T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND ANNOUNCES JUNE 30, 2026 FINANCIAL RESULTS AND DECLARED TOTAL DISTRIBUTIONS OF $0.60 PER SHARE IN Q2 2026
Rhea-AI Summary
T. Rowe Price OHA Select Private Credit Fund (OCREDIT) (NYSE:TROW) reported Q2 2026 net investment income (NII) of $38.3 million, or $0.61 per share, and earnings per share of $0.41, while declaring total Q2 distributions of $0.60 per share, implying a 9.2% annualized distribution rate. Since inception on November 14, 2022, the annualized total return based on NAV was 10.58%.
As of June 30, 2026, the fund’s investment portfolio had a fair value of $3.1 billion across 144 portfolio companies in 25 sectors, with a weighted average yield on debt and income-producing investments of 9.8%. Net assets were $1.64 billion and NAV per share was $25.96, down from $26.15 on March 31, 2026. Debt-to-equity remained at 0.93x, with $1.52 billion of net debt at a 6.0% weighted average interest rate. Subsequent to quarter end, the Company issued $400 million of notes due 2031 with a fixed 6.50% coupon.
Positive
- Net investment income growth to $38.3m ($0.61/share) in Q2 2026 from $36.1m ($0.59/share) in Q1 2026
- Return to positive EPS with $0.41 per share in Q2 2026 versus a $0.05 loss in Q1 2026
- Attractive cash distributions of $0.60 per share in Q2 2026, implying a 9.2% annualized distribution rate as of June 30, 2026
- Portfolio expansion to $3.10bn fair value and 144 portfolio companies, with Q2 2026 net investment activity of $124.0m
- Inception-to-date performance annualized total return of 10.58% based on net asset value since November 14, 2022
- Term funding added via $400m notes due July 2, 2031 at a fixed 6.50% interest rate, diversifying the capital structure
Negative
- NAV per share decline to $25.96 at June 30, 2026 from $26.15 at March 31, 2026 and $26.89 at December 31, 2025
- Unrealized depreciation with a Q2 2026 net change in unrealized appreciation (depreciation) of -$13.2m and six-month 2026 unrealized losses of -$56.0m
- Rising expense base as total expenses net of waivers and support increased to $39.1m in Q2 2026 from $32.1m in Q2 2025, driven largely by higher interest and debt fees
- Non-accrual exposure with one debt investment on non-accrual status at June 30, 2026, carrying $29.4m cost and $16.0m fair value
- Leverage and interest cost with $1.52bn total net debt at a 6.0% weighted average rate and new $400m 6.50% notes potentially increasing interest expense
News Explained
Q2 share issuance diluted existing holders’ percentage ownership, while post-quarter-end offering proceeds of $14.8 million are reported without a share count.
OCREDIT reported results for the quarter ended
For the public offering, the release reports
During the quarter, OCREDIT invested
As of
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
QUARTERLY HIGHLIGHTS3
- Inception-to-date1 annualized total return of
10.58% 2; - Net investment income per share was
$0.61 9.8% 3, and earnings per share were$0.41 - Distributions declared were
$0.60 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 6.0% . - During the second quarter of 2026, the Company issued 511,070 of Class I common shares for proceeds of
$13.3 million $5.2 million $13.9 million $14.8 million - Subsequent to quarter end on July 2, 2026, the Company entered into an Indenture relating to the issuance of
$400.0 million 6.50% per year.
DISTRIBUTIONS5
During the second quarter of 2026, the Company declared total distributions of
From July 1, 2026 through August 13, 2026, the Company declared the following distribution on July 28, 2026 which is payable on or about August 31, 2026 to common shareholders of record as of July 31, 20266:
($ 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, |
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
($ 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
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
Please visit www.ocreditfund.com for additional information.
ABOUT
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
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing
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 | $ 3,100,822 | $ 2,893,559 |
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 | $ 1,522,471 | $ 1,441,856 |
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, | $ 633 | $ 591 |
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. | ||
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, 2026 | June 30, 2025 | |
Investment income from non-controlled / non-affiliated | ||||
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. | ||||
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
OCREDIT is a non-exchange traded BDC that expects to invest at least
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
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
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
© 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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