AAON, Inc.

Baron Real Estate Fund delivered strong results in the second quarter. The Fund increased 11.89% (Institutional Shares). Shares of Hyatt Hotels Corporation appreciated materially following strong first quarter results and an Investor Day in May that outlined strong long-term growth targets. Shares of AAON, Inc. rose during the quarter following an exceptionally strong earnings report which saw the company see drastically faster growth in its data center business, BasX, than expected.

AAON shares have dropped ~47% from highs, but underlying demand and backlog remain robust, particularly in its BASX data-center segment. Gross margin pressures stem from rapid capacity expansion and startup costs, with management expecting visible recovery by 2027 as Memphis utilization improves. Despite negative free cash flow and lowered 2026 margin guidance, AAON raises its 2026 sales-growth outlook to 55%-60% and maintains a $2B backlog.

American Capital Management Inc. bought a new position in shares of AAON, Inc. (NASDAQ: AAON) during the undefined quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 375,178 shares of the construction company's stock, valued at approximately $47,595,000. AAON makes up approximately 2.1% of American Capital

The new identity brings greater clarity to AAON's evolution into a multi-brand, multi-market enterprise. TULSA, Okla.