OFLEX investor resources
Review the OFLEX prospectus, fact sheet, and other important investment literature.
Investor resources
Fact Sheet
Investor Presentation
Fund Overview
Introduction to Interval Funds
Introduction to Multi-Strategy Credit
Quarterly Commentary
Additional resources
SEC filings
| Document name | Date |
|---|---|
| Annual Report | 12-31-2025 |
| Semi-Annual Report | 06-30-2025 |
| Annual Report | 12-31-2024 |
Fund terms
| Structure | 1933 Act & 1940 Act registered, continously offered interval fund |
| Subscriptions | Daily at NAV |
| Distributions10 | Monthly |
| Repurchases | Quarterly repurchases of a minimum of 5% of fund shares at NAV11 |
| Leverage15 | Up to 0.5x |
| Investment minimum | Class A: $2,500 Class D: $2,500 Class I: $1,000,000 |
| Management fee | 1.00% per annum on NAV, paid monthly12 |
| Incentive fee | 15.0% of net investment income, subject to a 6% hurdle rate with 100% catch-up, paid quarterly12 |
| Tax reporting13 | Form 1099 - DIV |
All terms and information subject to change. The information provided herein is presented as a summary of certain key terms of the fund and is qualified in its entirety by the fund’s definitive legal documents. See more.
Key risk factors
OFLEX may in certain circumstances invest in companies experiencing distress, increasing the risk of default or failure. In addition, OFLEX is not listed on an exchange, which heightens the liquidity risk.
Please review the additional risk factors below prior to investing.
Frequently asked questions
An interval fund is a closed-end registered investment company that can continuously offer shares through a daily NAV to an unlimited number of investors. Interval funds are not exchange listed and can provide investors liquidity through repurchases of their shares at NAV at a predetermined frequency, or "intervals," but generally on a quarterly basis. The unique interval fund structure allows asset managers to deliver alternative and illiquid investment strategies to a broad investor base.
OHA believes multi-strategy credit is designed as an all-weather2 strategy with the ability to invest across the credit universe and capital structure in both private and public markets. This flexibility allows for tactical, opportunistic positioning throughout market cycles that emphasizes relative value and dynamic portfolio construction.
Private credit is an alternative asset class spanning several types of debt that is less liquid than traditional fixed income.
OFLEX intends to make investments in six credit strategies: direct lending, junior capital solutions, asset-based lending, collateralized loan obligations (CLOs)/structured credit, special situations, and liquid credit.
The scale of our firmwide investment activities creates a high volume and frequency of engagement with sponsors, borrowers, and other partners and counterparties. This framework continuously enriches knowledge of issuers and sponsors and their strategic and financing objectives. We believe that the frequency of our dialogue not only enhances our relationships but also positions us to engage early when the next financing opportunity arises. OHA further believes that our integrated, industry-focused investment model facilitates our access to and working relationship with market participants—further enhancing deal flow and proprietary sourcing.
The UniFi by CAIA™ Private Debt Microcredential
Financial professionals: Contact your T. Rowe Price representative to discuss complimentary access to this content.
The UniFi by CAIA™ Private Debt Microcredential is a five-hour online program designed to provide asset management and wealth management industry professionals with foundational knowledge of one of the fastest-growing private market categories of the past decade.
The curriculum is divided into four major components, covering the fundamentals of private debt, private corporate lending, asset-based lending, and private debt portfolio implementation. After successfully completing the program, you will be awarded a certificate of completion, as well as a verifiable digital badge from CAIA and through Credly.
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
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.
T. Rowe Price’s background on FINRA’s BrokerCheck
Risk factors
T. Rowe Price OHA Flexible Credit Income Fund (OFLEX) is a non-exchange-traded, closed-end management investment company that operates as an “interval fund.” OFLEX expects to invest at least 80% of its assets in fixed income securities and credit instruments. The fund is designed primarily for long-term investors and not as a trading vehicle. This investment involves a high degree of risk. An investor should purchase these securities only if they can afford the complete loss of the investment. This document must be read in conjunction with the OFLEX prospectus, including the “Risk Factors” sections therein, in order to fully understand all the implications and risks of an investment in OFLEX. These risks include, but are not limited to, the following:
- We have limited prior operating history, and there is no assurance that we will achieve our investment objective.
- We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing.
- We will conduct quarterly repurchase offers for between 5% and 25% of the fund’s outstanding shares at net asset value (NAV). In connection with any given repurchase offer, it is likely that the fund may offer to repurchase only the minimum amount of 5% of its outstanding shares. It is also 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. Even though the fund will make quarterly repurchase offers to repurchase a portion of the shares to try to provide liquidity to shareholders, you should consider the shares to have limited liquidity.
- The fund’s NAV per share may be volatile. As the shares are not traded, investors will not be able to dispose of their investment in the fund, except through repurchases conducted through the share repurchase program, no matter how the fund performs.
- The investor will bear substantial fees and expenses in connection with their investment. The fund charges management fees, incentive fees, loads, other expenses or brokerage commissions and fees for optional services may also apply. These fees will detract from the total return. Fees and expenses may result in a significant difference between gross and net returns.
- We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or return of capital, and we have no limits on the amounts we may pay from such sources. Although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits, and (3) will have the effect of reducing a shareholder’s tax basis such that when a shareholder sells their shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price.
- Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the adviser or its affiliates, that may be subject to reimbursement to the adviser or its affiliates. The repayment of any amounts owed to the adviser or its affiliates will reduce future distributions to which investors would otherwise be entitled.
- We expect to use leverage, which may increase the volatility of OFLEX’s investments and will magnify the potential for loss on amounts invested in us.
- We intend to invest a substantial portion in securities that are rated below investment grade by rating agencies or that would be rated below investment-grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid, unregistered, and difficult to value.
- Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or conduct standards including the "Regulation Best Interest" standard to any or all purchasers.
All investments involve the risk of material or total loss. Alternative investments often are speculative; typically have higher fees than traditional investments; often include a high degree of risk, and are in the best interest of, or suitable for, eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss. An investor should purchase these securities only if they can afford the complete loss of the investment.
Fixed income securities are subject to credit risk, call risk, prepayment risk, and interest rate risk. As interest rates rise, bond prices generally fall. Investments in bank loans may at times become difficult to value and highly illiquid; they are subject to credit risk such as nonpayment of principal or interest, and risks of bankruptcy and insolvency.
International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are typically greater in emerging markets.
The fund may enter into short sales by selling a security it has borrowed. If the market price of a security increases after the fund borrows the security, the fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price.
OFLEX may invest in derivatives, including collateralized loan obligations (CLOs), options, and futures, which may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions; risks include currency risk, leverage risk, liquidity risk, index risk, pricing risk, and counterparty risk.
OFLEX is “nondiversified,” meaning it may invest a greater portion of its assets in a single company. A nondiversified fund’s share price can be expected to fluctuate more than that of a comparable diversified fund.
Additional disclosure information
Past performance does not guarantee future results. Actual results may vary. There is no guarantee that an investor would achieve results comparable to those presented. The data used to calculate the returns is unaudited and subject to revision.
Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market.
The contents of this communication: (i) do not constitute an offer of securities or a solicitation of an offer to buy securities in the United States or in which jurisdiction such an offer or solicitation would be unlawful under the applicable laws and regulations, (ii) do not and cannot replace the offering documents and is qualified in its entirety by the offering documents, and (iii) may not be relied upon in making an investment decision related to any investment offering by the issuer of the securities, or any affiliate, or partner thereof. This material is provided for informational purposes only and should not be construed as a investment advice or a recommendation for any securities product or service of any kind (implied or otherwise). Investments mentioned may not be in the best interest of, or suitable for all investors. Any product discussed herein may be purchased only after an investor has carefully reviewed the prospectus and executed the subscription documents. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment discussed herein.
Opinions and estimates offered herein constitute the judgment of Oak Hill Advisors as of the date this document is provided to an investor and are subject to change as are statements about market trends. All opinions and estimates are based on assumptions, all of which are difficult to predict and many of which are beyond the control of Oak Hill Advisors. In preparing this document, Oak Hill Advisors has relied upon and assumed, without independent verification, the accuracy and completeness of all information. Oak Hill Advisors believes that the information provided herein is reliable; however, it does not warrant its accuracy or completeness. Certain information contained in the materials discusses general market activity; industry or sector trends; or other broad-based economic, market, or political conditions and should not be construed as research or investment advice.
This material was not created by any third-party registered broker-dealers or investment advisers who are distributing shares of OFLEX (each, a “dealer”). The dealers are not affiliated with OFLEX and have not prepared the material or the information herein. Further, opinions expressed herein may differ from the opinions expressed by a dealer and/or other businesses / affiliates of a dealer. This is not a “research report” as defined by FINRA Rule 2241 and was not prepared by the research departments of a dealer or its affiliates. Interests in alternative investment products are distributed by the applicable dealer and (1) are not FDIC-insured, (2) are not deposits or other obligations of such dealer or any of its affiliates, and (3) are not guaranteed by such dealer and its affiliates. Each dealer is a registered broker-dealer or investment adviser, not a bank.
In the United States, securities are offered through T. Rowe Price Investment Services Inc., a broker dealer, registered with the U.S. Securities and Exchange Commission and a member of FINRA, and advisory services are offered by OHA Private Credit Advisors II, L.P. T. Rowe Price Investment Services, Inc. and OHA Private Credit Advisors II, L.P. are affiliated and both entities are T. Rowe Price companies.
For a more detailed description of OFLEX’s investment guidelines and risk factors, please refer to the prospectus. Consider the investment objectives, risks, and charges and expenses carefully before investing or sending money. For a free prospectus containing this and other information, call 1-800-541-5299 or download a copy of the prospectus. Read it carefully.