US Market News
2月前
T. ROWE PRICE COLLEGE SAVINGS PLAN BECOMES "T. ROWE PRICE 529" TO REFLECT EXPANDED FLEXIBILITY FOR EDUCATION EXPENSESApril 7, 2026 9:30 AM
PR Newswire (US)
This name change coincides with the Plan's 25th anniversary, which T. Rowe Price and the Education Trust of Alaska are commemorating with a $250 matching incentive for new saversBALTIMORE, April 7, 2026 /PRNewswire/ -- T. Rowe Price, a global asset management firm and a leader in retirement, today announced the renaming of its longstanding "T. Rowe Price College Savings Plan" to "T. Rowe Price 529." The name change to the firm's Morningstar Gold-rated national plani was made to more accurately reflect the growing range of educational expenses these tax-advantaged accounts can support. While 529 plans have typically been associated with traditional four-year college tuition, federal legislation continues to expand how accounts can be used, to include: apprenticeship programs, student loan repayments up to a certain amount, and other qualified expenses.ii
"We've seen firsthand how starting early—even starting with modest contributions—can make a meaningful difference for families preparing for future education expenses," said Roger Young, CFP®, thought leadership director at T. Rowe Price. "With the expanded flexibility now granted to 529s, families may benefit from valuable tax advantages that can be applied to a broader range of educational expenses than ever before."Celebrating 25 Years of Education Savings With $250 Matching IncentiveThe renaming of the plan coincides with the 25th anniversary of T. Rowe Price and the Education Trust of Alaska offering its 529 savings program. To mark the milestone, the Education Trust of Alaska is funding a limited-time incentive program designed to encourage new account openings and early savings. New accounts opened with a contribution of at least $250 in 2026 will be eligible to receive a matched $250 payment to be deposited in February of next year.iii"Over the last 25 years, we've had the privilege of supporting families as they plan and save for one of life's most important milestones—education," said Mark Scarborough, head of T. Rowe Price's 529 program. "Over that time, we've seen the powerful role 529 plans can play in helping families prepare for the future, and that perspective continues to guide our work today. We remain committed to encouraging families to take the first step, start early, and build a path forward—so that they can plan for the future with confidence."As part of the firm's ongoing efforts to support education planning—and in recognition of 529 Day, T. Rowe Price 529 will partner with savingforcollege.com to host an educational webinar on May 28th to explore key considerations and practical strategies for families at all stages of their savings journey.T. Rowe Price's 529 program leverages the firm's disciplined investment approach, providing families with access to diversified, actively managed portfolios designed to support long-term education savings goals. More information about T. Rowe Price 529 and the anniversary incentive program can be found here.ABOUT T. ROWE PRICET. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.80 trillion in client assets as of February 28, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets.Visit troweprice.com/newsroom for news and public policy commentary.The T. Rowe Price 529 Plan is offered by the Education Trust of Alaska. You should compare this Plan with any 529 plan offered by your home state or your beneficiary's home state and consider, before investing, any state tax or other state benefits, such as financial aid, scholarship funds, or protection from creditors that are only available for investments in the home state's plan. Please read and/or download the Plan Disclosure Document, which includes investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing, or call 1-866-521-1894 to request a paper copy. For other important legal information, please read the Plan's Privacy Policy.T. Rowe Price Investment Services, Inc., Distributor/Underwriter.The availability of tax benefits may be conditioned on meeting certain requirements such as residency, purpose for or timing of distributions, or other factors as applicable. While qualified withdrawals from 529 plans for K-12 expenses are federally tax-free, state tax treatment will vary and could include state income taxes assessed, the recapture of previously deducted amounts from state taxes, and/or state-level penalties.All investments are subject to market risk, including the possible loss of principal. i Morningstar analysts reviewed 59 plans for its 2025 ratings (11/10/25), of which 5 plans received a "Gold" rating. To determine a plan's rating, Morningstar's analysts organized their research around 4 key pillars: Process, People, Parent, and Price. Plans were then assigned forward-looking ratings of "Gold," "Silver," "Bronze," "Neutral," and "Negative." Each year, certain of the industry's smallest plans are not rated. Click here for more information on the criteria used in compiling a plan's 529 ratings.
Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar analysts' current expectations about future events and, therefore, involve unknown risks and uncertainties that may cause Morningstar's expectations not to occur or to differ significantly from what was expected. Morningstar does not represent its Analyst Ratings to be guarantees. ©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.ii For more information on approved uses, please visit https://www.troweprice529.com/home/learn.html#approved-usesiii This program is subject to terms and conditions. Please visit https://www.troweprice529.com/home/learn.html#account-momentum-program for more details
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Original: T. ROWE PRICE COLLEGE SAVINGS PLAN BECOMES "T. ROWE PRICE 529" TO REFLECT EXPANDED FLEXIBILITY FOR EDUCATION EXPENSES
US Market News
3月前
T. ROWE PRICE AND OAK HILL ADVISORS LAUNCH MULTI-STRATEGY CREDIT INTERVAL FUND "OFLEX" FOR U.S. WEALTH CLIENTSMarch 19, 2026 1:30 PM
PR Newswire (US)
Multi-strategy credit interval fund offers public and private market credit exposure with a flexible approach that can adapt to changing market conditionsOFLEX marks the continued partnership of T. Rowe Price and Oak Hill Advisors as they expand their alternative investment capabilities globallyNEW YORK, March 19, 2026 /PRNewswire/ -- T. Rowe Price and Oak Hill Advisors ('OHA') today announced the launch of the T. Rowe Price OHA Flexible Credit Income Fund ('OFLEX' or 'the Fund'), a multi-strategy credit interval fund that can invest across the credit spectrum in both private and public markets.
The Fund seeks to reach a broad range of investors as a publicly offered interval fund, expanding access to OHA's range of alternative credit strategies. As an interval fund, OFLEX will be available for purchase on a daily basis via ticker-trading and will conduct quarterly repurchase offers of at least 5% of outstanding shares at Net Asset Value ('NAV').OFLEX is a multi-strategy investment approach that provides a single point of entry into the broad alternative credit universe, with the flexibility to invest in private and public credit markets, including direct lending, junior capital solutions, asset-based lending, collateralized loan obligations (CLOs), liquid credit, and special situations. The Fund's "all weather1" strategy allows the investment team to seek opportunities through different market environments in areas that may offer attractive risk/return profiles during periods of market volatility, making the Fund an option to complement investors' existing portfolio allocations."Multi-strategy credit investing has been core to OHA's DNA since inception," said Glenn August, Founder & Chief Executive Officer of OHA. "OFLEX is built to seek to capitalize on our best ideas across the OHA platform, applying a consistent investment process and a rigorous focus on risk management as we pursue stable, income-generating investments across both liquid and private credit markets.""In today's evolving market environment, clients are asking for investment solutions that can help manage risk and provide consistent income. Interval funds offer a unique combination of flexibility and access to private and public credit markets, helping investors pursue their long-term financial goals," said Dee Sawyer, Head of Global Distribution for T. Rowe Price. "OFLEX expands our suite of alternative investment offerings to meet this growing client demand."OFLEX draws on OHA's three decades of experience in credit selection, structuring, and risk management. A core tenet of the firm's investment process since inception has been a focus on downside protection, which has allowed OHA to successfully navigate multiple credit cycles.With dedicated investment and client service professionals across the United States, OHA manages approximately USD$111 billion in alternative credit assets globally and has served U.S. institutional investors for over 30 years.T. Rowe Price acquired OHA in 2021 to accelerate the firm's expansion into alternative markets, complementing its existing global platform and ongoing strategic investments in core capabilities.In 2024, T. Rowe Price and OHA launched their first joint offering, the T. Rowe Price OHA Select Private Credit Fund ('OCREDIT'), a private credit investment solution for income-oriented individual investors with a non-traded, perpetual-life business development company ('BDC') structure.ABOUT T. ROWE PRICEFounded in 1937, T. Rowe Price helps individuals and institutions around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price has US$1.80 trillion in assets under management as of January 31, 2026, and serves millions of clients globally. For more information, visit troweprice.com.ABOUT OAK HILL ADVISORSOak 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 attractive risk-adjusted returns. The firm manages approximately $111 billion of capital across credit strategies, including private credit, high yield bonds, leveraged loans, stressed and distressed debt and collateralized loan obligations as of December 31, 2025. Additional information on OHA's AUM calculation methodology can be found on the OHA website. OHA's emphasis on long-term partnerships with companies, sponsors and other partners provides access to a proprietary opportunity set, allowing for customized credit solutions across market cycles.With over 400 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit oakhilladvisors.com.Risk Factors
T. Rowe Price OHA Flexible Credit Income Fund ("OFLEX") is a non-exchange traded, closed-end management investment company that operates as an "interval fund". OFLEX expects to invest at least 80% of its assets in fixed income securities and credit instruments. The Fund is designed primarily for long-term investors and not as a trading vehicle. This investment involves a high degree of risk. An investor should purchase these securities only if they can afford the complete loss of the investment. This document must be read in conjunction with the OFLEX prospectus, including the "Risk Factors" sections therein, in order to fully understand all the implications and risks of an investment in OFLEX. These risks include, but are not limited to, the following:We have limited prior operating history and there is no assurance that we will achieve our investment objective.We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing.We will conduct quarterly repurchase offers for between 5% and 25% of the Fund's outstanding Shares at net asset value ("NAV"). In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares. It is also possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their Shares repurchased. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the Shares to try to provide liquidity to shareholders, you should consider the Shares to have limited liquidity.The Fund's NAV per Share may be volatile. As the Shares are not traded, investors will not be able to dispose of their investment in the Fund, except through repurchases conducted through the share repurchase program, no matter how the Fund performs.The investor will bear substantial fees and expenses in connection with their investment. The Fund charges management fees, incentive fees, loads, other expenses or brokerage commissions and fees for optional services may also apply. These fees will detract from the total return. Fees and expenses may result in a significant difference between gross and net returns.We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or return of capital, and we have no limits on the amounts we may pay from such sources. Although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing a shareholder's tax basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price.Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to the Adviser or its affiliates will reduce future distributions to which investors would otherwise be entitled.We expect to use leverage, which may increase the volatility of OFLEX's investments and will magnify the potential for loss on amounts invested in us.We intend to invest a substantial portion in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be illiquid, unregistered and difficult to value.Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or conduct standards including the 'Regulation Best Interest' standard to any or all purchasers.All investments involve the risk of material or total loss. Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and are in the best interest of, or suitable for, eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss. An investor should purchase these securities only if they can afford the complete loss of the investment.Fixed-income securities are subject to credit risk, call risk, prepayment risk and interest rate risk. As interest rates rise, bond prices generally fall. Investments in bank loans may at times become difficult to value and highly illiquid; they are subject to credit risk such as nonpayment of principal or interest, and risks of bankruptcy and insolvency.International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are typically greater in emerging markets.The Fund may enter into short sales by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price.OFLEX may invest in derivatives, including Collateralized Loan Obligations (CLOs), options and futures, which may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions; risks include currency risk, leverage risk, liquidity risk, index risk, pricing risk, and counterparty risk.
OFLEX is "non-diversified," meaning it may invest a greater portion of its assets in a single company. A non-diversified fund's share price can be expected to fluctuate more than that of a comparable diversified fund.For a more detailed description of OFLEX's investment guidelines and risk factors, please refer to the prospectus. Consider the investment objectives, risks, and charges and expenses carefully before investing or sending money. For a free prospectus containing this and other information, call 1-800-541-5299 or visit www.oflexfund.com. Read it carefully.Additional Disclosure Information
Past performance does not guarantee future results. Actual results may vary. There is no guarantee that an investor would achieve results comparable to those presented. The data used to calculate the returns is unaudited and subject to revision.Numerical data is approximate and as of 12/31/2025, unless otherwise noted. The words "we", "us", and "our" refer to OFLEX, unless the context requires otherwise. Diversification of an investor's portfolio does not assure a profit or protect against loss in a declining market.The contents of this communication: (i) do not constitute an offer of securities or a solicitation of an offer to buy securities in the United States or in which jurisdiction such an offer or solicitation would be unlawful under the applicable laws and regulations, (ii) do not and cannot replace the offering documents and is qualified in its entirety by the offering documents, and (iii) may not be relied upon in making an investment decision related to any investment offering by the issuer of the securities, or any affiliate, or partner thereof. This material is provided for informational purposes only and should not be construed as a investment advice or a recommendation for any securities product or service of any kind (implied or otherwise). Investments mentioned may not be in the best interest of, or suitable for all investors. Any product discussed herein may be purchased only after an investor has carefully reviewed the prospectus and executed the subscription documents. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment discussed herein.Opinions and estimates offered herein constitute the judgment of Oak Hill Advisors as of the date this document is provided to an investor and are subject to change as are statements about market trends. All opinions and estimates are based on assumptions, all of which are difficult to predict and many of which are beyond the control of Oak Hill Advisors. In preparing this document, Oak Hill Advisors. has relied upon and assumed, without independent verification, the accuracy and completeness of all information. Oak Hill Advisors. believes that the information provided herein is reliable; however, it does not warrant its accuracy or completeness. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.This material was not created by any third-party registered broker-dealers or investment advisers who are distributing shares of OFLEX (each, a "Dealer"). The Dealers are not affiliated with OFLEX and have not prepared the material or the information herein. Further, opinions expressed herein may differ from the opinions expressed by a Dealer and/or other businesses / affiliates of a Dealer. This is not a "research report" as defined by FINRA Rule 2241 and was not prepared by the research departments of a Dealer or its affiliates. Interests in alternative investment products are distributed by the applicable Dealer and (1) are not FDIC-insured, (2) are not deposits or other obligations of such Dealer or any of its affiliates, and (3) are not guaranteed by such Dealer and its affiliates. Each Dealer is a registered broker-dealer or investment adviser, not a bank.In the United States, securities are offered through T. Rowe Price Investment Services Inc., a broker dealer, registered with the U.S. Securities and Exchange Commission and a member of FINRA, and advisory services are offered by OHA Private Credit Advisors II, L.P. T. Rowe Price Investment Services, Inc. and OHA Private Credit Advisors II, L.P. are affiliated and both entities are T. Rowe Price companies.202603-52903511 Seeks to generate premium yields and capture opportunities through different market environments, including periods of volatility and higher interest rates.
View original content to download multimedia:https://www.prnewswire.com/news-releases/t-rowe-price-and-oak-hill-advisors-launch-multi-strategy-credit-interval-fund-oflex-for-us-wealth-clients-302718952.htmlSOURCE T. Rowe Price Group
Original: T. ROWE PRICE AND OAK HILL ADVISORS LAUNCH MULTI-STRATEGY CREDIT INTERVAL FUND "OFLEX" FOR U.S. WEALTH CLIENTS
US Market News
3月前
T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND ANNOUNCES DECEMBER 31, 2025 FINANCIAL RESULTS AND DECLARED TOTAL DISTRIBUTIONS OF $0.69 PER SHARE IN Q4 2025March 12, 2026 4:30 PM
PR Newswire (US)
NEW YORK, March 12, 2026 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today reported financial results and total distributions of $0.69 per share for the quarter ended December 31, 2025.
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 HIGHLIGHTSInception-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.4Subsequent 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.DISTRIBUTIONS5During the fourth quarter of 2025, the Company declared total distributions of $0.69 per share. As of December 31, 2025, the Company's annualized distribution yield was 10.3%.6From January 1, 2026 through March 11, 2026, the Company declared the following distributions6:($ per share)January 30, 2026February 27, 2026Base Distribution$ 0.20$ 0.20Variable Distribution$ 0.03$ 0.03Total Distribution$ 0.23$ 0.23SELECTED FINANCIAL HIGHLIGHTS($ in thousands, unless otherwise noted)Q4 2025Q3 2025Net investment income per share$ 0.65$ 0.65Net investment income$ 37,347$ 35,275Earnings per share$ 0.63$ 0.73
($ in thousands, unless otherwise noted)As of
December 31, 2025As of September 30,
2025Total fair value of investments$ 2,893,559$ 2,675,904Total assets$ 3,081,289$ 2,759,432Total net assets$ 1,588,246$ 1,501,124Net asset value per share$ 26.89$ 26.94INVESTMENT ACTIVITYFor 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 2025Q3 2025Investment Fundings$ 464.6$ 377.2Sales and Repayments$ 254.5$ 164.7Net Investment Activity$ 210.1$ 212.5As 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 STATEMENTSCertain 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 FUNDOCREDIT 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.Please visit www.ocreditfund.com for additional information.ABOUT OAK HILL ADVISORSOak 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 attractive risk-adjusted returns. The firm has approximately $111 billion in assets under management ("AUM") as of December 31, 2025 across credit strategies, including private credit, high yield bonds, leveraged loans, private capital solutions and collateralized loan obligations. Additional information on OHA's AUM calculation methodology can be found on the OHA website. OHA's emphasis on long-term partnerships with companies, sponsors and other partners allows for the provision of customized credit solutions across market cycles. With over 400 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit www.oakhilladvisors.com. ABOUT T. ROWE PRICEFounded in 1937, T. Rowe Price (NASDAQ – GS: TROW) helps individuals and institutions around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Clients rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price has $1.78 trillion in assets under management as of December 31, 2025, and serves millions of clients globally. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates, in addition to SMA Model Delivery. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom. T. Rowe Price OHA Select Private Credit FundConsolidated Statements of Assets and Liabilities(in thousands, except per share amounts)
As ofAs of
December 31, 2025December 31, 2024ASSETS
Investments at fair value:
Non-controlled/non-affiliated investments (cost of $2,905,803 and $2,051,457 at December 31, 2025 and December 31, 2024, respectively)$ 2,893,559$ 2,053,427Cash, cash equivalents and restricted cash140,85962,157Subscription receivable950—Interest receivable 21,26726,679Deferred financing costs12,1978,557Deferred offering costs—220Receivable for investments sold1,4769,890Derivative assets, at fair value (Note 5)10,981790Total assets$ 3,081,289$ 2,161,720
LIABILITIES
Debt (net of unamortized debt issuance costs of $2,366 and $3,093, at December 31, 2025 and December 31, 2024, respectively)$ 1,441,856$ 913,053Payable for investments purchased3,25982Interest and debt fee payable9,41721,969Distribution payable13,46514,313Management fee payable4,7533,494Income incentive fee payable5,3914,478Distribution and/or shareholder servicing fees payable 12433Accrued expenses and other liabilities4,0383,669Due to counterparty10,740—Total liabilities$ 1,493,043$ 961,091
Commitments and contingencies (Note 9)
NET ASSETS
Common shares, $0.01 par value (59,072,291 and 43,472,573 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)$ 591$ 435Additional paid in capital1,615,0111,197,185Distributable earnings (loss)(27,356)3,009Total net assets$ 1,588,246$ 1,200,629Total liabilities and net assets$ 3,081,289$ 2,161,720Net asset value per share$ 26.89$ 27.62See accompanying notes to consolidated financial statements.
sec.gov T. Rowe Price OHA Select Private Credit FundConsolidated Statements of Operations(in thousands, except per share amounts)
For the Year Ended
December 31,
2025December 31,
2024December 31,
2023Investment income from non-controlled / non-affiliated investments:
Interest and dividend income$ 243,405$ 189,264$ 55,385PIK Income14,4584,452994Other income9,95913,0173,465Total investment income267,822206,73359,844
Expenses:
Interest and debt fee expense$ 81,856$ 59,038$ 19,516Management fees17,10011,7932,522Income incentive fee19,71115,6324,178Distribution and shareholder servicing fees
Class S781126— Class D195——Professional fees2,7872,3751,299Board of Trustees fees393390389Administrative service expenses2,9041,685550Organizational costs——94Other general & administrative expenses4,4204,9131,463Amortization of deferred offering costs2202,3411,102Total expenses before fee waivers and expense support130,36798,29331,113Expense support —(1,306)(402)Recoupment of expense support1,576134—Management fees waiver—(2,344)(2,522)Income incentive fee waiver—(3,363)(4,178)Total expenses net of fee waivers and expense support131,94391,41424,011Net investment income before taxes135,879115,31935,833Excise tax expense—194275Net investment income135,879115,12535,558
Realized and unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments(1,419)(3,002)51Foreign currency transactions926(445)114Foreign currency forward contracts(7,620)2,751194Net realized gain (loss)(8,113)(696)359
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments(14,214)(14,716)17,174Foreign currency translation210(80)—Foreign currency forward contracts(385)1,839(1,048)Net change in unrealized appreciation (depreciation)(14,389)(12,957)16,126Net realized and unrealized gain (loss)(22,502)(13,653)16,485Net increase (decrease) in net assets resulting from operations$ 113,377$ 101,472$ 52,043See accompanying notes to consolidated financial statements.
sec.govFor a more detailed description of OCREDIT's investment guidelines and risk factors, please refer to the prospectus. Consider the investment objectives, risks, and charges and expenses carefully before investing or sending money. For a free prospectus containing this and other information, call 1-855-405-6488 or visit www.ocreditfund.com. Read it carefully.OCREDIT is a BDC, which offers individual investors access to private lending, historically only accessible to institutions and high-net-worth investors. At least 70% of a BDC's investments must be in U.S. private companies with less than $250 million in market capitalization.OCREDIT is a non-exchange traded BDC that expects to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments. An investment in OCREDIT involves a high degree of risk. An investor should purchase securities of OCREDIT only if they can afford the complete loss of the investment.Neither the SEC nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or Regulation Best Interest standard to any or all purchasers.For OCREDIT's full historical performance figures, please visit https://www.troweprice.com/en/us/ocredit/performance for more information.As of December 31, 2025, OCREDIT is available in 54 states and territories.As of December 31, 2025, OCREDIT is not registered for offer or sale outside of the United States.BDCs may charge management fees, incentive fees, as well as other fees associated with servicing loans. These fees will detract from the total return. OCREDIT may in certain circumstances invest in companies experiencing distress increasing the risk of default or failure. OCREDIT is not listed on an exchange which heightens liquidity risk for an investor. OCREDIT has limited prior operating history and there is no assurance that it will achieve its investment objectives. The Company's public offering is a "blind pool" offering and thus investors will not have the opportunity to evaluate the Company's investments before they are made. Investors should not expect to be able to sell shares regardless of performance and should consider that they may not have access to the money invested for an extended period of time and may be unable to reduce their exposure in a market downturn. OCREDIT employs leverage, which increases the volatility of OCREDIT's investments and will magnify the potential for loss. Fixed-income securities are subject to credit risk, call risk, and interest rate risk. As interest rates rise, bond prices fall. Investments in high-yield bonds involve greater risk than higher rated bonds. International investments can be riskier than U.S. investments and subject to foreign exchange risk. OCREDIT is "non-diversified," meaning it may invest a greater portion of its assets in a single company. OCREDIT's share price can be expected to fluctuate more than that of a comparable diversified fund. OCREDIT may invest in derivatives, which may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions.Account opening and closing fees may apply depending on the amount invested and the timing of the account closure. There may be costs associated with the investments in the account such as periodic management fees, incentive fees, loads, other expenses or brokerage commissions. Fees for optional services may also apply.Opinions and estimates offered herein constitute the judgment of OHA as of the date this document is provided to an investor and are subject to change as are statements about market trends. All opinions and estimates are based on assumptions, all of which are difficult to predict and many of which are beyond the control of OHA. In preparing this document, OHA has relied upon and assumed, without independent verification, the accuracy and completeness of all information. OHA believes that the information provided herein is reliable; however, it does not warrant its accuracy or completeness. Certain information contained in the press release discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Diversification cannot assure a profit or protect against loss in a declining market. Potential investors are urged to consult a tax professional regarding the possible economic, tax, legal, or other consequences of investing in OCREDIT in light of their particular circumstances.In the United States, the Company's securities are offered through T. Rowe Price Investment Services Inc., a broker-dealer registered with the SEC and a member of FINRA. OHA is a T. Rowe Price company.© 2026 Oak Hill Advisors. All Rights Reserved. OHA is a trademark of Oak Hill Advisors, L.P. T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design and related indicators (see troweprice.com/ip) are trademarks of T. Rowe Price Group, Inc. All other trademarks shown are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of Oak Hill Advisors with any of the trademark owners.____________________________1Inception is November 14, 2022.2Annualized total return based on net asset value calculated as the change in net asset value per share during the respective period, assuming distributions that have been declared are reinvested on the effects of the performance of the Company during the period. Past performance is no guarantee of future results.3Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on income producing securities, divided by (b) the total relevant investments at amortized cost or fair value, as applicable.4Does not include common shares sold through the Company's distribution reinvestment plan.5Future distribution payments are not guaranteed. The Company may pay distributions from the sale of assets, offering proceeds, or borrowings.6 Performance and share activity shown is indicative of Class I only, unless otherwise indicated.
View original content to download multimedia:https://www.prnewswire.com/news-releases/t-rowe-price-oha-select-private-credit-fund-announces-december-31--2025-financial-results-and-declared-total-distributions-of-0-69-per-share-in-q4-2025--302712758.htmlSOURCE T. Rowe Price Group
Original: T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND ANNOUNCES DECEMBER 31, 2025 FINANCIAL RESULTS AND DECLARED TOTAL DISTRIBUTIONS OF $0.69 PER SHARE IN Q4 2025
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