As private credit remains a key driver of financing solutions within credit markets, OCREDIT closed the first quarter with the addition of 6 new portfolio companies across a diverse range of industries, representing portfolio net growth of nearly $126.5 million. OCREDIT's $3.0 billion investment portfolio is now comprised of exposure to 139 portfolio companies across 22 unique sectors, and a weighted average portfolio yield of 10.0%. "Despite recent headlines and broader concerns around private credit, OCREDIT's portfolio remains fundamentally sound and the fund continues to deliver strong distributions to investors. We believe OCREDIT is well-positioned to take advantage of attractive private credit opportunities in the market," said Eric Muller, OCREDIT'S Chief Executive Officer.
QUARTERLY HIGHLIGHTS3
Inception-to-date1 annualized total return of 10.88%2;
Net investment income per share was $0.59 with weighted average yield on debt and income producing investments, at amortized cost of 10.0%3, and earnings per share were $(0.05);
Distributions declared were $0.69 with an annualized distribution rate of 10.6%;
Net asset value per share as of March 31, 2026 was $26.15;
Gross investment fundings were $221.0 million;
Debt-to-equity as of March 31, 2026 remained consistent with December 31, 2025 at 0.90x;
The Company had total net debt outstanding of $1,468.9 million with a weighted average interest rate of debt of 6.0%.
During the first quarter of 2026, the Company issued 1,989,555 of Class I common shares for proceeds of $53.1 million, 386,417 of Class S common shares for proceeds of $10.3 million, and 1,069,890 of Class D common shares for proceeds of $28.5 million. From April 1, 2026 through May 6, 2026, the Company received total proceeds of $23.5 million from common shareholders in connection with its public offering.4
Subsequent to quarter end on April 24, 2026, the Company declared a regular distribution of $0.20 per share which is payable on or about May 29, 2026 to common shareholders of record as of April 30, 2026.
DISTRIBUTIONS5
During the first quarter of 2026, the Company declared total distributions of $0.69 per share. As of March 31, 2026, the Company's annualized distribution rate was 10.6%.6
From April 1, 2026 through May 6, 2026, the Company declared the following distribution6:
($ per share)
April 24, 2026
Base Distribution
$ 0.20
Total Distribution
$ 0.20
SELECTED FINANCIAL HIGHLIGHTS
($ in thousands, unless otherwise noted)
Q1 2026
Q4 2025
Net investment income per share
$ 0.59
$ 0.65
Net investment income
$ 36,113
$ 37,347
Earnings per share
$ (0.05)
$ 0.63
($ in thousands, unless otherwise noted)
As of March 31, 2026
As of December 31, 2025
Total fair value of investments
$ 2,983,663
$ 2,893,559
Total assets
$ 3,152,168
$ 3,081,289
Total net assets
$ 1,638,402
$ 1,588,246
Net asset value per share
$ 26.15
$ 26.89
INVESTMENT ACTIVITY
For the three months ended March 31, 2026, net investment fundings were $126.5 million. The Company invested $221.0 million during the quarter, including $89.6 million in 6 new companies and $131.4 million in existing companies. The Company had $94.5 million of principal repayments and sales during the quarter.
($ in millions, unless otherwise noted)
Q1 2026
Q4 2025
Investment Fundings
$ 221.0
$ 464.6
Sales and Repayments
$ 94.5
$ 254.5
Net Investment Activity
$ 126.5
$ 210.5
As of March 31, 2026, the Company's investment portfolio had a fair value of $2,983.7 million, comprised of investments in 139 portfolio companies operating across 22 different industries. The investment portfolio at fair value was comprised of 91.2% first lien loans, 6.7% second lien loans, 1.4% preferred equity investments, 0.2% common stocks and 0.5% asset backed securities. In addition, as of March 31, 2026, 96.9% of the Company's debt investments based on fair value were at floating rates and 3.1% 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 March 31, 2026, the Company has invested approximately $4.2 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 ...
