The perpetual-life BDC has grown to 139 portfolio companies and nearly $3 billion in investments at fair value, with first lien loans making up more than 90 percent of the book.

July 7, 2026

T. Rowe Price and Oak Hill Advisors have positioned their flagship retail private credit vehicle for its next phase of capital raising. T. Rowe Price OHA Select Private Credit Fund, the perpetual-life business development company known as OCREDIT, has registered a new continuous offering of up to $2.5 billion of common shares, split evenly across its Class S, Class D, and Class I share classes at roughly $833.3 million apiece.

The offering will continue the fund’s established structure: shares are sold monthly at net asset value on a best-efforts basis, with T. Rowe Price Investment Services acting as managing dealer. All three classes carried a net asset value of $26.00 per share as of May 31, 2026. The new registration succeeds the one under which the fund has been selling shares since its launch, giving OCREDIT fresh capacity as inflows continue.

A Portfolio Approaching $3 Billion

The registration arrives with the fund’s investment book at its largest size to date. As of March 31, 2026, OCREDIT held positions in 139 portfolio companies with an aggregate fair value of approximately $2,983.7 million, up from 135 companies and $2,893.6 million at the end of December 2025. Measured at amortized cost, total investments finished the first quarter at $3,038.8 million, compared with $2,905.8 million at the start of the period.

First-quarter activity showed the fund still deploying at a healthy clip. New investments purchased during the three months ended March 31, 2026 totaled $224.7 million, against $94.5 million of investments sold or repaid. In the year-earlier quarter, the fund purchased $187.3 million of new investments and saw $59.7 million of sales and repayments.

The portfolio remains heavily weighted toward the top of the capital structure. At fair value as of quarter-end, the book consisted of:

• First lien debt: 91.2 percent, up from 90.4 percent at year-end 2025
• Second lien debt: 6.7 percent
• Preferred equity: 1.4 percent
• Asset-backed securities: 0.5 percent
• Common stock: 0.2 percent

From inception through March 31, 2026, the fund has invested approximately $4.2 billion in aggregate cost of debt investments before exits and repayments, a figure that includes $521.4 million of debt investments acquired through an in-kind contribution in June 2023.

Credit Metrics Hold Steady

Portfolio yield was essentially unchanged over the quarter. The weighted average yield on debt and income-producing investments was 10.0 percent at amortized cost at both March 31, 2026 and December 31, 2025, and 10.2 percent at fair value at quarter-end. Floating rate instruments made up 96.9 percent of debt investments at fair value.

Two underlying metrics moved in opposite directions: weighted average EBITDA of portfolio companies declined to $258.0 million from $312.0 million at year-end, while average loan-to-value rose to 46.3 percent from 44.9 percent. Both remain consistent with the fund’s stated focus on senior secured lending to larger companies at moderate attachment points.

Balance Sheet and Distributions

Total net assets stood at $1,638.4 million at March 31, 2026, up from $1,588.2 million at December 31, 2025, with shares outstanding growing to approximately 62.7 million from 59.1 million over the quarter. On the liability side, the fund had approximately $1,468.6 million of borrowings outstanding under its credit facilities, carrying a weighted average stated interest rate of 5.9 percent excluding deferred financing costs and unused fees. As a BDC operating under 150 percent asset coverage, the fund can borrow up to two dollars for every dollar of net assets.

Shareholders continued to receive monthly payouts through the first quarter. For Class I shares, the fund declared regular distributions of $0.20 per share in each of January, February, and March 2026, supplemented by variable distributions of $0.03 per share each month. The fund cautions, as it has throughout its life, that distributions may be funded from sources other than operating cash flow.

Familiar Terms for the Next Tranche

The economic terms of the new offering track the fund’s existing structure. The adviser, OHA Private Credit Advisors, earns a base management fee of 1.25 percent of net assets annually, plus a two-part incentive fee: 12.5 percent of pre-incentive-fee net investment income above a 5.0 percent annualized hurdle with a full catch-up, and 12.5 percent of cumulative realized capital gains net of losses and unrealized depreciation. No capital gains incentive fee was incurred for fiscal 2025.

Class S shares carry a 0.85 percent annual shareholder servicing and distribution fee and Class D shares a 0.25 percent servicing fee, while Class I shares bear neither. Intermediaries may charge upfront placement fees capped at 3.5 percent of NAV for Class S and 1.5 percent for Class D. Minimum initial investments are $2,500 for Class S and Class D and $1 million for Class I. Liquidity remains limited to the fund’s quarterly share repurchase program, which targets up to 5 percent of shares outstanding, with shares held less than one year subject to repurchase at 98 percent of the applicable price.

The Platform Behind the Fund

OCREDIT is the retail centerpiece of the partnership between T. Rowe Price and Oak Hill Advisors, which T. Rowe acquired in late 2021 to accelerate its push into alternative credit. OHA manages approximately $112 billion of capital across credit strategies, with roughly $47 billion invested in private strategies including private lending, and employs about 430 people, including more than 130 investment professionals. The adviser draws on those resources through a resource sharing agreement, giving the fund access to OHA’s origination, underwriting, and workout capabilities — including the distressed investing expertise the firm has built since 1990, over which time it has deployed approximately $25 billion in distressed investments.

For the growing field of perpetual-life private credit BDCs distributed through wealth channels, the new registration signals that one of the category’s higher-profile entrants intends to keep raising at scale. With more than $1.6 billion of net assets, an investment portfolio near the $3 billion mark, and the T. Rowe Price distribution network behind it, OCREDIT enters its next offering with considerably more heft than it had when it first came to market.