13D Filing: Etude Capital, LLC and OHA Investment Corp (OHAI)

UNITED STATES

SECURITIES AND EXCHANGE
COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED
IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No.  )¹

OHA Investment Corporation

(Name
of Issuer)

Common stock, $.001 par value per share

(Title of Class of Securities)

67091U102

(CUSIP Number)

STEVEN I. STEIN

ETUDE CAPITAL LLC

110 San Antonio ST. STE 1213

Austin, TX 78701

(832) 472-3295

STEVE
WOLOSKY, ESQ.

OLSHAN
FROME WOLOSKY LLP

1325
Avenue of the Americas

New
York, New York 10019

(212)
451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices
and Communications)

September 21, 2017

(Date of Event Which Requires
Filing of This Statement)

If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box ¨.

Note:  Schedules
filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See
§ 240.13d-7 for other parties to whom copies are to be sent.

1
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided
in a prior cover page.

The information required
on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities
Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).

____________________

* Includes 340,000 Shares owned directly.

The following constitutes
the Schedule 13D filed by the undersigned (the “Schedule 13D”).

This statement relates
to the Common Stock, $.001 par value per share (the “Shares”), of OHA Investment Corporation, a Maryland corporation
(the “Issuer”). The address of the principal executive offices of the Issuer is 1114 Avenue of the Americas, 27th Floor,
New York, New York 10036.

(a)       This
statement is filed by:

Each of the
foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” BLR
Partners, BLRPart GP, BLRGP, Fondren, FMLP, Radoff Foundation and Mr. Radoff are referred to as the “BLR Parties”
and Etude, CapLab, CapGP and Mr. Stein are referred to as the “Etude Parties.” Each of the Reporting Persons is
party to that certain Group Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a
joint Schedule 13D.

(b)       The
address of the principal office of each of BLR Partners, BLRPart GP, BLRGP, Fondren Management, FMLP, Radoff Foundation and Mr.
Radoff is 1177 West Loop South, Suite 1625, Houston, TX 77027. The address of the principal office of each of Etude, CapLab, CapGP
and Mr. Stein is 110 San Antonio ST. STE 1213 Austin, TX 78701. The officers and directors of Radoff Foundation and their
principal occupations and business addresses are set forth on Schedule A and are incorporated by reference in this Item 2.

(c)       The
principal business of BLR Partners is investing in securities. The principal business of BLRPart GP is serving as the general partner
of BLR Partners. The principal business of BLRGP is serving as the general partner of BLRPart GP. The principal business of Fondren
Management is serving as the investment manager of BLR Partners. The principal business of FMLP is serving as the general partner
of Fondren Management. The principal business of Radoff Foundation is serving charitable purposes. The principal occupation of
Mr. Radoff is serving as the sole shareholder and sole director of each of BLRGP and FMLP and a director of Radoff Foundation.
The principal business of Etude is investing in securities. The principal business of CapLab is investing in securities. The principal
business of CapGP is serving as the general partner of CapLab. The principal occupation of Mr. Stein is serving as President of
Etude and as the President and sole director of CapGP.

(d)       No
Reporting Person, nor any person listed on Schedule A, annexed hereto, has, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).

(e)       No
Reporting Person, nor any person listed on Schedule A, annexed hereto, has during the last five years, been party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.

(f)       Messrs.
Radoff and Stein are citizens of the United States of America. The citizenship of the persons listed on Schedule A is set forth
therein.

The Shares purchased
by BLR Partners and Radoff Foundation were purchased with working capital (which may, at any given time, include margin loans
made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate
purchase price of the 600,000 Shares owned directly by BLR Partners is approximately $611,989, including brokerage commissions.
The aggregate purchase price of the 450,000 Shares owned directly by Radoff Foundation is approximately $519,887, including brokerage
commissions.

The Shares directly
owned by Mr. Radoff were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms
in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate purchase price of the 340,000
Shares directly owned by Mr. Radoff is approximately $417,228, including brokerage commissions.

The Shares purchased
by Etude and CapLab were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms
in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate purchase price of the 53,000
Shares owned directly by Etude is approximately $59,644, including brokerage commissions. The aggregate purchase price of the 202,000
Shares owned directly by CapLab is approximately $204,949, including brokerage commissions.

The Reporting Persons
purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented
an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the
Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting
Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of
Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may
deem advisable.

The Issuer’s
lack of scale as a publicly-traded business development company (“BDC”) results in unsustainable overhead and a share
price that persistently trades at a discount to net asset value. Therefore, the Reporting Persons seek to discuss plans with the
Issuer’s Board of Directors (the “Board”) regarding options to maximize shareholder value.

No Reporting Person
has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of
Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following,
any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis.
Depending on various factors including, without limitation, the Issuer’s financial position, the Reporting Persons’
investment strategies, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions,
the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate
including, without limitation, engaging in additional communications with management and the Board of the Issuer, engaging in discussions
with stockholders of the Issuer and others about the Issuer and the Reporting Persons’ investment, making proposals to the
Issuer concerning changes to the capitalization, ownership structure, Board structure (including Board composition) or operations
of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or
similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in
Item 4.

The aggregate percentage
of Shares reported owned by each person named herein is based upon 20,172,392 Shares outstanding as of August 10, 2017, which is
the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities
and Exchange Commission on August 10, 2017.

Percentage: Less than
1%

Percentage:
Approximately 1.0%

Percentage: Approximately
1.0%

Percentage: Approximately
1.3%

Percentage: Approximately
2.97%

Percentage: Approximately
2.97%

Percentage: Approximately
2.97%

Percentage: Approximately
2.97%

Percentage: Approximately
2.97%

Percentage: Approximately
2.2%

Percentage: Approximately
6.9%

The Reporting Persons,
as members of a “group” for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may
be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial
ownership of such Shares except to the extent of his or its pecuniary interest therein.

On September
29, 2017, the Reporting Persons entered into a Group Agreement (the “Group Agreement”) in which the Reporting
Persons agreed, among other things, to (i) engage in discussions with the Issuer regarding means to enhance stockholder value
and corporate governance, (ii) the joint filing on behalf of each of them of statements on Schedule 13D with respect to
the securities of the Issuer to the extent required by applicable law law and (iii) provide for the division of profits
between the BLR Parties and the Etude Parties as set forth therein. The Group Agreement is attached hereto as Exhibit 99.1
and is incorporated herein by reference.

Other than as described
herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting
Persons and any other person, with respect to the securities of the Issuer.

SIGNATURES

After reasonable inquiry
and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement
is true, complete and correct.

Dated: September 29, 2017

SCHEDULE A

Directors and Officers of The Radoff
Family Foundation

^*Mr. Radoff is a Reporting Person and, as such, the information
with respect to Mr. Radoff called for by Item 2 of Schedule 13D is set forth therein.

SCHEDULE B

Transactions in the Shares During the Past
Sixty Days

BLR
Partners LP

RADOFF
FAMILY FOUNDATION

BRADLEY
L. RADOFF

etude
capital llc

CAPLAB
PARTNERS LP