OCREDIT performance

Footnotes

1. OCREDIT seeks to provide the same type of private 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 OCREDIT.

2. There are no guarantees of income distributions.

3. A fundamental risk associated with OCREDIT’s investment strategy is that the companies whose debt OCREDIT 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.

4. As of February 28, 2026.

5. As of February 28, 2026, the annualized distribution rate is calculated by multiplying the sum of the month's stated base distribution per share and variable supplemental distribution per share by twelve and dividing the result by the prior month's NAV per share. Distribution payments are not guaranteed. The Issuer may pay distributions from the sale of assets, offering proceeds, or borrowings.

6. Floating rate coupons adjust with interest rates, and the seniority of loans helps protect principal if a borrower becomes challenged. 

7. EBITDA, or earnings before interest, taxes, depreciation, and amortization, is an alternate measure of profitability to net income. EBITDA attempts to represent cash profit generated by the company’s operations.

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. Total return based on net asset value 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 derived from unaudited financial information and are net of all OCREDIT 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. Past performance is historical and not a guarantee of future results. Class I shares do not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in OCREDIT’s portfolio, which are estimates of fair value and form the basis for OCREDIT’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 November 14, 2022, Class S inception date is May 1, 2024, and Class D inception date is March 1, 2025.

10. Future distribution rates are not guaranteed. 

11. The Fund’s Class I Shares inaugural dividend for performance in July 2023 was declared in August 2023. 

12. This vehicle made an election to be treated as a BDC on June 30, 2023. All terms and information subject to change.

13. Represents OHA’s objectives for leverage. Actual metrics are subject to change based on market conditions and may deviate from these objectives at various times.

14. Distribution payments are not guaranteed and are subject to board approval. The Issuer may pay distributions from the sale of assets, offering proceeds, or borrowings. The payment of future distributions is subject to the discretion of OCREDIT’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.

15. Not guaranteed; quarterly tender offers to repurchase shares are expected but not guaranteed. The Board of Trustees may amend, suspend, or terminate share repurchases at its discretion.

16. Non-U.S. investors will receive Form 1042-S.

17. Certain states have additional suitability requirements.

18. Assets under management (“AUM”) estimated as of December 31, 2025. Refers to the discretionary and non-discretionary assets of investment advisory clients and of certain tactical relationships to which OHA provides management, advisory or sourcing and administrative services. AUM includes net asset value, drawn and undrawn debt at the portfolio level, portfolio value and/or unfunded capital, as applicable. AUM uses USD exchange rates as of the applicable month-end for any non-USD-denominated assets. For the CLOs OHA manages, OHA’s AUM is equal to the initial principal of collateral adjusted for paydowns. Additional information on the AUM calculation methodology is available upon request. Private Strategies, Liquid Strategies and Structured Credit are based on the primary strategy of each investment vehicle and/or account, each of which may invest in multiple asset classes. The AUM provided here is distinct from regulatory assets under management (as reported on the Form ADV), GIPS assets under management calculations, and capital under management. Totals may not add due to rounding.

19. As of December 31, 2025.

20. Represents the Total Investment Amount in the OHA Private Lending Representative Transactions Record (“PLRTR”). As of December 31, 2025. Total Investment Amount reflects the initial par value of such Private Lending Investment at issuance in addition to the par value of any subsequent primary market purchases of such Private Lending Investment. Private Lending Investments include what OHA believes to be non-broadly syndicated debt investments (whether bonds or loans) acquired in primary issuances that are sourced, originated, negotiated and/or structured by OHA. The inception of the PLRTR is September 2002. Totals may not add due to rounding.

21. Based on Sharpe ratios (a measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment): Source: T. Rowe Price analysis as of December 31, 2025. Private credit represented by the Cliffwater Direct Lending Index. The Cliffwater Direct Lending Index seeks to measure the unlevered, gross of fees performance of U.S. middle market corporate loans. U.S. core bond represented by the Bloomberg U.S. Aggregate Bond Index. The Bloomberg U.S. Aggregate Bond Index represents the investment-grade, USD-denominated fixed-rate taxable bond market. U.S. high yield represented by the Bloomberg U.S. Corporate High Yield Index. The Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. U.S. equities represented by the S&P 500 Index. An investor cannot invest directly in an index.

22. Based on OHA analysis as of June 30, 2025. Percentage is calculated as OHA’s deployment in all senior private lending investments that were unitranche financings in which it had a leadership role divided by OHA’s deployment in all of its senior private lending investments that were unitranche financings, in each case, from January 1, 2022 through June 30, 2025. Excludes incremental financings less than one billion in size. 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. Including deployment of senior private lending investments made by OHA prior to January 1, 2022 may (including materially) reduce such percentage.

*Other includes Chemicals, Plastics, and Rubber, Retail Stores, Construction & Building, Telecommunications, Consumer Goods: Durable, Printing and Publishing, Cargo Transport, Containers, Packaging and Glass, Ecological, Buildings and Real Estate, and Banking.