T.Rowe Price private credit fund issues Q1 distributions
T. Rowe Price’s OHA Select Private Credit Fund (OCREDIT) has issued distributions of $0.87 (£0.70) per share for the first quarter of the year.
This includes a special distribution of $0.18 per share.
As of 31 March 2024, the fund’s annualised distribution yield – excluding special distributions – was 9.8 per cent.
In the quarterly update, OCREDIT’s chief executive Eric Muller told investors that the fund “continues to perform in line with our original expectations, driven by robust interest income and attractive all-in asset yields.”
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“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,” Muller added.
Last year, OCREDIT returned a weighted average yield on debt and income-producing investments of 12.7 per cent. Net investment income per share was $1.03 by the end of December 2023, rising to $1.05 by 31 March 2024.
At the end of the first quarter of the year, the fund’s earnings per share were $1.02 with an annualised total return of 15.89 per cent since inception.
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Net asset value per share was $28.15, up 0.5 per cent from 31 December 2023.
During the first quarter results, T. Rowe Price revealed that on 10 April 2024, OCREDIT launched on its first major wirehouse platform, widening its potential reach among US intermediaries.
“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 US 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.”
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