NEW YORK, May 8, 2024 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today announced financial results and declared total distributions of $0.87 per share for the quarter ended March 31, 2024. "OCREDIT continues to perform in line with our original expectations, driven by robust interest income and attractive all-in asset yields," said Eric Muller, OCREDIT's Chief Executive Officer. "As we look ahead to the second quarter, we look forward to continuing to deploy shareholder capital into compelling investment opportunities with a "credit-first" approach in an increasingly dynamic market." "As OCREDIT continues to grow, we are pleased to see its adoption across the wealth channel, including through OCREDIT's launch on its first major wirehouse platform in April," said Doug Keller, T. Rowe Price's Head of U.S. Intermediaries Alternatives Sales. "The early success highlights the close partnership of T. Rowe Price and OHA in delivering our shared vision of bringing OHA's private credit expertise to individual investors through T. Rowe Price's global scale." QUARTERLY HIGHLIGHTS Net investment income per share was $1.05 with weighted average yield on debt and income producing investments, at amortized cost of 12.7%1; Earnings per share were $1.02 with inception-to-date2 annualized total return of 15.89%3; Net asset value per share as of March 31, 2024 was $28.15, up 0.5% from $28.00 as of December 31, 2023; Gross and net investment fundings were $303.5 million and $206.5 million, respectively; Ending debt-to-equity was 0.61x, as compared to 0.79x as of December 31, 2023; The Company had total net debt outstanding of $505.1 million with a decrease in weighted average cost of debt from 8.0% to 7.9% quarter over quarter. During the first quarter of 2024, the Company issued $300.0 million in aggregate principal amount of Series 2024A Senior Notes, due March 7, 2029, with a fixed interest rate of 7.77% per year; Subsequent to quarter end on April 10, 2024, the Company launched on its first major wirehouse platform; During the first quarter of 2024, the Company issued 4,486,580 of Class I common shares for proceeds of $126.1 million. From April 1, 2024 through May 8, 2024, the Company received total proceeds of $61.8 million from common shareholders in connection with its public offering.4 Subsequent to quarter end on April 23, 2024, the Company declared a regular distribution of $0.20 and a variable supplemental distribution of $0.03 per Class I common share, for total distributions of $0.23 per Class I common share, which are payable on or about May 30, 2024 to Class I common shareholders of record as of April 30, 2024. DISTRIBUTIONS During the first quarter of 2024, the Company declared total distributions of $0.87 per share, of which $0.18 per share was a special distribution. As of March 31, 2024, the Company's annualized distribution yield (excluding special distributions) was 9.8%.5  From April 1, 2024 through May 8, 2024, the Company declared the following distributions: ($ per share) April 23, 2024 Base Distribution $0.20 Variable Distribution $0.03 Total Distribution $0.23 SELECTED FINANCIAL HIGHLIGHTS ($ in thousands, unless otherwise noted) Q1 2024 Q4 2023 Net investment income per share $1.05 $1.03 Net investment income $29,656 $21,038 Earnings per share $1.02 $1.42 ($ in millions, unless otherwise noted) As of March 31, 2024 As of December 31, 2023 Total fair value of investments $1,356.8 $1,148.4 Total assets $1,494.5 $1,286.1 Total net assets $834.6 $704.4 Net asset value per share $28.15 $28.00 INVESTMENT ACTIVITY For the three months ended March 31, 2024, net investment fundings were $206.5 million. The Company invested $303.5 million during the quarter, including $117.9 million in 9 new companies and $185.6 million in existing companies. The Company had $97.0 million of principal repayments and sales during the quarter. ($ in millions, unless otherwise noted) Q1 2024 Q4 2023 Investment Fundings $303.5 $228.9 Sales and Repayments $97.0 $20.6 Net Investment Activity $206.5 $208.3 As of March 31, 2024, the Company's investment portfolio had a fair value of $1,356.8 million, comprised of investments in 91 portfolio companies operating across 21 different industries. The investment portfolio at fair value was comprised of 94.1% first lien senior secured loans and 5.9% second lien senior secured loans. In addition, as of March 31, 2024, 100% of the Company's debt investments based on fair value were at floating rates, and there were no investments on non-accrual status. ABOUT T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND T. Rowe Price OHA Select Private Credit Fund (the "Company" or "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 "1940 Act"). The Company also intends to elect to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). OHA Private Credit Advisors LLC (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940. OCREDIT's registration statement became effective on September 29, 2023. From inception through March 31, 2024, the Company has invested approximately $1,475.8 million 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 downside protection. 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. 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 ...