PAREX Fees and Costs — T. Rowe Price Real Estate Fund, Inc., Advisor Class
Data updated: 2026-08-27
The net expense ratio is 1.19%: a 0.58% management fee, a 0.25% 12b-1 fee plus 0.41% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $54K in broker commissions, 0.0077% of average net assets, and portfolio turnover was 9%.
PAREX Fees and Expenses
Annual operating expenses and sales charges of PAREX. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.58% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.41% |
| Gross expense ratio | 1.24% |
| Fee waiver | −0.05% |
| Net expense ratio | 1.19% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PAREX Costs Over Time
On $10,000 invested in PAREX, assuming 5% a year before costs, total costs come to $746 over 5 years, cutting the return by 1.26% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.19%) | $125 | $389 | $673 |
| Trading costs (broker commissions) | $1 | $3 | $4 |
| Lost growth on money paid in costs | $0 | $19 | $69 |
| Total costs | $126 | $411 | $746 |
| Value after costs | $10,374 | $11,165 | $12,017 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
PAREX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0077%
- Total broker commissions: $54K
- Bought from dealers (principal trades, not a cost): $4.0M
- Portfolio turnover (prospectus): 9%
- Securities on loan, average value: $6.3M
- Net income from securities lending: $11K (0.002% of average net assets)
PAREX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| EVERCORE GROUP L.L.C. | $5K | 13.54% |
| RBC Capital Markets, LLC | $5K | 12.89% |
| BOFA SECURITIES, INC. | $5K | 11.48% |
| JEFFERIES LLC | $4K | 10.91% |
| J.P. MORGAN SECURITIES LLC | $4K | 10.74% |
| Citigroup Inc. | $4K | 10.25% |
| Jane Street Execution Services, LLC | $4K | 10.10% |
| WELLS FARGO SECURITIES, LLC | $4K | 9.02% |
| MORGAN STANLEY & CO. LLC | $2K | 5.69% |
| GOLDMAN SACHS & CO. LLC | $2K | 5.38% |
PAREX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $887K | 22.80% |
| WELLS FARGO SECURITIES, LLC | $887K | 22.80% |
| KEYBANC CAPITAL MARKETS INC. | $645K | 16.58% |
| BMO Capital Markets Corp. | $564K | 14.51% |
| Truist Securities, Inc. | $282K | 7.25% |
| STIFEL NICOLAUS EUROPE LIMITED | $161K | 4.15% |
| Robert W. Baird & Co. Incorporated | $161K | 4.15% |
| The Bank of Nova Scotia | $101K | 2.59% |
| NATIONAL BANK OF CANADA | $101K | 2.59% |
| RAYMOND JAMES & ASSOCIATES, INC. | $101K | 2.59% |
T. Rowe Price Real Estate Fund, Inc. Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TIRRX | I Class | 0.63% | — |
| TRREX | T. Rowe Price Real Estate Fund, Inc. | 0.92% | — |
| PAREX | Advisor Class | 1.19% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.