T. Rowe Price OHA’s OCREDIT Posts $3B Portfolio, Routine Tender Amid Sector Stress
T. Rowe Price OHA Select Private Credit Fund opened its second-quarter tender offer, offering to repurchase up to 3,133,134 shares of its publicly registered nontraded business development company – a figure equal to approximately 5% of shares outstanding as of March 31, 2026 – even as the fund reported first-quarter earnings showing continued portfolio growth and stable distributions.
The tender window runs through June 2, with shares valued at net asset value as of June 30. The offer came on the same day the fund, known as OCREDIT, disclosed that its investment portfolio reached $3 billion in total fair value, comprising 139 portfolio companies across 22 sectors with a weighted average yield of 10%.
Total assets stood at $3.15 billion at the end of March (a 2.3% increase since Dec. 31, 2025), and net assets were $1.64 billion (a 3.12% increase since Dec. 31), with NAV per share of $26.15 across all three share classes – Class I, Class D, and Class S. That NAV figure is down from $26.89 at year-end 2025. Total shares outstanding grew to 62.7 million from 59.1 million at the end of the year. Distributions for the quarter totaled $0.69 per share.
“Despite recent headlines and broader concerns around private credit, OCREDIT’s portfolio remains fundamentally sound and the fund continues to deliver strong distributions to investors,” said Eric Muller, OCREDIT’s chief executive officer. “We believe OCREDIT is well-positioned to take advantage of attractive private credit opportunities in the market.”
Muller’s comments land against a backdrop of notable stress elsewhere in the nontraded BDC space. Apollo Debt Solutions BDC repurchased approximately $723 million in shares in the first quarter after investors tendered more than twice the shares the fund was willing to buy back under its quarterly cap. Blackstone Private Credit Fund, or BCRED, faced record redemption requests of 7.9% of shares outstanding in a single quarter. Vista Credit Strategic Lending Corp. fulfilled only about half of its latest tender requests after demand exceeded its 5% cap for the first time. And Oaktree’s Strategic Credit Fund used an affiliate backstop to satisfy investors after tender demand exceeded both the standard 5% cap and a 2% regulatory expansion.
According to investment banking firm Robert A. Stanger & Company, nontraded BDC sales through March 2026 totaled approximately $4.9 billion – nearly 59% below peak levels from the same period in 2025. Stanger has projected a roughly 40% year-over-year decline in nontraded BDC capital formation for 2026, and has characterized the slowdown as the early stages of a liquidity cycle similar to the one that reshaped the nontraded real estate investment trust market beginning in 2022.
OCREDIT’s tender, by contrast, shows no signs of oversubscription or proration. According to the fund, it may use cash on hand, borrowings, or proceeds from portfolio sales to fund repurchases, and sets a 2% early repurchase deduction on shares issued after July 1, 2025. Net subscriptions have continued to outpace redemptions, and the tender size – 3,133,134 shares this quarter – has grown proportionally alongside the fund’s overall share count.
OCREDIT is externally managed by OHA Private Credit Advisors LLC, a subsidiary of Oak Hill Advisors, which manages approximately $112 billion across credit strategies as of March 2025. T. Rowe Price acquired OHA in 2021 to establish a private markets capability alongside its traditional active management platform, and OCREDIT – launched in the fall of 2023 with $1.5 billion in investable capital, which Stanger ranked among the largest nontraded BDC launches on record – was the first joint retail product from that partnership.
The partnership has since expanded its product lineup. In March 2026, T. Rowe Price and OHA launched the T. Rowe Price OHA Flexible Credit Income Fund, a multi-strategy credit interval fund designed to provide access to OHA’s alternative credit strategies across both private and public markets. In April, T. Rowe Price appointed Bill Cashel as head of alternatives for U.S. wealth, a new role responsible for delivering the combined alternatives capabilities of T. Rowe Price and OHA through the intermediary distribution channel. And in September 2025, AltsWire reported that Goldman Sachs and T. Rowe Price announced a strategic collaboration to build co-branded private market model portfolios and multi-asset offerings for retirement and wealth investors, with Goldman Sachs stating its intention to purchase up to $1 billion of T. Rowe Price common stock as part of the arrangement.
The Q2 2026 tender offer expires June 2. Shareholders who tender and are accepted for repurchase will receive proceeds based on the NAV as of June 30.
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