T. Rowe Price Associates (KNF) reports 5.1M Knife River Corp shares, a 9% stake

Rhea-AI Filing Summary

T. Rowe Price Associates, Inc. reports beneficial ownership of 5,116,450 shares of Knife River Corp common stock, representing 9.0% of the class. It has sole voting power over 5,104,094 shares and sole dispositive power over 5,116,450 shares, with no shared voting or dispositive power. T. Rowe Price Associates states that this report should not be construed as an admission that it is the beneficial owner of these securities, and such beneficial ownership is expressly denied.

Key Figures

Shares beneficially owned: 5,116,450 shares Percent of class: 9.0% Sole voting power: 5,104,094 shares +3 more

6 metrics

Shares beneficially owned 5,116,450 shares Amount beneficially owned by T. Rowe Price Associates in Knife River Corp common stock

Percent of class 9.0% Portion of Knife River Corp common stock class reported as owned

Sole voting power 5,104,094 shares Shares for which T. Rowe Price Associates has sole power to vote

Shared voting power 0 shares Shares for which voting power is shared

Sole dispositive power 5,116,450 shares Shares for which T. Rowe Price Associates can solely direct disposition

Shared dispositive power 0 shares Shares for which dispositive power is shared

Key Terms

beneficially owned, sole voting power, sole dispositive power, percent of class

4 terms

beneficially owned financial

"Amount beneficially owned: 5116450"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole power to vote or to direct the vote: 5104094"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 5116450"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

percent of class financial

"Percent of class: 9.0 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

What percentage of Knife River Corp (KNF) does T. Rowe Price Associates own?

T. Rowe Price Associates reports beneficial ownership of 9.0% of Knife River Corp’s common stock, representing 5,116,450 shares. This stake makes it a significant institutional holder in the company’s equity base.

How many Knife River Corp (KNF) shares does T. Rowe Price Associates control the voting of?

T. Rowe Price Associates has sole voting power over 5,104,094 shares of Knife River Corp and no shared voting power. This indicates it alone directs the vote for essentially all shares it reports owning.

What is the difference between voting and dispositive power in T. Rowe Price’s KNF position?

T. Rowe Price Associates has sole voting power over 5,104,094 shares and sole dispositive power over 5,116,450 shares of Knife River Corp, meaning it alone can vote most shares and decide whether to sell or hold all reported shares.

Does T. Rowe Price Associates admit beneficial ownership of KNF shares?

T. Rowe Price Associates expressly denies beneficial ownership of the Knife River Corp securities described, stating that its report should not be construed as an admission that it is the beneficial owner of those shares.

What type of security of Knife River Corp (KNF) is held by T. Rowe Price Associates?

T. Rowe Price Associates reports holdings in Knife River Corp’s common stock, identified by CUSIP 498894104. All disclosed voting and dispositive powers relate to this class of securities.

Where is T. Rowe Price Associates, Inc. organized and located for its KNF holdings?

T. Rowe Price Associates is a Maryland corporation, with its principal business office at 1307 Point Street, Baltimore, MD 21231. It reports this status in connection with its Knife River Corp stake.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 10:40 AM Accepted by SEC EDGAR 08/14/2026 - 10:38 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

KNIFE RIVER CORP

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

498894104

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 498894104

1

Names of Reporting Persons

T. Rowe Price Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,104,094.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,116,450.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,116,450.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KNIFE RIVER CORP
(b)	Address of issuer's principal executive offices: 1150 W. CENTURY AVE., BISMARCK, ND, 58503
Item 2.
(a)	Name of person filing: T. Rowe Price Associates, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 498894104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5116450
(b)	Percent of class: 9.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5104094
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5116450
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Associates, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	08/14/2026