Debt (Tables)

9 Months Ended

Sep. 30, 2025

The following tables present the Company’s outstanding borrowings as of September 30, 2025 and December 31, 2024:


	September 30, 2025
	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value
JPM Credit Facility (1)	$	1,030,000	$	536,146	$	536,146
BNP Credit Facility (1)	400,000		300,500		300,500
2024A Senior Notes (2)	300,000		300,000		302,033
CIBC Credit Facility (1)	250,000		62,000		62,000
Total Debt	$	1,980,000	$	1,198,646	$	1,200,679


	December 31, 2024
	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value
JPM Credit Facility (1)	$	795,000	$	356,146	$	356,146
BNP Credit Facility (1)	400,000		260,000		260,000
2024A Senior Notes (2)	300,000		300,000		296,907
CIBC Credit Facility (1)	250,000		—		—
Total Debt	$	1,745,000	$	916,146	$	913,053

(1)Carrying value of these debt obligations generally approximate fair value due to their variable interest rates.

(2)Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs. As of September 30, 2025, carrying value is also inclusive of an incremental adjustment of $4.6 million in the carrying value of the 2024A Senior Notes resulting from a hedge accounting relationship.

As of September 30, 2025 and December 31, 2024, the components of the carrying value of the 2024A Notes and the stated interest rates were as follows:


	As of
	September 30, 2025		December 31, 2024
Principal amount of debt	$	300,000	$	300,000
Debt issuance costs	(2,549)		(3,093)
Fair value of an effective hedge	4,582		—
Carrying value of debt	$	302,033	$	296,907

Schedule of Contractual Maturities of Debt Obligations

A summary of contractual maturities of our debt obligations was as follows as of September 30, 2025:


	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
JPM Credit Facility	$	536,146	$	—	$	—	$	536,146	$	—
BNP Credit Facility	300,500		—		—		300,500		—
2024A Senior Notes	300,000		—		—		300,000		—
CIBC Credit Facility	62,000		—		—		62,000		—
Total Debt Obligations	$	1,198,646	$	—	$	—	$	1,198,646	$	—

Schedule of Credit Facility Components of Interest Expense

For the three and nine months ended September 30, 2025 and September 30, 2024, the components of interest expense related to the JPM Credit Facility were as follows:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Borrowing interest expense	$	7,513	$	5,339	$	20,480	$	13,559
Unused facility fee	506		280		1,408		759
Amortization of deferred financing costs	630		228		1,556		679
Total interest and debt financing expense	$	8,649	$	5,847	$	23,444	$	14,997

For the three and nine months ended September 30, 2025 and September 30, 2024, the components of interest expense related to the BNP Credit Facility were as follows:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Borrowing interest expense	$	4,995	$	4,102	$	13,647	$	10,880
Unused facility fee	—		297		303		1,219
Amortization of deferred financing costs	106		105		315		314
Total interest and debt financing expense	$	5,101	$	4,504	$	14,265	$	12,413

For the three and nine months ended September 30, 2025 and September 30, 2024, the components of interest expense related to the 2024A Notes were as follows:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Borrowing interest expense	$	5,730	$	5,828	$	18,214	$	13,210

Amortization of debt issuance costs	184		184		546		429

Total interest and debt financing expense	$	5,914	$	6,012	$	18,760	$	13,639

For the three and nine months ended September 30, 2025 and September 30, 2024, the components of interest expense related to the CIBC Credit Facility were as follows:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Borrowing interest expense	$	1,003	$	—	$	1,936	$	—
Unused facility fee	—		—		—		—
Amortization of deferred financing costs	96		—		284		—
Total interest and debt financing expense	$	1,099	$	—	$	2,220	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

T. Rowe Price OHA Select Private Credit Fund 10-Q