T. Rowe Price OHA Flexible Credit Income Fund (OFLEX)
Delivering OHA’s institutional-quality, opportunistic, multi-strategy credit capabilities to individual investors1
News release
OFLEX launch for U.S. wealth clients
Why OFLEX?
OFLEX is a multi-strategy, opportunistic credit interval fund leveraging OHA’s cross-strategy investment capabilities that may complement an investors’ existing alternative credit holdings.
Preeminent credit investor
Seeks to capitalize on OHA's 30+ years of experience as a leading credit investor and trusted partner to company management and private equity sponsors
All-weather2 investment strategy
Nimble, tactical approach with the ability to move quickly across credit markets to seize on periods of market volatility
One-stop shop alternative credit strategy
A single entry point into differentiated sources of income across private and public credit markets
Stable monthly income stream10
Focus on stable, income-generating investments with resilient cash flow profiles that offer natural risk management characteristics
Investor-friendly structure
Daily net asset value (NAV) vehicle through a ticker trade, low investor minimums, quarterly liquidity and 1099 tax reporting deliver a user-friendly experience.
T. Rowe Price client solutions
T. Rowe Price partnership provides differentiated investor experience and the world-class client service of a $1.78T3 asset manager
OFLEX portfolio at a glance
OFLEX seeks to deliver an institutional-quality,1 opportunistic, multi-strategy solution for income-focused investors by investing in six OHA strategies: direct lending, junior capital solutions, asset-based lending, CLOs/structured credit, special situations, and liquid credit.
Figures as of 12/31/2025 (unless otherwise noted)
$246M
8.25%
67%
88%
180
566
OFLEX performance by share class
Performance data quoted represents past performance, which is not a guarantee or a reliable indicator of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Actual results may vary. Total return based on net asset value is calculated as the change in net asset value (NAV) per share during the period, assuming dividends and distributions, including those distributions that have been declared. Returns for periods greater than one year are annualized. All returns shown are derived from unaudited financial information and are net of all OFLEX expenses, including general and administrative expenses, transaction-related expenses, management fees, incentive fees, and share class-specific fees, but exclude the impact of early repurchase deductions on the repurchase of share that have been outstanding for less than 1 year. Class I shares do not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in OFLEX’s portfolio, which are estimates of fair value, and form the basis for OFLEX’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value, and may not accurately reflect the price at which assets could be liquidated.
Multi-strategy credit investment solution
Watch this video to learn how OFLEX leverages OHA’s alternative credit investment platform and T. Rowe Price’s exceptional client service to deliver an all-weather2 solution.
OHA has over 30 years of experience investing as a specialist in the alternative credit markets, and T. Rowe Price has a long, successful history of delivering investment solutions for clients to help achieve their financial goals.
Together, through our partnership, OHA and T. Rowe Price seek to bring institutional-quality alternative credit solutions to individual investors, leveraging our complementary strengths in investment management and client experience.
As we continue to build new products to help clients address their investment goals, we are excited to introduce the T. Rowe Price OHA Flexible Credit Income Fund, or OFLEX. OFLEX is a semi-liquid interval fund, which seeks to capitalize on OHA's best ideas across our multi-strategy credit investment platform.
Multi-strategy credit investing has been core to OHA's DNA since inception.
For over three decades, we've invested capital dynamically in diverse credit asset classes on behalf of global institutional investors.
OFLEX is built as an all-weather strategy for individual investors, with flexibility to invest across global credit asset classes through evolving market conditions.
OFLEX employs OHA's consistent investment process to pursue opportunities across capital structures in both the liquid and private markets, with a rigorous focus on risk management.
OFLEX seeks stable, income-generating investments with resilient cash flow profiles in six sub-strategies: direct lending, junior capital solutions, asset-based lending, structured credit, special situations, and liquid credit.
Together, these strategies enable a flexible multi-strategy approach to seek to capture attractive absolute and relative value.
OHA believes managers with the capabilities required to invest across the full spectrum of credit opportunities are better positioned to deliver attractive risk-adjusted returns.
Choosing the right investment manager is a critical decision, particularly in private assets with long-term investment horizons.
We believe our industry specialist model and rigorous underwriting approach helps enhance alpha generation by leveraging capabilities from OHA's entire integrated platform.
We are excited to bring OHA's distinctive investment approach to individual investors through an interval fund structure featuring daily NAV via ticker, low minimums, quarterly liquidity, and 1099 tax reporting, all designed to deliver an investor-friendly experience.
OFLEX offers a single point of entry into the alternative credit markets that harnesses OHA's robust capabilities and deep experience.
We look forward to the opportunity to partner with you on OFLEX.
Thank you. I'm Glenn August, founder and CEO of OHA.
Explore OHA resources
Learn more about OHA, explore insights from the experts and discover additional alternative investment solutions.
OCREDIT
Explore the T. Rowe Price OHA Select Private Credit Fund—a private credit solution for income-seeking investors.
Why OHA?
Learn why OHA is a trusted advisor to many of the world’s largest and most sophisticated investors. For more than 30 years, they have cultivated deep borrower and private equity relationships to drive attractive and diversified deal flow.
Insights from the experts
Explore the latest insights on the market from OHA’s highly experienced team, which has navigated multiple market cycles.
Contact us
Individual investors
Talk to your financial adviser or brokerage representative to learn more about the T. Rowe Price OHA Flexible Credit Income Fund.
Financial professionals and institutional investors
5188060
Learn more about OHA, our expertise, and our integrated, multi-strategy approach.
Discover how T. Rowe Price helps clients around the world achieve their long-term investment goals.
All investments involve risk, including possible loss of principal. Carefully consider key risk factors prior to investing.
Footnotes
1. OFLEX seeks to provide the same type of multi-strategy credit investment solution to individual investors that were previously largely only available to OHA’s institutional clients. Institutional clients may invest in products on substantially different terms and conditions than those offered by OFLEX.
2. A fundamental risk associated with OFLEX’s investment strategy is that the companies whose debt OFLEX invests will be unable to make regular payments when due, or at all, or otherwise fail to perform. Portfolio companies could deteriorate as a result of, among other factors, an adverse development in their business; poor performance by their management teams; a change in the competitive environment; an economic downturn; or legal, tax, or regulatory changes.
3. Preliminary data as of December 31, 2025. Subject to adjustment.
4. As of February 28, 2026. Past performance is no guarantee or a reliable indicator of future results. Distribution payments are not guaranteed. OFLEX may pay distributions from the sale of assets, offering proceeds, or borrowings. The annualized distribution rate is calculated by multiplying the sum of the month’s stated distribution per share by 12 and dividing the result by the prior month’s net asset valuue (NAV) per share. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class I: no servicing fee). The payment of future distributions is subject to the discretion of OFLEX’s Board of Directors and applicable legal restrictions; therefore there can be no assurance as to the amount or timing of any such future distributions. Up to 100% of distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the adviser of OFLEX. Such waivers and reimbursements by the adviser may not continue in the future. For further information, please see our SEC filings at: www.sec.gov.
5. Private credit represent Level 3 investments in the investment portfolio which may be quoted or non-quoted but for which inputs to the valuation methodology are unobservable and significant to overall fair value measurement, divided by total investments.
6. As of December 31, 2025. Floating rate coupons adjust with interest rates, and the seniority of loans helps protect principal if a borrower becomes challenged.
7. As of December 31, 2025, metric calculated quarterly and excludes CLOs/structured products. Average spread refers to the difference in yield between a risk security and a risk-free benchmark.
8. Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. There can be no assurance that any OHA fund or investment will achieve its objectives or avoid substantial losses. Actual results may vary. Net total return is calculated as the change in net asset value per share during the period, assuming dividends and distributions, including those distributions that have been declared. Returns for periods greater than 1 year are annualized. All returns shown are net of all OFLEX expenses, including general and administrative expenses, transaction-related expenses, management fees, incentive fees, and share class-specific fees but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than 1 year. Class I shares do not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in OFLEX’s portfolio, which are estimates of fair value and form the basis for OFLEX’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value, and may not accurately reflect the price at which assets could be liquidated.
9. Class I inception date is June 17, 2024.
10. Distribution payments are not guaranteed.
11. It is possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their shares repurchased.
12. The adviser agreed to waive the management fee and incentive fee for the first 6 months after OFLEX’s effective date of March 13, 2026. If the adviser meets the hurdle rate, they will receive 15% of the excess net investment income over the hurdle rate for each calendar quarter. If the net investment income does not exceed the hurdle rate, the adviser will not receive any incentive fee for that quarter.
13. Non-U.S. investors will receive Form 1042-S.
14. OHA analysis as of June 30, 2025. OHA leadership roles reflect transactions in which OHA was the top or second-largest lender based on size, had a lead title and/or otherwise had, in OHA’s determination, a meaningful leadership role in negotiating documentation.
15. OFLEX may borrow money in connection with its investment activities, i.e. utilize leverage. Specifically, OFLEX may borrow money through a credit facility or other arrangements to seek to achieve its investment objective and may issue Preferred Stock. Represents OHA’s objectives for leverage once the portfolio is fully ramped. Actual metrics are subject to change based on market conditions and may deviate from these objectives at various times.
* Other includes chemicals, plastics & rubber, construction & building, capital equipment, personal and nondurable products, consumer goods: durable, energy: electricity, aerospace & defense, banking, oil & gas, media: diversified & production, structured finance, containers packaging & glass, insurance, utilities: water, broadcasting & entertainment, retail stores.