# EDGAR Filing Document

**Accession Number:** 0002028436
**File Stem:** 0002028436-26-000005
**Filing Date:** 2026-2
**Character Count:** 285672
**Document Hash:** 6275c9fbf300e998d8698bd2afc2dbd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002028436-26-000005.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0002028436-26-000005

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price OHA Flexible Credit Income Fund
- **CENTRAL INDEX KEY:** 0002028436

**ORGANIZATION NAME:**
- **EIN:** 993089688
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23980
- **FILM NUMBER:** 26681173

**BUSINESS ADDRESS:**
- **STREET 1:** 1 VANDERBILT AVENUE, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 844-700-1478

**MAIL ADDRESS:**
- **STREET 1:** 1 VANDERBILT AVENUE, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

?xml version='1.0' encoding='ASCII'? ck0002028436-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

____________________

**Form N-CSR**

____________________

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act File Number 811-23980**

____________________

**T. ROWE PRICE OHA FLEXIBLE CREDIT INCOME FUND** 

**(Exact name of Registrant as specified in its Charter)**

____________________

**1 Vanderbilt Avenue, 16th Floor**

**New York, New York 10017**

(Address of Principal Executive Offices)

**Registrant's Telephone Number, Including Area Code: (212) 326-1500**

**Gregory S. Rubin, Esq.**

**OHA Private Credit Advisors II, L.P.**

**1 Vanderbilt Avenue, 16th Floor**

**New York, New York 10017**

(Name and address of Agent for Service)

**Date of reporting period:** December 31, 2025

------

**T. ROWE PRICE OHA FLEXIBLE CREDIT INCOME FUND**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| **<u>[Letter to Shareholders](#i5eae2fdd4b514cc999fd40a2de924503_10)</u>** | [3](#i5eae2fdd4b514cc999fd40a2de924503_10) |
| **<u>[Top Holdings and Industries](#i5eae2fdd4b514cc999fd40a2de924503_16)</u>** | [8](#i5eae2fdd4b514cc999fd40a2de924503_16) |
| **<u>[Financial Statements](#i5eae2fdd4b514cc999fd40a2de924503_22)</u>** | [9](#i5eae2fdd4b514cc999fd40a2de924503_22) |
| &nbsp;&nbsp;<u>[Consolidated Schedule of Investments](#i5eae2fdd4b514cc999fd40a2de924503_22)</u> | [9](#i5eae2fdd4b514cc999fd40a2de924503_22) |
| &nbsp;&nbsp;<u>[Consolidated Statement of Assets and Liabilities](#i5eae2fdd4b514cc999fd40a2de924503_28)</u> | [19](#i5eae2fdd4b514cc999fd40a2de924503_28) |
| &nbsp;&nbsp;<u>[Consolidated Statement of Operations](#i5eae2fdd4b514cc999fd40a2de924503_31)</u> | [20](#i5eae2fdd4b514cc999fd40a2de924503_31) |
| &nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets](#i5eae2fdd4b514cc999fd40a2de924503_34)</u> | [21](#i5eae2fdd4b514cc999fd40a2de924503_34) |
| &nbsp;&nbsp;<u>[Consolidated Statement of Cash Flows](#i5eae2fdd4b514cc999fd40a2de924503_37)</u> | [22](#i5eae2fdd4b514cc999fd40a2de924503_37) |
| &nbsp;&nbsp;<u>[Consolidated Financial Highlights](#i5eae2fdd4b514cc999fd40a2de924503_40)</u> | [23](#i5eae2fdd4b514cc999fd40a2de924503_40) |
| &nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i5eae2fdd4b514cc999fd40a2de924503_43)</u> | [24](#i5eae2fdd4b514cc999fd40a2de924503_43) |
| &nbsp;&nbsp;<u>[Re](#i5eae2fdd4b514cc999fd40a2de924503_100)[port](#i5eae2fdd4b514cc999fd40a2de924503_100)[of Independent Regist](#i5eae2fdd4b514cc999fd40a2de924503_100)[ered Publi](#i5eae2fdd4b514cc999fd40a2de924503_100)[c Accounting Firm](#i5eae2fdd4b514cc999fd40a2de924503_100)</u> | [41](#i5eae2fdd4b514cc999fd40a2de924503_100) |
| **<u>[Privacy Notice](#i5eae2fdd4b514cc999fd40a2de924503_76)</u>** | [42](#i5eae2fdd4b514cc999fd40a2de924503_76) |
| **<u>[Management of the Fund](#i5eae2fdd4b514cc999fd40a2de924503_462)</u>** | [46](#i5eae2fdd4b514cc999fd40a2de924503_462) |
| **<u>[Other Information](#i5eae2fdd4b514cc999fd40a2de924503_85)</u>** | [63](#i5eae2fdd4b514cc999fd40a2de924503_85) |
| **<u>[Exhibits](#i5eae2fdd4b514cc999fd40a2de924503_91)</u>** | [66](#i5eae2fdd4b514cc999fd40a2de924503_91) |
| **<u>[Signatures](#i5eae2fdd4b514cc999fd40a2de924503_94)</u>** | [67](#i5eae2fdd4b514cc999fd40a2de924503_94) |

---

------

**Item 1. Letter to Shareholders**

![OHA letterhead.jpg](ck0002028436-20251231_g1.jpg)

**<u>Key Risks and Disclosures</u>**

**THIS FUND IS ONLY AVAILABLE TO INSTITUTIONAL AND ACCREDITED INVESTORS.** 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 its 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.

This document must be read in conjunction with the OFLEX prospectus in order to fully understand all the implications and risks of an investment in OFLEX. This document is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus, which must be made available to an investor prior to making a purchase of shares in connection with this offering and is available on OFLEX's website. Prior to making an investment, investors should read the prospectus, including the "Risk Factors" section therein, which contains a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition.

Numerical data is approximate and as of 12/31/2025, unless otherwise noted. The words "we", "us", and "our" refer to OFLEX, unless the context requires otherwise. Diversification of an investor's portfolio does not assure a profit or protect against loss in a declining market.

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.

**Additional Disclosure Information**

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 "non-diversified," meaning it may invest a greater portion of its assets in a single company. A non-diversified fund's share price can be expected to fluctuate more than that of a comparable diversified fund.

------

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.

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.

**I. Fund Overview**

T. Rowe Price OHA Flexible Credit Income Fund ("OFLEX" or "the Fund") seeks to generate current income by investing across OHA's credit-focused platform. The Fund employs an "all-weather" strategy with flexibility to invest across the credit spectrum in both private and public markets.

As of December 31, 2025, the Fund had a net asset value of $201 million. In advance of OFLEX being publicly offered, there was an initial seed fundraising round that ended on February 1, 2026, and the public offering for the Fund is expected to commence in mid-Q1. Investors will benefit from a fee holiday during the six months following commencement of the public offering.

The Fund's performance and portfolio construction have benefited from its differentiated sourcing, rigorous credit selection and flexible investment mandate. Against a dynamic market backdrop, OFLEX returned 9.91% for the year and 9.76% on an annualized basis since inception, as of December 31, 2025. Gains were driven by steady income generation, consistent with the Fund's income-oriented mandate, as well as valuation gains. Gains were distributed across the Fund's strategies with the largest contributions from Junior Capital Solutions, Asset Based Lending, and Direct Lending. The Fund maintained robust distributions during the second half of the year, ending 2025 with a distribution rate of 10.79% annualized.

Portfolio composition as of year-end reflects the mandate's focus on flexibility and downside protection. The Fund had investments in 180 assets across 83 issuers, spanning a range of industries and position sizes based on conviction. The Fund's largest industry exposures were High Tech, Business Services, Healthcare,

------

Education and Childcare, and Finance. Investment activity continues to target a broad set of industries and company profiles that OHA views as recession-resistant and particularly attractive for credit investing. At year-end, 98% of the portfolio was invested in companies located in North America with 2% located in Europe.

Portfolio activity reflects the Fund's opportunistic mandate and ability to capitalize on shifting market dynamics and periods of dislocation. During the second half of 2025, the Fund selectively expanded into areas OHA believes offer compelling relative value and absolute risk-adjusted return profiles. Deployment continued to expand into a wider range of credit solutions, including meaningful allocations to Special Situations and Asset Based Lending which offer differentiated sources of return. Pricing dislocations in the secondary market created attractive entry points for the Fund to rotate its Liquid Credit allocation tactically while preserving a balanced risk profile.

As of December 31, 2025, the Fund's allocations across its strategies were 42% Direct Lending, 23% Junior Capital Solutions, 13% Liquid Credit, 11% Special Situations, 8% Asset Based Lending, and 3% CLOs / Structured Credit. The target asset mix for the portfolio once fully ramped is 20-50% Direct Lending, 0-30% Junior Capital Solutions, 0-30% Asset Based Lending, 0-30% CLOs / Structured Credit, 0-30% Special Situations, and 0-30% Liquid Credit. The Fund may invest in additional strategies in the future.

**II. 2H 2025 Market Update** 

The second half of the year started with a meaningful market rally as positive tariff developments, the passage of the Trump administration's budget reconciliation bill, and the Federal Reserve's September rate pivot strengthened the soft-landing narrative. Lower-than-expected tariff-related inflation and softening labor data supported the Fed's first rate cut since December 2024, reducing the policy rate to 3.75-4.00% and signaling additional easing before year-end. During the fourth quarter, macro conditions and the investment outlook became more nuanced. A 43-day U.S. government shutdown introduced intermittent volatility as political negotiations dragged on. Delayed economic releases muddied the economic data backdrop. Nonetheless, the Fed delivered its fifth and sixth cuts of the cycle, bringing the target range to 3.50-3.75% while signaling a likely pause pending clearer signals on inflation and employment.

Several additional themes contributed to meaningful dispersion and recurring volatility in the fourth quarter as investors repeatedly rotated between "risk-on" and "risk-off" postures. Ongoing U.S.-China trade tensions continued to heighten concerns around tariffs and supply-chain resilience. Artificial Intelligence ("AI") remained a dominant investment theme as markets reflected growing investor concerns about the capital intensity of AI build-outs while remaining bullish on the sector's earnings growth potential. Several headline-grabbing bankruptcies and alleged frauds contributed to investor concerns about potential deterioration in credit standards. OHA believes these examples are largely idiosyncratic as opposed to evidence of systemic issues, while reinforcing the importance of credit selection.

Performance across risk assets became more mixed as the second half of 2025 progressed reflecting increasing uncertainty. While equities had muted returns in the latter portion of the year, total year returns for 2025 were strong. In November and December, the Nasdaq slid slightly from all-time highs as investors rotated out of large-cap technology exposure, but still returned 14.1% for the second half and 20.4% for the year.<sup>1</sup> The S&P had similar positive performance, with a gain of 10.3% in the second half of the year and 17.9% for the year.<sup>1</sup> European and emerging markets outperformed significantly with the FTSE 100 and MSCI EM indices returning 21.5% and 30.6% in 2025, respectively.<sup>1</sup> Precious metals had an especially strong year with gold and silver returning 128.0% and 55.5%, respectively.<sup>1</sup> This outperformance may also reflect increasing defensiveness in investor positioning. Credit market performance was strong in the second half of 2025, as leveraged loans returned 5.9% and high yield returned 8.5% for the year. The outperformance of high yield was consistent with the decline in the 10-Year Treasury yield from 4.57% to 4.17% over the course of the year.<sup>1,2</sup> Higher-quality credit outperformed toward the end of the year, reflecting growing investor concerns.

Capital markets activity was generally healthy in the second half of 2025. Loan and high yield issuance maintained strong momentum, with high yield recording its most active gross issuance volume since the COVID-era peaks. Repricings and refinancings drove most of the activity, though strategic M&A also picked up

<sup>(1)</sup> Source: Bloomberg.

<sup>(2)</sup> Source: Bloomberg. High-yield bonds represented by the ICE BofA U.S. High Yield Index. Leveraged loans represented by the S&P UBS Leveraged Loan Index.

------

as the second half progressed. Private lending deal flow remained episodic throughout the year but strengthened meaningfully in the second half. OHA proactively engaged sponsors to maintain a robust deal pipeline and reached a new annual record of $11.2 billion invested across 75+ private lending deals.

**III. Outlook & Pipeline** 

As we start 2026, the macro and market backdrop have remained somewhat mixed. Strong corporate earnings, better than expected fourth quarter GDP growth and benign inflation reports provide a supportive economic backdrop. Consensus earnings expectations are uniformly bullish. Markets have remained reasonably resilient in the face of geopolitical and trade tensions until the recent spike in volatility reflecting investor concerns and uncertainty over AI disruption risks. At the same time, significant investment associated with AI adoption, particularly across data centers, infrastructure, and energy, continues to drive demand for capital and financing solutions. Additionally, increased dispersion across high yield, broadly syndicated loans and collateralized loan obligations ("CLOs") in public markets may contribute to more differentiated outcomes which can create attractive investment opportunities. OHA believes these conditions are conducive to OHA's highly selective and rigorous credit underwriting and the Fund's opportunistic mandate.

OHA believes it is well positioned with dry powder to capitalize on market dislocations and demand for financing solutions. This capital base reinforces the team's ability to exercise its leadership in structuring and negotiating transactions. OHA expects deployment to remain robust in 2026, supported by the firm's ability to invest dynamically while maintaining a highly selective approach. In an environment with more elevated volatility, OHA's 30+ year history of investing through varied market cycles helps enhance its ability to preserve capital while capitalizing on the evolving opportunity set.

\*\*\*\*\*\*

As always, please feel free to contact any member of the Oak Hill Advisors team with any questions or comments.

Best regards,

Oak Hill Advisors, L.P.

------

**Top Holdings and Industries** 

Portfolio holdings and industries are subject to change. Fair value and percentages are as of December 31, 2025. Percentages are based on net assets.

---

| | | |
|:---|:---|:---|
| **Top Ten Industries**  | | |
| High Tech | $42265  | 21.0% |
| Services: Business | $39251  | 19.5% |
| Healthcare, Education & Childcare | $20899  | 10.4% |
| Finance | $17750  | 8.8% |
| Automobile | $14040  | 7.0% |
| Services: Consumer | $13475  | 6.7% |
| Telecommunications | $7552  | 3.8% |
| Buildings and Real Estate | $7474  | 3.7% |
| Chemicals, Plastic and Rubber | $7257  | 3.6% |
| Construction & Building | $7069  | 3.5% |

---

---

| | | |
|:---|:---|:---|
| **Top Ten Holdings**  | | |
| Polaris Newco LLC Term Loan | $9319  | 4.6% |
| Ranger Intermediate II, LLC Term Loan | $6932  | 3.4% |
| Revlon Intermediate Holdings IV LLC Term Loan | $5866  | 2.9% |
| Packaging Coordinators Midco, Inc. Term Loan | $5828  | 2.9% |
| OHA SFR Member II, LLC Common Stock | $5500  | 2.7% |
| National Resilience, LLC Term Loan | $5149  | 2.6% |
| Sedgwick Claims Management Services, Inc. Term Loan | $4987  | 2.5% |
| Finastra USA, Inc. Term Loan | $4806  | 2.4% |
| Brand Industrial Services, Inc. Bond | $4526  | 2.3% |
| Finastra USA, Inc. Term Loan | $4518  | 2.2% |

---

------

**PART I FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION**

**T. Rowe Price OHA Flexible Credit Income Fund Consolidated Schedule of Investments**

**December 31, 2025 (in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** |
| **Investments - Corporate Loans - 83.69%** | | | | | | | | | |
| **First Lien Debt - 71.03%** | | | | | | | | | |
| **Aerospace and Defense - 0.50%** | | | | | | | | | |
| Peraton Corp. | (4) | S+ | 3.75% |  | 7.69% | 2/1/2028 | $1089 | $1032 | $1013 |
|  |  |  |  |  |  |  |  | 1032 | 1013 |
| **Automobile - 6.73%** |  |  |  |  |  |  |  |  |  |
| Clarios Global LP |  | S+ | 2.75% |  | 6.47% | 1/28/2032 | 1995 | 1993 | 2008 |
| PAI Holdco, Inc. |  | S+ | 3.75% |  | 7.83% | 10/28/2027 | 2389 | 2010 | 2095 |
| Ranger Intermediate II, LLC | (4) (5) (6) | S+ | 5.50% |  | 9.36% | 10/28/2031 | 6984 | 6933 | 6932 |
| Wheels Bidco, Inc. | (4) (5) (6) | S+ | 5.50% |  | 9.40% | 11/3/2031 | 2500 | 2478 | 2500 |
|  |  |  |  |  |  |  |  | 13414 | 13535 |
| **Broadcasting and Entertainment - 0.44%** |  |  |  |  |  |  |  |  |  |
| Learfield Communications, LLC | (5) | S+ | 4.75% |  | 8.47% | 6/30/2028 | 889 | 889 | 892 |
|  |  |  |  |  |  |  |  | 889 | 892 |
| **Buildings and Real Estate - 0.98%** |  |  |  |  |  |  |  |  |  |
| Saber Parent Holdings Corp | (5) (6) | S+ | 4.50% |  | 8.21% | 12/16/2032 | 1980 | 1971 | 1976 |
| Saber Parent Holdings Corp | (6) (7) | S+ | 4.50% |  | 8.21% | 12/16/2032 | 546 |  | (1) |
| Saber Parent Holdings Corp | (6) (7) | S+ | 4.50% |  | 8.21% | 12/16/2032 | 273 | (1) | (1) |
|  |  |  |  |  |  |  |  | 1970 | 1974 |
| **Capital Equipment - 2.50%** |  |  |  |  |  |  |  |  |  |
| Infinite Bidco LLC | (5) | S+ | 3.75% |  | 7.85% | 3/2/2028 | 198 | 183 | 196 |
| Infinite Bidco LLC | (4) | S+ | 6.25% |  | 10.14% | 3/2/2028 | 1892 | 1876 | 1897 |
| Pike Corporation | (4) (5) (6) | S+ | 4.50% |  | 8.20% | 12/20/2032 | 2936 | 2921 | 2929 |
| Pike Corporation | (6) (7) | S+ | 4.50% |  | 8.20% | 12/20/2032 | 426 | (2) | (1) |
| Pike Corporation | (6) (7) | S+ | 4.50% |  | 8.20% | 12/20/2032 | 638 | (2) | (2) |
|  |  |  |  |  |  |  |  | 4976 | 5019 |
| **Chemicals, Plastics and Rubber - 3.01%** |  |  |  |  |  |  |  |  |  |
| ASP Unifrax Holdings, Inc. | (2) (4) (5) | S+ | 7.75% | (4.75% PIK) | 11.75% | 9/28/2029 | 5309 | 5141 | 4247 |
| Vantage Specialty Chemicals, Inc. | (4) (5) (6) | S+ | 6.75% |  | 10.42% | 8/29/2029 | 1849 | 1806 | 1803 |
| Vantage Specialty Chemicals, Inc. | (6) (7) | S+ | 6.75% |  | 10.42% | 3/1/2029 | 159 | (4) | (4) |
|  |  |  |  |  |  |  |  | 6943 | 6046 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** |
| **Construction & Building - 2.78%** | | | | | | | | | |
| CP Iris HoldCo I, Inc. | (7) | S+ | 7.00% |  | 10.72% | 10/27/2032 | 275 | (3) | (1) |
| CP Iris HoldCo I, Inc. |  | S+ | 4.00% |  | 7.72% | 10/27/2032 | 2225 | 2203 | 2217 |
| FloWorks International LLC | (4) (5) (6) | S+ | 4.75% |  | 8.57% | 11/26/2031 | 1676 | 1669 | 1668 |
| FloWorks International LLC | (4) (6) | S+ | 4.75% |  | 8.57% | 11/26/2031 | 211 | 210 | 210 |
| Orion Group Holdco, LLC | (6) (7) | S+ | 4.50% |  | 8.34% | 11/26/2032 | 495 |  | (2) |
| Orion Group Holdco, LLC | (4) (5) (6) | S+ | 4.50% |  | 8.34% | 11/26/2032 | 1505 | 1499 | 1499 |
|  |  |  |  |  |  |  |  | 5578 | 5591 |
| **Consumer Goods: Durable - 2.34%** |  |  |  |  |  |  |  |  |  |
| Marcone Yellowstone Buyer, Inc. | (6) | S+ | 7.00% | (3.25% PIK) | 11.13% | 6/23/2028 | 926 | 913 | 829 |
| Marcone Yellowstone Buyer, Inc. | (6) | S+ | 7.00% | (3.25% PIK) | 11.13% | 6/23/2028 | 101 | 99 | 90 |
| Marcone Yellowstone Buyer, Inc. | (6) | S+ | 7.00% | (3.25% PIK) | 11.13% | 6/23/2028 | 2787 | 2748 | 2495 |
| Poly-Wood, LLC | (4) (5) (6) | S+ | 4.88% |  | 8.59% | 3/20/2030 | 1290 | 1284 | 1284 |
|  |  |  |  |  |  |  |  | 5044 | 4698 |
| **Containers, Packaging and Glass - 0.58%** |  |  |  |  |  |  |  |  |  |
| Arctic US Bidco, Inc. | (6) (7) | S+ | 4.75% |  | 8.60% | 11/3/2032 | 700 |  | (4) |
| Arctic US Bidco, Inc. | (4) (5) (6) | S+ | 4.75% |  | 8.60% | 11/3/2032 | 1167 | 1161 | 1161 |
| Arctic US Bidco, Inc. | (6) (7) | S+ | 4.75% |  | 8.60% | 11/3/2032 | 233 | (1) | (1) |
|  |  |  |  |  |  |  |  | 1160 | 1156 |
| **Finance - 3.42%** |  |  |  |  |  |  |  |  |  |
| Arax MidCo, LLC | (4) (5) (6) | S+ | 5.00% |  | 8.99% | 4/11/2029 | 647 | 644 | 644 |
| Arax MidCo, LLC | (4) (6) (7) | S+ | 5.00% |  | 8.99% | 4/11/2029 | 750 |  | (4) |
| Beacon Pointe Advisors LLC | (4) (5) (6) | S+ | 4.50% |  | 8.22% | 12/29/2028 | 207 | 207 | 207 |
| Beacon Pointe Advisors LLC | (4) (5) (6) | S+ | 4.50% |  | 8.22% | 12/29/2028 | 725 | 725 | 725 |
| Beacon Pointe Advisors LLC | (4) (6) (7) | S+ | 4.50% |  | 8.22% | 12/29/2027 | 199 |  |  |
| Beacon Pointe Advisors LLC | (5) (6) | S+ | 4.50% |  | 8.22% | 12/29/2028 | 1848 | 1848 | 1848 |
| Spectrum Automotive Holdings, Corp. | (4) (5) (6) | S+ | 5.25% |  | 8.97% | 6/29/2028 | 751 | 748 | 751 |
| Spectrum Automotive Holdings, Corp. | (4) (6) (7) | S+ | 4.25% |  | 11.00% | 6/29/2027 | 104 |  |  |
| Spectrum Automotive Holdings, Corp. | (4) (5) (6) | S+ | 5.25% |  | 8.97% | 6/29/2028 | 2694 | 2685 | 2694 |
|  |  |  |  |  |  |  |  | 6857 | 6865 |
| **Healthcare, Education and Childcare - 10.20%** |  |  |  |  |  |  |  |  |  |
| CNSI Holdings, LLC | (4) (6) (7) | S+ | 5.50% |  | 9.17% | 12/17/2029 | 311 | (1) |  |
| CNSI Holdings, LLC | (4) (5) (6) | S+ | 5.50% |  | 9.17% | 12/17/2029 | 2005 | 2002 | 2005 |
| GTCR BC Purchaser, Inc. | (4) (5) (6) | S+ | 5.00% |  | 8.88% | 11/19/2032 | 1355 | 1345 | 1345 |
| GTCR BC Purchaser, Inc. | (6) (7) | S+ | 5.00% |  | 8.88% | 11/19/2032 | 290 |  | (2) |
| GTCR BC Purchaser, Inc. | (6) (7) | S+ | 5.00% |  | 8.88% | 11/19/2031 | 155 | (1) | (1) |
| Modernizing Medicine Inc. | (4) (5) (6) | S+ | 4.75% | (2.25% PIK) | 8.42% | 4/30/2032 | 1116 | 1111 | 1116 |
| Modernizing Medicine Inc. | (4) (6) (7) | S+ | 4.75% | (2.25% PIK) | 8.42% | 4/30/2032 | 103 | (1) |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** |
| NextGen Healthcare, Inc | (4) (5) (6) | S+ | 5.25% |  | 9.09% | 11/12/2030 |  | 1584 | 1577 | 1576 |
| National Resilience, LLC | (6) |  |  | (8.00% PIK) | 8.00% | 7/23/2035 |  | 1528 | 1528 | 1574 |
| National Resilience, LLC | (4) (6) | S+ | 8.25% |  | 12.12% | 11/21/2030 |  | 5364 | 5154 | 5149 |
| National Resilience, LLC | (6) (7) | S+ | 8.25% |  | 12.12% | 11/21/2030 |  | 3065 | (120) | (123) |
| National Resilience, LLC | (6) (7) | S+ | 8.25% |  | 12.12% | 11/21/2030 |  | 2043 |  |  |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S+ | 4.75% |  | 8.59% | 7/9/2032 |  | 5872 | 5796 | 5828 |
| Packaging Coordinators Midco, Inc. | (4) (6) (7) | S+ | 4.75% |  | 8.59% | 7/9/2032 |  | 934 | (9) | (7) |
| Packaging Coordinators Midco, Inc. | (4) (6) (7) | S+ | 4.75% |  | 8.59% | 7/9/2032 |  | 494 | (6) | (4) |
| Packaging Coordinators Midco, Inc. | (4) (6) | SN+ | 4.75% |  | 8.47% | 7/9/2032 | GBP | 404 | 532 | 539 |
| Packaging Coordinators Midco, Inc. | (4) (6) (7) | S+ | 4.50% |  | 8.34% | 7/9/2032 |  | 135 | 33 | 33 |
| Tyber Medical LLC | (4) (5) (6) | S+ | 5.00% |  | 8.73% | 6/14/2032 |  | 1119 | 1114 | 1113 |
| Tyber Medical LLC | (4) (5) (6) | E+ | 5.00% |  | 7.11% | 6/14/2032 | EUR | 224 | 258 | 261 |
| Tyber Medical LLC | (4) (6) | E+ | 5.00% |  | 7.02% | 6/12/2031 | EUR | 21 | 25 | 25 |
| Tyber Medical LLC | (4) (6) (7) | S+ | 5.00% |  | 8.73% | 6/12/2031 |  | 148 | 69 | 69 |
| Tyber Medical LLC | (4) (6) (7) | S+ | 5.00% |  | 8.73% | 6/12/2031 |  | 38 |  |  |
| Tyber Medical LLC | (6) (7) | S+ | 5.00% |  | 8.73% | 6/14/2032 |  | 317 |  | (2) |
|  |  |  |  |  |  |  |  |  | 20406 | 20494 |
| **High Tech - 12.32%** |  |  |  |  |  |  |  |  |  |  |
| Banyan Software Holdings, LLC | (4) (5) (6) | S+ | 5.50% |  | 9.22% | 1/2/2031 |  | 3021 | 3007 | 3021 |
| Banyan Software Holdings, LLC | (4) (6) (7) | S+ | 5.50% |  | 9.22% | 1/2/2031 |  | 326 | (1) |  |
| Banyan Software Holdings, LLC | (4) (5) (6) | S+ | 5.50% |  | 9.22% | 1/2/2031 |  | 1620 | 1614 | 1620 |
| Banyan Software Holdings, LLC | (4) (6) (7) | S+ | 5.25% |  | 8.98% | 1/2/2031 |  | 2500 | 295 | 284 |
| Diligent Corp. | (4) (5) (6) | S+ | 5.00% |  | 8.82% | 8/2/2030 |  | 842 | 837 | 840 |
| Diligent Corp. | (4) (5) (6) | S+ | 5.00% |  | 8.82% | 8/2/2030 |  | 144 | 143 | 144 |
| Diligent Corp. | (4) (6) (7) | S+ | 5.00% |  | 8.70% | 8/2/2030 |  | 187 | 43 | 43 |
| Drive Centric Holdings, LLC | (6) (7) | S+ | 4.50% |  | 8.17% | 8/15/2031 |  | 350 |  |  |
| Drive Centric Holdings, LLC | (4) (5) (6) | S+ | 4.50% |  | 8.17% | 8/15/2031 |  | 350 | 348 | 350 |
| Eagan Sub, Inc. | (4) (5) (6) | S+ | 4.25% |  | 7.99% | 9/8/2032 |  | 3815 | 3806 | 3805 |
| Eagan Sub, Inc. | (6) (7) | S+ | 4.25% |  | 7.99% | 9/8/2032 |  | 954 |  | (2) |
| Eagan Sub, Inc. | (6) (7) | S+ | 4.25% |  | 7.99% | 9/8/2032 |  | 509 | (1) | (1) |
| Finastra USA, Inc. | (4) (5) (6) | S+ | 7.25% |  | 10.97% | 9/13/2029 |  | 966 | 973 | 976 |
| Finastra USA, Inc. | (5) | S+ | 4.00% |  | 7.72% | 9/15/2032 |  | 4900 | 4853 | 4806 |
| Flexera Software LLC | (4) (5) (6) | S+ | 4.50% |  | 8.35% | 8/16/2032 |  | 2599 | 2596 | 2586 |
| Flexera Software LLC | (4) (5) (6) | E+ | 4.50% |  | 6.43% | 8/16/2032 | EUR | 784 | 908 | 917 |
| Flexera Software LLC | (6) (7) | S+ | 4.50% |  | 8.35% | 8/16/2032 |  | 199 |  | (1) |
| JNPR Aero, LLC | (4) (5) (6) | S+ | 4.75% |  | 8.59% | 11/1/2032 |  | 1493 | 1487 | 1487 |
| JNPR Aero, LLC | (6) (7) | S+ | 4.75% |  | 8.59% | 11/1/2032 |  | 77 |  |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** |
| Ministry Brands Purchaser LLC | (4) (5) (6) | S+ | 5.50% |  | 9.32% | 12/29/2028 | 151 | 149 | 149 |
| Ministry Brands Purchaser LLC | (4) (6) (7) | S+ | 4.50% |  | 11.25% | 12/30/2027 | 149 | 11 | 11 |
| Ministry Brands Purchaser LLC | (4) (5) (6) | S+ | 5.50% |  | 9.32% | 12/29/2028 | 1495 | 1475 | 1477 |
| MRI Software LLC | (4) (5) (6) | S+ | 4.75% |  | 8.42% | 2/10/2028 | 1934 | 1930 | 1920 |
| MRI Software LLC | (4) (5) (6) | S+ | 4.75% |  | 8.42% | 2/10/2028 | 306 | 306 | 304 |
| MRI Software LLC | (4) (6) (7) | S+ | 4.75% |  | 8.42% | 2/10/2028 | 139 | 27 | 27 |
|  |  |  |  |  |  |  |  | 24806 | 24763 |
| **Insurance - 1.19%** |  |  |  |  |  |  |  |  |  |
| THG Acquisition LLC | (4) (5) (6) | S+ | 4.75% |  | 8.47% | 10/31/2031 | 2231 | 2222 | 2220 |
| THG Acquisition LLC | (4) (6) (7) | S+ | 4.75% |  | 8.47% | 10/31/2031 | 501 | 143 | 143 |
| THG Acquisition LLC | (4) (6) (7) | S+ | 4.75% |  | 8.47% | 10/31/2031 | 251 | 32 | 32 |
|  |  |  |  |  |  |  |  | 2397 | 2395 |
| **Media: Diversified & Production - 1.77%** |  |  |  |  |  |  |  |  |  |
| Circana Group, L.P. | (4) (5) (6) | S+ | 4.25% |  | 7.97% | 12/3/2029 | 3552 | 3525 | 3552 |
| Circana Group, L.P. | (4) (6) (7) | S+ | 4.25% |  | 7.97% | 12/1/2028 | 230 | (3) |  |
|  |  |  |  |  |  |  |  | 3522 | 3552 |
| **Personal and Nondurable Consumer Products (Manufacturing only) - 2.92%** |  |  |  |  |  |  |  |  |  |
| Revlon Intermediate Holdings IV LLC | (4) (5) | S+ | 6.88% |  | 10.78% | 5/2/2028 | 5940 | 5883 | 5866 |
|  |  |  |  |  |  |  |  | 5883 | 5866 |
| **Services: Business - 14.40%** |  |  |  |  |  |  |  |  |  |
| ARAMSCO, Inc. |  | S+ | 4.75% |  | 8.42% | 10/10/2030 | 3122 | 2967 | 2117 |
| Cheval Blanc Holdings Company | (6) |  |  | (14.75% PIK) | 14.75% | 10/30/2030 | 3101 | 3023 | 3008 |
| Dun & Bradstreet Corp. | (4) (5) (6) | S+ | 5.50% |  | 9.23% | 8/26/2032 | 1818 | 1809 | 1818 |
| Dun & Bradstreet Corp. | (4) (6) (7) | S+ | 5.50% |  | 9.23% | 8/26/2032 | 182 | (1) |  |
| GC Waves Holdings, Inc. | (4) (5) (6) | S+ | 4.50% |  | 8.22% | 10/4/2030 | 3559 | 3559 | 3550 |
| IG Investment Holdings LLC | (4) (6) (7) | S+ | 5.00% |  | 8.84% | 9/22/2028 | 149 |  |  |
| IG Investment Holdings LLC | (4) (5) (6) | S+ | 5.00% |  | 8.84% | 9/22/2028 | 1833 | 1830 | 1833 |
| Ivanti Software, Inc. | (4) | S+ | 4.75% |  | 8.64% | 6/1/2029 | 5264 | 4521 | 4401 |
| Navex Global Holdings Corporation | (5) (6) | S+ | 5.00% |  | 8.91% | 10/14/2032 | 766 | 764 | 764 |
| Navex Global Holdings Corporation | (6) (7) | S+ | 5.00% |  | 8.91% | 10/14/2031 | 17 |  |  |
| Navex Global Holdings Corporation | (6) (7) | S+ | 5.00% |  | 8.91% | 10/14/2032 | 364 |  | (1) |
| Kene Acquisition, Inc. | (4) (5) (6) (8) | S+ | 4.75% |  | 8.42% | 12/17/2032 | 1131 | 1128 | 1128 |
| Kene Acquisition, Inc. | (4) (6) | S+ | 4.75% |  | 8.42% | 12/17/2032 | 589 | 588 | 588 |
| Kene Acquisition, Inc. | (4) (6) (7) | S+ | 4.75% |  | 8.44% | 12/17/2032 | 177 | 31 | 31 |
| Pave America Holding LLC | (4) (6) (7) | S+ | 4.75% |  | 8.42% | 8/27/2032 | 679 | 201 | 200 |
| Pave America Holding LLC | (4) (5) (6) | S+ | 5.25% | (2.88% PIK) | 8.92% | 8/27/2032 | 2623 | 2611 | 2610 |
| Pave America Holding LLC | (4) (6) (7) | S+ | 4.75% | (2.88% PIK) | 8.62% | 8/27/2032 | 905 | 265 | 262 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** |
| PT Intermediate Holdings III LLC | (5) (6) | S+ | 5.00% | (1.75% PIK) | 8.67% | 4/9/2030 | 4164 | 4167 | 4164 |
| PT Intermediate Holdings III LLC | (4) (6) (7) | S+ | 5.00% |  | 8.67% | 4/9/2030 | 65 |  |  |
| USIC Holdings, Inc. | (4) (6) (7) | S+ | 5.50% |  | 9.32% | 9/10/2031 | 102 | 54 | 56 |
| USIC Holdings, Inc. | (4) (6) (7) | S+ | 5.25% |  | 9.07% | 9/10/2031 | 215 | 98 | 99 |
| USIC Holdings, Inc. | (4) (5) (6) | S+ | 5.50% |  | 9.32% | 9/10/2031 | 1669 | 1662 | 1661 |
| Vision Solutions, Inc. | (5) | S+ | 4.00% |  | 8.10% | 4/24/2028 | 695 | 660 | 648 |
|  |  |  |  |  |  |  |  | 29937 | 28937 |
| **Services: Consumer - 2.09%** |  |  |  |  |  |  |  |  |  |
| Crash Champions, LLC |  | S+ | 4.75% |  | 8.57% | 2/23/2029 | 990 | 907 | 942 |
| W.A. Kendall and Company, LLC | (4) (6) | S+ | 5.75% |  | 9.97% | 4/22/2030 | 7 | 6 | 7 |
| W.A. Kendall and Company, LLC | (4) (6) (7) | S+ | 5.75% |  | 9.58% | 4/22/2030 | 163 | 31 | 31 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S+ | 5.75% |  | 10.38% | 4/22/2030 | 108 | 107 | 108 |
| W.A. Kendall and Company, LLC | (4) (6) (7) | S+ | 5.88% |  | 9.90% | 4/22/2030 | 22 | 12 | 13 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S+ | 5.75% |  | 9.77% | 4/22/2030 | 140 | 140 | 140 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S+ | 5.88% |  | 9.98% | 4/22/2030 | 145 | 145 | 145 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S+ | 5.75% |  | 10.01% | 4/22/2030 | 212 | 212 | 212 |
| Wrench Group LLC | (4) (5) (6) | S+ | 4.75% |  | 8.42% | 9/3/2032 | 2619 | 2606 | 2606 |
| Wrench Group LLC | (6) (7) | S+ | 4.75% |  | 8.42% | 9/3/2032 | 357 |  | (2) |
| Wrench Group LLC | (6) (7) | S+ | 4.75% |  | 8.42% | 9/3/2031 | 357 | (2) | (2) |
|  |  |  |  |  |  |  |  | 4164 | 4200 |
| **Telecommunications - 1.94%** |  |  |  |  |  |  |  |  |  |
| CommScope, Inc. | (4) (5) | S+ | 4.75% |  | 8.47% | 12/17/2029 | 2658 | 2588 | 2667 |
| Omni Fiber, LLC | (4) (5) (6) | S+ | 5.25% |  | 9.43% | 7/3/2029 | 333 | 333 | 330 |
| Omni Fiber, LLC | (4) (5) (6) | S+ | 5.25% |  | 9.21% | 7/3/2029 | 167 | 165 | 165 |
| Omni Fiber, LLC | (4) (6) (7) | S+ | 5.25% |  | 9.13% | 7/3/2029 | 2300 | 760 | 744 |
|  |  |  |  |  |  |  |  | 3846 | 3906 |
| **Utilities: Water - 0.92%** |  |  |  |  |  |  |  |  |  |
| UFT Buyer LLC | (6) (7) | S+ | 4.50% |  | 8.27% | 12/6/2032 | 683 |  | (3) |
| UFT Buyer LLC | (4) (5) (6) | S+ | 4.50% |  | 8.27% | 12/6/2032 | 1861 | 1852 | 1852 |
| UFT Buyer LLC | (6) (7) | S+ | 4.50% |  | 8.27% | 12/6/2032 | 256 | (1) | (1) |
|  |  |  |  |  |  |  |  | 1851 | 1848 |
| **First Lien Debt Total - 71.03%** |  |  |  |  |  |  |  | $144675 | $142750 |
| **Second Lien Debt - 22.73%** |  |  |  |  |  |  |  |  |  |
| **Aerospace and Defense - 1.25%** |  |  |  |  |  |  |  |  |  |
| Peraton Corp. | (4) | S+ | 7.75% |  | 11.67% | 2/1/2029 | 1256 | 1262 | 996 |
| Peraton Corp. | (4) | S+ | 8.00% |  | 11.92% | 2/1/2029 | 1900 | 1911 | 1508 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** |
|  |  |  |  |  |  |  |  |  | 3173 | 2504 |
| **Banking - 1.90%** |  |  |  |  |  |  |  |  |  |  |
| Orion Advisor Solutions, Inc. | (6) | S+ | 5.75% |  | 9.65% | 12/31/2030 |  | 3817 | 3843 | 3816 |
|  |  |  |  |  |  |  |  |  | 3843 | 3816 |
| **Capital Equipment - 0.86%** |  |  |  |  |  |  |  |  |  |  |
| Infinite Bidco LLC | (3) (4) | S+ | 7.00% |  | 11.10% | 3/2/2029 |  | 1800 | 1524 | 1727 |
|  |  |  |  |  |  |  |  |  | 1524 | 1727 |
| **Construction & Building - 0.74%** |  |  |  |  |  |  |  |  |  |  |
| CP Iris HoldCo I, Inc. | (5) (6) | S+ | 7.00% |  | 10.72% | 10/27/2033 |  | 1500 | 1478 | 1478 |
|  |  |  |  |  |  |  |  |  | 1478 | 1478 |
| **Containers, Packaging and Glass - 0.86%** |  |  |  |  |  |  |  |  |  |  |
| Berlin Packaging LLC | (5) (6) | E+ | 6.50% |  | 8.52% | 6/7/2032 | EUR | 1188 | 1396 | 1391 |
| Berlin Packaging LLC | (5) (6) | E+ | 6.50% |  | 8.52% | 6/7/2032 | EUR | 202 | 236 | 236 |
| Berlin Packaging LLC | (4) (5) (6) | S+ | 6.00% |  | 9.93% | 6/7/2032 |  | 93 | 93 | 92 |
|  |  |  |  |  |  |  |  |  | 1725 | 1719 |
| **Energy: Electricity - 2.18%** |  |  |  |  |  |  |  |  |  |  |
| Cricket Valley Energy Center | (4) (6) | S+ | 9.00% | (13.00% PIK) | 13.00% | 6/26/2030 |  | 4496 | 4367 | 4383 |
|  |  |  |  |  |  |  |  |  | 4367 | 4383 |
| **Finance - 2.73%** |  |  |  |  |  |  |  |  |  |  |
| Orion Advisor Solutions, Inc. |  | S+ | 5.50% |  | 9.43% | 10/10/2033 |  | 500 | 495 | 505 |
| Sedgwick Claims Management Services, Inc. |  | S+ | 5.00% |  | 8.82% | 7/30/2032 |  | 5000 | 5000 | 4987 |
|  |  |  |  |  |  |  |  |  | 5495 | 5492 |
| **High Tech - 6.88%** |  |  |  |  |  |  |  |  |  |  |
| Finastra USA, Inc. |  | S+ | 7.00% |  | 10.72% | 9/15/2033 |  | 4600 | 4545 | 4518 |
| Polaris Newco LLC | (4) (6) | S+ | 9.00% |  | 12.92% | 6/4/2029 |  | 10000 | 9936 | 9319 |
|  |  |  |  |  |  |  |  |  | 14481 | 13837 |
| **Services: Business - 2.32%** |  |  |  |  |  |  |  |  |  |  |
| DG Investment Intermediate Holdings 2, Inc. | (5) | S+ | 5.50% |  | 9.22% | 7/31/2033 |  | 1400 | 1393 | 1405 |
| Vision Solutions, Inc. | (4) | S+ | 7.25% |  | 11.35% | 4/23/2029 |  | 3430 | 3346 | 3258 |
|  |  |  |  |  |  |  |  |  | 4739 | 4663 |
| **Services: Consumer - 3.01%** |  |  |  |  |  |  |  |  |  |  |
| All My Sons Moving and Storage of Kansas LLC | (4) (5) (6) | S+ | 7.75% |  | 11.68% | 10/25/2029 |  | 2900 | 2894 | 2886 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** |
| BCPE Empire Holdings, Inc. | (4) (5) (6) | S+ | 5.25% | 9.07% | 12/31/2031 | 3200 | 3168 | 3168 |
|  |  |  |  |  |  |  | 6062 | 6054 |
| **Second Lien Debt Total - 22.73%** |  |  |  |  |  |  | $46887 | $45673 |
| **Corporate Loans Total - 93.76%** |  |  |  |  |  |  | $191562 | $188423 |
| **Investments - Asset Backed Securities - 3.44%** |  |  |  |  |  |  |  |  |
| **Structured Finance - 2.93%** |  |  |  |  |  |  |  |  |
| Elmwood CLO V Ltd. |  | S+ | 11.13% | 15.00% | 10/20/2037 | 3400 | 1985 | 1808 |
| LMDV Issuer Co., LLC |  | S+ | 11.13% | 15.00% | 12/15/2055 | 1000 | 1000 | 1003 |
| Madison Park Funding XXVIII Ltd. |  | S+ | 11.13% | 15.00% | 7/15/2030 | 1438 | 638 | 543 |
| Magnetite XVII Ltd. |  | S+ | 11.13% | 15.00% | 7/20/2031 | 900 | 613 | 401 |
| Magnetite XVII Ltd. |  | S+ | 11.13% | 15.00% | 4/20/2037 | 1250 | 852 | 557 |
| New Mountain CLO 3 Ltd. |  | S+ | 11.13% | 15.00% | 10/20/2038 | 2000 | 1233 | 1274 |
| RR 7 Ltd. |  | S+ | 11.13% | 15.00% | 1/15/2033 | 1000 | 519 | 301 |
|  |  |  |  |  |  |  | 6840 | 5887 |
| **Telecommunications - 0.51%** |  |  |  |  |  |  |  |  |
| MetroNet Infrastructure Issuer, LLC |  |  |  | 7.83% | 8/20/2055 | 1000 | 1000 | 1028 |
|  |  |  |  |  |  |  | 1000 | 1028 |
| **Asset Backed Securities Total - 3.44%** |  |  |  |  |  |  | $7840 | $6915 |
| **Investments - Bonds - 8.14%** |  |  |  |  |  |  |  |  |
| **Chemicals, Plastics and Rubber - 0.60%** |  |  |  |  |  |  |  |  |
| ASP Unifrax Holdings, Inc. |  |  |  | 11.18% | 9/30/2029 | 1542 | 1401 | 1211 |
|  |  |  |  |  |  |  | 1401 | 1211 |
| **Healthcare, Education and Childcare - 0.20%** |  |  |  |  |  |  |  |  |
| Surgery Center Holdings, Inc. |  |  |  | 7.25% | 4/15/2032 | 400 | 404 | 405 |
|  |  |  |  |  |  |  | 404 | 405 |
| **Oil and Gas - 1.90%** |  |  |  |  |  |  |  |  |
| Ferrellgas L.P. |  |  |  | 9.25% | 1/15/2031 | 3700 | 3752 | 3811 |
|  |  |  |  |  |  |  | 3752 | 3811 |
| **Services: Business - 2.54%** |  |  |  |  |  |  |  |  |
| Brand Industrial Services, Inc. |  |  |  | 10.38% | 8/1/2030 | 4615 | 4435 | 4526 |
| Sabre GLBL Inc |  |  |  | 11.13% | 7/15/2030 | 700 | 700 | 580 |
|  |  |  |  |  |  |  | 5135 | 5106 |
| **Services: Consumer - 1.60%** |  |  |  |  |  |  |  |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** |
| Crash Champions, LLC |  |  | 8.75% | 2/15/2029 |  | 3275 | 3070 | 3221 |
|  |  |  |  |  |  |  | 3070 | 3221 |
| **Telecommunications - 1.30%** |  |  |  |  |  |  |  |  |
| CSC Holdings, LLC |  |  | 5.50% | 4/15/2027 |  | 2200 | 1921 | 1886 |
| CSC Holdings, LLC |  |  | 4.50% | 11/15/2031 |  | 1200 | 731 | 732 |
|  |  |  |  |  |  |  | 2652 | 2618 |
| **Bonds Total - 8.14%** |  |  |  |  |  |  | $16414 | $16372 |
| **Common Stocks - 1.66%** |  |  |  |  |  |  |  |  |
| **Aerospace and Defense - 0.26%** |  |  |  |  |  |  |  |  |
| Oakswift Holdings Ltd. | (6) |  |  |  |  | 530 | 530 | 530 |
|  |  |  |  |  |  |  | 530 | 530 |
| **Buildings and Real Estate - 2.74%** |  |  |  |  |  |  |  |  |
| OHA SFR Member II, LLC | (6)(9) |  |  |  |  | 141 | 4414 | 5500 |
|  |  |  |  |  |  |  | 4414 | 5500 |
| **Energy: Electricity - 0.09%** |  |  |  |  |  |  |  |  |
| Cricket Valley Energy Center | (6) |  |  |  |  | 3 | 55 | 189 |
|  |  |  |  |  |  |  | 55 | 189 |
| **Finance - 0.46%** |  |  |  |  |  |  |  |  |
| FS KKR Capital Corp. |  |  |  |  |  | 62 | 962 | 923 |
|  |  |  |  |  |  |  | 962 | 923 |
| **Services: Business - 0.27%** |  |  |  |  |  |  |  |  |
| Cheval Blanc Holdings Company |  |  |  |  |  | 476 | 476 | 545 |
|  |  |  |  |  |  |  | 476 | 545 |
| **Common Stocks Total - 3.82%** |  |  |  |  |  |  | $6437 | $7687 |
| **Preferred Equity - 4.62%** |  |  |  |  |  |  |  |  |
| **Automobile - 0.25%** |  |  |  |  |  |  |  |  |
| Fleetpride, Inc. | (6) |  |  |  |  | 1 | 457 | 457 |
| Fleetpride, Inc. | (6) |  |  |  |  |  | 48 | 48 |
|  |  |  |  |  |  |  | 505 | 505 |
| **Finance - 2.20%** |  |  |  |  |  |  |  |  |
| Kymora Ltd. | (6) |  |  |  | EUR | 7 | 4056 | 4470 |
| Kymora Ltd. | (6) |  |  |  | EUR |  |  |  |
|  |  |  |  |  |  |  | 4056 | 4470 |
| **High Tech - 1.82%** |  |  |  |  |  |  |  |  |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** |
| Aptean, Inc. | (6) | (13.50% PIK) | 13.50% |  | 3665 | 3635 | 3665 |
|  |  |  |  |  |  | 3635 | 3665 |
| **Preferred Equity Total - 4.29%** |  |  |  |  |  | $8196 | $8640 |
| **Total Investments - 113.45%** |  |  |  |  |  | $230449 | $228037 |

---

(1)Unless otherwise indicated, issuers of debt investments held by T. Rowe Price OHA Flexible Credit Income Fund (the "Fund" or "OFLEX") (which such term "Fund" shall include the Fund's subsidiaries for purposes of this Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), or EURIBOR ("E") at the borrower's option which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. For each such loan, the Fund has provided the interest rate in effect on the date presented.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4)Loan includes interest rate floor feature.

(5)Assets or a portion thereof are pledged as collateral for the TRP OHA FCI SPV Funding I, LLC.

(6)Investment valued using unobservable inputs (Level 3). See Note 3.

(7)The Fund has an unfunded commitment to fund delayed draw and/or revolving senior secured loans. See Note 8. Commitments and Contingencies.

(8)Position or portion thereof unsettled as of December 31, 2025.

(9)Position is an investment in an affiliated company. Transactions related to investments in affiliated companies, as defined by the Investment Company Act, by virtue of the Fund owning at least 5% of the voting securities of the issuer, for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investment Company** | **Type of Asset** | **Industry** | **Beginning Value as of January 1, 2025** | **Purchases at Cost** | **Proceeds at Cost** | **Dividend Income** | **Realized Gain (Loss)** | **Change in Unrealized Gain (Loss)** | **Value at December 31, 2025** |
| OHA SFR Member II, LLC <sup>(1)</sup> | REIT | Buildings and Real Estate | $—  | $4414  | $—  | $75  | $—  | $1011  | $5500  |
|  |  |  | $—  | $4414  | $—  | $75  | $—  | $1011  | $5500  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> RE-US SFR II, LLC and Fund are the members of OHA SFR Member II, LLC (SFR), a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members make investments in SFR in the form of common units of equity interests as SFR makes investments, and all portfolio and other material decisions regarding SFR are determined by SFR's board of directors which is comprised of members selected by a majority vote of the members holding common units. Because SFR is managed by the board selected by RE-US SFR II, LLC, as the majority holder, the Fund does not believe it controls SFR for purposes of the Investment Company Act or otherwise.

(10) As of December 31, 2025, the estimated net unrealized gain for federal tax purposes was $1.0 million based on a tax basis of $227.0 million. As of December 31, 2025, the estimated aggregate gross unrealized loss for federal income tax purposes was $5.9 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $6.9 million.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** |
| **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** |
| **Counterparty** | **Currency**<br>**Purchased** | **Currency Sold** | **Settlement Date** | **Fair Value** | **Unrealized Appreciation**<br>**(Depreciation)** |
| State Street Bank & Trust Company | U.S. Dollar 7,389 | Euro 6,250 | 3/19/2026 | $7359  | $30  |
| State Street Bank & Trust Company | U.S. Dollar 537 | Great British Pound 400 | 3/19/2026 | 538  | (1) |
|  |  |  |  | $7897  | $29  |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Flexible Credit Income Fund Consolidated Statement of Assets and Liabilities (in thousands, except per share amounts)**

---

| | |
|:---|:---|
| | **As of**<br>**December 31, 2025** |
| **ASSETS** |  |
| Investments in unaffiliated securities at fair value (cost of $226,035) | $222537 |
| Investments in affiliated securities, at fair value (cost of $4,414) | $5500 |
| Cash and restricted cash | 9505 |
| Interest and dividend receivable | 2685 |
| Receivable for investments sold | 188 |
| Deferred financing costs | 663 |
| Deferred offering costs  | 677 |
| Unrealized appreciation on foreign currency contracts | 29 |
| Other assets | 115 |
| **Total assets** | $**241899** |
| **LIABILITIES** |  |
| Debt (Note 6) | $36500 |
| Payable for investments purchased | 415 |
| Interest and debt fee payable | 393 |
| Distribution payable | 2721 |
| Accrued expenses and other liabilities | 892 |
| **Total liabilities** | $**40921** |
| **Net Assets**  | $**200978** |
| &nbsp;&nbsp;Commitments and contingencies (Note 8) |  |
| **COMPOSITION OF NET ASSETS** |  |
| Par value of shares of beneficial interest (8,246,399 Class I shares issued and outstanding) | 8 |
| Additional paid in capital | 199159 |
| Distributable earnings  | 1811 |
| **Net Assets** | $**200978** |
| **NET ASSET VALUE PER SHARE** | $**24.37** |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Flexible Credit Income Fund Consolidated Statement of Operations (in thousands)**

---

| | |
|:---|:---|
| | **For the Year Ended**<br>**December 31, 2025** |
| **Investment income:** | |
| &nbsp;&nbsp;Interest income | $16447  |
| &nbsp;&nbsp;PIK income | 1311  |
| &nbsp;&nbsp;Other income | 892  |
| **Total investment income** | $18650  |
| **Expenses:** |  |
| Interest and debt fee expense | 951  |
| Professional fees | 1312  |
| Board of Trustee fees | 235  |
| Administrative service expenses | 522  |
| Amortization of deferred offering costs | 592  |
| Other general & administrative expenses | 833  |
| **Total expenses before expense support** | 4446  |
| Expense support  | (2337) |
| **Total expenses net of expense support** | 2109  |
| Excise tax expense | 48  |
| **Net investment income** | $16493  |
| **Realized and unrealized gain (loss):** |  |
| Realized gain (loss): |  |
| &nbsp;&nbsp;Investment transactions | 1146  |
| &nbsp;&nbsp;Foreign currency transactions | 30  |
| &nbsp;&nbsp;Foreign currency forward contracts | (370) |
| **Net realized gain (loss)** | $806  |
| Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;Investment transactions | (1617) |
| &nbsp;&nbsp;Foreign currency translation | 3  |
| &nbsp;&nbsp;Foreign currency forward contracts | 29  |
| **Net unrealized appreciation (depreciation)** | (1585) |
| **Net realized and unrealized gain (loss)** | (779) |
| **Net increase (decrease) in net assets resulting from operations** | $15714  |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Flexible Credit Income Fund Consolidated Statements of Changes in Net Assets (in thousands)**

---

| | | |
|:---|:---|:---|
| | **For the Year Ended**<br>**December 31, 2025** | **For the period from** <br>**June 17, 2024 (commencement of operations) to**<br>**December 31, 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $16493  | $6564  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 806  | 124  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1585) | (795) |
| **Net increase (decrease) in net assets resulting from operations** | $15714  | $5893  |
| **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | $98018  | $105436  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestment | 1656  | (4954) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from distributable proceeds | (20785) | —  |
| **Net increase (decrease) in net assets** | 78889  | 100482  |
| **Total increase (decrease) in net assets** | 94603  | 106375  |
| **Net Assets, beginning of period** | 106375  | —  |
| **Net Assets, end of period** | $200978  | $106375  |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Flexible Credit Income Fund Consolidated Statement of Cash Flows (in thousands)** 

---

| | |
|:---|:---|
| | **For the Year Ended**<br>**December 31, 2025** |
| **Cash flows from operating activities:** |  |
| Net increase (decrease) in net assets resulting from operations | $15714  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from<br>&nbsp;&nbsp;&nbsp;&nbsp;operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on investment transactions | 1617  |
| &nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on foreign currency forward contracts | (3) |
| &nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on foreign currency | (29) |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss on investment transactions  | (1146) |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency forward contracts | (30) |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency | 370  |
| &nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium | (611) |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (1560) |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (237781) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of investments and principal repayments | 113482  |
| &nbsp;&nbsp;&nbsp;Proceeds from settlement of foreign currency forward contracts  | (370) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 143  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred offering costs  | 592  |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | (857) |
| &nbsp;&nbsp;&nbsp;Interest and debt fee payable | 385  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1663  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | (1661) |
| &nbsp;&nbsp;&nbsp;Trustees fees payable | (117) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 786  |
| &nbsp;&nbsp;&nbsp;Change in other assets | (115) |
| **Net cash provided by (used in) operating activities** | (109528) |
| **Cash flows from financing activities:** |  |
| Proceeds from issuance of common shares | 98018  |
| Borrowing of debt | 99200  |
| Repayments of debt | (65700) |
| Payments of financing costs | (364) |
| Payments of offering costs  | (742) |
| Dividends paid in cash | (21362) |
| Proceeds received from foreign currency settlement | 30  |
| Net cash provided by (used in) financing activities | 109080  |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (448) |
| Effect of foreign currency exchange rates | 3  |
| Cash, cash equivalents and restricted cash, beginning of year | 9950  |
| Cash, cash equivalents and restricted cash, end of year | $9505  |
| **Supplemental information and non-cash activities:** |  |
| Distributions declared and payable  | $2721 |
| Distributions reinvested during the period | $1656 |
| Interest paid | $418 |
| Cash paid for excise taxes during the period | $141 |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Flexible Credit Income Fund Consolidated Financial Highlights (in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
| | **For the Year Ended**<br>**December 31, 2025** | **For the period from** <br>**June 17, 2024 (commencement of operations) to**<br>**December 31, 2024** |
| **Per Share Data:** <sup>(1)</sup> | | |
| Net asset value, beginning of period | $25.12  | $—  |
| Net investment income  | 2.54  | 1.55  |
| Net unrealized and realized gain (loss) <sup>(2)</sup> | (0.17) | (0.26) |
| Net increase (decrease) in net assets resulting from operations <sup>(3)</sup> | 2.37  | 1.29  |
| Distributions declared | (3.12) | (1.17) |
| Impact of issuance of common shares – Class I shares | —  | 25.00  |
| Total increase (decrease) in net assets  | (0.75) | 25.12  |
| Net asset value, end of period | $24.37  | $25.12  |
| Shares outstanding, end of period | 8246399  | 4234279  |
| Total return based on NAV <sup>(4)</sup> | 9.91% | 5.01% |
| **Ratios:** |  |  |
| Portfolio turnover ratio <sup>(5)</sup> | 0.07% | 21.47% |
| Ratio of net expenses before expense support to average net assets <sup>(6)</sup> | 2.80% | 1.79% |
| Ratio of net expenses after expense support to average net assets <sup>(6)</sup> | 1.34% | 61.00% |
| Ratio of net investment income before expense support to average net assets <sup>(6)</sup> | 8.81% | 10.13% |
| Ratio of net investment income after expense support to average net assets <sup>(6)</sup> | 10.26% | 11.32% |
| **Supplemental Data:** |  |  |
| Net assets, end of period | $200978 | $106375 |

---

(1)The per share data was derived by using the weighted average shares outstanding during the period. Per share data is based on Class I shares.

(2)The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of fund shares in relation to fluctuating market values of investments of the Fund.

(3)Net increase in net assets resulting from operations per share in these financial highlights may be different from the net increase (decrease) in net assets per share on the Consolidated Statement of Operations due to changes in the number of weighted average shares outstanding and the effects of rounding.

(4)Total return based on net asset value (not annualized) calculated as the change in net asset value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the fund during the period.

(5)Portfolio turnover rate is calculated using the lesser of year-to-date sales and year-to-date purchases over the average of the investment assets at fair value for the period reported.

(6)Annualized for periods less than one full year.

------

**Notes to Consolidated Financial Statements**

**(in thousands, except per share amounts)**

**Note 1. Organization**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price OHA Flexible Credit Income Fund (the "Fund" or "OFLEX"), was formed on May 14, 2024 as a Delaware statutory trust and commenced operations on June 17, 2024. OHA Private Credit Advisors II, L.P. (the "Adviser") is the investment adviser of the Fund. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company and is operated as an interval fund. The Fund intends to continue to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code").

The Fund's investment objective is to produce current income. The Fund seeks to achieve its investment objective by opportunistically allocating its assets across a wide range of credit strategies. Under normal circumstances, the Fund intends to invest at least 80% of its assets in fixed-income securities and credit instruments ("Credit"). The Fund will opportunistically allocate its investments in Credit across any number of the following credit strategies: (a) liquid credit (including broadly syndicated loans and credit selection in high yield bonds and leveraged loans); (b) direct lending (including first lien loans and unitranche loans); (c) junior capital solutions (including unsecured debt, second lien loans, mezzanine loans and preferred equity); (d) structured credit (including collateralized loan obligations, or "CLOs"); (e) asset-based lending (including, but not limited to, credit investments, investments in infrastructure, shipping, aviation and telecommunications); and (f) special situations (including stressed and non-control distressed credit and opportunities arising due to market dislocation).

The Fund may invest in additional strategies in the future. While some of the loans in which the Fund intends to invest pursuant to the foregoing may be secured, the Fund may also invest in debt securities that are either unsecured and subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. Some of the loans in which the Fund may invest may be "covenant-lite" loans. The Fund normally may invest in a number of different countries. There is no minimum or maximum limit on the amount of the Fund's assets that may be invested in non-U.S. securities. The Fund's portfolio composition is expected to change over time as the Adviser's view changes on, among other things, the economic and credit environment (including with respect to interest rates) in which the Fund is operating.

The Fund will offer to sell any combination of three separate classes of common shares including Class A shares, Class D shares, and Class I shares. The share classes will have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the common shares of beneficial interest is $25.00 per share. Thereafter, the purchase price per share for each class of common shares equals the net asset value ("NAV") per share, as of the effective date of the daily share purchase date when the Fund is offered on a daily basis and calculates a daily NAV per Share. T. Rowe Price Investment Services, Inc., the managing dealer (the "Managing Dealer") will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering. The Fund may also engage in private offerings of its common shares. As of December 31, 2025, shares of the Fund are not registered under the Securities Act of 1933, as amended (the "1933 Act"). See "Note 11. Subsequent Events" for more information.

The Fund is operated as an interval fund under Rule 23c-3 of the 1940 Act. As an interval fund, the Fund has adopted a fundamental policy to conduct quarterly repurchase offers for at least 5% and up to 25% of the outstanding shares at NAV, subject to certain conditions. The Fund will not otherwise be required to repurchase or redeem shares at the option of a shareholder. It is possible that a repurchase offer may be oversubscribed, in which case shareholders may only have a portion of their shares repurchased.

**Note 2. Significant Accounting Policies**

***Basis of Presentation***

The Fund's financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Fund is an investment company and accordingly will follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. These financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. The Fund commenced operations on June 17, 2024, and its fiscal year ends on December 31.

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***Basis of Consolidation***

As provided under ASC 946, the Fund will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund.

TRP OHA FCI Servicer Funding I, LLC is a Delaware limited liability company that was formed on August 23, 2024. TRP OHA FCI Servicer Funding I, LLC is a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from the date of its formation.

TRP OHA FCI SPV Funding I, LLC is a Delaware limited liability company that was formed on August 23, 2024. TRP OHA FCI SPV Funding I, LLC is a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from the date of its formation.

OFLEX Investment S.à r.l is a Luxembourg limited liability company that was formed on March 20, 2025. TRP OHA OFLEX Investment S.à r.l is a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from the date of its formation.

OFLEX Holding S.à r.l is a Luxembourg limited liability company that was formed on March 20, 2025. OFLEX Holding S.à r.l is a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from the date of its formation.

TRP OHA FCI CA, LLC is a Delaware limited liability company that was formed on February 14, 2025. TRP OHA FCI CA, LLC is a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from the date of its formation.

All intercompany transactions have been eliminated in consolidation.

***Segment Reporting***

In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Fund has determined that it has a

single operating and reporting segment. As a result, the Fund's segment accounting policies are the same as described

herein and the Fund does not have any intra-segment sales and transfers of assets.

***Use of Estimates***

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

***Cash and Restricted Cash***

Cash, cash equivalents, and restricted cash represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Fund may have bank balances in excess of federally insured amounts; however, the Fund deposits its cash, cash equivalents, and restricted cash with high credit-quality institutions to minimize credit risk exposure. As of December 31, 2025, the Fund had $3.4 million of restricted cash. Restricted cash is collected and held by the trustee who has been appointed as custodian of the assets securing certain of the Fund's financing transactions. As of December 31, 2025, the Fund did not hold any cash equivalents.

***Investment Related Transactions, Revenue Recognition and Expenses***

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

In the general course of its business, the Fund receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

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Certain investments may have contractual payment-in-kind ("PIK") interest or dividends. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer.

Expenses are recorded on an accrual basis.

***Non-Accrual Loans***

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current. The Fund may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of December 31, 2025, there were no loans placed on non-accrual status.

***Valuation of Portfolio Investments***

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the Fund's "valuation designee" to determine the valuation of the Fund's investments. The Adviser values the investments owned by the Fund in accordance with the Adviser's valuation policies and procedures, subject at all times to the oversight of the Board. The Adviser values the Fund's investments in accordance with ASC 820, Fair Value Measurement ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at such market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Fund will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Fund utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security's fair value, as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board, based on, among other things, the input of the Adviser, the Audit Committee and independent valuation firms engaged at the direction of the Board to review the Fund's investments.

With respect to unquoted portfolio investments, the Fund will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Fund will use the pricing indicated by the external event to corroborate and/or assist in valuation.

With respect to the valuation of investments, the Fund undertakes a multi-step valuation process in connection with determining the fair value of its investments for which reliable market quotations are not readily available, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The valuation process begins with each investment being preliminarily valued by the Adviser's valuation team in consultation with the Adviser's investment professionals responsible for each portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generally, investments that constitute a material portion of the Fund's portfolio are periodically reviewed by independent valuation firms. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's valuation committee with respect to the Fund (the "Valuation Committee") reviews each valuation recommendation to confirm they have been calculated in accordance with the Fund's valuation

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policy and when applicable, compares such valuations to the independent valuation firms' valuation ranges to ensure the Adviser's valuations are reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's Valuation Committee then determines fair value marks for each of the Fund's portfolio investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Fund will take into account relevant factors in determining the fair value of the Fund's investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant: the estimated enterprise value of a portfolio company, analysis of discounted cash flows, publicly traded comparable companies and comparable transactions; the nature and realizable value of any collateral; the portfolio company's ability to make payments based on its earnings and cash flow; the markets in which the portfolio company does business; and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future.

The Fund has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Fund's portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and the Adviser and the Fund may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Fund's valuation policy, the Board's oversight and a consistently applied valuation process.

The Fund applies ASC 820, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Fund determines the fair value of investments consistent with its valuation policy. The Fund discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers where there is sufficient quote depth. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Fund evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Fund considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

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***Receivables/Payables From Investments Sold/Purchased***

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Fund for transactions that have not settled at the reporting date. As of December 31, 2025, the Fund had $0.2 million of receivables for investments sold. As of December 31, 2025, the Fund had $0.4 million of payables for investments purchased.

***Foreign Currency Transactions***

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Fund includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the Statement of Operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

***Organization and Offering Expenses***

Organizational costs, primarily for legal expenses associated with the establishment of the Fund, are expensed as incurred. The Fund did not incur organizational costs during the year ended December 31, 2025.

Costs associated with the offering of common shares of the Fund will be capitalized as deferred offering expenses and included as a deferred offering cost asset on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. As of December 31, 2025, the Fund had capitalized $0.7 million of offering costs. For the year ended December 31, 2025, the Fund amortized $0.6 million of deferred offering costs.

***Income Taxes***

The Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund which did not meet the "more likely than not" standard as of December 31, 2025. The Fund files U.S. federal, state and local tax returns as required. The statute of limitations on the Fund's tax return filings generally remains open for the three preceding fiscal reporting period ends.

***Distributions***

Distributions to common shareholders is accrued and paid monthly. The amount to be distributed, if any, will be determined by the Board each month, and is generally based upon the earnings estimated by the Adviser. Once the Fund becomes registration effective, the Fund intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, monthly out of the assets legally available for such distributions. However, the Fund may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to shareholders.

***Distribution Reinvestment Plan***

The Fund has adopted a distribution reinvestment plan that provides for the reinvestment of cash distributions. Shareholders who have not opted out of the Fund's distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution.

***Recent Accounting Pronouncements***

The Fund considers the applicability and impact of all accounting standard updates ("ASU") issued by the FASB. ASUs not listed were assessed by the Fund and either determined to be not applicable or not expected to have a material effect on the accompanying consolidated financial statements.

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In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact to its consolidated financial statements.

**Note 3. Fees, Expenses, Agreements and Related Party Transactions**

***Investment Advisory Agreement***

On June 27, 2024, the Fund entered into an investment advisory agreement with the Adviser (the "Investment Advisory Agreement"), pursuant to which the Adviser manages the Fund on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Fund's investments and monitoring its investments and portfolio companies on an ongoing basis.

The Investment Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Fund's outstanding voting securities and, in each case, a majority of the independent trustees. The Fund may terminate the Investment Advisory Agreement, without payment of any penalty, upon 60 days' written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Fund pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Fund, which is an affiliate of the Adviser.

***Management Fee***

The management fee will be payable monthly in arrears at an annual rate of 1.00% of the value of our net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, net assets means our total assets less the fair value of our liabilities, determined on a consolidated basis in accordance with GAAP.

For the year ended December 31, 2025, the Adviser agreed not to charge the Fund a management fee until the Fund has an effective registration statement under the 1933 Act. In addition, the Adviser will waive its management fee for the first six months following the date on which the Fund's registration statement under the 1933 Act becomes effective.

***Incentive Fee***

Incentive fee will be based on income, whereby the Fund pays the Adviser quarterly in arrears 15.0% of its Pre-Incentive Fee Net Investment Income Returns (as defined below) for the relevant calendar quarter subject to a 1.5% per quarter (6.0% annualized) hurdle rate (the "Hurdle Rate"). "Pre-Incentive Fee Net Investment Income Returns" means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayment premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Advisory Agreement and an administration agreement with our administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding the incentive fee and Member servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind ("PIK") interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The Fund pays the Adviser an incentive fee with respect to the Fund's Pre-Incentive Fee Net Investment Income Returns as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar year in which the Fund's Pre-Incentive Fee Net Investment Income Returns does not exceed the Hurdle Rate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.765% (7.06% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.765%) is referred to as the "catch-up." The "catch-up" is meant to provide the Adviser with approximately 15.0% of the Fund's Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if Pre-Incentive Fee Net Investment Income Returns exceeds 1.765% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15.0% of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds 1.765% (7.06% annualized), which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 15.0% of all Pre-Incentive Fee Net Investment Income Returns is paid to the Adviser.

For the year ended December 31, 2025, the Adviser agreed not to charge the Fund an incentive fee until the Fund has an effective registration statement under the 1933 Act. In addition, the Adviser will waive its incentive fee for the first six months following the date on which the Fund's registration statement under the 1933 Act becomes effective.

***Administration Agreement***

Under the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to Members and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of our Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. We will reimburse the Administrator for the reasonable fees, costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Fund's allocable portion of compensation, overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Fund's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of OHA or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we will reimburse the Administrator for any services performed for us by such affiliate or third party. The Administrator has hired a sub-administrator to assist in the provision of administrative services. The sub-administrator receives compensation for its sub-administrative services under a sub-administration agreement.

The amount of the reimbursement payable to the Administrator will be the lesser of (1) the Administrator's actual costs incurred in providing such services and (2) the amount that we estimate we would be required to pay alternative service providers for comparable services in the same geographic location. The Administrator will be required to allocate the cost of such services to us based on factors such as assets, revenues, time allocations and/or other reasonable metrics. We will not reimburse the Administrator for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of the Administrator.

As of December 31, 2025, there were $0.5 million in expenses related to the Administrator that were payable and included in "accrued expenses and other liabilities" in the statement of assets and liabilities. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Fund incurred expenses related to the sub-administrator of $0.5 million for the year ended December 31, 2025, which is included in administrative service expenses on the statement of operations.

***Expense Limitation Agreement***

The Adviser and the Fund have entered into an expense limitation agreement (the "Expense Limitation Agreement") in respect of each of Class A Shares, Class D Shares, and Class I Shares, under which the Adviser has agreed contractually until six months from the date of the public offering of the Fund to waive its management fee and/or reimburse the Fund's initial organizational and offering costs, as well as the Fund's operating expenses on a monthly basis to the extent that the Fund's monthly total annualized fund operating expenses in respect of each class (excluding (i) expenses directly related to the costs of making investments, including interest and structuring costs for borrowings and line(s) of credit, taxes, brokerage costs, the Fund's proportionate share of expenses related to co-investments, litigation and extraordinary expenses, (ii) incentive fees and (iii) any distribution and/or shareholder servicing fees) exceed 1.0% of the month-end NAV of such class (the "Expense Cap").

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In consideration of the Adviser's agreement to waive its management fee and incentive fee and/or reimburse the Fund's operating expenses, the Fund has agreed to repay the Adviser in the amount of any waived management fees and Fund expenses reimbursed in respect of each of Class A Shares, Class D Shares, and Class I Shares subject to the limitation that a reimbursement (an "Adviser Recoupment") will be made only if and to the extent that: (i) it is payable not more than three years from the date on which the applicable waiver or expense payment was made by the Adviser; and (ii) the Adviser Recoupment does not cause the Fund's total annual operating expenses (on an annualized basis and net of any reimbursements received by the Fund during such fiscal year) during the applicable quarter to exceed the Expense Cap of such class. The Adviser Recoupment for a class of Shares will not cause Fund expenses in respect of that class to exceed the Expense Cap either (i) at the time of the waiver or (ii) at the time of recoupment. The Expense Limitation Agreement will remain in effect until one year from the date of the public offering of the Fund, unless and until the Board approves its modification or termination.

For the year ended December 31, 2025, the Adviser made $2.3 million Expense Payments on behalf of the Fund. For the year ended December 31, 2025, the Fund made no Reimbursement Payments to the Adviser. As of December 31, 2025, the Fund had receivables of $0.5 million from the Adviser for Expense Payments, which offset accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities.

As of December 31, 2025, total unreimbursed Expense Payments were $3.0 million, of which $2.3 million relates to expense support incurred during the current period. Amounts eligible for recovery as of December 31, 2025 expire as follows; $0.7 million in the year ended December 31, 2027 and $2.3 million in the year ended December 31, 2028.

***Distribution and/or Shareholder Service Expenses***

The Fund has adopted a distribution and shareholder services plan (the "Distribution and Shareholder Services Plan") with respect to its Class A Shares and Class D Shares under which the Fund may compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed shares of the Fund.

Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request. Under the Distribution and Shareholder Services Plan, each of the Fund's Class A Shares and Class D Shares may incur expenses on an annual basis of up to 0.75% and 0.25%, respectively, of its average monthly net assets. With respect to Class A Shares, the entire fee is characterized as a "distribution fee." With respect to Class D Shares, the entire fee is characterized as a "shareholder service fee."

**Note 4. Investments**

The composition of the Fund's investment portfolio at cost and fair value as of December 31, 2025, is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First Lien Debt | $144675 | $142750 | 62.6% |
| Second Lien Debt | 46887 | 45673 | 20.0% |
| Corporate Bonds | 16414 | 16372 | 7.2% |
| Preferred Equity | 8196 | 8640 | 3.8% |
| Common Stocks | 6437 | 7687 | 3.4% |
| Asset-Backed Securities | 7840 | 6915 | 3.0% |
| **Total** | $230449 | $228037 | 100.0% |

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The industry composition of investments based on fair value as of December 31, 2025, is as follows:

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| | |
|:---|:---|
|  | **December 31, 2025** |
| High Tech | 18.5% |
| Services: Business | 17.2% |
| Healthcare, Education and Childcare | 9.2% |
| Finance | 7.7% |
| Automobile | 6.2% |
| Services: Consumer | 5.9% |
| Telecommunications | 3.3% |
| Buildings and Real Estate | 3.3% |
| Chemicals, Plastics and Rubber | 3.2% |
| Construction & Building | 3.1% |
| Capital Equipment | 3.0% |
| Structured Finance | 2.6% |
| Personal and Nondurable Consumer Products (Manufacturing only) | 2.6% |
| Consumer Goods: Durable | 2.0% |
| Energy: Electricity | 2.0% |
| Aerospace and Defense | 1.8% |
| Banking | 1.7% |
| Oil and Gas | 1.7% |
| Media: Diversified & Production | 1.5% |
| Containers, Packaging and Glass | 1.3% |
| Insurance | 1.0% |
| Utilities: Water | 0.8% |
| Broadcasting and Entertainment | 0.4% |
| **Total** | 100.0% |

---

The geographic composition of investments at cost and fair value as of December 31, 2025, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $222364 | $219484 | 96.2% | 109.2% |
| Greece | 4056 | 4470 | 2.0% | 2.2% |
| Canada | 3499 | 3553 | 1.6% | 1.8% |
| Ireland | 530 | 530 | 0.2% | 0.3% |
| **Total** | $230449 | $228037 | 100.0% | 113.5% |

---

------

**Note 5. Fair Value of Investments**

The following table presents the fair value hierarchy of investments as of December 31, 2025, categorized by the ASC 820 valuation hierarchy, as previously described:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $36011 | $106739 | $142750 |
| Second Lien Debt |  | 13917 | 31756 | 45673 |
| Corporate Bonds |  | 16372 |  | 16372 |
| Preferred Equity |  |  | 8640 | 8640 |
| Common Stocks | 923 |  | 6764 | 7687 |
| Asset-Backed Securities |  | 6915 |  | 6915 |
| **Total** | $923 | $73215 | $153899 | $228037 |

---

The following table presents the change in the fair value of financial instruments as of December 31, 2025, for which Level 3 inputs were used to determine the fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **First Lien Debt** | **Second Lien Debt** | **Common Stocks** | **Preferred Equity** | **Total Investments** |
| Fair value, beginning of year | $57709 | $21451 |  |  | $79160 |
| Purchases of investments | 72136 | 17279 | 5474 | 11662 | 106551 |
| Proceeds from principal repayments and sales of investments | (23169) | (6518) |  | (3466) | (33153) |
| Accretion of discount/amortization of premium | 135 | 31 |  |  | 166 |
| Net realized gain (loss) | 28 | 107 |  |  | 135 |
| Net change in unrealized appreciation (depreciation) | (100) | (594) | 1290 | 444 | 1040 |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |  |  |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |  |  |
| **Fair value, end of year** | $106739 | $31756 | $6764 | $8640 | $153899 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of December 31, 2025 | $(70) | $(668) | $1290 | $444 | $996 |

---

<sup>(1)</sup> For the year ended December 31, 2025, there were no transfers into or out of Level 3.

------

**Significant Unobservable Inputs**

In accordance with ASC 820, the following table provides quantitative information about the significant unobservable inputs of the Fund's Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Fund's determination of fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair Value** | **Valuation Techniques** | **Unobservable Input** | **Range/Input (Weighted Average)**<sup>(1)</sup> |
| Assets: |  |  |  |  |
| First Lien Debt | $91644 | Discounted cash flow | Comparative Yield | 7.5% - 15.9% (9.2%) |
| First Lien Debt | 13521 | Precedent Transaction | Transaction Price | N/A |
| First Lien Debt | 1574 | Discounted cash flow | Discount Rate | 31.3% |
| First Lien Debt |  | Guideline Public Companies | EBITDA Multiple | 12.0x |
| Total First Lien Debt | $106739 |  |  |  |
| Second Lien Debt | 31756 | Discounted cash flow | Comparative Yield | 8.6% - 15.1% (11.8%) |
| Total Second Lien Debt | $31756 |  |  |  |
| Common Stocks | 530 | Discounted cash flow | Discount Rate | 23.9% |
| Common Stocks | 5500 | Precedent Transaction | Transaction Price | N/A |
| Common Stocks | 545 | Guideline Public Companies | EBITDA Multiple | 12.5x |
| Common Stocks | 189 | Discounted cash flow | Discount Rate | 11.5% |
|  |  | Guideline Public Companies | EBITDA Multiple | 6.0x |
| Total Common Stocks  | $6764 |  |  |  |
| Preferred Stocks | 4122 | Discounted cash flow | Comparative Yield | 13.5% |
| Preferred Stocks | 48 | Guideline Public Companies | EBITDA Multiple | 10.0x |
| Preferred Stocks | 4470 | Discounted cash flow | Discount Rate | 15.5% |
|  |  | Guideline Public Companies | EBITDA Multiple | 7.4x |
| Total Preferred Stocks | $8640 |  |  |  |
| Total Assets | $153899 |  |  |  |

---

<sup>(1)</sup> Weighted averages are calculated based on fair value of investments.

The Fund used the income approach to determine the fair value of certain Level 3 assets as of December 31, 2025. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

*Financial instruments disclosed but not carried at fair value* 

The carrying values of the debt obligations (Note 6) generally approximate their respective fair values due to their variable interest rates. The fair value of these debt obligations would be categorized as Level 2 under the ASC 820-10 hierarchy.

The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items.

**Note 6. Debt**

The Fund may use financial leverage if, immediately after such borrowing, it would have asset coverage (as defined in the 1940 Act) of 300% or more (for leverage obtained through debt) or 200% or more (for leverage obtained through preferred stock). As of December 31, 2025, the Fund's asset coverage was 650.6%.

------

The following table presents the Fund's outstanding borrowings as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Total Principal Amount Committed** | **Principal Amount Outstanding** | **Carrying Value** <sup>(1)</sup> | **Fair Value** <sup>(2)</sup> |
| CIBC Credit Facility | $100000 | $36500 | $36500 | $36500 |
| **Total Debt** | $100000 | $36500 | $36500 | $36500 |

---

<sup>(1)</sup> Carrying value of these debt obligations generally approximate fair value due to their variable interest rates.

<sup>(2)</sup> The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

For the year ended December 31, 2025, the Fund had total average borrowings of $13.2 million at a weighted average interest rate of 6.2%.

A summary of contractual maturities of our debt obligations was as follows as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| CIBC Credit Facility | $36500  | $—  | $—  | $36500  | $—  |
| **Total Debt Obligations** | $36500  | $—  | $—  | $36500  | $—  |

---

**CIBC Credit Facility**

For financing purposes the Fund maintains one wholly owned special purpose entity, TRP OHA FCI SPV Funding I, LLC, a Delaware limited liability company exempt from registration under the 1940 Act. On October 11, 2024 (the "Effective Date"), the Fund entered into a loan and servicing agreement (the "CIBC Loan Agreement" or the "CIBC Credit Facility"), among TRP OHA FCI SPV Funding I, LLC, as borrower, the Fund, as transferor, TRP OHA FCI Servicer Funding I, LLC, as servicer, The Bank of New York Mellon Trust Company, National Association, as securities intermediary, collateral custodian, collateral agent and collateral administrator, the lenders party thereto, and Canadian Imperial Bank of Commerce ("CIBC"), as administrative agent (the "Administrative Agent") (together, the "Parties"). The original facility amount under the CIBC Loan Agreement was $50.0 million.

Proceeds of the loans under the CIBC Loan Agreement may be used to acquire certain qualifying loans and such other uses as permitted under the CIBC Loan Agreement. The period from the closing date until October 11, 2027 is referred to as the reinvestment period and during such reinvestment period, the Borrower may request drawdowns under the CIBC Loan Agreement. The final maturity date is the earliest of: (a) the business day designated by the Borrower as the final maturity date upon not less than three business days' prior written notice to the Administrative Agent, the Collateral Agent and the Lenders, (b) October 11, 2029, and (c) the date on which the Administrative Agent or the required lenders provide notice of the declaration of the final maturity date after the occurrence of an event of default. The CIBC Loan Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

Assets that are pledged as collateral under the CIBC Loan Agreement are not available to the creditors of the Fund to satisfy any obligations of the Fund other than the Fund's obligations under the CIBC Loan Agreement.

Borrowings under the CIBC Loan Agreement bear interest at (a) in the case of borrowings denominated in USD, either Daily Simple SOFR or Term SOFR, at the election of the Borrower, plus 2.10%, (b) in the case of borrowings denominated in GBP, Daily Simple SONIA plus 2.10%, (c) in the case of borrowings denominated in CAD, Term CORRA plus 2.10% or (d) in the case of borrowings denominated in EUR, EURIBOR plus 2.10%. The Fund is to pay an unused commitment fee of 50 basis points (0.50%) per annum on certain unused amounts subject to a 50% minimum utilization beginning April 11, 2025. The stated maturity date is October 11, 2029.

On June 6, 2025, the Parties entered into Amendment No. 1 (the "First Amendment") to the CIBC Loan Agreement. The amended facility amount under the First Amendment is $75.0 million, which may be increased by mutual agreement of the parties as the net assets of the Fund increase. The First Amendment, among other things, (i) reduced the applicable spread for advances to 1.85% per annum and (ii) extended the ramp-up period to October 11, 2025.

------

On July 16, 2025, the Parties entered into Amendment No. 2 (the "Second Amendment") to the CIBC Loan Agreement. The amended facility amount under the Second Amendment is $75.0 million, which may be increased by mutual agreement of the parties as the net assets of the Fund increase.

On December 30, 2025, the Parties entered into Amendment No. 3 (the "Third Amendment") to the CIBC Loan Agreement. The amended facility amount under the Third Amendment is $100.0 million, which may be increased by mutual agreement of the parties as the net assets of the Fund increase. The Third Amendment, among other things, (i) increased the facility amount to $100.0 million and (ii) extended the ramp-up period to March 30, 2026.

For the year ended December 31, 2025, the components of interest expense related to the CIBC Credit Facility were as follows:

---

| | |
|:---|:---|
| | **For the Year Ended**<br>**December 31, 2025** |
| Borrowing interest expense | $808  |
| Unused facility fee | —  |
| Amortization of deferred financing costs | 143  |
| **Total interest and debt financing expense** | $951  |

---

**Note 7: Segment Reporting** 

The Fund operates through a single operating and reporting segment with an investment objective to generate both

current income and capital appreciation through debt and equity investments. The CODM is comprised of the Fund's lead portfolio managers and internal members of the Board of Trustees (including the chief executive officer), chief financial officer and chief operating officer, and the CODM assesses the performance and makes operating decisions for the Fund on a consolidated basis primarily based on the Fund's net increase in shareholders' equity resulting from operations ("GAAP net income"). In addition to numerous other factors and metrics, the CODM utilizes GAAP net income as a key metric in determining the amount of dividends to be distributed to the Fund's shareholders. As the Fund's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as "total assets" and the significant segment expenses are listed on the accompanying consolidated statement of operations.

**Note 8: Commitments and Contingencies**

The Fund's investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of December 31, 2025, the Fund had unfunded commitments to fund delayed draw term loans, revolving debt and term loans of $17.8 million and $6.2 million, respectively. The fair value of the unfunded positions is included in the investments at fair value on the Consolidated Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded** | **Total Commitment Fair Value** |
| Arax MidCo, LLC | 2025 Delayed Draw Term Loan | 04/11/2029 | $750 | $(4) |
| Arctic US Bidco, Inc. | Delayed Draw Term Loan | 11/03/2032 | 700 | (4) |
| Arctic US Bidco, Inc. | Revolver | 11/03/2032 | 233 | (1) |
| Banyan Software Holdings, LLC | 2024 Revolver | 01/02/2031 | 326 |  |
| Banyan Software Holdings, LLC | 2025 Delayed Draw Term Loan | 01/02/2031 | 2204 | (11) |
| Beacon Pointe Advisors LLC | 2021 Revolver | 12/29/2027 | 199 |  |
| Circana Group, L.P. | 2025 Revolver | 12/01/2028 | 230 |  |
| CNSI Holdings, LLC | Revolver | 12/17/2029 | 311 |  |
| CP Iris HoldCo I, Inc. | 2025 Delayed Draw Term Loan | 10/27/2032 | 275 | (1) |
| Diligent Corp. | 2024 Revolver | 08/02/2030 | 143 |  |
| Drive Centric Holdings, LLC | 2025 1st Amendment Delayed Draw Term Loan | 08/15/2031 | 350 |  |
| Dun & Bradstreet Corp. | 2025 Revolver | 08/26/2032 | 182 |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Eagan Sub, Inc. | Delayed Draw Term Loan | 09/08/2032 | 954 | (2) |
| Eagan Sub, Inc. | Revolver | 09/08/2032 | 509 | (1) |
| Flexera Software LLC | 2025 Revolver | 08/16/2032 | 199 | (1) |
| GTCR BC Purchaser, INC. | Delayed Draw Term Loan | 11/19/2032 | 290 | (2) |
| GTCR BC Purchaser, INC. | Revolver | 11/19/2031 | 155 | (1) |
| IG Investment Holdings, LLC | 2024 Refinancing Revolver | 09/22/2028 | 149 |  |
| JNPR Aero, LLC | Revolver | 11/01/2032 | 77 |  |
| Kene Acquisition, Inc. | 2025 1st Amendment Incremental Revolver | 02/07/2031 | 146 |  |
| Ministry Brands Purchaser LLC | Revolver | 12/30/2027 | 137 | (2) |
| Modernizing Medicine Inc. | Revolver | 04/30/2032 | 103 |  |
| MRI Software LLC | 2020 Revolver | 02/10/2028 | 111 | (1) |
| National Resilience, LLC | Delayed Draw Term Loan | 11/21/2030 | 3065 | (123) |
| National Resilience, LLC | Specified Delayed Draw Term Loan | 11/21/2030 | 2043 |  |
| Navex Global Holdings Corporation | Revolver | 10/14/2031 | 17 |  |
| Navex Global Holdings Corporation | Delayed Draw Term Loan | 10/14/2032 | 364 | (1) |
| Omni Fiber, LLC | 2025 Incremental Delayed Draw Term Loan | 07/03/2029 | 1533 | (15) |
| Orion Group Holdco, LLC | 2025 Delayed Draw Term Loan | 11/26/2032 | 495 | (2) |
| Packaging Coordinators Midco, Inc. | 2025 Revolver | 07/09/2032 | 494 | (4) |
| Packaging Coordinators Midco, Inc. | 2025 Initial Dollar SP Delayed Draw Term Loan | 07/09/2032 | 101 | (1) |
| Packaging Coordinators Midco, Inc. | 2025 Refinancing Delayed Draw Term Loan | 07/10/2032 | 934 | (7) |
| Pave America Holding LLC | 2025 Revolver | 08/27/2032 | 476 | (2) |
| Pave America Holding LLC | 2025 Delayed Draw Term Loan | 08/27/2032 | 639 | (3) |
| Pike Corporation | 2025 Revolver | 12/20/2032 | 426 | (1) |
| Pike Corporation | 2025 Delayed Draw Term Loan | 12/20/2032 | 638 | (2) |
| PT Intermediate Holdings III LLC | 2024 Delayed Draw Term Loan | 04/09/2030 | 65 |  |
| Saber Parent Holdings Corp | Delayed Draw Term Loan | 12/16/2032 | 546 | (1) |
| Saber Parent Holdings Corp | Revolver | 12/16/2032 | 273 | (1) |
| Spectrum Automotive Holdings, Corp. | 2021 Revolver | 06/29/2027 | 104 |  |
| THG Acquisition LLC | 2024 Delayed Draw Term Loan | 10/31/2031 | 355 | (2) |
| THG Acquisition LLC | 2024 Revolver | 10/31/2031 | 218 | (1) |
| Tyber Medical LLC | Delayed Draw Term Loan | 06/14/2032 | 317 | (2) |
| Tyber Medical LLC | USD Revolver | 06/12/2031 | 78 |  |
| Tyber Medical LLC | Multicurrency Revolver | 06/12/2031 | 38 |  |
| UFT Buyer LLC | Delayed Draw Term Loan | 12/06/2032 | 683 | (3) |
| UFT Buyer LLC | Revolver | 12/06/2032 | 256 | (1) |
| USIC Holdings, Inc. | 2024 Revolver | 09/10/2031 | 114 | (1) |
| USIC Holdings, Inc. | 2024 Specified Delayed Draw Term Loan | 09/10/2031 | 45 |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Vantage Specialty Chemicals, Inc. | 2025 Revolver | 03/01/2029 | 159 | (4) |
| W.A. Kendall and Company, LLC | 2025 7th Amendment Delayed Draw Term Loan | 04/22/2030 | 131 |  |
| W.A. Kendall and Company, LLC | Revolver | 04/22/2030 | 10 |  |
| Wrench Group LLC | 2025 Delayed Draw Term Loan | 09/03/2032 | 357 | (2) |
| Wrench Group LLC | 2025 Revolver | 09/03/2031 | 357 | (2) |
| **Total** |  |  | $24064 | $(208) |

---

**Note 9. Shares of Beneficial Interests**

The following table summarizes transactions in shares of beneficial interest for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Shares** | **Amount** |
| **CLASS I** <sup>(1)</sup> | | |
| Sold  | 3944967  | $98018  |
| Distributions and/or distributions reinvested | 67153  | 1656  |
| Repurchased  | —  | —  |
| Net increase (decrease) | 4012120  | $99674  |

---

<sup>(1)</sup> As of December 31, 2025, Class I was the only active share class.

As of December 31, 2025, the Fund had 8,246,399 of Class I shares issued and outstanding with a par value of $0.001 per share. For the year ended December 31, 2025, the Fund received $99.7 million in total equity proceeds, or 4,012,120 Class I shares issued. As of December 31, 2025 there were no Class A Shares or Class D Shares outstanding.

Distributions are recorded on the record date. The following tables summarize distributions declared during the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Total Distribution** <br>**Per Share** | **Total Distributions** |
| January 27, 2025 | January 31, 2025 | February 28, 2025 | $0.18  | $889  |
| February 28, 2025 | February 28, 2025 | March 31, 2025 | $0.18  | $916  |
| March 31, 2025 | March 31, 2025 | April 30, 2025 | $0.18  | $943  |
| April 29, 2025 | April 30, 2025 | May 30, 2025 | $0.18  | $966  |
| May 29, 2025 | May 30, 2025 | June 27, 2025 | $0.20  | $1238  |
| June 26, 2025 | June 30, 2025 | July 31, 2025 | $0.54  | $3435  |
| July 29, 2025 | July 31, 2025 | August 29, 2025 | $0.20  | $1351  |
| August 27, 2025 | August 29, 2025 | September 30, 2025 | $0.20  | $1392  |
| September 26, 2025 | September 30, 2025 | October 30, 2025 | $0.50  | $3610  |
| October 28, 2025 | October 31, 2025 | November 26, 2025 | $0.21  | $1594  |
| November 21, 2025 | November 28, 2025 | December 30, 2025 | $0.22  | $1731  |
| December 30, 2025 | December 31, 2025 | January 29, 2026 | $0.33  | $2721  |

---

The Fund has the authority to issue unlimited shares of beneficial interest of each class, $0.001 per share par value. The Fund's shares are offered on a daily basis, and in accordance with applicable law, the Fund will conduct quarterly repurchase offers for between 5% and 25% of the Fund's outstanding common shares of beneficial interest ("Shares") at 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; however, the Fund may, but is not required to, repurchase an additional amount of Shares, not to exceed 2% of its outstanding Shares on the expiration of the repurchase offer. The Fund does not currently intend to list its Shares for trading on any national securities exchange.

------

**Note 10. Income Tax**

Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments, as gains and losses are generally not included in taxable income until they are realized; (2) the tax treatment of passive foreign investment companies ("PFICs") and partnerships, (3) capital gain and loss adjustments related to disposition of contributed assets and non-shareholder contributions to capital; and (4) non-deductible excise tax expense.

The Fund makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities and, non-deductible expenses, among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, undistributed net investment income or undistributed net realized gains on investments, as appropriate. The permanent book/tax adjustments have no impact on results of operations or net assets.

As of December 31, 2025, the Fund made the following permanent book tax differences and reclasses:

---

| | |
|:---|:---|
| | **December 31, 2025** |
| Paid in capital excess of par value | $(640) |
| Distributable income in excess of net investment income<sup>(1)</sup> | $(295) |
| Accumulated realized gains<sup>(1)</sup> | $935  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Amounts are included in distributable earnings (accumulated loss) on the Consolidated Statements of Assets and Liabilities.

As of December 31, 2025, components of distributable earnings on a tax basis are as follows:

---

| | |
|:---|:---|
| | **December 31, 2025** |
| Undistributed ordinary income | $782  |
| Net tax unrealized appreciation/(depreciation) | $1013  |
| Undistributed long-term capital gains | $15  |
| Other temporary differences | $—  |

---

The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax treatment of PFICs, partnerships, the tax treatment of contributed assets, and non-shareholder contributions to capital.

As of December 31, 2025, the Fund had no capital loss carryover.

The tax character of shareholder distributions attributable to the year ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Paid distributions attributable to:** | **December 31, 2025** |
| Ordinary income | $19930  |
| Return of capital | —  |
| Long-term gain | 855  |
| **Total taxable distributions** | $20785  |

---

Unrealized appreciation and depreciation as of December 31, 2025, based on cost of investments for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
| | **December 31, 2025** |
| Gross appreciation | $6863  |
| Gross (depreciation) | (5850) |
| Net appreciation/(depreciation) | $1013  |
| Cost | $227026  |

---

------

**Note 11. Subsequent Events**

The Fund's management evaluated subsequent events through the date of issuance of these financial statements. Other than as disclosed below, there have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these financial statements, except as discussed below.

*Subscriptions*

The Fund received $13.6 million of net proceeds, inclusive of distributions reinvested through the Fund's distribution reinvestment plan, relating to the issuance of Class I shares for subscriptions effective January 2, 2026.

The Fund received $37.9 million of net proceeds, inclusive of distributions reinvested through the Fund's distribution reinvestment plan, relating to the issuance of Class I shares for subscriptions effective February 2, 2026.

*Distribution Declarations*

On January 29, 2026, the Fund declared a total distribution of $0.19 per Class I share, all of which was paid on February 20, 2026 to shareholders of record as of January 30, 2026.

*Pending 1933 Act Registration Statement*

As of the time of this annual report, the Fund had filed an initial registration statement to register the Shares under the 1933 Act. The Fund's registration statement has not been declared effective as of the time of this annual report.

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees

T. Rowe Price OHA Flexible Credit Income Fund:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of assets and liabilities of T. Rowe Price OHA Flexible Credit Income Fund (the Fund), including the consolidated schedule of investments, as of December 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for the year ended December 31, 2025, and for the period from June 17, 2024 (commencement of operations) to December 31, 2024, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for the year ended December 31, 2025, and for the period from June 17, 2024 (commencement of operations) to December 31, 2024. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for the year ended December 31, 2025, and for the period from June 17, 2024 (commencement of operations) to December 31, 2024, and the financial highlights for the year ended December 31, 2025, and for the period from June 17, 2024 (commencement of operations) to December 31, 2024, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

**/s/** KPMG LLP

We have served as the Fund's auditor since 2024.

Fort Worth, Texas

February 25, 2026

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**PRIVACY NOTICE**

This Privacy Notice is provided by the T. Rowe Price OHA Flexible Credit Income Fund (the "Fund"), Oak Hill Private Credit Advisors II, LP and its affiliates, including T. Rowe Price Investment Services, Inc. and other affiliates within the Oak Hill Advisors and T. Rowe Price family of companies in their capacity in providing investment management, administrative, operational, and other services for the Fund (collectively, "we" unless specified otherwise)<sup>3</sup>. We are committed to handling "non-public personal information" and "personal data" in accordance with applicable laws, rules and regulations.

Technology has dramatically changed the way information of all kinds is gathered, used and stored, but the importance of preserving the security and confidentiality of information has remained a core value of ours. We recognize and respect the privacy expectations of website visitors, clients, investors and their affiliated individuals. Confidentiality and protection of non-public personal information and personal data are among our fundamental responsibilities. This Privacy Notice applies to "Relevant Individuals," defined in this Privacy Notice as anybody acting in one of the following capacities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An "Individual Investor," i.e., a natural person investing with the Fund or otherwise acting as a client of the Fund in their individual capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directors and managers of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any natural person affiliated with a client, investor, counterparty, or supplier of or to the Fund (such as an employee, director, officer, partner, member, shareholder, beneficial owner, affiliate, agent or representative).

This Privacy Notice is current as of the date stated at the end of the Notice, but as circumstances or requirements change, we may need to amend this Privacy Notice. We will notify Relevant Individuals of any material amendment by posting an updated version on the Fund's website, when available, and/or taking other steps.

***What We Need You to Do***

Please provide this Privacy Notice to any Relevant Individuals whose Personal Information (as defined below) may be provided to us. In addition, to the extent we are provided with sensitive Personal Data (as defined below), we recommend it is encrypted before being sent.

***Key Concepts***

"Personal data" is any information relating to an identified or identifiable natural person (as further defined in the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020, and their related regulations (collectively, "CCPA"), the Gramm-Leach-Bliley Act ("GLBA") and other applicable laws and regulations relating to privacy, data protection, breach notification, or the processing of personal information). "Non-public personal information" is any personally identifiable financial information relating to natural persons that is not publicly available. We refer in this Privacy Notice to "non-public personal information" and other "personal data" together as "Personal Information".

***Personal Information Collected***

We may collect or otherwise process some or all of the following categories of Personal Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identifiers, such as full name, residential / office address, and other contact information, as well as government-issued identification details (e.g., social security number, or details from a driver's license, state identification card or passport);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial information, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ information about a Relevant Individual's interests in the Fund (such as account balances and percentage interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ transaction and interaction information, such as transaction history, client service records, communications with or concerning the Fund by email or other methods, and other information about the Relevant Individual's investments with us or other dealings with us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ other financial information (e.g., assets, net worth, income, investments, beneficial interests, investment history, bank account details, utility bills and other personal financial data);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Professional and employment information, such as education history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internet or other electronic network activity information, including information collected by automated means when an individual visits the Fund's website, when available, that may sometimes qualify as Personal

<sup>3</sup> This Privacy Notice addresses the collection and use of Personal Information as related to the Fund. If you are interacting with Oak Hill Advisors or T. Rowe Price in relation to a different product, service, subsidiary, affiliate, or digital property, a separate privacy policy or privacy notice will apply

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Information, such as IP address, details about navigation on the Fund's website, when available, and details about the individual's browser or device, a unique identifier or other information that we or our partners may store or read on the visitor's browser or device with cookie technology (details further below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Personal Information, such as date of birth, compliance program data including records related to tax laws, Know Your Customer (KYC), Office of Foreign Assets Control (OFAC), anti-money laundering (AML), and Foreign Corrupt Practices Act (FCPA), background check information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inferences we generate based on the data above.

Where the client or investor is an individual, we will usually collect this information directly from the individual. Where the client or investor (or other party engaging with us concerning the Fund) is a corporate entity, we will usually collect the information from the client or investor or their professional advisors or agents. In some cases, we may receive the information from another party, such as a background check provider.

Some of the personal information we collect is described in Cal. Civ. Code Section 1798.80.

***Sensitive Personal Information***

Some of the Personal Information described in the "Personal Information Collected" section above also constitutes "sensitive personal information" under the CCPA. We use and disclose sensitive personal information for our business and compliance functions and for other legally authorized purposes. We do not use or disclose it in a manner that would give rise to a right to limit its use or disclosure under the CCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Government-issued identification numbers are used and disclosed for identification, compliance, and related purposes, and as otherwise authorized by the CCPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Account login credentials (user names with password, access code or other credential that permits access to an account) are used and disclosed as needed to allow you to access your account and/or account information, for related account security purposes, and as otherwise authorized by the CCPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial account number or payment card number with any password, access code, or other credential that permits access to an account are used and disclosed as needed to allow you to access your account and/or account information, for related account security purposes, and as otherwise authorized by the CCPA.

Uses of Personal Information

We will use Personal Information for some or all of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide the service, information, or product requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in managing our relationship with the client or investor or other party (for example, to send transactional messages, to maintain the integrity of our records, to identify you);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in managing our business operations and information technology resources (for example, managing internal directories and client relationship management systems);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in protecting the Fund, its clients, investors, trading partners and others (for example, risk management and fraud prevention);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to address legal requirements (including laws designed to protect the integrity of the financial sector, which require measures such as anti-money laundering checks and the recording of calls and emails); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for Fund-related informational or marketing communications, where appropriate and permitted by applicable law.

From time to time, we may also use a Relevant Individual's Personal Information in other situations, such as with the Relevant Individual's consent.

***Retention of Personal Information***

The Personal Information we collect, including sensitive Personal Information, will be retained for at least as long as necessary to satisfy the purposes for which it was collected and our legal obligations. As described above, these purposes include our business operations and complying with reporting, legal, tax and accounting obligations. In determining how long to retain information, we generally will consider the amount, nature and sensitivity of the information, the purposes for which we process the Personal Information and whether we can achieve those purposes in other ways, the applicable legal requirements, internal recordkeeping practices and/or our legitimate interests.

Because we may collect and use the same category of personal information for different purposes and in different contexts, there is not typically a fixed retention period that always will apply to a particular category of personal information.

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***Disclosures of Personal Information***

For the purposes described in the previous section, where permitted by applicable law, we may disclose Personal Information in some or all of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the client or investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to other entities that assist in carrying out the activities described above, including professional advisors, technology providers, auditors, administrators, registrars, depositaries and other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to regulatory bodies and governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to other participants in certain transactions with the Fund (for example, to assist another party in discharging their legal obligations in respect of, for example, anti-money laundering legislation and to honor their legal right to obtain a recording of certain regulated calls or a copy of certain regulated electronic communications between us and that other party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to others (such as litigants, or an acquirer or others connected with an acquisition or similar transaction involving the Fund); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to agents, delegates, or related, associated or affiliated entities of the foregoing.

From time to time, we may also disclose a Relevant Individual's Personal Information in other situations, such as at the Relevant Individual's request.

***Security of Personal Information***

We take steps to restrict access to Personal Information, including various physical, electronic, and procedural safeguards. The specific security measures we use in a particular context depend on that context, but we draw from measures such as access controls, malware defenses, encryption, facility security, and various monitoring strategies. We also maintain incident response procedures.

***California Privacy Information – CCPA***

This section provides detailed information applicable only to eligible California residents under the CCPA. This section does not apply to Individual Investors, as our processing of their Personal Information is exempt from the CCPA, and it also does not cover any other Personal Information for which we are exempt from the CCPA, such as "publicly available information" as defined in the CCPA. Data that is not subject to the CCPA may be handled differently than described here.

During the past 12 months, we may have collected all of the types of personal information described in the "Personal Information Collection" section of this Privacy Notice, and disclosed at least some of each category of personal information in some instances to our affiliates, service providers and other entities that assist us with our business. We also made the other disclosures described in this paragraph. We disclosed government-issued identification details (e.g., social security number, or details from a driver's license, state identification card or passport), other identifiers (such as full name, residential address and other contact information) and professional and employment information to regulatory bodies and governmental authorities, transaction participants and entities involved in legal matters. We disclosed other Personal Information (except account credentials, inferences and internet or electronic network activity), such as date of birth and background check information, to regulatory bodies and governmental authorities, transaction participants and entities involved in legal matters. We made these disclosures of personal information about Californians for the purposes described in the "Disclosure of Personal Information" section above.

We do not "sell" or "share" Personal Information (as those terms are defined in the CCPA) nor have we over the last 12 months. We do not "sell" or "share" personal information if we have actual knowledge that the individual is less than 16 years of age.

Subject to some limitations, the CCPA allows you to ask us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide access to and/or a copy of certain personal information we hold about you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• correct certain personal information we have about you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delete certain personal information we have about you; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inform you about the categories of personal information we have collected about you in the preceding 12 months, the categories of sources of such information, the business or commercial purpose for collecting or selling your personal information, the categories of third parties to whom we have disclosed certain personal information, confirmation that we did not "sell" or "share" your Personal Information, and more specific detail about what categories of information were otherwise disclosed to particular categories of third parties.

If you would like to exercise any of these rights, you may submit your request by completing the CCPA Rights Request Form or calling us at 1 (888) 992-0501. We may need to request specific information from the Relevant Individual

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to confirm their identity and ensure their right to access the Personal Information (or to exercise any of their other rights). For example, we may request that you confirm, depending on the sensitivity of the information involved, the nature of our relationship with you, and the type of request you are making, verifying your name, email address, account number, and other information regarding your interactions with the Fund.

You can designate an authorized agent to make a CCPA request on your behalf. To do so, we must receive a legally sufficient power of attorney signed by you pursuant to California Probate Code sections 4121 to 4130, or other written authorization acceptable to us, for the agent to act on your behalf. You may still need to verify your identity and confirm the agent's authority directly with us. For security and legal reasons, we may refuse to accept requests that require us to visit an agent's website. You also have a right not to receive "discriminatory treatment" (within the meaning of the CCPA) for the exercise of the privacy rights conferred by the CCPA.

***Cookies***

We and service providers and vendors may collect information from your computer or other device by automated means such as cookies, web beacons, local storage, JavaScript, mobile-device functionality and other computer code (collectively, "cookies"). This information may include unique browser identifiers, IP address, browser and operating system information, device identifiers, other device information, Internet connection information, as well as details about your interactions with the Fund's website, when available (for example, the URL of the website from which you came, the pages on the Fund's website, when available, that you may visit, when available, and the links you may click on in the Fund's website, when available). In some cases (such as cookies), the tools described here may involve storing unique identifiers or other information on your device for later use.

You may be able to set your browser to refuse certain types of cookies, or to alert you when certain types of cookies are being used. Some browsers offer similar settings for HTML5 local storage and other technologies. However, if you block or otherwise reject cookies, local storage, JavaScript or other technologies, some current or future interactive aspects of the Fund's website, when available, may not function as expected.

***Contacting Us***

To notify us of your preferences, or to provide us with complaints, concerns or questions, please contact us via oakhilladvisorsupdate@oakhilladvisors.com.

Effective: August 16, 2023

Last Reviewed: January 10, 2025

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**PART II MANAGEMENT OF THE FUND**

**The Board and its Leadership Structure**

Our business and affairs are managed under the direction of our Board. The responsibilities of the Board include, among other things, the oversight of our investment activities, oversight of our investment valuation process, oversight of our financing arrangements and corporate governance activities. Our Board consists of five members, three of whom are not "interested persons" of the Fund or of the Adviser as defined in Section 2(a)(19) of the 1940 Act and are "independent". "Interested persons" are generally persons that, under the 1940 Act, are deemed to have an interest in the Fund or the Adviser that could give rise to a conflict of interest in making certain determinations required by the 1940 Act. We refer to these individuals as our "Independent Trustees." Our Board elects our executive officers, who serve at the discretion of the Board.

The Fund's statement of additional information contains additional information about the trustees of the registrant. The statement of additional information can be obtained upon request and without charge by writing to the Fund at T. Rowe Price OHA Flexible Credit Income Fund, 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017, or by calling toll-free 1-844-700-1478.

**Trustees**

Information regarding the Board is as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Length of**<br>**Time Served** | **Principal Occupation During**<br>**Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee** | **Other Memberships Held by Trustee** |
| *Interested Trustees* | *Interested Trustees* | *Interested Trustees* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adam B. Kertzner  | 1978 | Chairman, Chief Executive Officer & Trustee | Since Inception | Portfolio Manager & Senior Partner at Oak Hill Advisors (2002 – Present). | 1 | Director, Aurora Sustainable Lands LLC. |
| &nbsp;&nbsp;&nbsp;&nbsp;Eitan Arbeter | 1981 | Trustee | Since Inception | Portfolio Manager & Partner at Oak Hill Advisors (2003 – Present). | 1 | Director, Expro Group Holdings International Limited (2021-present); Director, Winebow Group |
| *Independent Trustees* | *Independent Trustees* | *Independent Trustees* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kathleen M. Burke | 1963 | Trustee and Chair of the Nominating and Governance Committee | Since Inception | Managing Director at Snowbridge Advisors (2016 – Present); Advisor at Pacific General Holdings (April 2022 – August 2025). | 4 | Board Member, T. Rowe Price OHA Select Private Credit Fund (2022 – present); Board Member, OHA Senior Private Lending Fund (U) LLC (2022 – present); Board Member APS BDC, LLC (2026-present). |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Mark Manoff | 1956 | Trustee and Chair of the Audit Committee | Since Inception | Operating Partner at MidOcean Partners (2021 – Present); Vice Chair at Ernst & Young (1978-2021). | 4 | Board Member, T. Rowe Price OHA Select Private Credit Fund (2022 – present); Board Member, OHA Senior Private Lending Fund (U) LLC (2022 – present); ; Board Member APS BDC, LLC (2026-present); Trustee, University of Maryland Smith Business School Advisory Board (2012 – Present); Trustee, Roundabout Theatre (2000 – 2020); Trustee, the First Tee (2011 – 2011). |

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The address for each Trustee is c/o T. Rowe Price OHA Flexible Credit Income Fund, 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017, Attn: Legal Department. While we do not intend to list our shares on any securities exchange, if any class of our shares is listed on a national securities exchange, our Board will be divided into three classes of trustees serving staggered terms of three years each.

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**Executive Officers Who are Not Trustees**

Information regarding our executive officers who are not Trustees is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Length of Time Served** | **Principal Occupation During Past 5 Years** |
| Andrew Winer | 1968 | President | Since 2022 | Portfolio Manager at Sound Point Capital (2016 – 2022) |
| Amaka Dike | 1986 | Chief Financial Officer | Since 2026 | Principal and Fund CFO at The Carlyle Group (2021 – 2025); Senior Manager at EY (2010 – 2021) |
| Grove Stafford | 1977 | Chief Compliance Officer and Secretary | Since 2022 | Executive Director and Chief Compliance Officer at Morgan Stanley Investment Management – Private Credit, Equity & Real Estate (2018-2022); Vice President & Assistant General Counsel at Resource America, Inc. |

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The address for each executive officer is c/o T. Rowe Price OHA Flexible Credit Income Fund, 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017.

**Biographical Information**

The following is information concerning the business experience of our Board and executive officers. Our Trustees have been divided into two groups—Interested Trustees and Independent Trustees. Interested Trustees are "interested persons" as defined in the 1940 Act.

***Interested Trustees***

**Adam B. Kertzner**, *Portfolio Manager & Senior Partner*, shares portfolio management responsibilities for a number of OHA's multi-strategy portfolios. He is a member of the investment strategy, sustainability and several fund investment committees. Mr. Kertzner joined OHA in early 2002 as an investment professional with a focus on automotive, gaming, paper and packaging and general industrial credits. He then served as OHA's head trader focusing on high yield and other asset classes. Prior to joining OHA, Mr. Kertzner worked at Donaldson, Lufkin and Jenrette and Credit Suisse First Boston in the Financial Sponsors Coverage group. He currently serves as Chief Executive Officer and Chairman of the Board of Trustees for the T. Rowe Price OHA Flexible Credit Income Fund and on the Board of Directors for Aurora Sustainable Lands LLC. Mr. Kertzner earned a B.A., cum laude, from Duke University

**Eitan Arbeter,** *Portfolio Manager & Partner,* shares portfolio management responsibilities for stressed and distressed credit and certain less liquid multi-strategy portfolios. Mr. Arbeter serves on the firm's investment strategy and several fund investment committees. He has led a number of high-profile restructuring cases and has served on various ad hoc creditor committees, including on several steering committees. Prior to assuming a portfolio management role, Mr. Arbeter spent over 10 years as a senior research analyst. In this time, he had responsibility for OHA's distressed investments and covered the consumer products, retail, restaurants, cable and telecommunications industries. Prior to joining OHA, Mr. Arbeter worked at Bear, Stearns & Co. Inc. in its Global Industrials Group. He currently serves on Board of Trustees for the T. Rowe Price OHA Flexible Credit Income Fund and on the Board of Directors for Expro Group Holdings International Limited and the Winebow Group. Mr. Arbeter earned a B.B.A, with honors, from the Stephen M. Ross School of Business at the University of Michigan.

***Independent Trustees***

**Kathleen M. Burke**, *Trustee*. Ms. Burke is currently a Partner at Snowbridge Advisors, an independent advisory firm serving managers of private equity funds worldwide with a focus on middle market private equity funds. Ms. Burke has more than thirty years' experience as an investment professional, both as an advisor and an investor, and is expert at executing, structuring and placing private alternative fund products and securities. Ms. Burke also managed private placements at Rothschild North America and Credit Suisse First Boston. At Credit Suisse First Boston, she led a team of professionals dedicated to raising private equity capital for venture stage and emerging growth companies in a variety of sectors including life sciences, healthcare, media, telecom, and technology services. Prior to Credit Suisse First Boston, Ms. Burke was on the buy-side and worked at both Prudential Insurance Company of America and GE Capital where she was responsible for a variety of investments, including control and growth transactions, mezzanine deals and senior loans.

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She received her MBA from the University of Pennsylvania's Wharton School and has a BS in Finance from Boston College's Carroll School of Management, where she was in the Honors Program and graduated cum laude.

**Mark Manoff**, *Trustee*. Mr. Manoff is an Operating Partner at MidOcean Partners, a premiere New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. He previously spent 39 years at Ernst & Young (EY) serving in many leadership positions, including as New York Office Managing Partner, and Americas Vice Chair Northeast Region Managing Partner, where he had P/L responsibility for a $4 billion business unit. Mr. Manoff was a member of EY's Executive Board and Operating Committee for 8 years. He founded and led EY's Center for Board Matters, EY's effort to support board members in their oversight role by helping them address complex boardroom issues. Mr. Manoff retired as Vice Chair Markets where he was responsible for EY's growth strategy and go-to-market activities. Following his retirement from EY, Mr. Manoff co-founded and was the CEO of a boutique consulting firm providing services to private equity and other high growth businesses. Mr. Manoff was also a member of the Board of Covetrus, a $4 billion formerly NASDAQ-listed global company that provided technology solutions and services to veterinarians, which was taken private in October 2022. Mr. Manoff is a CPA and has a BS from the University of Maryland Smith Business School where he was a past Chair

**Jonathan Morgan**, *Trustee*. Mr. Morgan is the founding Principal of Sound Fund Advisors LLC, a firm he founded in March 2011, where he acts as an independent director. Mr. Morgan has over 22 years of experience in the financial markets, including nine years of investment experience as a strategist or portfolio manager at three different investment managers: Caxton Associates (1993-1996), Croesus Capital Management (1997-1998) and Parallax Capital Management (1999-2002). In addition, Mr. Morgan has more than nine years of experience researching and investing in investment funds. He was the Head of Research and Portfolio Management in the Alternative Investment Group of Julius Baer Investment Management (2002-2005) where he supervised both investment research as well as the operational risk group. In 2005, Mr. Morgan joined Barclays Global Investors (2005-2009) as the Head of Manager Selection and subsequently became the Head of Investments for their Hedge Fund Management Group. During his tenure, Mr. Morgan was the head of Barclays Global Investor's New York office. In 2009, Mr. Morgan joined UBP Asset Management (2009-2011) as the Head of Global Hedge Fund Research. Prior to 1993, Mr. Morgan worked for Morgan Stanley for five years. He has an AB from Princeton University (1986), an MPP from Harvard's Kennedy School of Government (1990) and an MDIV from Yale Divinity School (2019).

***Executive Officers Who are not Trustees***

**Amaka Dike**, *Managing Director & Chief Financial Officer — Registered Funds*. has primary responsibility for the financial oversight of OHA's business development companies (BDCs), interval funds and related vehicles. She serves on the firm's risk committee. Prior to joining OHA, Ms. Dike was a Principal at The Carlyle Group Inc., where she oversaw financial operations for multiple direct lending and cross strategy funds. Earlier in her career, she was a Senior Manager in EY's Financial Services audit practice, serving banking institutions and alternative investment managers. Ms. Dike holds a Master of Arts in Economics from Kent State University and a Bachelor of Business Administration in Accounting, summa cum laude, from West Virginia University. She is a Certified Public Accountant.

**Andrew Winer**, *President — Registered Funds*. works in the area of new business development and has primary responsibility for operations of OHA's BDCs and similar vehicles. Prior to joining OHA, Mr. Winer was the Co-Founder and Portfolio Manager of Sound Point Capital's commercial real estate business and served as Chief Investment Officer of InPoint Commercial Real Estate Income Inc. Previously, Mr. Winer served as President of Global Net Lease, Inc. and worked at Credit Suisse and predecessor firms in a variety of commercial real estate and structured finance related positions. Mr. Winer earned a Master of Accountancy and a B.B.A. in Accounting from the University of Michigan School of Business.

**Grove Stafford,** *Managing Director, Chief Compliance Officer & Deputy General Counsel*. provides legal and compliance services to OHA. Prior to joining OHA, Mr. Stafford worked as an Executive Director for Morgan Stanley Investment Management where he served as Chief Compliance Officer for the firm's private credit, equity and real assets businesses as well as the firm's Business Development Companies. Prior to joining Morgan Stanley, he was employed by Resource America, Inc., serving as Vice President and Assistant General Counsel with responsibility for legal and compliance matters for Resource America's investment adviser and broker-dealer platforms. Mr. Stafford earned a J.D. from Tulane University and a B.A. from Boston University.

**Communications with Trustees**

Shareholders and other interested parties may contact any Trustee (or all Trustees) of the Board by mail. To communicate with the Board, any individual Trustee or any group or committee of Trustees, correspondence should be addressed to the Board or any such individual Trustee or group or committee of Trustees by either name or title. All such

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correspondence should be sent to T. Rowe Price OHA Flexible Credit Income Fund, c/o OHA Private Credit Advisors II LLC, 1 Vanderbilt Avenue, 16<sup>th</sup> Floor, New York, NY 10017, Attention: Chief Compliance Officer.

**Committees of the Board**

Our Board currently has three committees: an Audit Committee, a Nominating and Governance Committee and an Independent Trustees Committee. Under the Declaration of Trust, the Fund is required to hold annual meetings to consider such matters as may appropriately come before such meetings.

***Audit Committee.*** The Audit Committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the Audit Committee. The primary function of the Audit Committee is to serve as an independent and objective party to assist the Board in selecting, engaging and discharging our independent registered public accounting firm, reviewing the plans, scope and results of the audit engagement with our independent registered public accounting firm, approving professional services provided by our independent registered public accounting firm (including compensation therefore), reviewing the independence of our independent registered public accounting firm and reviewing the adequacy of our internal controls over financial reporting. The Audit Committee will also have principal oversight of the valuation process used to establish the Fund's NAV and for the determination the fair value of each of our investments. The Audit Committee is presently composed of three persons, including Kathleen M. Burke, Mark Manoff, and Jonathan Morgan, all of whom are considered independent for purposes of the 1940 Act. Mr. Manoff serves as the chair of the Audit Committee. Our Board has determined that Mr. Manoff qualifies as an "Audit Committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act. Each of the members of the Audit Committee meet the independence requirements of Rule 10A-3 of the Exchange Act and, in addition, is not an "interested person" of the Fund or of the Adviser as defined in Section 2(a)(19) of the 1940 Act.

A copy of the charter of the Audit Committee is available in print to any shareholder upon request.

***Nominating and Governance Committee.*** The Nominating and Governance Committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the Nominating and Governance Committee, including making nominations for the appointment or election of Independent Trustees. The Nominating and Governance Committee consists of three persons, including Kathleen M. Burke, Mark Manoff, and Jonathan Morgan, all of whom are considered independent for purposes of the 1940 Act. Ms. Burke serves as the chair of the Nominating and Governance Committee.

The Nominating and Governance Committee will consider nominees to the Board recommended by a shareholder, if such shareholder complies with the advance notice provisions of our Bylaws. Our Bylaws provide that a shareholder who wishes to nominate a person for election as a Trustees at a meeting of shareholders must deliver written notice to our Corporate Secretary. This notice must contain, as to each nominee, all of the information relating to such person as would be required to be disclosed in a proxy statement meeting the requirements of Regulation 14A under the Exchange Act, and certain other information set forth in the Bylaws. In order to be eligible to be a nominee for election as a Trustees by a shareholder, such potential nominee must deliver to our Corporate Secretary a written questionnaire providing the requested information about the background and qualifications of such person and a written representation and agreement that such person is not and will not become a party to any voting agreements, any agreement or understanding with any person with respect to any compensation or indemnification in connection with service on the Board, and would be in compliance with all of our publicly disclosed corporate governance, conflict of interest, confidentiality and share ownership and trading policies and guidelines.

A copy of charter of the Nominating and Governance Committee is available in print to any shareholder upon request.

***Independent Trustees Committee.*** The Independent Trustees Committee operates pursuant to a charter approved by our Board. The Independent Trustees Committee consists of three persons, including Kathleen M. Burke, Mark Manoff, and Jonathan Morgan, all of whom are considered independent for purposes of the 1940 Act. Mr. Morgan serves as the chair of the Independent Trustees Committee. The Independent Trustees Committee assists the Board by acting as a liaison between the Board and our principal service providers, including without limitation, the Adviser. The Independent Trustees Committee is responsible for assessing the flow of information between management and the Board and overseeing the annual approval process of the Advisory Agreement and the Administration Agreement. The Independent Trustees Committee is also responsible for addressing conflict of interest matters and directing the retention of any consultants that the Board may deem necessary or appropriate. The Independent Trustees Committee will also have principal oversight over the process used to approve co-investments for the Fund. Time is allotted at each quarterly meeting of our Board for the Independent Trustees to meet and discuss any issues that they deem necessary or appropriate. The Independent Trustees may also choose to meet in executive session outside the presence of the Interested Trustees during the course of other meetings of our Board or at other times as they deem necessary or appropriate.

A copy of the charter of the Independent Trustees Committee is available in print to any shareholder upon request.

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**Investment Personnel**

The Fund's Portfolio Management team ("PM team" or "team") are responsible for the day-to-day management of the Fund.

Adam Kertzner and Eitan Arbeter serve as the Fund's lead portfolio managers and are on the Fund's Board of Trustees. As lead portfolio managers, they are jointly responsible for setting the investment direction of the Fund and have discretion over the investments in the Fund. Adam Nankervis also serves as portfolio manager, working with the lead portfolio managers on all day-to-day Fund management responsibilities.

Eric Muller, Greg Leveto and Thomas Brown are also members of the PM team. Each has portfolio management responsibilities for the Fund that align with their area of expertise to ensure continuity across the range of credit strategies represented in the Fund. Eric Muller focuses on direct lending and junior capital solutions, Greg Leveto focuses on asset based lending and Thomas Brown focuses on liquid credit.

Below is biographical information for members of the PM team.

**Adam B. Kertzner**, *Portfolio Manager & Senior Partner*, shares portfolio management responsibilities for a number of OHA's multi-strategy portfolios. He is a member of the investment strategy, sustainability and several fund investment committees. Mr. Kertzner joined OHA in early 2002 as an investment professional with a focus on automotive, gaming, paper and packaging and general industrial credits. He then served as OHA's head trader focusing on high yield and other asset classes. Prior to joining OHA, Mr. Kertzner worked at Donaldson, Lufkin and Jenrette and Credit Suisse First Boston in the Financial Sponsors Coverage group. He currently serves as Chief Executive Officer and Chairman of the Board of Trustees for the T. Rowe Price OHA Flexible Credit Income Fund and on the Board of Directors for Aurora Sustainable Lands LLC. Mr. Kertzner earned a B.A., cum laude, from Duke University.

**Eitan Arbeter**, *Portfolio Manager & Partner*, shares portfolio management responsibilities for stressed and distressed credit and certain less liquid multi-strategy portfolios. Mr. Arbeter serves on the firm's investment strategy and several fund investment committees. He has led a number of high-profile restructuring cases and has served on various ad hoc creditor committees, including on several steering committees. Prior to assuming a portfolio management role, Mr. Arbeter spent over 10 years as a senior research analyst. In this time, he had responsibility for OHA's distressed investments and covered the consumer products, retail, restaurants, cable and telecommunications industries. Prior to joining OHA, Mr. Arbeter worked at Bear, Stearns & Co. Inc. in its Global Industrials Group. He currently serves on Board of Trustees for the T. Rowe Price OHA Flexible Credit Income Fund and on the Board of Directors for Expro Group Holdings International Limited and the Winebow Group. Mr. Arbeter earned a B.B.A, with honors, from the Stephen M. Ross School of Business at the University of Michigan.

**Adam Nankervis**, *Portfolio Manager & Partner*, shares portfolio management responsibilities for a number of OHA's portfolios. He serves on various firm committees including the firm's new product and business activity committee and several fund investment committees. Previously, Mr. Nankervis had senior research responsibility for the paper and packaging, services, gaming, lodging and real estate industries. He previously worked at Credit Suisse in the Financial Sponsors Group in New York and in the Investment Banking Division in Sydney. Mr. Nankervis earned a Bachelor of Electrical Engineering (First Class Honors) and a Bachelor of Commerce from the University of Melbourne.

**Eric Muller**, *Portfolio Manager & Partner, Chief Executive Officer –BDCs*, shares responsibility for leading OHA's private credit business and has primary management responsibility for OHA's BDCs. Prior to joining OHA, Mr. Muller worked in Goldman Sachs' Merchant Banking Division, where he was a Partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. He previously worked as a private equity investor for the Cypress Group. Additionally, Mr. Muller serves as a Member of the Board of Trustees for Boston University and on the Investment Committee for the University's Endowment. He is Co-Chairman of the Board of Trustees for StreetSquash, an after-school youth enrichment program. He earned an M.B.A. from Harvard Business School, a J.D. from Harvard Law School and a B.A., summa cum laude, salutatorian, from Boston University.

**Greg Leveto**, *Portfolio Manager & Partner*, serves as an investment professional focusing on asset based finance. Before joining OHA, Mr. Leveto ran the Transportation, Infrastructure and Energy Financing group at Deutsche Bank, where he was a Managing Director. He previously worked at Goldman Sachs for eight years, most recently in the Hard Asset Trading group in the Fixed Income division. While at Goldman Sachs, Mr. Leveto also worked as an investment analyst in the Special Asset Group and as an investment banker on the Real Estate, Gaming and Lodging team. He spent the first two years of his career at Land Group Atlanta, a boutique real estate advisory and development firm. Mr. Leveto is

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on the board of NAMI NYC, an organization focused on mental health awareness and advocacy. He earned a B.S. from the Boston University Questrom School of Business.

**Thomas F. Brown**, *Portfolio Manager & Managing Director*, assists in the management of a number of OHA's portfolios and is the primary trader focused on high yield and distressed bonds, equities and other asset classes. In addition, he is a member of OHA's allocation, compliance, counterparty risk and treasury committees. Mr. Brown previously worked in the areas of investor relations and new business development at OHA. He earned a B.A., cum laude, from Middlebury College.

The Statement of Additional Information provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund.

**Portfolio Management**

***Other Accounts Managed by Portfolio Managers***

The portfolio managers primarily responsible for the day-to-day management of the Fund also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as December 31, 2025: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Capital Under Management ($ MM)** <sup>(1)</sup> | **Capital Under Management ($ MM)** <sup>(1)</sup> | **Capital Under Management ($ MM)** <sup>(1)</sup> | **Capital Under Management ($ MM)** <sup>(1)</sup> | **Capital Under Management ($ MM)** <sup>(1)</sup> |
| | **Number of Accounts** | **Assets of Accounts (in millions)** | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee (in millions)** |
| **Adam B. Kertzner** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | —  | $—  | —  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 6  | $11751  | 5  | $10578  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | 23  | $9653  | 14  | $5722  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **29**  | **$21404**  | **19**  | **$16300**  |
| **Eitan Arbeter** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | —  | $—  | —  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 4  | $9222  | 4  | $9222  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | 29  | $8258  | 26  | $7806  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **33**  | **$17480**  | **30**  | **$17028**  |
| **Adam Nankervis** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | —  | $—  | —  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2  | $5927  | 2  | $5927  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | 29  | $8192  | 25  | $7537  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **31**  | **$14119**  | **27**  | **$13464**  |
| **Eric Muller** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | 2  | $4291  | 2  | $4291  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 9  | $22209  | 4  | $20767  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | 28  | $18809  | 15  | $5608  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **39**  | **$45309**  | **21**  | **$30666**  |
| **Greg Leveto** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | —  | $—  | —  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 1  | $1172  | —  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | 1  | $58  | 1  | $58  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **2**  | **$1230**  | **1**  | **$58**  |
| **Thomas F. Brown** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | —  | $—  | —  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | —  | $—  | —  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | —  | $—  | —  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **—**  | **$—**  | **—**  | **$—**  |

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<sup>(1)</sup> Assets under management ("AUM") estimated as of December 31, 2025. Refers to the discretionary and non-discretionary assets of investment advisory clients, including co-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.<br>

**Compensation of Portfolio Managers**

Under a Resource Sharing Agreement, OHA provides the Adviser with experienced investment professionals and access to the resources of OHA. These resources and personnel enable the Adviser to fulfill its obligations under the advisory agreement. Through the Resource Sharing Agreement, the Adviser benefits from the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of OHA's investment professionals.

OHA believes its compensation approach, which is based on individual as well as overall Firm performance, promotes Firm-wide cooperation and collaboration. This approach has been designed to attract, incentivize and retain key personnel and has been employed since the Firm's inception. Alignment of interests between the Firm, its employees and clients was a top priority when OHA designed its compensation policies.

Investment professionals are evaluated using both quantitative and qualitative methods, including their success in making investment recommendations as well as exhibiting the values that OHA promotes such as teamwork, collaboration and work ethic. OHA's compensation structure for non-partner investment professionals consists of salary, discretionary bonus and, for certain senior investment professionals (principals and above), a component based on fund performance. Employee salaries are paid in cash; discretionary bonuses are paid on both a current (cash) and deferred basis, with senior professionals typically having at least 20% of their discretionary bonus deferred for one to two years, with amounts invested in OHA Diversified Credit Strategies Fund on a shadow basis. Non-investment professionals receive competitive salaries and merit-based discretionary bonuses reasonably proportioned to their role and support of the overall Firm's business.

Carried interest is currently allocated only to employees at the partner level based on ownership interests. Carried interest allocations are subject to annual review and Glenn August can adjust allocations in certain circumstances. These allocations are subject to vesting provisions consistent with the relevant fund's structure.

**Securities Ownership of Portfolio Managers**

The following table shows the dollar range of equity securities in the Fund beneficially owned by each of the portfolio managers as of December 31, 2025.

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| | |
|:---|:---|
| **Name** | **Aggregate Dollar Range of Equity Securities in the Fund**<sup>(1)</sup> |
| Adam B. Kertzner | Over $1,000,000 |
| Eitan Arbeter | $100001–$500000 |
| Adam Nankervis | Over $1,000,000 |
| Eric Muller | $100001–$500000 |
| Greg Leveto | $100001–$500000 |
| Thomas F. Brown | $50001–$100000 |

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<sup>(1)</sup> Dollar ranges are as follows: None, $1–$10,000, $10,001–$50,000, $50,001–$100,000, $100,001–$500,000, $500,001–$1,000,000 or Over $1,000,000.

**Conflicts of Interest**

***General***

The Fund is subject to a number of actual and potential conflicts of interests. The following represent the known inherent or potential conflicts of interest that should be considered by prospective investors before subscribing for the Shares. The Adviser and its affiliates, direct and indirect members, direct and indirect partners and/or employees, do now and may in the future manage or co-manage other investment vehicles, BDCs, CLOs and/or separate accounts (the "OHA

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Clients"), some of which follow, or may follow, investment programs substantially similar to that of the Fund. The existence of multiple OHA Clients (including the Fund) may create a number of potential conflicts of interest.

The Adviser will devote as much of its time to the activities of the Fund as it deems sufficient and appropriate. The Adviser and its affiliates are not restricted from forming (or allocating investment opportunities to) other OHA Clients, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser and/or its affiliates. The Adviser is not restricted from establishing new OHA Clients. These activities could be viewed as creating a conflict of interest in that the time and effort of the Adviser, the Adviser's other partners and their respective officers and employees will not be devoted exclusively to the business of the Fund, but will be allocated between the business of the Fund and other business activities, including, without limitation, the management of the assets of the other OHA Clients.

The Adviser has multiple advisory, transactional, financial and other interests that conflict or may conflict with those of the Fund and its Shareholders. The Adviser may, in the future, engage in additional activities that result in additional conflicts of interest not addressed below. Any such conflicts could have a material adverse effect on the Fund and its Shareholders.

***Allocation of Investment Opportunities***

The Adviser (or an affiliate), on behalf of the Fund or other OHA Clients, may, from time to time, be presented with investment opportunities that fall within the investment objective of the Fund and the other OHA Clients. The Adviser (or an affiliate) have established policies and procedures for allocating investment opportunities among the Fund and such other OHA Clients.

When the Adviser (or an affiliate) determines that it would be appropriate for the Fund and one or more of the other OHA Clients to participate in an investment opportunity, the Adviser (or an affiliate) will seek to execute orders on an equitable basis for all of the participating OHA Clients, including the Fund. This could, among other adverse consequences, affect the prices of the securities or other obligations in which the Fund invests and will affect the availability of such securities or obligations to the Fund. Orders may be combined for all such accounts, and if any order is not filled at the same price, they may (or may not) be allocated on an average price basis. Similarly, if an order on behalf of more than one account cannot be fully executed under prevailing market conditions, securities or other obligations may be allocated among the different accounts on a basis which the Adviser or its affiliates consider equitable. There is no obligation for the Fund to dispose of any investment at the same time as any other OHA Client, nor for any other OHA Client to dispose of any investment at the same time as the Fund. Situations may occur where the Fund could be disadvantaged because of the investment activities conducted by the Adviser (or an affiliate) for other investment accounts and redemption or withdrawal requests by investors in such other OHA Clients. This could increase or decrease the concentration of certain investment holdings of the Fund and could possibly lead to situations where the Fund either has to or, conversely, cannot, enter into a transaction or capitalize on an investment opportunity with respect to such investment holdings.

In determining initial allocations of investments among the OHA Clients (including the Fund), the Adviser and its affiliates will take into account relative amounts of available capital and maximum issuer sizes. The available capital and maximum issuer sizes will be determined at the discretion of the Adviser and its affiliates, taking into consideration applicable investment guidelines of the OHA Clients (including the Fund) and other applicable factors, including, without limitation, available cash, unfunded capital commitments, planned capital flows, leverage and certain liquid investments. Following the determination of the initial allocation, other factors may be considered by the Adviser and its affiliates, as they deem appropriate, in making final allocation determinations among the OHA Clients, including (as applicable), without limitation: investment objectives; the timing of capital inflows and outflows and anticipated capital commitments, subscriptions and distributions and/or withdrawals (or redemptions); liquidity; yield; transaction costs; transaction-specific minimum investment obligations, eligibility requirements and/ or other statutory or contractual restrictions or obligations; portfolio diversification; relative market or industry exposure; tax efficiencies and potential adverse tax consequences; regulatory, policy and/or other restrictions applicable to participating OHA Clients and/or to their investors; the avoidance of odd lots or a de minimis allocation to one or more participating OHA Clients; the risk profile of an investment opportunity and the applicable OHA Clients; the type of asset (*e.g.*, loan versus equity); the capital available for the investment opportunity; and any other factors similar to the foregoing or any other considerations deemed relevant by the Adviser and its affiliates. In addition to the foregoing factors, the Adviser and its affiliates also consider the length of the investment period and any applicable post-investment period term of each OHA Client, which may differ. As a result, an OHA Client that is approaching the end of its investment period may not be allocated investment opportunities that have longer investment time horizons or that are more illiquid, even if such opportunity is otherwise an eligible investment for such OHA Client. The Adviser and its affiliates in certain situations will adjust investment allocations in cases where they

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are limited in their ability to allocate across all OHA Clients. Subsequent purchases of an investment may be allocated based on the relative existing positions in such investment among the OHA Clients (including the Fund).

Based on the foregoing investment allocation methodology, an OHA Client with higher available capital than a similarly sized or even larger sized OHA Client will, if the maximum issuer size is equal, have a higher initial allocation percentage to an investment. Additionally, an OHA Client with a larger maximum issuer size than a similarly sized or even larger sized OHA Client will, if the amount of available capital is equal, have a higher initial allocation percentage to an investment.

Furthermore, an OHA Client may invest in certain investment strategies, and then the Adviser and its affiliates may subsequently offer other OHA Clients the same or similar investment strategies through stand-alone vehicles, which may serve as the primary vehicles for such strategies. Any opportunity to invest in such a stand-alone vehicle will be considered for all OHA Clients who invested previously in such investment strategies. An OHA Client whose investment activities commenced after the establishment of a stand-alone vehicle may not be able to participate in such stand-alone vehicle if it is a closed-end vehicle or the Adviser determines it could dilute or adversely impact the existing OHA Clients in such vehicle.

The outcome of any allocation determination by the Adviser and its affiliates may result in the allocation of all or none of an investment opportunity to the Fund. There can be no assurance that the Fund will have an opportunity to participate in certain investments that fall within the Fund's investment objective. The Adviser's investment allocation policies and procedures may be amended at any time without the Shareholders' consent.

When multiple of the OHA Clients participate in specific investments together with the Fund, the Adviser and/ or its affiliates will seek to allocate expenses among such OHA Clients pursuant to the Adviser's expense allocation policy.

In certain circumstances, in order to ensure that allocations are being made in the best interests of the OHA Clients involved, from time to time, the Adviser and its affiliates may review an OHA Client's exposure to certain investments, determine exposure targets for such OHA Clients and allocate investment opportunities accordingly.

Related Clients

The Adviser is expected to conduct the Fund's investment program in a manner that is similar (or in some cases, substantially similar) to the investment programs of certain other OHA Clients (such OHA Clients, the "Related Clients"). Related Clients are expected to co-invest with, or, at times, invest on a side-by-side basis with, the Fund, including through master, joint or commingled accounts or investment vehicles. However, there are, or may be, differences among the Fund and the Related Clients with respect to investment objectives, investment strategies, investment parameters and restrictions, hedging strategies, portfolio management personnel, tax considerations, liquidity considerations, legal and/or regulatory considerations, asset levels, timing and size of investor capital contributions and redemptions or withdrawals, cash flow considerations, market conditions, considerations related to existing exposures to an issuer or security and other considerations deemed relevant by the Adviser and its affiliates (the nature and extent of such differences, if any, will vary from Related Client to Related Client), which, as applicable, will cause variation among the investment portfolios of the Fund and the Related Clients and in the allocation of investment opportunities among the Fund and the Related Clients. In addition, certain investments (*e.g*., odd lots, investments with limited capacity and/or stub pieces) may not be feasible to allocate to the Fund and/ or one or more Related Clients.

Given the foregoing considerations, there may be circumstances where: (i) the Fund and only some of the Related Clients participate in parallel investment transactions; (ii) the level of participation by the Fund and the Related Clients in parallel investment transactions is not on a *pro rata* basis; (iii) the terms of parallel investment transactions vary between and among the Fund and one or more Related Clients; (iv) the Fund and one or more Related Clients effectively engage in opposite transactions with respect to a particular investment (*e.g.*, the Fund buys an investment and one or more Related Clients sells the same investment and/or the Fund takes a "long" position in an investment and one or more Related Clients takes a "short" position with respect to the same investment); and/or (v) investment transactions between and among the Fund and the Related Clients vary in other respects. Such non-parallel and/or non-pro rata investment transactions between or among the Fund and the Related Clients will be made at the discretion of the Adviser and its affiliates including, without limitation, when deemed: (1) appropriate because of the differences between the clients involved (or the terms applicable to the Fund and/or such Related Clients) and/or (2) otherwise to be in the interests of the clients involved. In addition, there may be circumstances where the Fund and one or more Related Clients participate in the same investment, but either (A) the Fund does not enter into certain hedging transactions entered into by such Related Client(s) with respect to such investment, or (B) the Fund enters into certain hedging transactions not entered into by such Related Client(s) with respect to such investment.

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In addition, Related Clients are, or may be, subject to terms that differ from the terms described in this Confidential prospectus, which may include, without limitation, restrictions on investing in certain investment products or terms related to tax, legal, regulatory and/or other similar considerations. In addition, the governing documents of one or more Related Clients may contain terms, certain of which could be considered more favorable than the terms set forth in this prospectus, including, without limitation, terms relating to fee reductions, expenses, portfolio transparency and/or liquidity. For example, one or more Related Clients may receive more detailed portfolio information or information on a more frequent basis and/or have rights to make additional subscriptions or contributions and/or have more favorable liquidity rights (such as a right to redeem or withdraw and/or a right to redeem or withdraw with shorter prior notice periods and/or with more frequency), in each case, than compared to the Fund. Any such different and/or preferential terms could have an adverse impact on the investments of the Fund and/or the value of Shares.

***Special Purpose Entities***

The Adviser may, in its discretion, structure any investment, in whole or in part, as an investment made directly by the Fund and/or through one or more special purpose entities or subsidiaries and/or restructure an existing investment that was initially held directly by the Fund and/or one or more other OHA Clients such that, following such restructuring, such investment is held indirectly through one or more special purpose entities or subsidiaries, in each case, in order to address legal, tax, regulatory, currency or other considerations with respect to the Fund and/or one or more of such other OHA Clients (which considerations may only affect one or more of such other OHA Clients (and not the Fund) and may include the administrative convenience of the Adviser, its affiliates, the Fund and/or one or more other OHA Clients), as deemed appropriate by the Adviser in its discretion. The Fund and/or any other OHA Clients investing through any such special purpose entity or subsidiary will bear any and all fees, costs and expenses in connection with the formation, organization, operation, management and dissolution of such special purpose entity or subsidiary (including the fees, costs and expenses of preparing the constituent documents and any other agreements of (or related to) such special purpose entity or subsidiary and/or any fees, costs and expenses related to borrowings incurred by such special purpose entity or subsidiary), even in circumstances where such special purpose entity or subsidiary is intended primarily or solely for the benefit of one or more other OHA Clients (and not the Fund). The Fund does not presently intend to create or acquire primary control of any entity which engages in investment activities in securities or other assets, other than entities wholly-owned by the Fund. For financing purposes, the Fund maintains one wholly-owned special purpose entity, TRP OHA FCI SPV Funding I, LLC, a Delaware limited liability company exempt from registration under the 1940 Act (the "OHA SPV Funding"). On October 11, 2024, OHA SPV Funding entered into a secured revolving credit facility with Canadian Imperial Bank of Commerce ("CIBC") (the "CIBC Funding Facility"). CIBC serves as administrative agent, and The Bank of New York Mellon, National Association, serves as the securities intermediary, collateral custodian, collateral administrator and collateral agent. The CIBC Funding Facility provides for advances from time to time in an aggregate principal amount not to exceed the maximum facility amount under the loan and servicing agreement pertaining to the CIBC Funding Facility, which may be increased by mutual agreement of the parties as the net assets of the Fund increase. Advances under the CIBC Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable spread of 1.65% to 2.10% per annum, depending on the nature of the advance being requested under the CIBC Funding Facility. OHA SPV Funding pays structuring and non-usage fees, as well as certain other fees that may be agreed upon between OHA SPV Funding and CIBC. The stated maturity date of the CIBC Funding Facility is October 11, 2029. The proceeds of the advances under the CIBC Funding Facility will be used to finance origination and/or acquisition of certain assets. On December 30, 2025, the Parties entered into Amendment No. 3 (the "Third Amendment") to the CIBC Loan Agreement. The amended facility amount under the Third Amendment is $100 million, which may be increased by mutual agreement of the parties as the net assets of the Fund increase. The Third Amendment, among other things, (i) increase the facility amount to $100 million and (ii) extended the ramp-up period to March 30, 2026.

To the extent the Fund holds an investment through a special purpose entity or subsidiary, the Fund's returns may be adversely impacted.

The Fund complies with the provisions of the 1940 Act, including those relating to investment policies (Section 8) and capital structure and leverage (Section 18) on an aggregate basis with each subsidiary, and each subsidiary complies with the provisions relating to affiliated transactions and custody (Section 17).

***Conflicts Arising from Organizational, Ownership and Investment Structure***

The organizational, ownership and investment structure of the Fund involves a number of relationships that give rise to potential conflicts of interest. In certain instances, the interests of the Adviser and its affiliates could differ from the interests of the Fund's Shareholders, including with respect to the types of investments made, the timing and method in which investments are exited, the timing and amount of distributions to the Shareholders, the reinvestment of returns generated by investments and the appointment of outside advisers and service providers. There can be no assurance that any such conflict would be resolved in favor of the Shareholders and this may negatively affect the value of the Shares.

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The terms of this prospectus and the Fund's overall investment objective were established by persons who were, at the relevant time, employees of the Adviser and/or an affiliate thereof. Because these arrangements were initially drafted and negotiated between and among related parties, their terms, including terms relating to compensation, contractual or fiduciary duties, conflicts of interest and termination rights, the activities of the Fund and limitations on indemnification and exculpation, are likely less favorable than otherwise might have resulted if such negotiations had involved unrelated parties.

***Conflicts with Borrowers and Issuers***

In certain instances, partners, officers and/or employees of the Adviser may serve as directors of certain issuers of loans in which the Fund invests and, in that capacity, will be required to make decisions that they consider to be in the best interests of such issuers. In certain circumstances, such as in situations involving bankruptcy or near insolvency of an issuer, actions that may be in the best interests of such issuer may not be in the best interests of the Fund, and vice versa. Accordingly, in these situations, there is the potential for conflicts of interest between an individual's duties as a partner, officer or employee of the Adviser and such individual's duties as a director of such issuer.

***Advisory Fee and Performance Fee***

The existence of the Incentive Fee creates an incentive for the Adviser to approve, and thereby cause the Fund to make, more speculative investments than it would otherwise make in the absence of such performance-based compensation.

Furthermore, the Adviser and its affiliates could be incentivized to allocate investment opportunities to OHA Clients that pay performance-based compensation on terms that are preferential to other OHA Clients. For example, some OHA Clients pay higher performance-based compensation as compared to other OHA Clients and some OHA Clients pay performance-based compensation periodically on realized and unrealized net gains as compared to other OHA Clients that pay performance-based compensation on a deferred basis as investments are realized and proceeds are distributed. In addition, some OHA Clients have a high water mark, soft or hard hurdle and/or a preferred return, and the Adviser and its affiliates could be incentivized to allocate investment opportunities to OHA Clients that are close to their respective high water mark, soft or hard hurdle and/or preferred return, in order to begin or to continue accruing and/or receiving performance-based compensation with respect to such OHA Clients. Similarly, the Adviser and its affiliates could be incentivized to dedicate increased resources and/or allocate more profitable investment opportunities to OHA Clients that pay higher management fees than other OHA Clients.

Notwithstanding the foregoing, the Adviser's investment allocation process does not take into account management fees and/or performance-based compensation terms when allocating investment opportunities among OHA Clients. Finally, the Management Fee paid to the Adviser by the Fund is calculated as a percentage of the cost basis of the Fund's investments, including expenses related thereto. The Adviser will determine in its discretion the expenses that are related or attributable to a given investment, and will face a conflict in doing so, because the inclusion of additional expenses in the cost basis of investments will increase the base upon which the Management Fee is calculated.

***Diverse Investors***

The investors in the Fund are expected to include diverse investors that may have conflicting tax and other interests with respect to their investment in the Fund. In addition, the Adviser, its affiliates and their respective employees may invest directly in the Fund. As a result, conflicts of interest may arise in connection with decisions made by the Adviser that may be more beneficial for one type of investor. In making decisions, the Adviser intends to consider the investment objective of the Fund as a whole, and not the investment objective of any Shareholder individually.

Information Barriers and Material Non-Public Information

From time to time, partners, officers and/or employees of the Adviser receive material non-public information. Any partner, officer or employee of the Adviser may serve as an officer, director, advisor or in comparable management functions for issuers in which the Fund invests, and any such partner, officer or employee may obtain material non-public information in connection therewith, or in connection with such partner's, officer's or employee's other activities in the financial markets. The Adviser generally operates without permanent information barriers to separate persons who make investment decisions from others who might possess material non-public information that could influence such decisions. In an effort to manage possible risks arising from the Adviser's decision not to implement such barriers, the Adviser maintains a list of restricted securities with respect to which the Adviser may have access to material non-public information and in which the OHA Clients are restricted from trading. The Adviser's ability to implement the Fund's strategy effectively will be limited to the extent that trading is restricted due to material non-public information. In some cases, material non-public information is obtained deliberately, in the context of specific OHA Client investments, and the subsequent restriction on trading applies also to other OHA Clients (such as the Fund) who did not participate in such

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investments. For example, if the Adviser obtains material non-public information with respect to loan positions held by certain OHA Clients, the Adviser will be restricted from trading securities of the same issuer for other OHA Clients (such as the Fund) on the basis of such material non-public information in the absence of an information barrier.

From time to time, the Adviser arranges limited-purpose, issuer-specific information barriers with respect to one or more issuers, including barriers in the context of private loan investments. One purpose of an information barrier is to retain material non-public information on one side of the information barrier, and allow for public trading on the side of the barrier that possesses only publicly available information. Another purpose is to enable independent investment decision making across OHA Clients or across an issuer's capital structure where there is a conflict of interest. An information barrier is also used to enable the Adviser to work with one or more potential bidders in an acquisition financing opportunity, in order to enhance the likelihood of working with the winning bidder. If an issuer is subject to an information barrier, the investment professionals on one side of the barrier will be limited in their ability to leverage the expertise of the investment professionals on the other side of the barrier with respect to such issuer. If information is inadvertently crossed over an information barrier (or no information barrier exists), OHA Clients (such as the Fund) may be prohibited or restricted by law, policy or contract, for a period of time, from: (i) unwinding a position in such issuer, (ii) establishing an initial position or taking any greater position in such issuer, (iii) pursuing other investment opportunities related to such issuer and/or (iv) engaging in negotiations or structuring discussions with respect to such issuer, any of which could impact the returns generated for the Fund.

***Shareholder Rights Against Third Parties***

An investment in the Fund will not of itself confer upon Shareholders any rights against third parties engaged by the Adviser to provide services to the Adviser or the Fund. In certain situations, the Adviser may take appropriate action against such third parties on behalf of the Fund or the Shareholders in order to protect the interests of the Fund, but is under no obligation to do so.

***Other Activities***

None of the Adviser or any of its partners and/or employees are required to manage the Fund as their sole and exclusive function and each may engage in other business ventures and other activities unrelated to the affairs of the Fund, including directly or indirectly purchasing, selling, holding or otherwise dealing with any securities (including securities in which the Fund invests) for the account of other investment funds, for their own accounts or for the accounts of their family or the OHA Clients.

The Adviser, the partners of the Adviser and their respective affiliates may give advice and recommend securities or other obligations to the other OHA Clients that may differ from advice given to, or securities or other obligations recommended or bought for, the Fund, though their investment objective may be the same or similar.

In addition, the Adviser may cause the Fund to invest in a security or an issuer (*e.g.*, a pooled investment vehicle or a portfolio company) in which the Adviser, one or more direct and/or indirect partners of the Adviser and/ or one or more persons otherwise associated with the Adviser has a direct or indirect economic interest. In making such a decision, the Adviser would have an incentive to cause the Fund to invest in such security or issuer partially because of such direct or indirect economic interest therein.

The Adviser and its affiliates may expand the range of services that they provide over time. Except as provided herein and the Fund's governing documents, the Adviser and its affiliates will not be restricted in the scope of their business or in the performance of any such services (whether now offered or undertaken in the future) even if such activities could give rise to conflicts of interest, and whether or not such conflicts are described herein. The Adviser and its affiliates have, and will continue to develop, relationships with a significant number of companies, private equity sponsors and their senior managers, including relationships with investors in the OHA Clients who may hold or may have held investments similar to those intended to be made by the Fund.

In addition, employees of the Adviser and its affiliates from time to time hold personal interests in companies to whom the Adviser and its affiliates direct work for the benefit of one or more OHA Clients, including the Fund, and for which the expense is payable by one or more OHA Clients, including the Fund.

Arrangements with Third-Party Managers

The Fund may enter into joint ventures with third-party managers or persons to manage specified portfolio investments or categories of portfolio investments and in connection therewith receive performance-based compensation in vehicles through which the joint venture invests. The Fund may also hold certain portfolio investments through investment vehicles managed in whole or in part by third-party managers or persons where the Adviser determines this is necessary or

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appropriate due to investment, regulatory or similar reasons. Any compensation of such third-party managers or of joint venture partners will not offset fees paid to the Adviser.

***Co-Investments***

The Adviser may, from time to time, depending on the type of investment opportunity, in its discretion, offer co-investment opportunities with respect to the Fund's investments to: (i) co-investment vehicles formed to invest in one or more investments of the Fund, (ii) other OHA Clients, (iii) certain shareholders, (iv) affiliates or employees of the Adviser (and/or their respective family members) or (v) any other person or entity, including, without limitation, any person or entity who the Adviser believes, in its discretion, will be of benefit to the Fund (or to one or more investments of the Fund) or who may provide a strategic, sourcing or similar benefit to the Adviser, the Fund, any investment of the Fund or one or more of their respective affiliates due to industry expertise or otherwise, including finders, senior advisors, originators and/or consultants of the Fund (and the Adviser may also organize one or more entities to invest in the Fund or to co-invest alongside the Fund to facilitate personal investments by any of the foregoing persons or entities) (collectively, "Co-Investors"), and in allocating co-investment opportunities, the Adviser may consider any factors it deems relevant in its discretion, including, without limitation, the sophistication, transaction speed and the tenure of a prospective Co-Investor as an OHA Client, the amount a prospective Co-Investor is offering to commit to a co-investment opportunity, any commitments (contractual or otherwise) to make co-investment opportunities available to a prospective Co-Investor, any commitments or indications of interest by a prospective Co-Investor to invest in current or future Adviser products (including, without limitation, the Fund or any successor fund), the strategic expertise of a prospective Co-Investor or the ability of a prospective Co-Investor to provide a sourcing or other benefit to the Adviser and/or its affiliates. In such circumstances, together with any allocations made to the other OHA Clients (as discussed above under "Allocation of Investment Opportunities"), the size of the investment opportunity otherwise available to the Fund may be less than it would otherwise have been. Co-Investors may not be subject to or otherwise charged any management fees and/or performance fees or other performance compensation.

In addition, certain Co-Investors co-investing with the Fund may invest on different (and more favorable) terms than those applicable to the Fund and may have interests or requirements that conflict with and adversely impact the Fund (for example, with respect to their liquidity requirements, available capital, the timing of acquisitions and dispositions or control rights). The Adviser will generally seek to ensure that the Fund, any Co-Investors and the other OHA Clients participate in any investment (and any related transactions) on comparable economic terms to the extent the Adviser determines appropriate in its discretion and subject to legal, tax, accounting, structural, regulatory, operational and/or other considerations or limitations and/or if the Adviser determines in its discretion that participation on different economic terms is advisable in order to facilitate a transaction. Investors should note, however, that participation by the Fund in certain investments on comparable economic terms with Co-Investors and the other OHA Clients may not be appropriate in all circumstances and that the Fund may participate in such investments on different and potentially less favorable economic terms than such parties if the Adviser deems such participation as being otherwise in the Fund's best interests (*e.g.*, by allowing the Fund to participate in an investment in which it would otherwise not have been able to participate due to, among other reasons, required minimum commitment amounts). This may have an adverse impact on the Fund.

In order to facilitate an investment and/or for other purposes that the Adviser determines appropriate in its discretion, an OHA Client (such as the Fund) may make (or commit to make) an investment with a view to selling all or a portion of such investment to non-affiliate Co-Investors and/or other persons or entities, in each case, prior to or after making (or closing / settling) such investment. An OHA Client (such as the Fund) will generally retain all net proceeds received in respect of any such investment during the period it holds such investment (unless the Adviser otherwise determines appropriate in its discretion), however, such OHA Client (such as the Fund) will bear the risk that any or all of such investment may not be sold as intended (or at the amounts intended) or may only be sold on less-favorable terms than initially expected (*e.g.*, at prices lower than expected) due to, among other reasons, market events (or issuer specific events) that occur during the period that such OHA Client (such as the Fund) is holding such investment. If (i) non-affiliate Co-Investors and/or other persons or entities choose not to participate in an investment or (ii) such investment is not ultimately consummated, and unless otherwise agreed with such non-affiliate Co-Investors and/or other persons or entities, such OHA Client (such as the Fund) that initially acquired such investment will bear its pro rata share of the entire amount (including any amount otherwise allocable to any such non-affiliate Co-Investors and/or other persons or entities) of any break-up fees or broken deal expenses or other fees, costs and expenses related to such investment. In addition, subject to the terms of the applicable governing documents, an OHA Client (such as the Fund) may borrow to fund the portion of an investment that it intends to sell to non-affiliate Co-Investors and/or other persons or entities. If the prospective non-affiliate Co-Investors and/or other persons or entities do not ultimately acquire all or any portion of such investment (or if they do not agree to reimburse such OHA Client (including the Fund) for such borrowing costs even if such investment is ultimately acquired), such OHA Client (such as the Fund) that initially acquired such investment will bear the interest and other expenses relating to a borrowing it incurred only for purposes of acquiring a larger than desired portion of such investment. Any investment that an OHA Client (such as the Fund) acquires with the intent to sell all or a portion of such

------

investment to non-affiliate Co-Investors and/or other persons or entities, will be sold on such terms and conditions and at such price as the Adviser (or an affiliate thereof), in its discretion, determines to be equitable, which determination, with respect to price, may include the original cost price (with or without interest) or at the fair value of such investment (or portion thereof) as of the date of such sale. Each OHA Client (including the Fund), whether as a buyer or seller of an investment described in this paragraph, will bear the risk that its sale or acquisition (as applicable) of such investment will be at a price that does not reflect the then-current value of such investment. As a consequence of all of the foregoing considerations, an OHA Client (such as the Fund) may hold a larger portion than expected in an investment and/or may realize lower than expected returns from an investment. There is no guarantee for the Fund itself that it will be offered any co-investment opportunities. In addition, the terms of any co-investment will be negotiated by the Adviser with the applicable Co-Investor and no such Co-Investor should assume that a particular advisory fee rate, performance fee rate or other term or provision will be offered as a result of, among other things, such Co-Investor's investment in the Fund or any of the other OHA Clients.

***Investments in Which the Other OHA Clients Have a Different Principal Interest***

The other OHA Clients invest in a broad range of asset classes throughout the corporate capital structure. These investments include investments in corporate loans and debt securities, preferred equity securities and common equity securities. As a result, the Fund may invest in investments or other issuers in which the other OHA Clients may invest in different parts of the capital structure.

For example, with respect to the Fund's investments in certain issuers, the other OHA Clients, subject to applicable law, may invest in different classes of debt or equity interests issued by the same issuers, including interests that are senior to the Fund's interests or convertible into such senior interests. The interests of the Fund may not be aligned in all circumstances with the interests of the other OHA Clients to the extent they hold more junior or senior debt or equity interests, as the case may be, which could create actual or potential conflicts of interest or the appearance of such conflicts for the OHA Clients (including the Fund), the Adviser and/or its affiliates. In that regard, actions may be taken by the Adviser and/or its affiliates on behalf of the other OHA Clients that are adverse to the Fund. The interests of the Fund and/or the other OHA Clients investing in different parts of the capital structure of an issuer are particularly likely to conflict in the case of financial distress of the issuer (or increased financial stress after the Fund invests in the issuer). For example, if additional financing is necessary as a result of financial or other difficulties, it may not be in the best interests of the Fund, as a holder of senior secured debt issued by such issuer, to provide such additional financing. If the other OHA Clients holding more junior debt or equity positions were to lose their respective investments as a result of such difficulties, the ability of the Adviser to recommend actions that are in the best interests of the Fund might be impaired. The reverse is true where another of the OHA Clients holds debt in an issuer that is more senior to that held by the Fund. In addition, it is possible that, in a bankruptcy proceeding, the Fund's interests may be subordinated or otherwise adversely affected by virtue of such other OHA Clients' involvement and actions relating to their investment. Finally, if the Adviser becomes a member of a creditors' committee in connection with certain loan positions held by OHA Clients, it may be restricted from trading securities of the same issuer for other OHA Clients. There can be no assurance that the terms of or the return on the Fund's investment will be equivalent to or better than the terms of or the returns obtained by the other OHA Clients participating in the transaction. This may result in a loss or substantial dilution of the Fund's investment, while another OHA Client recovers all or part of amounts due to it. Similarly, the Adviser's ability to implement the Fund's strategies effectively may be limited to the extent that contractual obligations entered into in respect of the activities of the other OHA Clients impose restrictions on the Fund engaging in transactions that the Adviser may be interested in otherwise pursuing. In addition, where the Adviser invests on behalf of multiple OHA Clients in the same debt or equity security or other debt obligation, one OHA Client (such as the Fund) may not be able to sell its position in that security or obligation at a time that may be the most advantageous to such OHA Client to do so, as the investment is managed by the Adviser not only on behalf of such OHA Client, but on behalf of all of the OHA Clients on whose behalf the Adviser manages such investment.

***Investing on Behalf of Multiple Clients***

When the Adviser trades on behalf of one OHA Client ahead of, or contemporaneously with, an investment on behalf of another OHA Client, market impact, liquidity constraints or other factors could result in one OHA Client receiving less favorable pricing or trading results, paying higher transaction costs or otherwise being disadvantaged. The Adviser may also pursue or enforce on behalf of one OHA Client rights or actions with respect to a particular issuer in which another OHA Client is invested, even though such action or inaction could materially adversely affect such other OHA Client. The liquidation of one OHA Client may impact other OHA Clients, for example, if the liquidating OHA Client liquidates a position that other OHA Clients continue to hold, particularly if the sale takes the Adviser's aggregate OHA Clients' holdings from a majority position to a minority position, or below another control or influential position level. Also, the investment or regulatory limitations of one OHA Client may impact the way the Adviser manages certain investments for other OHA Clients. In addition, in certain cases, an investor in a commingled fund OHA Client may have specific investment limitations which may impact the Adviser's investment decisions for such OHA Client as whole.

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***Services Provided by the Adviser***

The Adviser and/or its affiliates perform operations and accounting, legal and other services for the Fund and a variety of services with respect to the Fund's investments, and will be reimbursed for these services. The Adviser, including in its capacity as the Administrator, will have a conflict of interest in determining the respective portions of the costs of such services that will be charged to the Fund.

***Creation of Other Entities; Restructuring***

The Adviser will be permitted to market, organize, sponsor, act as advisor, general partner or manager or as the primary source for transactions for other pooled investment vehicles, which may be offered on a public or private placement basis, and to restructure and monetize interests in the Adviser, or to engage in other investment and business activities. Such activities could raise conflicts of interest for which the resolution may not be currently determinable.

***Placement Activities***

The Adviser's personnel involved in offering Shares in the Fund are acting for the Adviser and not acting as investment, tax, financial, legal or accounting advisors to potential investors in connection with the offering of Shares. Potential investors must independently evaluate the offering and make their own investment decisions.

The Adviser may in the future enter into arrangements with third-party placement agents to solicit prospective investors. Placement agents that solicit prospective investors on behalf of the Fund are subject to a conflict of interest because they will be compensated by the Fund and/or the Adviser in connection with their solicitation activities. Placement agents or other financial intermediaries may also receive other compensation, including placement fees with respect to the acquisition of Shares by Shareholders. Such agents or intermediaries will have an incentive in promoting the acquisition of Shares in preference to products with respect to which they receive a smaller fee. Prospective investors should take the existence of such fees and other compensation into account in evaluating an investment in the Fund. Prospective investors solicited by placement agents will be advised of, and asked to consent to, any compensation arrangements relating to their solicitation.

***Service Providers***

Certain advisors, other service providers and/or their respective affiliates (including accountants, administrators, lenders, bankers, brokers, attorneys (including attorneys from law firms retained by the Adviser on secondment at the Adviser's offices), consultants and investment or commercial banking firms), to the Fund and the issuers of the Fund's investments may also provide goods or services to or have business, personal, political, financial or other relationships with the Adviser. To the extent such service providers' services are provided to the Fund, the cost thereof will be borne by the Fund. Such advisors and service providers may be investors in the other OHA Clients, sources of investment opportunities for the Adviser, the Fund or the other OHA Clients or may otherwise be co-investors with or counterparties to transactions involving the foregoing. These relationships could influence the Adviser in deciding whether to select or recommend any such advisor or service provider to perform services for the Fund or an issuer (the cost of which will generally be borne directly or indirectly by the Fund or issuers of the Fund's investments, as applicable). Notwithstanding the foregoing, the Adviser will generally seek to engage advisors and service providers in connection with investment transactions for the Fund that require their use on the basis of the overall quality of advice and other services provided, the evaluation of which includes, among other considerations, such service provider's provision of certain investment-related services and research that the Adviser believes to be of benefit to the Fund. In certain circumstances, advisors and other service providers or their respective affiliates may charge rates or establish other terms in respect of advice and services provided to OHA, the other OHA Clients or their respective issuers that are different and more favorable than those established in respect of advice and services provided to the Fund and its investments.

***The foregoing list of conflicts does not purport to be a complete enumeration or explanation of the actual and potential conflicts involved in an investment in the Fund. Prospective investors should read this Registration Statement and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's investment program develops and changes over time, an investment in the Fund may be subject to additional and different actual and potential conflicts. Although the various conflicts discussed herein are generally described separately, prospective investors should consider the potential effects of the interplay of multiple conflicts.***

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**Board Role in Risk Oversight**

The 1940 Act requires that at least 40% of the trustees be independent trustees. Certain exemptive rules promulgated under the 1940 Act require that at least 50% of the trustees be independent trustees. Currently, three of the five Trustees (60%) are Independent Trustees. The Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman of the Board of Trustees, regardless of whether the trustee happens to be independent or a member of management. Adam B. Kertzner, an Interested Trustee, serves as the Chairman of the Board of Trustees.

The Board expects to perform its risk oversight function primarily through (a) its three standing committees, which report to the entire Board and are comprised solely of Independent Trustees and (b) monitoring by the Fund's Chief Compliance Officer in accordance with the Fund's compliance policies and procedures.

**Proxy Voting Policies and Procedures**

The Fund has delegated its proxy voting responsibility to the Adviser. The proxy voting policies and procedures of the Adviser are set forth below. The guidelines are reviewed periodically by the Adviser and the Independent Trustees and, accordingly, are subject to change.

As an investment adviser registered under the Advisers Act, the Adviser has a duty to monitor corporate events and to vote proxies, as well as a duty to cast votes in the best interest of clients and not subrogate client interests to its own interests. Rule 206(4)-6 under the Advisers Act places specific requirements on registered investment advisers with proxy voting authority.

***Proxy Policies***

The Adviser's policies and procedures are reasonably designed to ensure that the Adviser votes proxies in the best interest of the Fund and addresses how it will resolve any conflict of interest that may arise when voting proxies and, in so doing, to maximize the value of the investments made by the Fund, taking into consideration the Fund's investment horizons and other relevant factors. It will review on a case-by-case basis each proposal submitted for a shareholder vote to determine its impact on the portfolio securities held by its clients. Although the Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, it may vote for such a proposal if there exists compelling long-term reasons to do so.

Decisions on how to vote a proxy generally are made by the Adviser. The Investment Committee and the members of the investment team covering the applicable security often have the most intimate knowledge of both a company's operations and the potential impact of a proxy vote's outcome. Decisions are based on a number of factors which may vary depending on a proxy's subject matter, but are guided by the general policies described in the proxy policy. In addition, the Adviser may determine not to vote a proxy after consideration of the vote's expected benefit to clients and the cost of voting the proxy. To ensure that its vote is not the product of a conflict of interest, the Adviser will require the members of the Investment Committee to disclose any personal conflicts of interest they may have with respect to overseeing a Fund's investment in a particular company.

***Proxy Voting Records***

You may obtain information, without charge, regarding how we voted proxies with respect to our portfolio securities by making a written request for proxy voting information to: Chief Compliance Officer, OHA Private Credit Advisors II, L.P., 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017.

The Fund shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the twelve-month period ended June 30 on Form N-PX not later than August 31 of each year.

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**PART III OTHER INFORMATION**

**Item 2. Code of Ethics**

We and the Adviser have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. During the reporting period, there were no changes to, amendments to, or waivers from, any provision of the code of ethics. Investors may view the code of ethics on the SEC's website at www.sec.gov.

**Item 3. Audit Committee Financial Expert**

The Board of Trustees of the registrant has determined that Mark Manoff, the Chairman of the Board's Audit Committee, possesses the attributes identified in Instruction (b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mr. Manoff as an audit committee financial expert. Mr. Manoff is "independent" pursuant to paragraph (a)(2) of Item 3.

**Item 4. Principal Accountant Fees and Services**

The Audit Committee and the Independent Trustees have selected KPMG LLP to serve as the independent registered public accounting firm for the Fund for the year ended December 31, 2025.

KPMG LLP has advised us that neither the firm nor any present member or associate of it has any material financial interest, direct or indirect, in the Fund or its affiliates.

**Audit Fees:** Audit fees consist of fees billed for professional services rendered for the annual audit of the Fund's financial statements, quarterly reviews and services that are normally provided by KPMG LLP in connection with statutory and regulatory filings.

**Audit-Related Fees:** Audit-related fees are for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under "Audit Fees." These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

**Tax Fees:** Fees included in the tax fees category comprise all services performed by professional staff in the independent registered public accountant's tax division except those services related to the audits. This category comprises fees for services provided in connection with the preparation and review of the Fund's tax returns and tax advice.

**All Other Fees:** No fees were billed by KPMG LLP for products and services provided to the Fund, other than the services reported in "Audit Fees" and "Audit-Related Fees" above, for the year ended December 31, 2025.

No fees were billed by KPMG LLP to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Fund, for engagements directly related to the Fund's operations and financial reporting, for the year ended December 31, 2025.

**Fees**

Set forth in the table below are audit fees, audit-related fees, tax services fees and all other fees billed to the Fund by KPMG LLP for professional services performed (dollar amounts in thousands):

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| | |
|:---|:---|
| | **For the Year Ended December 31, 2025** |
| Audit Fee | $294  |
| Audit-Related Fees <sup>(1)</sup> | —  |
| Tax Fees | 2  |
| All Other Fees <sup>(2)</sup> | —  |
| **Total Fees** | $296  |

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<sup>(1)</sup> Fees billed to the Fund by KPMG LLP for services provided by KPMG LLP in connection with permitted audit services.

<sup>(2)</sup> Fees, if any, billed to the Fund by KPMG LLP in connection with permitted non-audit services.

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**Pre-Approval Policy:** The Audit Committee has established a pre-approval policy that describes the permitted audit, audit-related, tax and other services to be provided by KPMG LLP, the Fund's independent registered public accounting firm. The policy requires that the Audit Committee pre-approve the audit and non-audit services performed by the independent auditor in order to assure that the provision of such service does not impair the auditor's independence.

Any requests for audit, audit-related, tax and other services that have not received general pre-approval must be submitted to the Audit Committee for specific pre-approval, irrespective of the amount, and cannot commence until such approval has been granted. Normally, pre-approval is provided at regularly scheduled meetings of the Audit Committee. The Audit Committee has delegated pre-approval authority to the Audit Committee Chair pursuant to Section 10A(î) of the Exchange Act. The Trustee or Trustees to whom such authority is delegated shall report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Audit Committee does not delegate its responsibilities to pre-approve services performed by the independent registered public accounting firm to management.

**Item 5. Audit Committee of Listed Registrants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 6. Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) See Schedule of Investments included in Part 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

Board approval of the Advisory Agreement was made in accordance with, and on the basis of an evaluation satisfactory to the Board, as required by Section 15(c) of the 1940 Act and the applicable rules and regulations thereunder, including consideration of, among other factors, (i) the nature, quality and extent of the services provided by the Adviser under the Advisory Agreement; (ii) comparative information with respect to advisory fees and other expenses paid by other comparable investment companies; and (iii) information about the services performed by the Adviser and the personnel of the Adviser providing such services under the Advisory Agreement.

The Advisory Agreement of the Fund has an initial term of two years from the date of its execution.

In considering approving the Advisory Agreement, the Board of Trustees of T. Rowe Price OHA Flexible Credit Income Fund (the "Fund") reviewed and evaluated the written information that OHA Private Credit Advisors II, L.P. ("OHA" or the "Adviser") had presented for the Board's review, as well as OHA's presentation during the Meeting. Before making its decision as to the Advisory Agreement between the Fund and OHA, the Board had the opportunity to meet with their independent legal counsel and to ask questions of OHA and request further information, and took into account its knowledge of OHA gained through its meetings and discussions.

The materials received and reviewed by the Board included, but were not limited to: (1) information provided by OHA regarding the management fee, incentive fee and other expense components for the Fund and for certain comparable closed-end funds (the "peer funds"); (2) information provided by OHA regarding the long-term returns for asset classes managed by OHA in which the Fund would be investing; and (3) information regarding the investment strategies and risks of the Fund and the personnel and other resources to be devoted by OHA to managing the Fund.

------

Based on its review of all of the information, the Board determined that the Advisory Agreement was consistent with the best interests of the Fund and its shareholders and enabled the Fund to receive high quality services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its shareholders. In reaching these conclusions, the Board considered, among other factors, the following:

**Investment Management and Related Services Generally.** The Board considered the services to be provided by OHA to the Fund, including investment research, portfolio management, and trading, and OHA's commitment to compliance with all applicable legal requirements. The Board noted that OHA did not currently manage any mandates with investment guidelines comparable to those to be used in managing the Fund. After reviewing these and related factors, the Board concluded that the Fund was likely to benefit from the nature, extent and quality of the investment services to be provided by OHA under the Advisory Agreement.

**Investment Performance.** Because the Fund had not yet begun operations, the Board did not have any investment performance to review. The Board, however, took into account the long-term returns for asset classes managed by OHA in which the Fund would be investing, along with the performance and reputation generally of the Adviser.

**Personnel and Methods.** The Board considered the experience and qualifications of the OHA personnel who would be providing services to the Fund, including the portfolio managers who would be responsible for the day-to-day management of the Fund. Among other things, the Board considered the Adviser's approach to: (i) staffing, including the size, experience, and turnover of their respective staff; (ii) implementing their investment methodology and philosophy; and (iii) recruiting, training, and retaining personnel.

**Nature and Quality of Other Services.** The Board considered the nature, quality, and extent of compliance, administrative, and other services to be performed by OHA and the nature and extent of the Adviser's supervision of third-party service providers.

**Expenses.** The Board considered the expenses of the Fund, including the management fee and the incentive fee, and the expenses of the peer funds. It also took into account that the Adviser had agreed to limit certain operating expenses of the Fund for one year from the date of the commencement of the Fund's public offering. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Advisory Agreement, that the management fee and incentive fee to be paid by the Fund to OHA were reasonable in light of all of the factors it considered, including the nature, quality and extent of services to be provided by OHA.

**Anticipated Profitability.** Because the Fund had not yet begun operations, the Board was not able to consider the level of OHA's profits in managing the Fund. The Board, however, took into account the estimated net profits to the Adviser under the Advisory Agreement with the Fund. The Board recognized that overall profitability was a factor in enabling OHA to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Advisory Agreement, that the overall anticipated profitability of OHA was not excessive.

**Economies of Scale.** The Board considered whether there might be economies of scale in managing the Fund and whether the Fund's shareholders might benefit from such economies of scale. Although the management fee and incentive fee did not contain breakpoints as the Fund's assets increased, the Board concluded that OHA's undertaking to enter into an expense limitation agreement with the Fund adequately addressed any economies of scale in managing the Fund which ultimately might benefit the Fund's shareholders.

**Other Benefits to OHA.** The Board considered the amount and nature of the fees to be paid by the Fund and the Fund's shareholders to OHA and the Fund's distributor, an affiliate of the Adviser, for services other than investment advisory services, such as the fee that OHA will receive from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of OHA's investment advisory business apart from its registered fund business, and the intangible benefits expected to be enjoyed by OHA by virtue of its relationship with the Fund. The Board observed that the Fund's distributor may retain a portion of Rule 12b-1 fees it receives from some classes of shares of the Fund and may receive a portion of the sales charges on sales and redemptions of some classes of shares of the Fund. In addition, the Board observed that OHA may accrue certain benefits for its business of providing investment advice to other clients other than Fund, but that business could also benefit the Fund.

**Conclusion.** After considering all of the relevant factors described above, the Board unanimously found that the approval of the Advisory Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the Advisory Agreement. In considering whether to approve the Advisory Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered by the Board in evaluating the Advisory Agreement with OHA.

------

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) See Part II Management of the Fund.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) See Part II Management of the Fund

**Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 16. Controls and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Form N-CSR and determined that our disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 19.&nbsp;&nbsp;&nbsp;&nbsp;Exhibit and Financial Statement Schedules**

<u>[(a)(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing exhibit. Filed herewith](registeredfunds_cefcodeofe.htm)</u>.

<u>[(a)(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.](oflexn-csrx12312025xexx19a2.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.](oflexn-csrx12312025xexx19b.htm)</u>

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| | T. ROWE PRICE OHA FLEXIBLE CREDIT INCOME FUND |
| Date: February 25, 2026 | /s/ Adam B. Kertzner |
| | Adam B. Kertzner |
| | Principal Executive Officer |
| Date: February 25, 2026 | /s/ Amaka Dike |
| | Amaka Dike |
| | Principal Financial Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Title</u>** | **<u>Date</u>** |
| <u>/s/ Adam B. Kertzner</u><br>Adam B. Kertzner | Chairperson, Principal Executive Officer and Trustee  | February 25, 2026 |
| <u>/s/ Amaka Dike</u><br>Amaka Dike | Principal Financial Officer and Principal Accounting Officer | February 25, 2026 |
| \*By: Grove Stafford<br>Chief Compliance Officer and Secretary<br>As Agent or Attorney-in-Fact |  |  |

---

## Ex-19.A1

Page \| **1**<br>

&nbsp;&nbsp;&nbsp;&nbsp;I

**FIDUCIARY DUTIES AND AVOIDANCE OF CONFLICTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.**Fiduciary Duties of Board members, Officers and Advisor**

**Application.** <u>This policy applies to all Access Persons.</u>

**Requirement**. As with its other clients, the Advisor has a fiduciary duty to the Company. The 1940 Act specifically authorizes the SEC to bring an enforcement action against any board member, officer, or investment adviser of a Company alleging that such person or entity has engaged within five years of the commencement of the action, or is about to engage in, any act or practice constituting a breach of fiduciary duty involving personal misconduct.<sup>1</sup> Section 36(a) has been interpreted to cover breaches of the duty of care and the duty of loyalty.

**Policy/Procedure.** The Company is committed to the highest ethical standards and to conducting its business in the best interests of its stockholders. Upon notification, the CCO will investigate any alleged breaches of fiduciary duty, with the assistance of legal counsel, as appropriate. Any potential breaches relating to the Company must be escalated to the CCO. If appropriate, the CCO shall inform the Board of such alleged breaches of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.**Sarbanes-Oxley Code of Business Conduct and Ethics**

**Requirement.** Section 406 of the Sarbanes-Oxley Act of 2002 ("***SOX***") and Item 406 of Regulation S-K require that public BDCs disclose whether or not they have adopted a code of business conduct and ethics for senior financial officers and, if not, to explain why not.

Form 8-K requires a BDC to disclose any amendments to or waivers of its code of business conduct and ethics (unless it discloses the required information on its Internet website within four business days following the date of the amendment or waiver, provided that it has previously disclosed in its most recently filed annual report its Internet address and intention to provide disclosure in such manner). The Company discloses in its annual report that Forms 8-K will be made available on its website.

**Policy/Procedure.** The Company has adopted a code of business conduct and ethics (the "***Code***"), which is included in this Manual under "Code of Business Conduct and Ethics." The Code generally requires that all board members and officers of the Company and employees of the Advisor that perform regular functions or duties for the Company (collectively, the "***Covered Persons***") discuss conflict of interest situations with and report violations and potential violations to the CCO or, if the matter relates to any conduct or potential conduct of the CCO, to the Audit Committee of the Board. The CCO or her designee maintains the Company's Code, reviews the Code annually with the Board and the Covered Persons and obtains Covered Person acknowledgments (initial and annual). The CCO monitors amendments to or waivers of a provision of the Code. The CCO refers issues to the Audit Committee of the Board as appropriate.

<sup>1</sup> Section 36(a).

Fiduciary Duties And Avoidance Of Conflicts

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.**Code of Business Conduct and Ethics**

**Introduction**

Ethics are important to the Company ("our," "us," or "we") and to its management. The Company is committed to the highest ethical standards and to conducting its business with the highest level of integrity.

All officers and board members of the Company and all employees of the Advisor that perform regular functions or duties for the Company (collectively, the "***Covered Persons***," and individually, "you") are responsible for maintaining this level of integrity and for complying with the policies contained in this Code of Business Conduct and Ethics (the "***Code***"). If you have a question or concern about what constitutes proper conduct for you or anyone else, please raise these concerns with any member of the Company's management, or follow the procedures outlined in applicable sections of this Code.

**Purpose of the Code**

This Code is intended to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Help you recognize ethical issues and take the appropriate steps to resolve these issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deter ethical violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assist you in reporting any unethical or illegal conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reaffirm and promote our commitment to a corporate culture that values honesty and accountability.

All Covered Persons will acknowledge in writing that they have received a copy of this Code, read it, and understand that the Code contains our expectations regarding their conduct.

**Conflicts of Interest**

You must avoid any conflict or the appearance of a conflict and must report to the CCO any actual or potential conflict between your personal interests and the Company's interests. A conflict exists when your personal interests in any way interfere or even appear to interfere with the interests of the Company, or when you take any action or have any interests that may make it difficult for you to perform your job for the Company objectively and effectively. For example, a conflict of interest may exist if any of the following scenarios occur and affect the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You cause the Company or the Advisor to enter into business relationships with you or a member of your family, or invest in companies affiliated with you or a member of your family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You, or a member of your family, receive improper personal benefits as a result of your position with us or the Advisor;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You use any nonpublic information about the Company or the Advisor, the Company's customers or other business partners for your personal gain, or the gain of a member of your family; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You use or communicate confidential information obtained in the course of your work for your or another's personal benefit.

**Corporate Opportunities**

Each of us has a duty to advance the legitimate interests of the Company when the opportunity to do so presents itself. Therefore, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Take for yourself personally opportunities, including investment opportunities, discovered through the use of your position with the Company or the Advisor, or through the use of either's property or information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use the Company's or the Advisor's property, information, or position for your personal gain or the gain of a family member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compete, or prepare to compete, with the Company or the Advisor.

**Confidentiality**

You must not disclose confidential information regarding the Company, the Advisor, the Company's affiliates, lenders, clients, or other business partners, unless disclosure is authorized or required by law. Confidential information includes all non-public information that might be harmful to, or useful to the competitors of, the Company, its affiliates, its lenders, its clients, or its other business partners. This obligation continues even after you cease to render services to the Company, until the information becomes publicly available.

**Fair Dealing**

You must endeavor to deal fairly with the Company's customers and business partners, or any other companies or individuals with whom the Company does business or comes into contact with, including fellow employees and the Company's competitors. You must not take unfair advantage of these or other parties by means of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manipulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• concealment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• abuse of privileged information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misrepresentation of material facts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other unfair-dealing practice.

**Protection and Proper Use of Company Assets**

The Company's assets are to be used only for legitimate business purposes. Theft, carelessness, and waste have a direct impact on our profitability. You should protect the Company's assets and ensure that they are used efficiently.

------

Personal use of telephones, fax machines, copy machines, personal computers and similar equipment shall be governed by the information technology policies and practices in the Advisor's Employee Handbook.

**Compliance with Applicable Laws, Rules and Regulations**

You must comply with all laws, rules and regulations that apply to the Company's business, including those relating to insider trading. Please talk to the Company's Chief Compliance Officer if you have any questions about how to comply with the above regulations and other laws, rules and regulations.

In addition, the Company and the Advisor expect you to comply with all policies and procedures that apply to you. The Company may modify or update its policies and procedures in the future and may adopt new company policies and procedures from time to time. You are also expected to observe the terms of any confidentiality agreement, employment agreement or other similar agreement with the Advisor that applies to you.

**Equal Opportunity, Harassment**

The Advisor is committed to providing equal opportunity in all of its employment practices including selection, hiring, promotion, transfer, and compensation of all qualified applicants and employees without regard to race, color, sex or gender, sexual orientation, religion, age, national origin, handicap, disability, citizenship status, or any other status protected by law. With this in mind, there are certain behaviors that will not be tolerated. You may not under any circumstances engage in harassment, violence, intimidation, and discrimination of any kind involving race, color, sex or gender, sexual orientation, religion, age, national origin, handicap, disability, citizenship status, marital status, or any other status protected by law.

**Accuracy of Company Records**

You must ensure that all financial books, records and accounts you maintain for the Company accurately reflect transactions and events and conform both to required accounting principles and to the Company's system of internal controls.

**Retaining Business Communications**

From time to time the Advisor or the Company may establish retention or destruction policies in order to ensure legal compliance. You must fully comply with any published records retention or destruction policies, provided that you should note the following exception: If you believe, or we inform you, that the Company's records are relevant to any litigation or governmental action, or any potential litigation or action, then you must preserve those records until we determine the records are no longer needed. This exception supersedes any previously or subsequently established destruction policies for those records. If you believe that this exception may apply or have any questions regarding the possible applicability of that exception, please contact the Company's Chief Compliance Officer.

**Political Contributions**

No funds of the Company may be given directly to political candidates. You may, however, engage in political activity subject to the requirements of the Advisor's *Political Contributions Policy*.

------

**Media Relations**

We must speak with a unified voice in all dealings with the press and other media. As a result, all requests from the media shall be subject to the requirements of the Advisor's *Advertising and Solicitation Policy*.

**Intellectual Property Information**

Information generated in the Company's business is a valuable asset. Protecting this information plays an important role in our growth and ability to compete. Such information includes business and research plans; objectives and strategies; trade secrets; unpublished financial information; salary and benefits data; lender and other business partner lists. Employees are obligated to safeguard the Company's intellectual property information from unauthorized access and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not disclose this information to persons outside of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use this information for personal benefit or the benefit of persons outside of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not share this information with other employees except on a legitimate "need to know" basis.

**Internet and E-Mail Policy**

&nbsp;&nbsp;&nbsp;&nbsp;

The Advisor provides an e-mail system and Internet access to its employees, including Covered Persons, to help them do their work. The terms of this use are set forth in the Advisor's Employee Handbook. Further, you are prohibited from discussing or posting confidential information regarding the Company in any external electronic forum, including Internet chat rooms or electronic bulletin boards.

**Reporting Violations and Complaint Handling**

You are responsible for compliance with the rules, standards and principles described in this Code. In addition, you should be alert to possible violations of the Code by the Company or the Advisor's employees, officers and board members, and you are expected to report a violation promptly. Reports should be made to the Company's Chief Compliance Officer who will investigate and report the matter to our CEO and/or Board, as the circumstance dictates. You will also be expected to cooperate in an investigation of a violation.

Anyone who has a concern about the Company's conduct, the conduct of an officer of the Company or the Advisor or the Company's accounting, internal accounting controls or auditing matters, may communicate that concern to the Audit Committee of the Board through our Chief Compliance Officer. All reported concerns shall be forwarded to the Audit Committee and will be simultaneously addressed by our Chief Compliance Officer in the same way that other concerns are addressed by the Company. The status of all outstanding concerns forwarded to the Audit Committee will be reported on a quarterly basis by our Chief Compliance Officer. The Audit Committee may direct that certain matters

------

be presented to the full board and may also direct special treatment, including the retention of outside advisers or counsel, for any concern reported to it.

All reports will be investigated and whenever possible, requests for confidentiality shall be honored. And, while anonymous reports will be accepted, please understand that anonymity may hinder or impede the investigation of a report. All cases of questionable activity or improper actions will be reviewed as appropriate.

There will be no reprisal, retaliation or adverse action taken against any employee on the basis of such employee's making reports or assisting in the investigation of, a violation or suspected violation, or who makes an inquiry about the appropriateness of an anticipated or actual course of action.

For reporting concerns about the Company's or the Advisor's conduct, the conduct of an officer of the Company or the Advisor, or about the Company's or the Advisor's accounting, internal accounting controls or auditing matters, you may use the following means of communication:

ADDRESS: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[*Name of Company*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Vanderbilt Avenue, Floor 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10017&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Administration of the Code**

The Chief Compliance Officer has overall responsibility for administering the Code and reporting on the administration of and compliance with the Code and related matters to our Board.

**Sanctions for Code Violations**

All violations of the Code will result in appropriate corrective action, up to and including dismissal. If the violation involves potentially criminal activity, the individual or individuals in question will be reported, as warranted, to the appropriate authorities.

**Application/Waivers**

All the board members and officers of the Company and select employees the Advisor are subject to this Code.

Insofar as other policies or procedures of the Company or the Advisor govern or purport to govern the behavior or activities of all persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code.

Any material amendment or waiver of the Code for an executive officer or member of our Board must be made by our Board and disclosed as required by Item 5.05 of Form 8-K on a Current Report on Form 8-K filed with the Securities and Exchange Commission within four business days following such amendment or waiver.

**Revisions and Amendments**

------

This Code may be revised, changed, or amended at any time by the Company's Board. Following any material revisions or updates, an updated version of this Code will be distributed to you and will supersede the prior version of this Code effective upon distribution. We will ask you to sign an acknowledgement confirming that you have read and understood the revised version of the Code, and that you agree to comply with the provisions.

## Ex-19.A2

**Exhibit 19(a)(2)**

**CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Adam B. Kertzner certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price OHA Flexible Credit Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>/s/ Adam B. Kertzner</u>

By: Adam B. Kertzner

Principal Executive Officer

Date: February 25, 2026

![image_0.jpg](image_0.jpg)

------

**Exhibit 19(a)(2)**

**CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Amaka Dike certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price OHA Flexible Credit Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>/s/ Amaka Dike</u>

By: Amaka Dike

Principal Financial Officer

Date: February 25, 2026

## Ex-19.B

**Exhibit 19(b)**

**CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Adam B. Kertzner, Principal Executive Officer, and Amaka Dike, Principal Financial Officer, of T. Rowe Price OHA Flexible Credit Income Fund (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

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| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| T. Rowe Price OHA Flexible Credit Income Fund | T. Rowe Price OHA Flexible Credit Income Fund |
| /s/ Adam B. Kertzner | /s/ Amaka Dike |
| Adam B. Kertzner | Amaka Dike |
| Date: February 25, 2026 | Date: February 25, 2026 |

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