T. Rowe Price OHA Select Private Credit Fund 8-K

What Happened
T. Rowe Price OHA Select Private Credit Fund (OCREDIT) filed an 8‑K (Item 7.01, Regulation FD disclosure) on February 9, 2026 with its 2025 year‑end results and portfolio statistics as of December 31, 2025. Key performance figures include Class I inception‑to‑date net total return of 11.9%, a 2025 1‑year/net total return of 8.22% for Class I, and an annualized distribution rate for Class I of 10.3%. The filing highlights portfolio composition, credit quality, leverage and available liquidity.

Key Details

• Class I returns: 1‑year (YTD) 8.22%; 3‑year annualized 12.08% (through 12/31/2025); inception‑to‑date (Class I) 11.9%.
• Annualized distribution rate (Class I): 10.3% (as of 12/31/2025); distributions are not guaranteed and may be funded by asset sales, borrowings, or adviser waivers.
• Portfolio makeup: 98% senior secured debt, 95% floating‑rate investments, 91% private (Level 3) investments; non‑accruals (at cost) 0.0%.
• Leverage & liquidity: debt‑to‑equity ratio 0.90x; cash plus amount available to borrow = $738 million; weighted average investment price $98.46.

Why It Matters
The disclosure gives retail investors a snapshot of OCREDIT’s recent performance and portfolio risk profile: strong reported returns, high current distribution yield, heavy exposure to senior, floating‑rate private credit, very low reported non‑accruals, modest leverage and significant borrowing capacity. At the same time, the filing reiterates material investor cautions from the prospectus: OCREDIT is a non‑exchange‑traded BDC (illiquid), uses leverage, and distributions are discretionary and may be funded by borrowings or adviser reimbursements that may not continue. These facts are important for investors assessing yield, liquidity risk, and credit exposure in private credit investments.