PR Newswire
NEW YORK, March 13, 2024
NEW YORK, March 13, 2024 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today announced financial results for the fourth quarter and year ended December 31, 2023, and the closing of a $300M Private Placement of 5-Year Senior Unsecured Notes.
"We are pleased with OCREDIT's performance and ramp to-date, having grown from $50 million in initial equity commitments to a billion-dollar-plus portfolio of high-quality investments," Eric Muller, OCREDIT's Chief Executive Officer said. "The Company's inaugural notes offering pursuant to a private placement marks a milestone in its capital management, and we look forward to continue to scale OCREDIT alongside the growing opportunity in senior private lending for the benefit of our shareholders."
QUARTERLY HIGHLIGHTS
DIVIDENDS
During the fourth quarter, the Company declared total distributions of $0.89 per share, of which $0.23 per share was a special distribution declared on December 27, 2023. As of December 31, 2023, the Company's annualized distribution yield (excluding special distributions) was 9.9%.5
From January 1, 2024 through March 13, 2024, the Company declared the following distributions:
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Kurse | January 29, 2024 | February 27, 2024 | ||||||||||
Base Distribution | $0.20 | $0.20 | ||||||||||
Variable Distribution | $0.03 | $0.03 | ||||||||||
Total Distribution | $0.23 | $0.23 |
SELECTED FINANCIAL HIGHLIGHTS
($ in millions, unless otherwise noted) | Q4 2023 | Q3 2023 | |
Net investment income per share | $1.03 | $1.02 | |
Net investment income | $21,038 | $12,292 | |
Earnings per share | $1.42 | $1.67 | |
| | | |
($ in millions, unless otherwise noted) | As of December 31, 2023 | As of September 30, 2023 | |
Total fair value of investments | $1,148.4 | $929.6 | |
Total assets | $1,286.1 | $1,096.2 | |
Total net assets | $704.4 | $494.2 | |
Net asset value per share | $28.00 | $27.49 | |
| | | |
INVESTMENT ACTIVITY
For three months ended December 31, 2023, net investment fundings were $208.3 million. The Company invested $228.9 million during the quarter, including $147.6 million in 7 new companies and $81.3 million in existing companies. The Company had $20.6 million of principal repayments and sales during the quarter.
($ in millions, unless otherwise noted) | Q4 2023 | Q3 2023 |
Investment Fundings | $228.9 | $334.2 |
Sales and Repayments | $20.6 | $12.8 |
Net Investment Activity | $208.3 | $322.5 |
As of December 31, 2023, the Company's investment portfolio had a fair value of $1,148.4 million, comprised of investments in 90 portfolio companies operating across 22 different industries. The investment portfolio at fair value was comprised of 90.8% first lien senior secured loans and 9.2% second lien senior secured loans. In addition, as of December 31, 2023, 100% of the Company's debt investments based on fair value were at floating rates, and there were no investments on non-accrual status.
ABOUT T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND
T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") 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 "1940 Act"). The Company has also elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). OHA Private Credit Advisors LLC (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940. OCREDIT's registration statement became effective on September 29, 2023. From inception through December 31, 2023, the Company has invested approximately $1,172.3 million 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 downside protection. 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.
FORWARD-LOOKING STATEMENTS
Certain 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 OAK HILL ADVISORS
Oak 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 risk-adjusted returns with downside focus. The firm manages approximately $63 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, 2023. 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 with strength across market cycles.
With over 420 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.
ABOUT T. ROWE PRICE
Founded 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 $1.51 trillion in assets under management as of February 29, 2024, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.
T. Rowe Price OHA Select Private Credit Fund Consolidated Statements of Assets and Liabilities (in thousands, except per share amounts) | ||
| ||
| As of | |
| December 31, 2023 | December 31, 2022 |
Assets | | |
Investments at fair value: | | |
Non-controlled/non-affiliated investments (cost of $1,131,726 and | $ 1,148,412 | $ 71,758 |
Cash, cash equivalents and restricted cash | 105,456 | 19,486 |
Interest receivable for non-controlled/non-affiliated investments | 15,498 | 356 |
Deferred financing costs | 6,021 | 335 |
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