Press release
T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND ANNOUNCES MARCH 31, 2024 FINANCIAL RESULTS AND DECLARED TOTAL DISTRIBUTIONS OF $0.87 PER SHARE IN Q1 2024
NEW YORK, May 8, 2024 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today announced financial results and declared
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"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.\n\n\"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.\"\n\"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.\"\nQUARTERLY HIGHLIGHTS\nNet 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 offeri...