Strategies

OHA believes that an active, opportunistic strategy investing across a range of asset classes can maximize risk-adjusted returns and capture changing relative value through market cycles. The firm’s multi-strategy portfolios seek to accomplish this by dynamically moving capital within and among the sectors offering the most compelling risk-return profiles. OHA’s integrated firm design and 30+ years of experience managing credit assets across the North American and European markets in high yield bonds, leveraged loans, distressed debt, structured products and private lending, enable us to execute on this rotational strategy. OHA provides broad based credit exposure through commingled fund offerings and customized portfolios tailored to meet clients’ liquidity and return objectives.

OHA has been an active, value oriented investor in the high yield bond market since the firm’s inception. Utilizing an investment approach focused on generating attractive risk- adjusted total returns, as opposed to a yield-to-maturity focus, OHA has generated outperformance by both minimizing credit losses as well as through active portfolio management. In addition to seeking out investments in stronger issuers with solid credit profiles, the firm focuses on opportunities for which it believes there is a significant likelihood of a positive credit quality or rating changes, tenders, refinancings, IPOs, mergers, defaults or a change in bankruptcy status. With this approach, OHA seeks to generate attractive returns through the credit cycle by capturing upside opportunities in both up and down market environments. The firm offers exposure to the North American and European high yield markets through multi-strategy funds as well as customized portfolios.

OHA has been an active investor in the North American and European leveraged loan markets for over two decades. The firm has expertise across the full range of loans including traditional term loans, delayed draw term loans, revolving credit facilities, second lien loans, private lending / proprietary loans, DIP financings, bridge loans, and rescue / specialty loans. OHA’s value-oriented research focus has allowed the firm to generate attractive, risk adjusted returns through various market cycles. Additionally, the firm leverages OHA’s significant distressed investment expertise, which it believes has the potential to meaningfully enhance clients’ returns in more challenging investment environments.

Across both North American and European markets, OHA has a long history of successfully investing in a broad range of distressed investments, from traditional distressed leveraged loans and high yield bonds, to rescue financing and turnaround opportunities, to opportunistic private equity investments. While OHA has the ability and experience to take a control, influence or trading role in its distressed investments, the firm generally seeks to take an active role in the outcome of its investments. This involves influencing investment outcomes through a variety of means including: (i) negotiating transaction terms in a restructuring process; (ii) acquiring a seat on the Board of Directors; (iii) playing a role in board member selection; (iv) leading / underwriting an equity rights offering; (v) influencing terms and meaningfully participating in exit financings; and (vi) joining or creating ad hoc creditors’ committees. OHA offers exposure to distressed investments through dedicated and multi-strategy funds, as well as, customized portfolios.

OHA is a leading participant in the Collateralized Loan Obligations (“CLO”) market both as a sponsor/manager of CLOs as well as an investor in the debt and subordinated tranches of third party managers’ CLOs. As one of the earliest participants in the CLO market, OHA has successfully sponsored and managed multiple CLOs in both North America and Europe totaling $31.0 billion of issuance since 2001. Since 2008, OHA has been an active investor in third-party CLOs, seeking to opportunistically identify attractive relative and absolute value by leveraging the firm’s proprietary analytical capabilities. Both aspects of OHA’s CLO platform benefit from an integrated approach utilizing a team of specialists from four distinct areas of expertise including Loan Portfolio Management / Research, CLO Structuring, Credit Work-out / Distressed Investments and Compliance / Administration. Investors may participate in the firm’s CLO strategies through both direct investments into OHA-managed CLOs as well as funds and customized portfolios investing in diversified portfolios of CLO tranches.

OHA has substantial experience in private credit, having invested over $58.9 billion in over 460 private credit investments as of December 31, 2025. Employing an opportunistic, credit-driven approach, OHA looks for investment opportunities up and down the capital structure of companies in North America and Europe, typically targeting companies or issuers for whom the syndicated markets do not provide a good fit. The firm sources select directly originated transactions from financial sponsors, company relationships and other sources, and has sought to position itself as a value- added partner in club transactions. OHA believes its industry-focused investment research teams and broad experience in the below investment grade credit markets position it well to execute private transactions and provide creative solutions to its borrower relationships. Participation in OHA-managed private credit strategies are available through certain funds or customized portfolios.

OCREDIT

The T. Rowe Price OHA Select Private Credit Fund (OCREDIT) is an OHA-managed private credit investment solution for income-oriented individual investors with the convenience of a non-traded, perpetual-life business development company (BDC) structure. Launched in October 2023 with $1.5 billion of investible capital, OCREDIT is one of the largest non-traded BDC launches and is offered perpetually to investors.

OCREDIT seeks to generate attractive returns driven by generally strong and stable current income through different market environments, including periods of market volatility. The fund invests in a diversified portfolio of primarily senior secured, privately originated loans to larger, well-established, recession-resistant companies located predominately in North America. OCREDIT harnesses the differentiated capabilities of OHA’s credit specialist platform developed and proven over its 30-year history. For additional information, please visit www.ocreditfund.com.

OFLEX

The T. Rowe Price OHA Flexible Credit Income Fund (OFLEX) is an OHA managed, multi strategy credit investment solution designed to provide investors with access to a broad and flexible opportunity set across public and private credit markets. Structured as an interval fund, OFLEX seeks to deliver income and total return by dynamically allocating across credit strategies through market cycles.

OFLEX is designed to pursue attractive risk adjusted returns by leveraging OHA’s integrated credit platform and deep experience across the credit spectrum in private and public markets. The fund invests across a diversified mix of credit strategies, allowing for flexibility in portfolio construction as market conditions evolve. OFLEX benefits from OHA’s disciplined investment process and long-standing track record as a global credit specialist. For additional information, please visit www.oflexfund.com.