As private credit remains a key driver of financing solutions within credit markets, OCREDIT closed the fourth quarter with the addition of 16 new portfolio companies across a diverse range of industries, representing portfolio net growth of nearly $210.1 million. OCREDIT's $2.9 billion investment portfolio is now comprised of exposure to 135 portfolio companies across 22 unique sectors, and a weighted average portfolio yield of 10.0%. "OCREDIT remains focused on disciplined underwriting, portfolio quality, and risk management amid a volatile and dynamic market environment," said Eric Muller, OCREDIT'S Chief Executive Officer. "Private credit continues to play an important role for investors, supported by fundamental credit selection, structural protections, and direct engagement with borrowers. We believe these characteristics position the asset class well to navigate periods of uncertainty."
QUARTERLY HIGHLIGHTS
Inception-to-date1 annualized total return of 11.87%2;
Net investment income per share was $0.65 with weighted average yield on debt and income producing investments, at amortized cost of 10.0%3, and earnings per share were $0.63;
Distributions declared were $0.69 with a dividend yield of 10.3%;
Net asset value per share as of December 31, 2025 was $26.89;
Gross investment fundings were $464.6 million;
Debt-to-equity as of December 31, 2025 was 0.90x, as compared to 0.80x as of September 30, 2025;
The Company had total net debt outstanding of $1,441.9 million with a weighted average interest rate of debt of 6.5%. In the fourth quarter, TRP OHA SPV Funding I, LLC, a wholly owned subsidiary of OCREDIT, entered into the Third Amendment (the "Third Amendment") to the BNP Credit Agreement. The Third Amendment, among other things, (i) increased the maximum facility amount from $400.0 million to $500.0 million, (ii) reduced the applicable margin for advances to 1.85% per annum prior to the end of the reinvestment period, and (iii) updated the unused fee structure.
During the fourth quarter of 2025, the Company issued 1,641,708 of Class I common shares for proceeds of $44.1 million, 529,167 of Class S common shares for proceeds of $14.2 million, and 1,271,077 of Class D common shares for proceeds of $34.2 million. From January 1, 2026 through March 11, 2026, the Company received total proceeds of $93.3 million from common shareholders in connection with its public offering.4
Subsequent to quarter end on January 30, 2026, the Company declared a regular distribution of $0.20 per share and a variable supplemental distribution of $0.03 per share, for total distributions of $0.23 per share, which was paid on or about March 4, 2026 to common shareholders of record as of January 30, 2026. On February 27, 2026, the Company declared a regular distribution of $0.20 per share and a variable supplemental distribution of $0.03 per share, for total distributions of $0.23 per share, which is payable on or about March 31, 2026 to common shareholders of record as of February 27, 2026.
DISTRIBUTIONS5
During the fourth quarter of 2025, the Company declared total distributions of $0.69 per share. As of December 31, 2025, the Company's annualized distribution yield was 10.3%.6
From January 1, 2026 through March 11, 2026, the Company declared the following distributions6:
($ per share)
January 30, 2026
February 27, 2026
Base Distribution
$ 0.20
$ 0.20
Variable Distribution
$ 0.03
$ 0.03
Total Distribution
$ 0.23
$ 0.23
SELECTED FINANCIAL HIGHLIGHTS
($ in thousands, unless otherwise noted)
Q4 2025
Q3 2025
Net investment income per share
$ 0.65
$ 0.65
Net investment income
$ 37,347
$ 35,275
Earnings per share
$ 0.63
$ 0.73
($ in thousands, unless otherwise noted)
As of December 31, 2025
As of September 30, 2025
Total fair value of investments
$ 2,893,559
$ 2,675,904
Total assets
$ 3,081,289
$ 2,759,432
Total net assets
$ 1,588,246
$ 1,501,124
Net asset value per share
$ 26.89
$ 26.94
INVESTMENT ACTIVITY
For the three months ended December 31, 2025, net investment fundings were $210.1 million. The Company invested $464.6 million during the quarter, including $241.7 million in 16 new companies and $222.9 million in existing companies. The Company had $254.5 million of principal repayments and sales during the quarter.
($ in millions, unless otherwise noted)
Q4 2025
Q3 2025
Investment Fundings
$ 464.6
$ 377.2
Sales and Repayments
$ 254.5
$ 164.7
Net Investment Activity
$ 210.1
$ 212.5
As of December 31, 2025, the Company's investment portfolio had a fair value of $2,893.6 million, comprised of investments in 135 portfolio companies operating across 22 different industries. The investment portfolio at fair value was comprised of 90.4% first lien loans, 7.8% second lien loans, 1.5% preferred equity investments and 0.3% common stocks. In addition, as of December 31, 2025, 97.5% of the Company's debt investments based on fair value were at floating rates and 2.5% were at fixed rates. There were no investments on non-accrual status.
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 December 31, 2025, the Company has invested approximately $4.0 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.
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