T. Rowe Price OHA Select Private Credit Fund 10-Q — AI Bull & Bear Analysis

The Q1 2026 filing presents a dichotomy between top-line income growth and underlying balance sheet stability. While the fund successfully grew its NII and attracted significant new capital, the widening gap in unrealized losses and the reliance on expense support to fund distributions create a precarious environment for long-term holders. The fund's ability to maintain its distribution purity will be the primary litmus test for its sustainability. Ultimately, the investment thesis hinges on whether the floating-rate advantage and first-lien security can outweigh the rising cost of leverage and the current trend of NAV erosion. Investors are left to weigh a high-yielding, well-collateralized portfolio against a distribution mechanism that shows signs of stress and an expense base that is expanding rapidly.