T. Rowe Price OHA Fund Declares Special Distributions, 0.18% Decrease in NAV
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T. Rowe Price OHA Select Private Credit Fund, or OCREDIT – a joint investment offering sponsored by T. Rowe Price and Oak Hill Advisors – declared third quarter 2024 total distributions of $0.38 per Class I share, of which $0.15 per share was a special distribution. For its Class S shares, total distributions were approximately $0.36, also with a $0.15 per share special distribution.
OCREDIT’s special distributions were also $0.15 for all share classes at the end of June 2024.
The company declared a regular distribution for Class I and Class S shares of $0.20 per share and a variable supplemental distribution of $0.03 per share, for total distributions of $0.23 per share. Class S shares were also subject to a shareholder servicing and/or distribution fee of nearly $0.02.
The regular, variable supplemental, and special distributions for each class of shares outstanding are payable on or about Oct. 31, 2024, to Class I and Class S common shareholders of record as of Sept. 30, 2024. The company adopted a distribution reinvestment plan that provides for the reinvestment of cash distributions. These distributions will be paid in cash or reinvested in Class I and Class S Shares of the company for shareholders participating in the company’s distribution reinvestment plan.
OCREDIT’s net asset value per share for Class I and Class S shares of the Company as of Aug. 31 was $27.93, down nearly 0.18% from the previous quarter’s $27.98 (June 30, 2024).
The company’s aggregate NAV for the same time period was $1,073.3 million, the fair value of its investment portfolio was $1,838.9 million, and it had principal debt outstanding of $793.6 million, resulting in a debt-to-equity ratio of approximately 0.74 times, the same as in June. OCREDIT is currently publicly offering on a continuous basis up to $2.5 billion in shares.
OCREDIT was launched a year ago as an OHA-managed private credit investment “solution” for investors via a non-traded, perpetual-life business development company structure. It invests in a diversified portfolio of primarily senior secured, privately originated loans to larger, well-established, recession-resistant companies located mainly in North America.
It started with $1.5 billion of capital available for investments, making it one of the industry’s largest non-traded BDC launches. This included over $600 million raised in equity commitments from T. Rowe Price and global institutional investors with, according to T. Rowe Price and OHA, long-term investment orientations, in addition to $875 million in credit facility commitments.
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