NEW YORK, Aug. 13, 2026 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today reported financial results and total distributions of $0.60 per share for the quarter ended June 30, 2026.
As private credit remains a key driver of financing solutions within credit markets, OCREDIT closed the second quarter with the addition of 7 new portfolio companies across a diverse range of industries, representing portfolio net growth of nearly $124.0 million. OCREDIT's $3.1 billion investment portfolio is now comprised of exposure to 144 portfolio companies across 25 unique sectors, and a weighted average portfolio yield at cost of 9.8%3. "The second quarter reinforced our conviction in private credit. We believe stable borrower fundamentals and continued demand for private capital support a compelling opportunity set for investors," said Eric Muller, OCREDIT's Chief Executive Officer.
QUARTERLY HIGHLIGHTS3
- Inception-to-date1 annualized total return of 10.58%2;
- Net investment income per share was $0.61 with weighted average yield on debt and income producing investments, at amortized cost of 9.8%3, and earnings per share were $0.41;
- Distributions declared were $0.60 with an annualized distribution rate of 9.2%;
- Net asset value per share as of June 30, 2026 was $25.96;
- Gross investment fundings were $176.1 million;
- Debt-to-equity as of June 30, 2026 remained consistent with March 31, 2026 at 0.93x;
- The Company had total net debt outstanding of $1,522.5 million with a weighted average interest rate of debt of 6.0%.
- During the second quarter of 2026, the Company issued 511,070 of Class I common shares for proceeds of $13.3 million, 198,044 of Class S common shares for proceeds of $5.2 million, and 531,599 of Class D common shares for proceeds of $13.9 million. From July 1, 2026 through August 13, 2026, the Company received total proceeds of $14.8 million from common shareholders in connection with its public offering.4
- Subsequent to quarter end on July 2, 2026, the Company entered into an Indenture relating to the issuance of $400.0 million in aggregate principal amount of Notes, due July 2, 2031, with a fixed interest rate of 6.50% per year.
DISTRIBUTIONS5
During the second quarter of 2026, the Company declared total distributions of $0.60 per share. As of June 30, 2026, the Company's annualized distribution rate was 9.2%.6
From July 1, 2026 through August 13, 2026, the Company declared the following distribution on July 28, 2026 which is payable on or about August 31, 2026 to common shareholders of record as of July 31, 20266:
($ per share) July 28, 2026
Base Distribution $0.20
Total Distribution $0.20
SELECTED FINANCIAL HIGHLIGHTS
($ in thousands, unless otherwise noted) Q2 2026 Q1 2026
Net investment income per share $0.61 $0.59
Net investment income $38,339 $36,113
Earnings per share $0.41 $(0.05)
($ in thousands, unless otherwise noted) As of June 30, As of March 31,
2026 2026
Total fair value of investments $3,100,822 $2,983,663
Total assets $3,209,163 $3,152,168
Total net assets $1,641,847 $1,638,402
Net asset value per share $25.96 $26.15
INVESTMENT ACTIVITY
For the three months ended June 30, 2026, net investment fundings were $124.0 million. The Company invested $176.1 million during the quarter, including $114.7 million in 7 new companies and $61.4 million in existing companies. The Company had $52.1 million of principal repayments and sales during the quarter.
($ in millions, unless otherwise noted) Q2 2026 Q1 2026
Investment Fundings $176.1 $221.0
Sales and Repayments $52.1 $94.5
Net Investment Activity $124.0 $126.5
As of June 30, 2026, the Company's investment portfolio had a fair value of $3,100.8 million, comprised of investments in 144 portfolio companies operating across 25 different industries. The investment portfolio at fair value was comprised of 90.8% first lien loans, 7.1% second lien loans, 1.4% preferred equity investments, 0.2% common stocks and 0.5% asset backed securities. In addition, as of June 30, 2026, 97.0% of the Company's debt investments based on fair value were at floating rates and 3.0% were at fixed rates. There was one debt investment placed on non-accrual status as of June 30, 2026 with $29.4 million cost and $16.0 million fair value.
FORWARD-LOOKING STATEMENTS
Certain information contained in this communication constitutes "forward-looking statements" within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "can," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates", "confident," "conviction," "identified" or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. OCREDIT believes these factors also include but are not limited to those described under the section entitled "Risk Factors" in its prospectus, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or OCREDIT's prospectus and other filings). Except as otherwise required by federal securities laws, OCREDIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
ABOUT T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND
OCREDIT is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended. The Company also intends to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended. OHA Private Credit Advisors LLC (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. OCREDIT's registration statement became effective on September 29, 2023. From inception through June 30, 2026, the Company has invested approximately $4.4 billion in aggregate cost of debt investments prior to any subsequent exits or repayments. The Company's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments capturing long-term capital appreciation, while maintaining a strong focus on risk management. OCREDIT invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies.
Please visit www.ocreditfund.com for additional information.
ABOUT OAK HILL ADVISORS
Oak Hill Advisors ("OHA") is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm has approximately $112 billion in assets under management ("AUM") as of June 30, 2026 across credit strategies, including private credit, high yield bonds, leveraged loans, private capital solutions and collateralized loan obligations. Additional information on OHA's AUM calculation methodology can be found on the OHA website. OHA's emphasis on long-term partnerships with companies, sponsors and other partners allows for the provision of customized credit solutions across market cycles. With over 400 experienced professionals across seven global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ - GS: TROW). For more information, please visit www.oakhilladvisors.com.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.87 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
T. Rowe Price OHA Select Private Credit Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except per share amounts)
As of As of
June 30, 2026 December 31, 2025
(Unaudited)
ASSETS
Investments at fair value:
Non-controlled/non-affiliated investments (cost of $3,170,452 $3,100,822 $2,893,559
and $2,905,803 at June 30, 2026 and December 31, 2025,
respectively)
Cash, cash equivalents and restricted cash 65,048 140,859
Subscription receivable - 950
Interest receivable 23,960 21,267
Deferred financing costs 10,037 12,197
Receivable for investments sold 559 1,476
Derivative assets, at fair value (Note 5) 7,619 10,981
Other assets 1,118
$ -
Total assets $3,209,163 $3,081,289
LIABILITIES
Debt (net of unamortized debt issuance costs of $2,004 and $1,522,471 $1,441,856
$2,366, at June 30, 2026 and December 31, 2025, respectively)
Payable for investments purchased 248 3,259
Interest and debt fee payable 8,329 9,417
Distribution payable 12,516 13,465
Management fee payable 5,100 4,753
Income incentive fee payable 5,657 5,391
Distribution and/or shareholder servicing fees payable 132 124
Due to counterparty 5,710 10,740
Accrued expenses and other liabilities 6,035 4,038
Derivative liability, at fair value (Note 5) 1,118
Total liabilities $1,567,316 $1,493,043
Commitments and contingencies (Note 9)
NET ASSETS
Common shares, $0.01 par value (63,250,367 and 59,072,291 $633 $591
shares issued and outstanding at June 30, 2026 and December
31, 2025, respectively)
Additional paid in capital 1,725,884 1,615,011
Distributable earnings (loss) (84,670) (27,356)
Total net assets $1,641,847 $1,588,246
Total liabilities and net assets $3,209,163 $3,081,289
Net asset value per share $25.96 $26.89
See accompanying notes to consolidated financial statements.
sec.gov
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T. Rowe Price OHA Select Private Credit Fund
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
For the Three Months Ended For the Six Months Ended
June 30, 2026 June 30, 2025 June 30, June 30,
2026 2025
Investment income from non-controlled / non-affiliated
investments:
Interest and dividend income $70,453 $60,964 $137,614 $115,071
PIK income 4,670 2,840 9,473 5,058
Other income 2,302 2,985 3,800 4,248
Total investment income 77,425 66,789 150,887 124,377
Expenses:
Interest and debt fee expense $24,394 $19,960 $47,588 $37,926
Management fees 5,100 4,105 10,110 7,888
Income incentive fee 5,657 5,048 10,682 9,192
Distribution and shareholder servicing fees
Class S 268 179 538 305
Class D 126 28 240 30
Professional fees 666 642 1,265 1,106
Board of Trustees fees 98 98 195 195
Administrative service expenses 773 532 1,564 1,045
Other general & administrative expenses 2,428 872 4,677 1,637
Amortization of deferred offering costs - 61 220
Total expenses before fee waivers and expense support 39,510 31,525 76,859 59,544
Expense support (424) (424)
Recoupment of expense support - 556 1,576
Management fees waiver -
Income incentive fee waiver -
Total expenses net of fee waivers and expense support 39,086 32,081 76,435 61,120
Net investment income 38,339 34,708 74,452 63,257
Realized and unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments 25 801 526 (1,696)
Foreign currency transactions (1,103) 1,997 (1,160) 1,680
Foreign currency forward contracts 1,357 (7,101) 4,161 (8,455)
Net realized gain (loss) 279 (4,303) 3,527 (8,471)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments (14,535) (5,247) (57,386) (15,322)
Foreign currency translation (22) 161 (147) 167
Foreign currency forward contracts 1,351 (2,313) 1,486 (2,402)
Net change in unrealized appreciation (depreciation) (13,206) (7,399) (56,047) (17,557)
Net realized and unrealized gain (loss) (12,927) (11,702) (52,520) (26,028)
Net increase (decrease) in net assets resulting from operations $25,412 $23,006 $21,932 $37,229
See accompanying notes to consolidated financial statements.
sec.gov
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For a more detailed description of OCREDIT's investment guidelines and risk factors, please refer to the prospectus. Consider the investment objectives, risks, and charges and expenses carefully before investing or sending money. For a free prospectus containing this and other information, call 1-855-405-6488 or visit www.ocreditfund.com. Read it carefully.
OCREDIT is a BDC, which offers individual investors access to private lending, historically only accessible to institutions and high-net-worth investors. At least 70% of a BDC's investments must be in U.S. private companies with less than $250 million in market capitalization.
OCREDIT is a non-exchange traded BDC that expects to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments. An investment in OCREDIT involves a high degree of risk. An investor should purchase securities of OCREDIT only if they can afford the complete loss of the investment.
Neither the SEC nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or Regulation Best Interest standard to any or all purchasers.
For OCREDIT's full historical performance figures, please visit https://www.troweprice.com/en/us/ocredit/performance for more information.
As of June 30, 2026, OCREDIT is available in 54 states and territories.
As of June 30, 2026, OCREDIT is not registered for offer or sale outside of the United States.
BDCs may charge management fees, incentive fees, as well as other fees associated with servicing loans. These fees will detract from the total return.
OCREDIT may in certain circumstances invest in companies experiencing distress increasing the risk of default or failure. OCREDIT is not listed on an exchange which heightens liquidity risk for an investor. OCREDIT has limited prior operating history and there is no assurance that it will achieve its investment objectives. The Company's public offering is a "blind pool" offering and thus investors will not have the opportunity to evaluate the Company's investments before they are made. Investors should not expect to be able to sell shares regardless of performance and should consider that they may not have access to the money invested for an extended period of time and may be unable to reduce their exposure in a market downturn.
OCREDIT employs leverage, which increases the volatility of OCREDIT's investments and will magnify the potential for loss. Fixed-income securities are subject to credit risk, call risk, and interest rate risk. As interest rates rise, bond prices fall. Investments in high-yield bonds involve greater risk than higher rated bonds. International investments can be riskier than U.S. investments and subject to foreign exchange risk. These risks are magnified in emerging markets.
OCREDIT is "non-diversified," meaning it may invest a greater portion of its assets in a single company. OCREDIT's share price can be expected to fluctuate more than that of a comparable diversified fund. OCREDIT may invest in derivatives, which may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions.
Account opening and closing fees may apply depending on the amount invested and the timing of the account closure. There may be costs associated with the investments in the account such as periodic management fees, incentive fees, loads, other expenses or brokerage commissions. Fees for optional services may also apply.
Opinions and estimates offered herein constitute the judgment of OHA as of the date this document is provided to an investor and are subject to change as are statements about market trends. All opinions and estimates are based on assumptions, all of which are difficult to predict and many of which are beyond the control of OHA. In preparing this document, OHA has relied upon and assumed, without independent verification, the accuracy and completeness of all information. OHA believes that the information provided herein is reliable; however, it does not warrant its accuracy or completeness. Certain information contained in the press release discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.
Diversification cannot assure a profit or protect against loss in a declining market. Potential investors are urged to consult a tax professional regarding the possible economic, tax, legal, or other consequences of investing in OCREDIT in light of their particular circumstances.
In the United States, the Company's securities are offered through T. Rowe Price Investment Services Inc., a broker-dealer registered with the SEC and a member of FINRA. OHA is a T. Rowe Price company.
© 2026 Oak Hill Advisors. All Rights Reserved. OHA is a trademark of Oak Hill Advisors, L.P. T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design and related indicators (see troweprice.com/ip) are trademarks of T. Rowe Price Group, Inc. All other trademarks shown are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of Oak Hill Advisors with any of the trademark owners.
(1) Inception is November 14, 2022.
(2) Annualized total return based on net asset value calculated as the change in net asset value per share during the respective period, assuming distributions that have been declared are reinvested on the effects of the performance of the Company during the period. Past performance is no guarantee of future results.
(3) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on income producing securities, divided by (b) the total relevant investments at amortized cost or fair value, as applicable.
4 Does not include common shares sold through the Company's distribution reinvestment plan.
5 Future distribution payments are not guaranteed. The Company may pay distributions from the sale of assets, offering proceeds, or borrowings.
6 Performance and share activity shown is indicative of Class I only, unless otherwise indicated.
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SOURCE OHA
T. ROWE PRICE AND OHA PR CONTACTS: T. Rowe Price, Bill Weeks, +1 (914) 762-2858, bill.weeks@troweprice.com, Oak Hill Advisors, Natalie Harvard, +1 (212) 326-1505, nharvard@oakhilladvisors.com