NEW YORK, Aug. 7, 2024 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today announced financial results and declared total distributions of $0.84 per share for the quarter ended June 30, 2024. "We continue to be pleased with OCREDIT's performance, and the relative value offered by our private credit investments," said Eric Muller, OCREDIT's Chief Executive Officer. "Demand for private credit remains strong from both our sponsor borrowers and wealth channel distribution partners. We anticipate an acceleration of M&A activity through remainder of this year, bolstered by expected rate cuts, providing additional unique investment opportunities."  QUARTERLY HIGHLIGHTS5 Net investment income per share was $0.77 with weighted average yield on debt and income producing investments, at amortized cost of 12.5%1; Earnings per share were $0.68 with inception-to-date2 annualized total return of 14.96%3;   Net asset value per share as of June 30, 2024 was $27.98, down 0.6% from $28.15 as of March 31, 2024; Gross and net investment fundings were $412.6 million and $293.1 million, respectively; Ending debt-to-equity was 0.74x, as compared to 0.61x as of March 31, 2024; The Company had total net debt outstanding of $740.3 million with a decrease in weighted average interest rate of debt from 7.9% to 7.8% quarter over quarter. Subsequent to quarter end, the Company entered into a Second Amendment to the Amended and Restated Revolving Credit and Security Agreement with BNP Paribas ("BNP," "BNP Credit Facility"). The Amendment, among other things, reduced the applicable margin for advances from 3.00% to 2.25% per annum prior to the end of the reinvestment period and 2.75% per annum thereafter, and changed the unused commitment fee. During the second quarter of 2024, the Company issued 5,877,975 of Class I common shares for proceeds of $165.2 million and 246,341 of Class S common shares for proceeds of $6.9 million. From July 1, 2024 through August 7, 2024, the Company received total proceeds of $71.5 million from common shareholders in connection with its public offering.4 Subsequent to quarter end on July 23, 2024, 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 are payable on or about August 29, 2024 to common shareholders of record as of July 31, 2024. DISTRIBUTIONS6 During the second quarter of 2024, the Company declared total distributions of $0.84 per share, of which $0.15 per share was a special distribution. As of June 30, 2024, the Company's annualized distribution yield (excluding special distributions) was 9.9%.5 From July 1, 2024 through August 7, 2024, the Company declared the following distributions: ($ per share) July 23, 2024 Base Distribution $0.20 Variable Distribution $0.03 Total Distribution $0.23 SELECTED FINANCIAL HIGHLIGHTS ($ in thousands, unless otherwise noted)         Q2 2024         Q1 2024 Net investment income per share $0.77 $1.05 Net investment income $25,065 $29,656 Earnings per share $0.68 $1.02 ($ in thousands, unless otherwise noted) As of June 30, 2024 As of March 31, 2024 Total fair value of investments $1,649,749 $1,356,751 Total assets $1,860,020 $1,494,455 Total net assets $1,002,126 $834,609 Net asset value per share $27.98 $28.15 INVESTMENT ACTIVITY For the three months ended June 30, 2024, net investment fundings were $293.1 million. The Company invested $412.6 million during the quarter, including $178.3 million in 14 new companies and $234.3 million in existing companies. The Company had $119.5 million of principal repayments and sales during the quarter. ($ in millions, unless otherwise noted) Q2 2024 Q1 2024 Investment Fundings $412.6 $303.5 Sales and Repayments $119.5 $97.0 Net Investment Activity $293.1 $206.5 As of June 30, 2024, the Company's investment portfolio had a fair value of $1,649.7 million, comprised of investments in 100 portfolio companies operating across 21 different industries. The investment portfolio at fair value was comprised of 93.2% first lien loans and 6.8% second lien loans. In addition, as of June 30, 2024, 99.5% of the Company's debt investments based on fair value were at floating rates and 0.5% 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 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 June 30, 2024, the Company has invested approximately $1,888.2 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 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. Please visit www.ocreditfund.com for additional information. ABOUT OAK HILL ADVISORS 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 risk-adjusted returns with downside focus. The firm manages approximately $65 billion of capital across credit strategies, including private credit, high yield bonds, leveraged loans, stressed and distressed debt and collateralized loan obligations as of June 30, 2024. OHA's emphasis on long-term partnerships with companies, sponsors and ...