orders amid increased offshore spending. 

* Conversely, stock selection in financials detracted from relative results. Investor concerns regarding the regional bank Pinnacle Financial Partners' merger of equals with Synovus Financial weighed on shares. The health care sector also weighed on relative results, mainly due to stock choices. Our holding in diagnostic testing company QuidelOrtho hindered performance. 

* The fund adheres to a contrarian, bottom-up investing approach and seeks to identify under-followed companies that we believe are inefficiently priced. Fundamental research and face-to-face meetings with company management are critical to uncovering successful investment opportunities, and a long-term orientation allows for full exploitation of valuation anomalies.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Investor Class 25,238 Regulatory Benchmark 38,012 Strategy Benchmark 24,256](g72157g10h91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10317 | 10097 | 10170 |
| **2016** | 10749 | 10362 | 10608 |
| **2016** | 11443 | 10818 | 11549 |
| **2016** | 12897 | 11274 | 13174 |
| **2017** | 13066 | 11921 | 13157 |
| **2017** | 13366 | 12280 | 13245 |
| **2017** | 14155 | 12842 | 13922 |
| **2017** | 14622 | 13656 | 14207 |
| **2018** | 14386 | 13568 | 13832 |
| **2018** | 15251 | 14095 | 14980 |
| **2018** | 15954 | 15099 | 15221 |
| **2018** | 12941 | 12940 | 12379 |
| **2019** | 14594 | 14757 | 13856 |
| **2019** | 15254 | 15361 | 14046 |
| **2019** | 15299 | 15540 | 13966 |
| **2019** | 16285 | 16954 | 15151 |
| **2020** | 11217 | 13410 | 9748 |
| **2020** | 13579 | 16364 | 11591 |
| **2020** | 14293 | 17871 | 11887 |
| **2020** | 18320 | 20495 | 15853 |
| **2021** | 20607 | 21796 | 19209 |
| **2021** | 21669 | 23592 | 20085 |
| **2021** | 21982 | 23568 | 19486 |
| **2021** | 22999 | 25754 | 20335 |
| **2022** | 21336 | 24395 | 19847 |
| **2022** | 18462 | 20321 | 16815 |
| **2022** | 17911 | 19413 | 16040 |
| **2022** | 18734 | 20808 | 17390 |
| **2023** | 18761 | 22302 | 17276 |
| **2023** | 19446 | 24172 | 17825 |
| **2023** | 18581 | 23386 | 17298 |
| **2023** | 21023 | 26209 | 19937 |
| **2024** | 21843 | 28835 | 20515 |
| **2024** | 21120 | 29762 | 19768 |
| **2024** | 23327 | 31616 | 21774 |
| **2024** | 23321 | 32448 | 21543 |
| **2025** | 22005 | 30916 | 19875 |
| **2025** | 22813 | 34314 | 20862 |
| **2025** | 24695 | 37120 | 23491 |
| **2025** | 25238 | 38012 | 24256 |

---

202501-4140694, 202601-5113370

F46-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Small-Cap Value Fund (Investor Class) | 8.22% | 6.62% | 9.70% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 14.29 |
| Russell 2000 Value Index (Strategy Benchmark) | 12.59 | 8.88 | 9.27 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$9,037,617

* Number of Portfolio Holdings382

* Investment Advisory Fees Paid (000s)$42,591

* Portfolio Turnover Rate36.4%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Financials | 26.4% |
| Industrials & Business Services | 13.0 |
| Health Care | 11.4 |
| Consumer Discretionary | 10.4 |
| Real Estate | 8.8 |
| Information Technology | 8.5 |
| Energy | 6.7 |
| Materials | 5.8 |
| Utilities | 5.5 |
| Other | 3.5 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Columbia Banking System | 1.9% |
| Pinnacle Financial Partners | 1.7 |
| PennyMac Financial Services | 1.4 |
| Texas Capital Bancshares | 1.1 |
| Cytokinetics | 1.1 |
| CareTrust REIT | 0.9 |
| HA Sustainable Infrastructure Capital | 0.9 |
| Viavi Solutions | 0.9 |
| Matador Resources | 0.9 |
| Live Oak Bancshares | 0.9 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Small-Cap Value Fund

Investor Class (PRSVX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g72157g06u18.jpg)

![Image](g72157g89y32.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Small-Cap Value Fund

# Advisor Class (PASVX)
This annual shareholder report contains important information about Small-Cap Value Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Small-Cap Value Fund - Advisor Class | $124 | 1.19% |

---

## What drove fund performance during the past 12 months?
* Small-cap stocks advanced, with growth names outperforming value peers. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve cut interest rates three times in the latter part of the year. 

* Versus the style-specific Russell 2000 Value Index, stock selection in the industrials and business services sector was the leading contributor to relative performance. Strong demand from aerospace and defense markets supported share gains for RBC Bearings, a niche supplier of ball bearings and related products. The energy sector also added value due to stock choices, particularly our holding in UK oil field services provider TechnipFMC, which benefited from robust subsea orders amid increased offshore spending. 

* Conversely, stock selection in financials detracted from relative results. Investor concerns regarding the regional bank Pinnacle Financial Partners' merger of equals with Synovus Financial weighed on shares. The health care sector also weighed on relative results, mainly due to stock choices. Our holding in diagnostic testing company QuidelOrtho hindered performance. 

* The fund adheres to a contrarian, bottom-up investing approach and seeks to identify under-followed companies that we believe are inefficiently priced. Fundamental research and face-to-face meetings with company management are critical to uncovering successful investment opportunities, and a long-term orientation allows for full exploitation of valuation anomalies.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Advisor Class 24,451 Regulatory Benchmark 38,012 Strategy Benchmark 24,256](g72157g01s14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10310 | 10097 | 10170 |
| **2016** | 10733 | 10362 | 10608 |
| **2016** | 11416 | 10818 | 11549 |
| **2016** | 12851 | 11274 | 13174 |
| **2017** | 13009 | 11921 | 13157 |
| **2017** | 13298 | 12280 | 13245 |
| **2017** | 14071 | 12842 | 13922 |
| **2017** | 14524 | 13656 | 14207 |
| **2018** | 14274 | 13568 | 13832 |
| **2018** | 15125 | 14095 | 14980 |
| **2018** | 15839 | 15099 | 15221 |
| **2018** | 12843 | 12940 | 12379 |
| **2019** | 14474 | 14757 | 13856 |
| **2019** | 15117 | 15361 | 14046 |
| **2019** | 15146 | 15540 | 13966 |
| **2019** | 16113 | 16954 | 15151 |
| **2020** | 11087 | 13410 | 9748 |
| **2020** | 13413 | 16364 | 11591 |
| **2020** | 14111 | 17871 | 11887 |
| **2020** | 18070 | 20495 | 15853 |
| **2021** | 20311 | 21796 | 19209 |
| **2021** | 21341 | 23592 | 20085 |
| **2021** | 21633 | 23568 | 19486 |
| **2021** | 22608 | 25754 | 20335 |
| **2022** | 20953 | 24395 | 19847 |
| **2022** | 18116 | 20321 | 16815 |
| **2022** | 17562 | 19413 | 16040 |
| **2022** | 18357 | 20808 | 17390 |
| **2023** | 18380 | 22302 | 17276 |
| **2023** | 19033 | 24172 | 17825 |
| **2023** | 18168 | 23386 | 17298 |
| **2023** | 20536 | 26209 | 19937 |
| **2024** | 21316 | 28835 | 20515 |
| **2024** | 20591 | 29762 | 19768 |
| **2024** | 22717 | 31616 | 21774 |
| **2024** | 22691 | 32448 | 21543 |
| **2025** | 21391 | 30916 | 19875 |
| **2025** | 22153 | 34314 | 20862 |
| **2025** | 23956 | 37120 | 23491 |
| **2025** | 24451 | 38012 | 24256 |

---

202501-4140694, 202601-5113370

F246-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Small-Cap Value Fund (Advisor Class) | 7.76% | 6.24% | 9.35% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 14.29 |
| Russell 2000 Value Index (Strategy Benchmark) | 12.59 | 8.88 | 9.27 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$9,037,617

* Number of Portfolio Holdings382

* Investment Advisory Fees Paid (000s)$42,591

* Portfolio Turnover Rate36.4%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Financials | 26.4% |
| Industrials & Business Services | 13.0 |
| Health Care | 11.4 |
| Consumer Discretionary | 10.4 |
| Real Estate | 8.8 |
| Information Technology | 8.5 |
| Energy | 6.7 |
| Materials | 5.8 |
| Utilities | 5.5 |
| Other | 3.5 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Columbia Banking System | 1.9% |
| Pinnacle Financial Partners | 1.7 |
| PennyMac Financial Services | 1.4 |
| Texas Capital Bancshares | 1.1 |
| Cytokinetics | 1.1 |
| CareTrust REIT | 0.9 |
| HA Sustainable Infrastructure Capital | 0.9 |
| Viavi Solutions | 0.9 |
| Matador Resources | 0.9 |
| Live Oak Bancshares | 0.9 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Small-Cap Value Fund

Advisor Class (PASVX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g72157g06u18.jpg)

![Image](g72157g89y32.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Small-Cap Value Fund

# I Class (PRVIX)
This annual shareholder report contains important information about Small-Cap Value Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Small-Cap Value Fund - I Class | $70 | 0.67% |

---

## What drove fund performance during the past 12 months?
* Small-cap stocks advanced, with growth names outperforming value peers. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve cut interest rates three times in the latter part of the year. 

* Versus the style-specific Russell 2000 Value Index, stock selection in the industrials and business services sector was the leading contributor to relative performance. Strong demand from aerospace and defense markets supported share gains for RBC Bearings, a niche supplier of ball bearings and related products. The energy sector also added value due to stock choices, particularly our holding in UK oil field services provider TechnipFMC, which benefited from robust subsea orders amid increased offshore spending. 

* Conversely, stock selection in financials detracted from relative results. Investor concerns regarding the regional bank Pinnacle Financial Partners' merger of equals with Synovus Financial weighed on shares. The health care sector also weighed on relative results, mainly due to stock choices. Our holding in diagnostic testing company QuidelOrtho hindered performance. 

* The fund adheres to a contrarian, bottom-up investing approach and seeks to identify under-followed companies that we believe are inefficiently priced. Fundamental research and face-to-face meetings with company management are critical to uncovering successful investment opportunities, and a long-term orientation allows for full exploitation of valuation anomalies.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. I Class 1,276,500 Regulatory Benchmark 1,900,583 Strategy Benchmark 1,212,809](g72157g86l54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 500000 | 500000 | 500000 |
| **2016** | 515974 | 504841 | 508514 |
| **2016** | 537731 | 518121 | 530412 |
| **2016** | 572707 | 540907 | 577438 |
| **2016** | 645587 | 563676 | 658704 |
| **2017** | 654315 | 596049 | 657848 |
| **2017** | 669624 | 614023 | 662256 |
| **2017** | 709258 | 642092 | 696093 |
| **2017** | 733095 | 682784 | 710333 |
| **2018** | 721439 | 678383 | 691580 |
| **2018** | 765072 | 704764 | 749007 |
| **2018** | 800487 | 754971 | 761025 |
| **2018** | 649545 | 646994 | 618955 |
| **2019** | 732695 | 737854 | 692777 |
| **2019** | 765954 | 768069 | 702303 |
| **2019** | 768563 | 776999 | 698280 |
| **2019** | 818248 | 847685 | 757564 |
| **2020** | 563837 | 670521 | 487413 |
| **2020** | 682585 | 818221 | 579561 |
| **2020** | 718636 | 893559 | 594375 |
| **2020** | 921276 | 1024747 | 792672 |
| **2021** | 1036698 | 1089787 | 960464 |
| **2021** | 1090305 | 1179583 | 1004262 |
| **2021** | 1106370 | 1178384 | 974324 |
| **2021** | 1157814 | 1287709 | 1016764 |
| **2022** | 1074523 | 1219738 | 992370 |
| **2022** | 930265 | 1016027 | 840763 |
| **2022** | 902502 | 970666 | 802003 |
| **2022** | 944429 | 1040379 | 869502 |
| **2023** | 946010 | 1115082 | 863791 |
| **2023** | 980981 | 1208602 | 891273 |
| **2023** | 937514 | 1169276 | 864899 |
| **2023** | 1060911 | 1310429 | 996854 |
| **2024** | 1102636 | 1441725 | 1025771 |
| **2024** | 1066433 | 1488091 | 988384 |
| **2024** | 1178108 | 1580787 | 1088721 |
| **2024** | 1178176 | 1622413 | 1077147 |
| **2025** | 1112150 | 1545804 | 993746 |
| **2025** | 1153332 | 1715707 | 1043094 |
| **2025** | 1248902 | 1855986 | 1174567 |
| **2025** | 1276500 | 1900583 | 1212809 |

---

202501-4140694, 202601-5113370

F538-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Small-Cap Value Fund (I Class) | 8.35% | 6.74% | 9.83% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 14.29 |
| Russell 2000 Value Index (Strategy Benchmark) | 12.59 | 8.88 | 9.27 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$9,037,617

* Number of Portfolio Holdings382

* Investment Advisory Fees Paid (000s)$42,591

* Portfolio Turnover Rate36.4%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Financials | 26.4% |
| Industrials & Business Services | 13.0 |
| Health Care | 11.4 |
| Consumer Discretionary | 10.4 |
| Real Estate | 8.8 |
| Information Technology | 8.5 |
| Energy | 6.7 |
| Materials | 5.8 |
| Utilities | 5.5 |
| Other | 3.5 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Columbia Banking System | 1.9% |
| Pinnacle Financial Partners | 1.7 |
| PennyMac Financial Services | 1.4 |
| Texas Capital Bancshares | 1.1 |
| Cytokinetics | 1.1 |
| CareTrust REIT | 0.9 |
| HA Sustainable Infrastructure Capital | 0.9 |
| Viavi Solutions | 0.9 |
| Matador Resources | 0.9 |
| Live Oak Bancshares | 0.9 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Small-Cap Value Fund

I Class (PRVIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g72157g06u18.jpg)

![Image](g72157g89y32.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Small-Cap Value Fund

# Z Class (TRZVX)
This annual shareholder report contains important information about Small-Cap Value Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Small-Cap Value Fund - Z Class | $0 | 0.00% |

---

## What drove fund performance during the past 12 months?
* Small-cap stocks advanced, with growth names outperforming value peers. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve cut interest rates three times in the latter part of the year. 

* Versus the style-specific Russell 2000 Value Index, stock selection in the industrials and business services sector was the leading contributor to relative performance. Strong demand from aerospace and defense markets supported share gains for RBC Bearings, a niche supplier of ball bearings and related products. The energy sector also added value due to stock choices, particularly our holding in UK oil field services provider TechnipFMC, which benefited from robust subsea orders amid increased offshore spending. 

* Conversely, stock selection in financials detracted from relative results. Investor concerns regarding the regional bank Pinnacle Financial Partners' merger of equals with Synovus Financial weighed on shares. The health care sector also weighed on relative results, mainly due to stock choices. Our holding in diagnostic testing company QuidelOrtho hindered performance. 

* The fund adheres to a contrarian, bottom-up investing approach and seeks to identify under-followed companies that we believe are inefficiently priced. Fundamental research and face-to-face meetings with company management are critical to uncovering successful investment opportunities, and a long-term orientation allows for full exploitation of valuation anomalies.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Z Class 25,324 Regulatory Benchmark 30,798 Strategy Benchmark 26,734](g72157g19j40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Z Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **3/16/20** | 10000 | 10000 | 10000 |
| **3/31/20** | 10766 | 10865 | 10744 |
| **6/30/20** | 13056 | 13259 | 12775 |
| **9/30/20** | 13770 | 14480 | 13102 |
| **12/31/20** | 17684 | 16606 | 17473 |
| **3/31/21** | 19930 | 17659 | 21172 |
| **6/30/21** | 20994 | 19115 | 22137 |
| **9/30/21** | 21336 | 19095 | 21477 |
| **12/31/21** | 22367 | 20867 | 22413 |
| **3/31/22** | 20788 | 19765 | 21875 |
| **6/30/22** | 18026 | 16464 | 18533 |
| **9/30/22** | 17520 | 15729 | 17679 |
| **12/31/22** | 18364 | 16859 | 19166 |
| **3/31/23** | 18425 | 18069 | 19041 |
| **6/30/23** | 19137 | 19585 | 19646 |
| **9/30/23** | 18321 | 18948 | 19065 |
| **12/31/23** | 20766 | 21235 | 21974 |
| **3/31/24** | 21619 | 23362 | 22611 |
| **6/30/24** | 20941 | 24114 | 21787 |
| **9/30/24** | 23179 | 25616 | 23999 |
| **12/31/24** | 23217 | 26290 | 23744 |
| **3/31/25** | 21953 | 25049 | 21905 |
| **6/30/25** | 22805 | 27802 | 22993 |
| **9/30/25** | 24731 | 30075 | 25891 |
| **12/31/25** | 25324 | 30798 | 26734 |

---

202501-4140694, 202601-5113370

F1269-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 3/16/20** |
| Small-Cap Value Fund (Z Class) | 9.07% | 7.45% | 17.39% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 21.42 |
| Russell 2000 Value Index (Strategy Benchmark) | 12.59 | 8.88 | 18.49 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$9,037,617

* Number of Portfolio Holdings382

* Investment Advisory Fees Paid (000s)$42,591

* Portfolio Turnover Rate36.4%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Financials | 26.4% |
| Industrials & Business Services | 13.0 |
| Health Care | 11.4 |
| Consumer Discretionary | 10.4 |
| Real Estate | 8.8 |
| Information Technology | 8.5 |
| Energy | 6.7 |
| Materials | 5.8 |
| Utilities | 5.5 |
| Other | 3.5 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Columbia Banking System | 1.9% |
| Pinnacle Financial Partners | 1.7 |
| PennyMac Financial Services | 1.4 |
| Texas Capital Bancshares | 1.1 |
| Cytokinetics | 1.1 |
| CareTrust REIT | 0.9 |
| HA Sustainable Infrastructure Capital | 0.9 |
| Viavi Solutions | 0.9 |
| Matador Resources | 0.9 |
| Live Oak Bancshares | 0.9 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Small-Cap Value Fund

Z Class (TRZVX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g72157g06u18.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | <u>2025</u> | <u>2024</u> |
|  Audit Fees | $46217 | $46029 |
|  Audit-Related Fees |  |  |
|  Tax Fees | 9125 | 9200 |
|  All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,862,000 and $1,262,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

PRSVX

Small-Cap

Value

Fund

PASVX

Small-Cap

Value

Fund–

.

Advisor Class

PRVIX

Small-Cap

Value

Fund–

.

I Class

TRZVX

Small-Cap

Value

Fund–

.

Z Class

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.79

$

.99

$

.90

$

.79

$

.79

Investment

activities

Net

investment

income

(1)(2)

.36

.38

.36

.20

.18

Net

realized

and

unrealized

gain/loss

.16

.58

.43

(11

.56)

.13

Total

from

investment

activities

.52

.96

.79

(11

.36)

.31

Distributions

Net

investment

income

(0

.45)

(0

.48)

(0

.33)

(0

.18)

(0

.21)

Net

realized

gain

(5

.61)

(4

.68)

(1

.37)

(2

.35)

(4

.10)

Total

distributions

(6

.06)

(5

.16)

(1

.70)

(2

.53)

(4

.31)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 51

#### .25

#### $

#### 52

#### .79

#### $

#### 51

#### .99

#### $

#### 47

#### .90

#### $

#### 61

#### .79

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 8

#### .22

#### %

#### 10

#### .93

#### %

#### 12

#### .22

#### %

#### (#### 18

#### .55

####)

#### %

#### 25

#### .54

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.79

%

.77

%

.78

%

.79

%

.75

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.79

%

.77

%

.78

%

.79

%

.75

%

Net

investment

income

.69

%

.70

%

.74

%

.37

%

.29

%

Portfolio

turnover

rate

.4

%

.4

%

.5

%

.7

%

.1

%

Net

assets,

end

of

period

(in

millions)

$3,403

$4,225

$4,532

$4,565

$7,722

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.71

$

.88

$

.76

$

.60

$

.64

Investment

activities

Net

investment

income

(loss)

(1)(2)

.15

.17

.22

.02

(0

.02)

Net

realized

and

unrealized

gain/loss

.12

.53

.39

(11

.51)

.08

Total

from

investment

activities

.27

.70

.61

(11

.49)

.06

Distributions

Net

investment

income

(0

.28)

(0

.19)

(0

.12)

—

—

Net

realized

gain

(5

.61)

(4

.68)

(1

.37)

(2

.35)

(4

.10)

Total

distributions

(5

.89)

(4

.87)

(1

.49)

(2

.35)

(4

.10)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 51

#### .09

#### $

#### 52

#### .71

#### $

#### 51

#### .88

#### $

#### 47

#### .76

#### $

#### 61

#### .60

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 7

#### .76

#### %

#### 10

#### .49

#### %

#### 11

#### .87

#### %

#### (#### 18

#### .81

####)

#### %

#### 25

#### .12

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.19

%

.16

%

.08

%

.14

%

.08

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.19

%

.16

%

.08

%

.14

%

.08

%

Net

investment

income

(loss)

.28

%

.32

%

.44

%

.03

%

(0

.04)

%

Portfolio

turnover

rate

.4

%

.4

%

.5

%

.7

%

.1

%

Net

assets,

end

of

period

(in

millions)

$44

$49

$65

$77

$105

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.64

$

.87

$

.80

$

.72

$

.76

Investment

activities

Net

investment

income

(1)(2)

.42

.44

.42

.28

.25

Net

realized

and

unrealized

gain/loss

.16

.57

.41

(11

.55)

.12

Total

from

investment

activities

.58

.01

.83

(11

.27)

.37

Distributions

Net

investment

income

(0

.57)

(0

.56)

(0

.39)

(0

.30)

(0

.31)

Net

realized

gain

(5

.61)

(4

.68)

(1

.37)

(2

.35)

(4

.10)

Total

distributions

(6

.18)

(5

.24)

(1

.76)

(2

.65)

(4

.41)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 51

#### .04

#### $

#### 52

#### .64

#### $

#### 51

#### .87

#### $

#### 47

#### .80

#### $

#### 61

#### .72

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 8

#### .35

#### %

#### 11

#### .05

#### %

#### 12

#### .33

#### %

#### (#### 18

#### .43

####)

#### %

#### 25

#### .67

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.67

%

.66

%

.67

%

.67

%

.65

%

Net

expenses

after

waivers/payments

by

Price

Associates

.67

%

.66

%

.67

%

.67

%

.65

%

Net

investment

income

.81

%

.81

%

.86

%

.52

%

.40

%

Portfolio

turnover

rate

.4

%

.4

%

.5

%

.7

%

.1

%

Net

assets,

end

of

period

(in

millions)

$2,923

$3,025

$2,975

$2,900

$2,388

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.91

$

.06

$

.95

$

.88

$

.83

Investment

activities

Net

investment

income

(1)(2)

.79

.81

.75

.63

.64

Net

realized

and

unrealized

gain/loss

.20

.63

.44

(11

.59)

.16

Total

from

investment

activities

.99

.44

.19

(10

.96)

.80

Distributions

Net

investment

income

(0

.91)

(0

.91)

(0

.71)

(0

.62)

(0

.65)

Net

realized

gain

(5

.61)

(4

.68)

(1

.37)

(2

.35)

(4

.10)

Total

distributions

(6

.52)

(5

.59)

(2

.08)

(2

.97)

(4

.75)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 51

#### .38

#### $

#### 52

#### .91

#### $

#### 52

#### .06

#### $

#### 47

#### .95

#### $

#### 61

#### .88

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 9

#### .07

#### %

#### 11

#### .81

#### %

#### 13

#### .08

#### %

#### (#### 17

#### .90

####)

#### %

#### 26

#### .48

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.64

%

.64

%

.65

%

.65

%

.64

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.00

%

.00

%

.00

%

.00

%

.00

%

Net

investment

income

.49

%

.48

%

.53

%

.17

%

.04

%

Portfolio

turnover

rate

.4

%

.4

%

.5

%

.7

%

.1

%

Net

assets,

end

of

period

(in

millions)

$2,668

$3,174

$3,004

$2,754

$4,046

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Small-Cap

Value

Fund

December

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### COMMON

#### STOCKS

#### 96.8%

#### COMMUNICATION

#### SERVICES

#### 1.4%

#### Diversified

#### Telecommunication

#### Services

#### 0.1%
GCI

Liberty,

Class

A,

EC (1)(2)

399,039

—

Uniti

Group (2)(3)

1,602,643

11,235

11,235

#### Entertainment

#### 0.5%
Madison

Square

Garden

Sports (2)(3)

170,104

43,997

43,997

#### Media

#### 0.8%
New

York

Times,

Class

A

987,616

68,560

68,560

Total

Communication

Services

123,792

#### CONSUMER

#### DISCRETIONARY

#### 10.3%

#### Automobile

#### Components

#### 1.2%
Dorman

Products (2)

196,797

24,244

LCI

Industries (3)

42,380

5,142

Patrick

Industries (3)

207,130

22,459

Visteon

582,132

55,361

107,206

#### Broadline

#### Retail

#### 0.2%
Savers

Value

Village (2)(3)

1,730,982

16,167

16,167

#### Distributors

#### 0.1%
Pool

39,071

8,938

8,938

#### Diversified

#### Consumer

#### Services

#### 1.5%
Coursera (2)

1,494,155

10,997

Liberty

Live

Holdings,

Class

C (2)

561,919

46,729

McGraw

Hill (2)

388,300

6,407

Strategic

Education

839,603

67,336

131,469

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.5%
BJ's

Restaurants (2)

167,538

6,601

Black

Rock

Coffee

Bar,

Class

A (2)

340,003

7,565

Dutch

Bros,

Class

A (2)

495,186

30,315

Life

Time

Group

Holdings (2)

447,642

11,898

Marriott

Vacations

Worldwide (3)

441,675

25,480

Papa

John's

International (3)

489,150

18,827

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Sportradar

Group,

Class

A (2)(3)

299,701

7,124

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $12,311 (1)(2)(4)(5)

1,439,856

4,867

United

Parks

&

Resorts (2)(3)

41,429

1,504

Wingstop

48,302

11,520

Wyndham

Hotels

&

Resorts

160,028

12,092

137,793

#### Household

#### Durables

#### 1.7%
Champion

Homes (2)

274,849

23,225

Installed

Building

Products

107,836

27,971

M/I

Homes (2)

222,477

28,466

Meritage

Homes

226,879

14,929

Taylor

Morrison

Home (2)

964,430

56,776

151,367

#### Leisure

#### Products

#### 0.3%
Peloton

Interactive,

Class

A (2)

4,657,548

28,691

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

1/22/21

-

9/16/21,

Cost $21,320 (1)(2)(4)

3,355,939

—

28,691

#### Specialty

#### Retail

#### 2.4%
Abercrombie

&

Fitch,

Class

A (2)

407,896

51,342

Advance

Auto

Parts (3)

393,509

15,465

Boot

Barn

Holdings (2)

125,429

22,134

Carvana (2)

49,289

20,801

Chewy,

Class

A (2)

743,442

24,571

Floor

&

Decor

Holdings,

Class

A (2)(3)

108,737

6,621

Urban

Outfitters (2)

469,153

35,308

Victoria's

Secret (2)

819,138

44,373

220,615

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.4%
Bombas,

Acquisition

Date:

2/12/21,

Cost $14,601 (1)(2)(4)

3,303,766

10,010

Figs,

Class

A (2)

3,725,343

42,320

Kontoor

Brands

257,908

15,756

Steven

Madden

1,081,511

45,034

Under

Armour,

Class

A (2)(3)

1,679,759

8,348

121,468

Total

Consumer

Discretionary

923,714

#### CONSUMER

#### STAPLES

#### 1.5%

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.3%
Grocery

Outlet

Holding (2)(3)

2,969,361

29,991

29,991

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Food

#### Products

#### 0.7%
Cal-Maine

Foods (3)

24,328

1,936

Farmers

Business

Network,

Warrants,

9/29/33,

Acquisition

Date:

9/29/23

-

6/20/25,

Cost $— (1)(2)(4)

13,891,000

—

Lamb

Weston

Holdings

94,504

3,959

Nomad

Foods

522,771

6,540

Post

Holdings (2)

395,984

39,222

Simply

Good

Foods (2)

334,806

6,723

Utz

Brands

466,257

4,839

63,219

#### Household

#### Products

#### 0.2%
Reynolds

Consumer

Products

852,852

19,547

19,547

#### Personal

#### Care

#### Products

#### 0.1%
BellRing

Brands (2)

190,123

5,082

Olaplex

Holdings (2)(3)

2,479,525

3,323

8,405

#### Tobacco

#### 0.2%
Turning

Point

Brands

184,675

20,019

20,019

Total

Consumer

Staples

141,181

#### ENERGY

#### 6.7%

#### Energy

#### Equipment

#### &

#### Services

#### 2.8%
Cactus,

Class

A

933,378

42,637

Enerflex

(CAD)

1,613,157

24,869

Energy

Reservoir

Holdings,

Class

A-1,

Acquisition

Date:

4/30/19,

Cost $20,875 (1)(2)(4)(5)(6)

20,874,541

9,602

Expro

Group

Holdings (2)(3)

2,999,403

40,042

Liberty

Energy,

Class

A

1,312,874

24,236

Noble (3)

1,070,209

30,223

Seadrill (2)

317,470

10,984

Solaris

Energy

Infrastructure

150,441

6,916

TechnipFMC

1,497,709

66,738

256,247

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.9%
Delek

U.S.

Holdings

498,875

14,797

Gulfport

Energy (2)

177,763

36,973

Magnolia

Oil

&

Gas,

Class

A

2,205,180

48,271

Matador

Resources

1,920,285

81,497

PBF

Energy,

Class

A

1,261,704

34,217

Permian

Resources

4,616,585

64,771

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Range

Resources

884,543

31,189

Scorpio

Tankers

707,691

35,972

Teekay

Tankers,

Class

A

139,312

7,442

355,129

Total

Energy

611,376

#### FINANCIALS

#### 26.1%

#### Banks

#### 17.7%
Atlantic

Union

Bankshares

563,500

19,892

Avidia

Bancorp (2)

497,883

8,369

Banc

of

California

3,435,475

66,270

BankUnited

703,088

31,337

Blue

Foundry

Bancorp (2)

833,634

10,362

Byline

Bancorp

332,462

9,691

Cathay

General

Bancorp

565,695

27,374

Coastal

Financial (2)

693,765

79,499

Columbia

Banking

System

5,993,550

167,520

Commercial

Bancgroup (2)

405,718

9,964

CRB

Group,

Acquisition

Date:

4/14/22

-

8/26/25,

Cost $4,387 (1)(2)(4)

48,611

5,111

Dogwood

State

Bank (2)

456,025

10,639

Eagle

Bancorp (3)

597,530

12,799

East

West

Bancorp

561,313

63,086

Eastern

Bankshares

3,508,190

64,656

Equity

Bancshares,

Class

A

249,811

11,154

FB

Financial

1,286,425

71,783

Flagstar

Bank

3,888,025

48,950

FS

Bancorp (6)

623,161

25,656

Home

BancShares

2,446,334

67,959

International

Bancshares

436,737

29,017

John

Marshall

Bancorp (6)

1,214,398

24,276

Live

Oak

Bancshares (6)

2,356,162

80,934

National

Bank

Holdings,

Class

A

617,352

23,466

Pinnacle

Financial

Partners (2)

1,581,837

150,923

Ponce

Financial

Group (2)

1,127,155

18,429

Popular

110,508

13,760

Preferred

Bank

576,475

54,437

Southern

First

Bancshares (2)(6)

449,678

23,167

SOUTHSTATE

BANK

667,941

62,860

Synovus

Financial

573,495

28,703

Texas

Capital

Bancshares (2)

1,082,500

98,010

Towne

Bank

2,183,883

72,876

Western

Alliance

Bancorp

907,365

76,282

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

WSFS

Financial

476,092

26,299

1,595,510

#### Capital

#### Markets

#### 1.7%
Etoro

Group,

Class

A (2)

239,106

8,400

Hamilton

Lane,

Class

A

261,719

35,151

Houlihan

Lokey

212,019

36,932

Miami

International

Holdings (2)

171,525

7,612

OTC

Markets

Group,

Class

A

344,985

17,698

Sprott (3)

29,479

2,887

StepStone

Group,

Class

A

279,044

17,906

StoneX

Group (2)

245,916

23,394

Wealthfront (2)

539,188

7,327

157,307

#### Consumer

#### Finance

#### 0.5%
LendingClub (2)

914,800

17,327

PRA

Group (2)

1,720,758

30,440

47,767

#### Financial

#### Services

#### 3.2%
HA

Sustainable

Infrastructure

Capital (3)

2,599,549

81,704

Marqeta,

Class

A (2)

5,856,146

27,816

PennyMac

Financial

Services

959,359

126,482

Sezzle (2)(3)

214,664

13,626

Stash

Financial,

Acquisition

Date:

1/6/21

-

1/26/21,

Cost $1,244 (1)(2)(4)

38,630

Walker

&

Dunlop

643,424

38,702

288,384

#### Insurance

#### 2.6%
Accelerant

Holdings,

Class

A (2)

577,640

9,444

Ategrity

Specialty

Holdings (2)

330,498

6,944

Baldwin

Insurance

Group (2)(3)

618,012

14,851

Coalition,

Series

A,

Acquisition

Date:

9/13/21,

Cost $357 (1)(2)

(4) 21,587

Goosehead

Insurance,

Class

A

310,189

22,845

Hagerty,

Class

A (2)(3)

1,440,450

19,360

James

River

Group

Holdings (6)

2,713,302

17,257

Neptune

Insurance

Holdings,

Class

A (2)

611,743

17,838

Palomar

Holdings (2)

78,996

10,646

Primerica

93,038

24,037

RLI

299,194

19,142

Root,

Class

A (2)(3)

196,718

14,209

Ryan

Specialty

Holdings (3)

528,494

27,286

TWFG (2)(3)

511,696

14,722

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

White

Mountains

Insurance

Group

8,744

18,170

236,909

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.4%
PennyMac

Mortgage

Investment

Trust,

REIT

2,998,179

37,627

37,627

Total

Financials

2,363,504

#### HEALTH

#### CARE

#### 11.0%

#### Biotechnology

#### 5.3%
Applied

Therapeutics (2)(6)

12,676,181

1,268

Arcellx (2)(3)

683,799

44,584

Black

Diamond

Therapeutics (2)

2,132,966

5,183

Cabaletta

Bio (2)(3)(6)

5,169,039

11,320

CG

oncology (2)(3)

48,700

2,022

CRISPR

Therapeutics (2)(3)

542,927

28,471

Cytokinetics (2)

1,528,900

97,146

Denali

Therapeutics (2)

1,076,307

17,770

Dyne

Therapeutics (2)

2,466,223

48,239

Erasca (2)(3)

4,282,982

15,933

GRAIL (2)(3)

51,500

4,408

Immatics (2)(3)

4,704,698

49,399

Immunocore

Holdings,

ADR (2)(3)

369,107

12,812

Immunome (2)(3)

982,436

21,103

Immunovant (2)(3)

492,386

12,516

Ionis

Pharmaceuticals (2)

75,329

5,959

Jasper

Therapeutics (2)

548,289

1,003

Jasper

Therapeutics,

Warrants,

9/22/29 (1)(2)

612,126

628

Karyopharm

Therapeutics (2)(6)

858,964

6,322

Karyopharm

Therapeutics,

Warrants,

10/3/28,

Acquisition

Date:

10/8/25,

Cost $— (2)(4)(6)

447,624

1,575

MapLight

Therapeutics (2)(3)

622,179

10,929

MapLight

Therapeutics,

Acquisition

Date:

7/18/25,

Cost $3,251 (2)(4)

203,208

3,569

Prime

Medicine (2)(3)

1,520,505

5,276

Sarepta

Therapeutics (2)

402,925

8,671

Shattuck

Labs (2)

793,833

2,898

Vaxcyte (2)

1,306,394

60,277

479,281

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.1%
Avanos

Medical (2)(6)

2,407,072

27,031

Integer

Holdings (2)

158,203

12,408

iRadimed

82,460

8,022

Neogen (2)

1,461,572

10,216

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $9,910 (1)

(2)(4)

2,631,808

816

QuidelOrtho (2)(3)

1,353,474

38,655

97,148

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.8%
Alignment

Healthcare (2)

1,930,487

38,127

BrightSpring

Health

Services (2)

1,010,677

37,850

Capsule,

Acquisition

Date:

4/7/21,

Cost $3,065 (1)(2)(4)

211,518

Concentra

Group

Holdings

Parent

1,628,136

32,042

Ensign

Group

261,906

45,624

GeneDx

Holdings (2)

72,353

9,410

Innovage

Holding (2)

3,481,083

18,067

NeoGenomics (2)

1,171,811

13,780

Oscar

Health,

Class

A (2)

2,084,573

29,955

Select

Medical

Holdings

1,671,827

24,827

250,067

#### Health

#### Care

#### Technology

#### 0.1%
Certara (2)

493,866

4,351

4,351

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.9%
10X

Genomics,

Class

A (2)

662,867

10,811

BioLife

Solutions (2)

180,102

4,355

Maravai

LifeSciences

Holdings,

Class

A (2)(3)

1,001,892

3,256

Personalis (2)(3)

922,582

7,344

Repligen (2)

35,499

5,817

Sotera

Health (2)

2,063,250

36,396

Stevanato

Group (3)

791,088

15,916

83,895

#### Pharmaceuticals

#### 0.8%
Elanco

Animal

Health (2)(3)

2,160,321

48,888

Icosavax,

CVR (1)(2)

1,240,955

—

Perrigo

825,540

11,491

Rapport

Therapeutics (2)

364,850

11,070

71,449

Total

Health

Care

986,191

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 12.4%

#### Aerospace

#### &

#### Defense

#### 1.0%
BWX

Technologies

22,437

3,878

Leonardo

DRS

145,411

4,957

Loar

Holdings (2)

110,969

7,546

Mercury

Systems (2)(3)

285,046

20,811

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Moog,

Class

A

38,313

9,331

VSE

275,280

47,560

94,083

#### Building

#### Products

#### 1.1%
AZZ

192,104

20,590

Simpson

Manufacturing

11,829

1,910

Trex (2)

46,948

1,647

UFP

Industries

460,617

41,939

Zurn

Elkay

Water

Solutions

679,885

31,608

97,694

#### Commercial

#### Services

#### &

#### Supplies

#### 0.8%
Brady,

Class

A

110,916

8,692

Casella

Waste

Systems,

Class

A (2)(3)

297,224

29,110

MSA

Safety

105,649

16,919

UniFirst

101,740

19,626

74,347

#### Construction

#### &

#### Engineering

#### 1.1%
Arcosa

350,314

37,245

MYR

Group (2)

74,887

16,363

Valmont

Industries

92,764

37,321

WillScot

Holdings (3)

616,823

11,615

102,544

#### Electrical

#### Equipment

#### 1.0%
Nextpower,

Class

A (2)

508,813

44,323

Shoals

Technologies

Group,

Class

A (2)

2,602,792

22,124

Sunrun (2)

1,441,580

26,525

92,972

#### Ground

#### Transportation

#### 0.7%
Covenant

Logistics

Group

410,442

9,046

Landstar

System

219,640

31,562

Saia (2)

65,221

21,296

61,904

#### Machinery

#### 3.6%
Aebi

Schmidt

Holding (3)

2,085,151

26,377

AGCO

40,361

4,211

Alamo

Group

64,214

10,780

Alliance

Laundry

Holdings (2)

599,222

12,194

Crane

115,241

21,254

Douglas

Dynamics

465,106

15,186

Enpro

145,844

31,230

Esab

132,120

14,760

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

ESCO

Technologies

94,492

18,463

Federal

Signal

25,890

2,811

Flowserve

200,780

13,930

Helios

Technologies

456,254

24,405

Hillman

Solutions (2)

1,868,031

16,177

JBT

Marel

269,802

40,651

Middleby (2)

36,532

5,431

RBC

Bearings (2)

140,062

62,808

Standex

International

38,389

8,341

329,009

#### Marine

#### Transportation

#### 0.4%
Matson

298,202

36,843

36,843

#### Passenger

#### Airlines

#### 0.8%
Allegiant

Travel (2)(3)

671,405

57,251

Sun

Country

Airlines

Holdings (2)

1,006,337

14,481

71,732

#### Professional

#### Services

#### 0.9%
Checkr,

Acquisition

Date:

6/29/18,

Cost $866 (1)(2)(4)

211,422

1,882

FTI

Consulting (2)

132,754

22,678

Parsons (2)

115,703

7,151

UL

Solutions,

Class

A

584,407

46,086

77,797

#### Trading

#### Companies

#### &

#### Distributors

#### 1.0%
Custom

Truck

One

Source (2)(3)

227,970

1,313

Diploma

(GBP)

146,746

10,441

Herc

Holdings

31,644

4,695

McGrath

RentCorp

84,949

8,914

Rush

Enterprises,

Class

A

883,613

47,662

SiteOne

Landscape

Supply (2)

147,523

18,375

91,400

Total

Industrials

&

Business

Services

1,130,325

#### INFORMATION

#### TECHNOLOGY

#### 8.0%

#### Communications

#### Equipment

#### 1.0%
Digi

International (2)

132,594

5,740

Viavi

Solutions (2)

4,582,195

81,655

87,395

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2.2%
Bel

Fuse,

Class

B (3)

101,456

17,210

Insight

Enterprises (2)

57,334

4,671

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Littelfuse

196,498

49,698

Mirion

Technologies (2)(3)

2,649,248

62,046

Sanmina (2)

121,084

18,171

TTM

Technologies (2)

391,048

26,982

Vishay

Intertechnology

938,309

13,596

Vishay

Precision

Group (2)(3)

150,298

5,787

198,161

#### IT

#### Services

#### 0.6%
Applied

Digital (2)(3)

949,137

23,273

Endava,

ADR (2)(3)(6)

2,096,783

13,252

Fastly,

Class

A (2)

684,819

6,971

Globant (2)

79,200

5,177

Grid

Dynamics

Holdings (2)

604,832

5,462

54,135

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.9%
Allegro

MicroSystems (2)

206,624

5,451

Entegris

124,237

10,467

FormFactor (2)

188,119

10,493

Impinj (2)

9,301

1,618

Lattice

Semiconductor (2)

731,706

53,839

MACOM

Technology

Solutions

Holdings (2)

314,203

53,817

Navitas

Semiconductor (2)(3)

762,646

5,445

Onto

Innovation (2)

34,902

5,510

Semtech (2)

286,504

21,112

167,752

#### Software

#### 2.3%
Apiture

Agreement

Payment,

EC,

Acquisition

Date:

10/28/25,

Cost $127 (1)(2)(4)

126,965

Apiture

Expense

Reserve

Payment,

EC,

Acquisition

Date:

10/28/25,

Cost $153 (1)(2)(4)

152,358

Apiture

Indemnification

Special

Payment,

EC,

Acquisition

Date:

10/28/25,

Cost $25 (1)(2)(4)

25,393

Aurora

Innovation (2)(3)

609,598

2,341

Cellebrite

DI (2)

476,479

8,591

Cipher

Mining (2)(3)

1,108,333

16,359

Hut

8 (2)(3)

933,271

42,874

I3

Verticals,

Class

A (2)(3)

593,849

14,959

Intapp (2)

176,989

8,110

JFrog (2)

505,007

31,543

nCino (2)(3)

632,500

16,217

PAR

Technology (2)(3)

702,747

25,496

Riot

Platforms (2)(3)

2,468,166

31,272

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Workiva (2)

155,253

13,390

211,441

Total

Information

Technology

718,884

#### MATERIALS

#### 5.1%

#### Chemicals

#### 1.8%
Cabot

288,071

19,093

Element

Solutions

2,160,079

53,981

HB

Fuller

476,401

28,327

Perimeter

Solutions (2)

939,169

25,855

Quaker

Chemical

238,164

32,702

159,958

#### Construction

#### Materials

#### 0.2%
Knife

River (2)

226,751

15,952

15,952

#### Metals

#### &

#### Mining

#### 2.9%
Capstone

Copper

(CAD) (2)

3,379,715

33,932

Commercial

Metals

234,819

16,254

Constellium (2)

2,369,298

44,661

IAMGOLD (2)

1,690,473

27,876

OR

Royalties (3)

697,569

24,687

Reliance

171,541

49,553

Warrior

Met

Coal

757,732

66,809

263,772

#### Paper

#### &

#### Forest

#### Products

#### 0.2%
Louisiana-Pacific

157,657

12,732

West

Fraser

Timber

(CAD) (3)

102,845

6,292

West

Fraser

Timber (3)

30,124

1,841

20,865

Total

Materials

460,547

#### MISCELLANEOUS

#### 0.0%

#### Miscellaneous

#### 0.0%
Talon

Capital

Sponsor,

Class

A,

Acquisition

Date:

9/2/25,

Cost $1,384 (1)(2)(4)(6)

553,406

1,384

Total

Miscellaneous

1,384

#### REAL

#### ESTATE

#### 8.8%

#### Diversified

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.2%
Essential

Properties

Realty

Trust,

REIT

677,815

20,104

20,104

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Health

#### Care

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.9%
CareTrust

REIT,

REIT

2,344,247

84,768

84,768

#### Hotel

#### &

#### Resort

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.8%
Pebblebrook

Hotel

Trust,

REIT (3)

3,974,855

44,995

Ryman

Hospitality

Properties,

REIT

311,003

29,427

74,422

#### Industrial

#### Real

#### Estate

#### Investment

#### Trusts

#### 1.2%
EastGroup

Properties,

REIT

231,860

41,303

Terreno

Realty,

REIT

1,085,809

63,748

105,051

#### Office

#### Real

#### Estate

#### Investment

#### Trusts

#### 1.4%
Empire

State

Realty

Trust,

Class

A,

REIT

1,696,756

11,063

Highwoods

Properties,

REIT

1,715,585

44,297

Hudson

Pacific

Properties,

REIT (2)

812,132

8,795

IQHQ,

Class

A-1,

REIT,

Acquisition

Date:

10/30/19

-

8/21/20,

Cost $13,130 (1)(2)(4)

866,287

4,262

Kilroy

Realty,

REIT (3)

1,522,557

56,898

125,315

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.4%
Colliers

International

Group (3)

134,928

19,836

FirstService

30,479

4,740

St.

Joe

148,221

8,800

33,376

#### Residential

#### Real

#### Estate

#### Investment

#### Trusts

#### 1.0%
Independence

Realty

Trust,

REIT

3,457,756

60,442

UMH

Properties,

REIT

2,103,645

33,469

93,911

#### Retail

#### Real

#### Estate

#### Investment

#### Trusts

#### 1.9%
Curbline

Properties,

REIT

3,205,187

74,392

Macerich,

REIT

2,680,237

49,477

NETSTREIT,

REIT (3)

1,260,473

22,235

Saul

Centers,

REIT

749,624

23,636

169,740

#### Specialized

#### Real

#### Estate

#### Investment

#### Trusts

#### 1.0%
CubeSmart,

REIT

1,024,271

36,925

PotlatchDeltic,

REIT

371,948

14,796

Safehold,

REIT

2,125,938

29,104

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Smartstop

Self

Storage

REIT,

REIT (3)

263,736

8,160

88,985

Total

Real

Estate

795,672

#### UTILITIES

#### 5.5%

#### Electric

#### Utilities

#### 1.9%
Hawaiian

Electric

Industries (2)(3)

3,688,653

45,370

IDACORP (3)

482,434

61,057

OGE

Energy

1,189,205

50,779

Oklo (2)(3)

86,736

6,224

TXNM

Energy

153,615

9,045

172,475

#### Gas

#### Utilities

#### 2.7%
Chesapeake

Utilities

599,693

74,818

MDU

Resources

Group

1,183,225

23,097

ONE

Gas

1,036,833

80,095

Southwest

Gas

Holdings

520,944

41,686

Spire

291,657

24,120

243,816

#### Water

#### Utilities

#### 0.9%
Artesian

Resources,

Class

A (6)

562,782

17,790

California

Water

Service

Group

865,462

37,500

Middlesex

Water (3)

509,005

25,664

80,954

Total

Utilities

497,245

#### Total

#### Common

#### Stocks

#### (Cost

#### $6,476,744)

#### 8,753,815

#### CONVERTIBLE

#### BONDS

#### 0.2%

#### CONSUMER

#### STAPLES

#### 0.2%

#### Food

#### Products

#### 0.2%
Farmers

Business

Network,

15.00%,

9/29/26,

Acquisition

Date:

6/20/25,

Cost $3,200 (1)(2)(4)

3,200,000

3,200

Farmers

Business

Network,

15.00%,

9/29/26,

Acquisition

Date:

9/29/23,

Cost $10,691 (1)(2)(4)

10,691,000

10,691

Total

Consumer

Staples

13,891

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $13,891)

#### 13,891
T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### CONVERTIBLE

#### PREFERRED

#### STOCKS

#### 2.6%

#### CONSUMER

#### DISCRETIONARY

#### 0.1%

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%
Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $2,539 (1)

(2)(4)(5)

282,711

956

956

#### Specialty

#### Retail

#### 0.1%
1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $12,383 (1)(2)

(4) 2,127,647

1,809

Minted,

Series

E,

Acquisition

Date:

10/30/18,

Cost $5,471 (1)

(2)(4)

406,249

4,123

5,932

Total

Consumer

Discretionary

6,888

#### CONSUMER

#### STAPLES

#### 0.0%

#### Food

#### Products

#### 0.0%
Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $15,529 (1)(2)(4)

841,026

—

Farmers

Business

Network,

Series

E,

Acquisition

Date:

2/11/19,

Cost $3,362 (1)(2)(4)

144,247

—

Farmers

Business

Network,

Series

F,

Acquisition

Date:

7/31/20,

Cost $881 (1)(2)(4)

26,661

—

Total

Consumer

Staples

—

#### FINANCIALS

#### 0.3%

#### Banks

#### 0.1%
CRB

Group,

Series

D,

Acquisition

Date:

1/28/22,

Cost $11,470 (1)(2)(4)

109,095

11,470

11,470

#### Financial

#### Services

#### 0.1%
Stash

Financial,

Series

F,

Acquisition

Date:

4/24/20,

Cost $11,157 (1)(2)(4)

445,224

623

Stash

Financial,

Series

G,

Acquisition

Date:

1/26/21,

Cost $12,559 (1)(2)(4)

335,107

Stash

Financial,

Series

H-1,

Acquisition

Date:

5/1/25,

Cost $800 (1)(2)(4)

479,125

671

Stash

Financial,

Series

H-2,

Acquisition

Date:

5/1/25,

Cost $10,170 (1)(2)(4)

6,767,701

9,475

11,238

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Insurance

#### 0.1%
Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $21,422 (1)

(2)(4)

1,296,510

9,491

9,491

Total

Financials

32,199

#### HEALTH

#### CARE

#### 0.4%

#### Biotechnology

#### 0.0%
Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $9,269 (1)

(2)(4)

331,043

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
Capsule,

Series

1-D,

Acquisition

Date:

4/7/21,

Cost $3,065 (1)

(2)(4)

211,518

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $8,981 (1)(2)(4)

3,729,550

4,997

Honor

Technology,

Series

E,

Acquisition

Date:

9/29/21,

Cost $10,347 (1)(2)(4)

3,272,913

4,386

9,768

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $11,917 (1)(2)

(4) 1,011,567

17,753

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $6,453 (1)(2)(4)

472,388

7,592

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $13,636 (1)(2)(4)

307,043

4,934

30,279

Total

Health

Care

40,524

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 0.6%

#### Aerospace

#### &

#### Defense

#### 0.1%
ABL

Space

Systems,

Series

A-8,

Acquisition

Date:

3/24/21,

Cost $14,587 (1)(2)(4)

367,537

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $14,645 (1)

(2)(4)

2,622,728

9,494

9,575

#### Electrical

#### Equipment

#### 0.4%
CelLink,

Series

D,

Acquisition

Date:

1/20/22,

Cost $12,776 (1)

(2)(4)

613,518

Tonian

Holdings,

Series

A,

Non-Voting

Shares,

Acquisition

Date:

1/15/21

-

7/20/21,

Cost $8,392 (1)(2)(4)(6)

8,531,194

12,114

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Tonian

Holdings,

Series

A,

Voting

Shares,

Acquisition

Date:

1/15/21

-

1/26/22,

Cost $15,325 (1)(2)(4)(6)

15,050,275

21,371

33,878

#### Professional

#### Services

#### 0.1%
Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $4,046 (1)(2)

(4) 889,080

7,913

7,913

Total

Industrials

&

Business

Services

51,366

#### INFORMATION

#### TECHNOLOGY

#### 0.5%

#### Software

#### 0.5%
Gusto,

Series

C,

Acquisition

Date:

7/16/18,

Cost $5,412 (1)(2)

(4) 711,894

17,299

Gusto,

Series

D,

Acquisition

Date:

7/16/19,

Cost $1,612 (1)(2)

(4) 121,068

2,942

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $11,195 (1)(2)(4)

857,551

12,949

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $6,458 (1)(2)

(4) 309,802

4,737

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $9,505 (1)(2)(4)

1,881,753

6,473

Total

Information

Technology

44,400

#### MATERIALS

#### 0.7%

#### Chemicals

#### 0.1%
Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $11,381 (1)

(2)(4)

275,749

5,024

5,024

#### Metals

#### &

#### Mining

#### 0.6%
Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $14,318 (1)(2)(4)

522,347

58,822

58,822

Total

Materials

63,846

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $301,063)

#### 239,223

#### PREFERRED

#### STOCKS

#### 0.0%

#### ENERGY

#### 0.0%

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%
Energy

Reservoir

Holdings,

Class

A-3,

Acquisition

Date:

5/3/21

-

9/29/21,

Cost $1,287 (1)(2)(4)(5)(6)

1,286,870

1,789

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Energy

Reservoir

Holdings,

Series

2022,

Class

A-3,

Acquisition

Date:

11/30/22,

Cost $144 (1)(2)(4)(5)(6)

143,910

Total

Energy

1,966

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $1,431)

#### 1,966

#### SHORT-TERM

#### INVESTMENTS

#### 0.6%

#### Money

#### Market

#### Funds

#### 0.6%
T. Rowe

Price

Government

Reserve

Fund,

3.77% (6)(7)

50,773,125

50,773

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $50,773)

#### 50,773

#### SECURITIES

#### LENDING

#### COLLATERAL

#### 2.4%

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### STATE

#### STREET

#### BANK

#### AND

#### TRUST

#### COMPANY 2.4%

#### Money

#### Market

#### Funds 2.4%
T. Rowe

Price

Treasury

Reserve

Fund,

3.75% (6)(7)

212,534,281

212,534

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### State

#### Street

#### Bank

#### and

#### Trust

#### Company

#### 212,534

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $212,534)

#### 212,534

#### Total

#### Investments

#### in

#### Securities

#### 102.6%

#### of

#### Net

#### Assets

#### (Cost

#### $7,056,436)

#### $

#### 9,272,202
‡

Shares/Par

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) See

Note

2. Level

in

fair

value

hierarchy.

(2) Non-income

producing

(3) See

Note

4. All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2025. (4) Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$299,044

and

represents

3.3%

of

net

assets.

(5) Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

T. ROWE

PRICE

Small-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

(6) Affiliated

Companies

(7) Seven-day

yield

ADR

American

Depositary

Receipts

CAD

Canadian

Dollar

CVR

Contingent

Value

Rights

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

GBP

British

Pound

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T. ROWE

PRICE

Small-Cap

Value

Fund

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

December

31,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
Applied

Therapeutics

$

(3,432)

$

(3,326)

$

—

Artesian

Resources,

Class

A

725

Avanos

Medical

(10,499)

—

Cabaletta

Bio

(3,257)

3,348

—

Coastal

Financial

5,528

16,012

—

Endava,

ADR

(36,296)

8,685

—

Energy

Reservoir

Holdings,

Class

—

(1,671)

—

Energy

Reservoir

Holdings,

Class

—

—

Energy

Reservoir

Holdings,

Series

2022,

Class

—

—

FS

Bancorp

908

(846)

874

James

River

Group

Holdings ^^

5,328

John

Marshall

Bancorp

(495)

Karyopharm

Therapeutics

1,622

—

Karyopharm

Therapeutics,

Warrants,

10/3/28

—

1,575

—

Live

Oak

Bancshares

2,253

(15,189)

Ponce

Financial

Group

998

2,832

—

PRA

Group

(1,336)

730

—

Southern

First

Bancshares

5,136

—

Talon

Capital

Sponsor,

Class

A

—

—

—

Tonian

Holdings,

Series

A,

Non-Voting

Shares

—

1,023

—

Tonian

Holdings,

Series

A,

Voting

Shares

—

1,806

—

T. Rowe

Price

Government

Reserve

Fund,

3.77%

—

—

2,978

++

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

—

—

—

++

Affiliates

not

held

at

period

end

(68,169)

52,767

642

Totals

$

(101,455)

#

$

68,985

$

6,226

+

T. ROWE

PRICE

Small-Cap

Value

Fund

#### AFFILIATED

#### COMPANIES
(CONTINUED)

($000s)

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 12/31/25
Apiture

$

\*

$

—

$

11,099

$

—

Apiture,

Voting

Shares

\*

—

—

Applied

Therapeutics

\*

5,495

3,799

1,268

Artesian

Resources,

Class

A

16,955

1,716

899

17,790

Avanos

Medical

\*

12,298

2,499

27,031

Cabaletta

Bio

\*

7,791

4,207

11,320

Coastal

Financial

64,509

4,972

5,994

\*

Endava,

ADR

\*

20,451

61,603

13,252

Energy

Reservoir

Holdings,

Class

11,272

—

9,602

Energy

Reservoir

Holdings,

Class

1,673

—

—

1,789

Energy

Reservoir

Holdings,

Series

2022,

Class

—

—

FS

Bancorp

26,915

—

25,656

James

River

Group

Holdings ^^

11,941

58,543

58,555

17,257

John

Marshall

Bancorp

24,903

675

807

24,276

Karyopharm

Therapeutics

—

5,144

6,322

Karyopharm

Therapeutics,

Warrants,

10/3/28

—

—

—

1,575

Live

Oak

Bancshares

96,831

1,001

1,709

80,934

Monro

39,247

—

86,338

—

Ponce

Financial

Group

20,036

—

4,439

\*

PRA

Group

\*

12,372

5,083

\*

Shyft

Group

21,953

2,022

33,609

—

Southern

First

Bancshares

18,802

—

771

23,167

Talon

Capital

Sponsor,

Class

A

—

1,384

—

1,384

Tonian

Holdings,

Series

A,

Non-Voting

Shares

11,091

—

—

12,114

Tonian

Holdings,

Series

A,

Voting

Shares

19,565

—

—

21,371

T. Rowe

Price

Government

Reserve

Fund,

3.77%

414,001

¤

¤

50,773

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

—

¤

¤

212,534

Total

$

559,592

^

T. ROWE

PRICE

Small-Cap

Value

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4. +

Investment

income

comprised

$6,226

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$604,820.

^^

Includes

previously

reported

affiliates

James

River

Group

Holdings

acquired

through

a

corporate

action.

\*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T. ROWE

PRICE

Small-Cap

Value

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$7,056,436)

$

9,272,202

Dividends

receivable

9,885

Receivable

for

investment

securities

sold

4,817

Receivable

for

shares

sold

2,160

Due

from

affiliates

1,217

Cash

Other

assets

Total

assets

9,290,703

#### Liabilities
Obligation

to

return

securities

lending

collateral

212,534

Payable

for

shares

redeemed

31,084

Investment

management

fees

payable

5,000

Payable

for

investment

securities

purchased

3,840

Payable

to

directors

Other

liabilities

621

Total

liabilities

253,086

#### NET

#### ASSETS

#### $

#### 9,037,617
T. ROWE

PRICE

Small-Cap

Value

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

2,197,562

Paid-in

capital

applicable

to

176,449,406

shares

of

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

6,840,055

#### NET

#### ASSETS

#### $

#### 9,037,617

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $3,402,622;

#### Shares

#### outstanding:

#### 66,396,601)

#### $

#### 51.25

#### Advisor

#### Class

#### (Net

#### assets:

#### $43,999;

#### Shares

#### outstanding:

#### 861,125)

#### $

#### 51.09

#### I

#### Class

#### (Net

#### assets:

#### $2,922,658;

#### Shares

#### outstanding:

#### 57,261,202)

#### $

#### 51.04

#### Z

#### Class

#### (Net

#### assets:

#### $2,668,338;

#### Shares

#### outstanding:

#### 51,930,478)

#### $

#### 51.38
T. ROWE

PRICE

Small-Cap

Value

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

12/31/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$326)

$

141,885

Securities

lending

1,707

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

791

Other

Total

income

144,402

Expenses

Investment

management

61,921

Shareholder

servicing

Investor

Class

$

5,426

Advisor

Class

I

Class

679

6,241

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Z

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(19,330)

Total

expenses

49,816

Net

investment

income

94,586

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

1,388,770

Futures

(3,721)

Foreign

currency

transactions

(58)

Net

realized

gain

1,384,991

Change

in

net

unrealized

gain

/

loss

Securities

(688,926)

Other

assets

and

liabilities

denominated

in

foreign

currencies

Change

in

net

unrealized

gain

/

loss

(688,922)

Net

realized

and

unrealized

gain

/

loss

696,069

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 790,655
T. ROWE

PRICE

Small-Cap

Value

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

94,586

$

101,038

Net

realized

gain

1,384,991

1,221,031

Change

in

net

unrealized

gain

/

loss

(688,922)

(200,761)

Increase

in

net

assets

from

operations

790,655

1,121,308

Distributions

to

shareholders

Net

earnings

Investor

Class

(368,194)

(382,934)

Advisor

Class

(4,651)

(4,223)

I

Class

(323,716)

(279,911)

Z

Class

(305,813)

(306,975)

Decrease

in

net

assets

from

distributions

(1,002,374)

(974,043)

Capital

share

transactions

\*

Shares

sold

Investor

Class

806,083

448,799

Advisor

Class

3,000

5,840

I

Class

256,147

386,986

Z

Class

100,005

216,427

Distributions

reinvested

Investor

Class

355,107

370,678

Advisor

Class

4,554

4,106

I

Class

293,649

252,343

Z

Class

305,813

306,975

Shares

redeemed

Investor

Class

(1,906,021)

(1,203,060)

Advisor

Class

(11,198)

(26,779)

I

Class

(559,178)

(621,206)

Z

Class

(871,564)

(391,426)

Decrease

in

net

assets

from

capital

share

transactions

(1,223,603)

(250,317)

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Net

#### Assets
Decrease

during

period

(1,435,322)

(103,052)

Beginning

of

period

10,472,939

10,575,991

#### End

#### of

#### period

#### $

#### 9,037,617

#### $

#### 10,472,939
\*Share

information

(000s)

Shares

sold

Investor

Class

14,970

8,272

Advisor

Class

I

Class

4,923

7,053

Z

Class

1,895

4,084

Distributions

reinvested

Investor

Class

6,718

6,650

Advisor

Class

I

Class

5,577

4,540

Z

Class

5,772

5,496

Shares

redeemed

Investor

Class

(35,319)

(22,068)

Advisor

Class

(214)

(498)

I

Class

(10,695)

(11,488)

Z

Class

(15,730)

(7,296)

Decrease

in

shares

outstanding

(21,960)

(5,073)

T. ROWE

PRICE

Small-Cap

Value

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Small-Cap

Value

Fund,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Small-Cap

Value

Fund,

Inc.

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks long-term

capital

growth

by

investing

primarily

in

small

companies

whose

common

stocks

are

believed

to

be

undervalued.

The

fund

has four classes

of

shares:

the

Small-Cap

Value

Fund,

Inc.

(Investor

Class),

the

Small-Cap

Value

Fund–Advisor

Class

(Advisor

Class),

the

Small-Cap

Value

Fund–I

Class

(I

Class)

and

the

Small-

Cap

Value

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

or

certain

administrative

services;

the

Investor,

I

and

Z

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

T. ROWE

PRICE

Small-Cap

Value

Fund

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class's

average

daily

net

assets.

#### In-Kind

#### Redemptions
In

accordance

with

guidelines

described

in

the

fund's

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

year ended

December

31,

2025,

the

fund

realized

$395,961,000 of

net

gain

on

$873,725,000

of

in-kind

redemptions.

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of

the

fund

is

represented

by

fund

shares.

The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T. ROWE

PRICE

Small-Cap

Value

Fund

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(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)

Level

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund's portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decides whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

T. ROWE

PRICE

Small-Cap

Value

Fund

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

or how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

are

generally traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

the

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund's

Level

holdings

for

the

year ended

December

31,

2025. Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

instruments

held

at

December

31,

2025,

totaled $(9,814,000) for

the

year ended

December

31,

2025. ($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Common

Stocks

$

8,633,689

$

80,678

$

39,448

$

8,753,815

Convertible

Bonds

—

—

13,891

13,891

Convertible

Preferred

Stocks

—

—

239,223

239,223

Preferred

Stocks

—

—

1,966

1,966

Short-Term

Investments

50,773

—

—

50,773

Securities

Lending

Collateral

212,534

—

—

212,534

Total

$

8,896,996

$

80,678

$

294,528

$

9,272,202

($000s)

#### Beginning

#### Balance

#### 12/31/24

#### Gain
(Loss)

#### During

#### Period

#### Total

#### Purchases

#### Total

#### Sales

#### Ending

#### Balance

#### 12/31/25
Investment

in

Securities

Common

Stocks

$

91,308

$

(21,238)

$

2,861

$

(33,483)

$

39,448

Convertible

Bonds

20,594

3,200

(10,170)

13,891

Convertible

Preferred

Stocks

244,913

10,302

10,970

(26,962)

239,223

Preferred

Stocks

1,837

—

—

1,966

Total

$

358,652

$

(10,540)

$

17,031

$

(70,615)

$

294,528

T. ROWE

PRICE

Small-Cap

Value

Fund

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund's

Level

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Input(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Common

Stocks

$39,448

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

5%

-

100%

5%

Decrease

Market

comparable

Private

company

valuation

—#

—#

—#

Probability

for

potential

outcome

20%

-

50%

33%

Increase

Enterprise

value

to

sales

multiple

1.0x

-

9.1x

1.5x

Increase

Enterprise

value

to

gross

profit

multiple

3.5x

-

4.9x

3.6x

Increase

Enterprise

value

to

EBITDA

multiple

7.9x

-

9.6x

8.8x

Increase

Enterprise

value

to

gross

written

premiums

multiple

2.6x

2.6x

Increase

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Input(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Discount

for

lack

of

recoverability

—#

—#

—#

Discount

to

NAV

45%

45%

Decrease

Discount

to

public

company

multiples

50%

50%

Decrease

Discount

for

lack

of

recoverability

100%

100%

Decrease

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

Model

Private

company

valuation

—#

—#

—#

Risk-free

rate

3%

3%

Increase

Volatility

60%

60%

Increase

Convertible

Bonds

$13,891

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Convertible

Preferred

Stocks

$239,223

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

Private

company

valuation

—#

—#

—#

T. ROWE

PRICE

Small-Cap

Value

Fund

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Input(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Premium

to

public

company

multiples

1%

-

79%

31%

Increase

Probability

for

potential

outcome

25%

-

70%

47%

Increase

Enterprise

value

to

sales

multiple

1.0x

-

30.7x

8.7x

Increase

Sales

growth

rate

3%

-

118%

60%

Increase

Enterprise

value

to

gross

profit

multiple

2.6x

-

32.3x

12.3x

Increase

Gross

profit

growth

rate

4%

-

116%

62%

Increase

Enterprise

value

to

EBITDA

multiple

9.8x

-

19.6x

16.6x

Increase

Enterprise

value

to

gross

written

premiums

multiple

2.6x

2.6x

Increase

Rate

of

return

29%

-

35%

32%

Decrease

Cost

of

capital

30%

30%

Decrease

Discount

to

public

company

multiples

20%

-

50%

37%

Decrease

Discount

for

lack

of

recoverability

100%

100%

Decrease

Discount

for

uncertainty

100%

100%

Decrease

T. ROWE

PRICE

Small-Cap

Value

Fund

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee's

judgment

of

current

market

participant

assumptions.

\*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

\*\*

Represents

the

directional

change

in

the

fair

value

of

the

Level

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

year ended

December

31,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Input(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

Model

Private

company

valuation

—#

—#

—#

Risk-free

rate

4%

4%

Increase

Volatility

45%

45%

Increase

Preferred

Stocks

$1,966

Recent

comparable

transaction

price(s)

Discount

for

uncertainty

5%

5%

Decrease

T. ROWE

PRICE

Small-Cap

Value

Fund

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

As

of

December

31,

2025,

the

fund

held

no

derivative

instruments.

The

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

#### Futures

#### Contracts
The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Futures

#### Realized

#### Gain
(Loss)

Equity

derivatives

$

(3,721)

Total

$

(3,721)

T. ROWE

PRICE

Small-Cap

Value

Fund

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Lending
The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

T. ROWE

PRICE

Small-Cap

Value

Fund

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

fund,

except

in

the

event

of

borrower

default. Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2025,

the

value

of

loaned

securities

was

$450,799,000;

the

aggregate

value

of

collateral

was

$464,433,000

and

consisted

of

cash

collateral

and

related

investments

of

$212,534,000

and

U.S.

government

securities

of

$251,899,000.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $3,541,531,000 and

$4,726,892,000,

respectively,

for

the

year ended

December

31,

2025. #### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

redemptions

in

kind

and

deemed

distributions

on

shareholder

redemptions.

T. ROWE

PRICE

Small-Cap

Value

Fund

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

late-year

ordinary

loss

deferrals.

The

fund

has

elected

to

defer

certain

losses

to

the

first

day

of

the

following

fiscal

year

for

late-year

ordinary

loss

deferrals.

Other

temporary

differences

relate

primarily

to

deferral

of

REIT

income.

($000s)

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

108,168

$

172,584

Long-term

capital

gain

894,206

801,459

Total

distributions

$

1,002,374

$

974,043

($000s)

Cost

of

investments

$

7,078,839

Unrealized

appreciation

$

2,884,999

Unrealized

depreciation

(691,637)

Net

unrealized

appreciation

(depreciation)

$

2,193,362

($000s)

Undistributed

ordinary

income

$

6,998

Net

unrealized

appreciation

(depreciation)

2,193,362

Loss

carryforwards

and

deferrals

(5,148)

Other

temporary

differences

2,350

Total

distributable

earnings

(loss)

$

2,197,562

T. ROWE

PRICE

Small-Cap

Value

Fund

#### NOTE

#### 6

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 7

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.35%

of

the

fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

December

31,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

The

Investor

Class

and

Advisor

Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

T. ROWE

PRICE

Small-Cap

Value

Fund

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended December

31,

2025 as

indicated

in

the

table

below.

At

December

31,

2025,

there

were

no

amounts

subject

to

repayment

by

the

fund. Any

repayment

of

expenses

previously

waived/

T. ROWE

PRICE

Small-Cap

Value

Fund

paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

year

ended

December

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$123,000

for

Price

Associates;

$2,513,000

for

T. Rowe

Price

Services,

Inc.;

and

$432,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2025, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.99%

1.24%

0.05%

0.00%

Expense

limitation

date

02/29/28

02/29/28

02/29/28

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$—

$—

$(19,330)

T. ROWE

PRICE

Small-Cap

Value

Fund

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Effective

November

12,

2025, cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Treasury Reserve Fund.

Prior

to

November

12,

2025,

cash

collateral

from

securities

lending,

if

any,

was

invested

in

the

T. Rowe

Price

Government

Reserve

Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2025,

the

aggregate

value

of

purchases

and

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates

was

less

than

1%

of

the

fund's

net

assets

as

of

December

31,

2025. Price

Associates

has voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

brokerage

commissions

embedded

in

the

cost

of

the

fund's

foreign

currency

transactions. This

agreement

may

be

rescinded

at

any

time. For

the

year ended

December

31,

2025,

this

reimbursement

amounted

to

$48,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

#### NOTE

#### 8

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

T. ROWE

PRICE

Small-Cap

Value

Fund

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

Small-Cap

Value

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Small-Cap

#### Value

#### Fund,

#### Inc.

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Small-Cap

Value

Fund,

Inc.

(the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

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

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

Small-Cap

Value

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Small-Cap

Value

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 12/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund's

distributions

to

shareholders

included:

$1,156,798,000

from

long-term

capital

gains,

of

which

$1,154,345,000

was

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%,

and

$2,453,000

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

25%.

For

nonresident

alien

shareholders,

100%

of

short-term

capital

gain

dividends

distributed

by

the

fund

for

the

fiscal

year

are

qualified

short-term

capital

gains.

For

taxable

non-corporate

shareholders,

$103,515,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$97,212,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

For

individuals

and

certain

trusts

and

estates

which

are

entitled

to

claim

a

deduction

of

up

to

20%

of

their

combined

qualified

real

estate

investment

trust

(REIT)

dividends,

$13,314,000

of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F46-050

2/26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d72157dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d72157dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d72157dex99906ce.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| T. Rowe Price Small-Cap Value Fund, Inc. | T. Rowe Price Small-Cap Value Fund, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 20, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 20, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | February 20, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Small-Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 20, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Small-Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 20, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Small-Cap Value Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 20, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 20, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

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standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

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Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

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the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer