SAN FRANCISCO, Oct. 6, 2014 /PRNewswire/ -- Indaba Capital Management, L.P. ("Indaba"), the beneficial owner of 2.99% of the outstanding shares of OHA Investment Corporation (f/k/a NGP Capital Resources Company) (the "Company") (NASDAQ: OHAI), today issued the following open letter to Glenn R. August, Chairman of the Board of Directors, and the shareholders of the Company:

October 6, 2014

Glenn R. August, Chairman of the Board
Shareholders of OHA Investment Corporation

OHA Investment Corporation
1114 Avenue of the Americas, 27(th) Floor
New York, New York 10036

Dear Mr. August and Fellow Shareholders:


We are writing to follow up on our letter dated September 23, 2014. While we are disappointed that shareholders were not given a response or significant additional disclosure from either NGP Capital Resources Company (now OHA Investment Corporation) ("OHA" or the "Company") or Oak Hill Advisors, L.P., its new investment advisor ("Oak Hill"), we are hopeful the Company can move forward productively and realize a positive outcome for all shareholders. To do so, Oak Hill will need to earn the trust of shareholders and the broader marketplace, neither of whom have offered much in the way of a vote of confidence, as evidenced by the slim margin of approval of the new management agreement (52.9% of outstanding shares) and the further decline in the stock price. OHA's common stock currently trades at $6.31 a share, or 0.74x book value, an even steeper discount than at the date of our last correspondence prior to the shareholder vote. We expect this reflects the high degree of uncertainty associated with the new investment advisor, given how little shareholders have been told of Oak Hill's plans, as well as some carryover uncertainty associated with the Bennu ORRI litigation. However, we believe this negative trend can be reversed through increased transparency and responsiveness to shareholders.

As we noted in our prior correspondence, we believe the outlook on the Bennu litigation is positive, and has continued to improve as the case progresses towards its conclusion. The uncertainty related to the new investment advisor is a concern we share, though we believe that Oak Hill could easily dispel such uncertainty through prompt and meaningful engagement with shareholders. Based on what we have heard from fellow shareholders, we believe there is significant alignment around a few key issues: (1) the desire for increased disclosure from the Company; (2) the desire to avoid dilutive capital raises done below NAV; and (3) the desire for an investment advisor who will act to support the stock price, including by buying back stock when it is available at a significant discount to book value. We believe Oak Hill can - and we sincerely hope it will - earn shareholders' trust by addressing these specific concerns. Mr. August, we urge you to put shareholders' interests first and look forward to hearing from you and your colleagues on these issues as soon as possible.

Respectfully,

Indaba Capital Management, L.P.

Contact: Hank Brier
(415) 680-1180

SOURCE Indaba Capital Management, L.P.