OFLEX performance

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.