oscf-20250630

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)


			x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
						OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


			¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
						OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-01471

Oaktree Strategic Credit Fund

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


Delaware (State or jurisdiction of incorporation or organization)						87-6827742 (I.R.S. Employer Identification No.)

333 South Grand Avenue, 28th Floor Los Angeles, CA (Address of principal executive office)						90071 (Zip Code)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE:

(213) 830-6300

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o

Accelerated filer o

Non-accelerated filer x

Smaller reporting company o

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes ¨ No x

Securities registered pursuant to Section 12(b) of the Act


Title of Each Class	Trading Symbol(s)	Name of Exchange on Which Registered
N/A	N/A	N/A

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at August 11, 2025*
Class I shares of beneficial interest, $0.01 par value						133,345,665
Class S shares of beneficial interest, $0.01 par value						55,916,309
Class D shares of beneficial interest, $0.01 par value						162,751
Class T shares of beneficial interest, $0.01 par value						—

* Common shares outstanding exclude August 1, 2025 subscriptions because the issuance price is not yet finalized as of the date hereof.

As of June 30, 2025, there was no established public market for the registrant’s common shares of beneficial interest.

OAKTREE STRATEGIC CREDIT FUND

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

TABLE OF CONTENTS



	PART I
Item 1.	Consolidated Financial Statements:	2
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and September 30, 2024	2
	Consolidated Statements of Operations (unaudited) for the three and nine months ended June 30, 2025 and 2024	4
	Consolidated Statements of Changes in Net Assets (unaudited) for the three and nine months ended June 30, 2025 and 2024	5
	Consolidated Statements of Cash Flows (unaudited) for the nine months ended June 30, 2025 and 2024	6
	Consolidated Schedule of Investments (unaudited) as of June 30, 2025	7
	Consolidated Schedule of Investments as of September 30, 2024	20
	Notes to Consolidated Financial Statements (unaudited)	31
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	72
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	95
Item 4.	Controls and Procedures	96
	PART II
Item 1.	Legal Proceedings	97
Item 1A.	Risk Factors	97
Item 2.	Unregistered Sales of Securities and Use of Proceeds	97
Item 3.	Defaults Upon Senior Securities	97
Item 4.	Mine Safety Disclosures	97
Item 5.	Other Information	97
Item 6.	Exhibits	98
Signatures		99

PART I

Item 1. Financial Statements and Supplementary Data

Oaktree Strategic Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)


	June 30, 2025 (unaudited)		September 30, 2024
ASSETS
Assets:
Investments – Non-control/Non-affiliate, at fair value (cost June 30, 2025: $6,315,137; cost September 30, 2024: $4,530,412)	$	6,362,926	$	4,576,233
Cash and cash equivalents	423,229		480,836
Restricted cash	48,070		43,328
Interest receivable	40,354		34,549
Receivables from unsettled transactions	69,188		45,731
Deferred financing costs	19,371		20,150
Deferred offering costs	1,201		554
Derivative assets at fair value	15,079		21,546
Other assets	18,778		439
Total assets	$	6,998,196	$	5,223,366
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	2,255	$	2,886
Dividends payable	37,039		26,238
Base management fee and incentive fee payable	17,675		17,395
Payable for share repurchases	175,010		14,635
Due to broker	1,410		4,040
Due to affiliates	3,729		3,727
Interest payable	27,639		26,370
Payables from unsettled transactions	102,430		97,396
Director fees payable	—		116
Derivative liabilities at fair value	20,475		11,927
Deferred tax liability	35		8
Credit facilities payable	1,638,900		1,095,000
Unsecured notes payable (net of $7,126 and $8,526 of unamortized financing costs as of June 30, 2025 and September 30, 2024, respectively)	754,839		759,288
Total liabilities	2,781,436		2,059,026
Commitments and contingencies (Note 12)
Net assets:
Common shares, $0.01 par value per share; unlimited shares authorized, 182,204 and 134,288 shares issued and outstanding as of June 30, 2025 and September 30, 2024, respectively	1,822		1,343
Additional paid-in-capital	4,291,097		3,170,746
Accumulated distributable earnings (loss)	(76,159)		(7,749)
Total net assets (equivalent to $23.14 and $23.56 per common share as of June 30, 2025 and September 30, 2024, respectively) (Note 10)	4,216,760		3,164,340
Total liabilities and net assets	$	6,998,196	$	5,223,366

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)


NET ASSET VALUE PER SHARE	June 30, 2025 (unaudited)		September 30, 2024
Class I Shares:
Net assets	$	2,942,033	$	2,118,000
Common shares outstanding ($0.01 par value, unlimited shares authorized)	127,124		89,884
Net asset value per share	$	23.14	$	23.56
Class S Shares:
Net assets	$	1,271,064	$	1,044,424
Common shares outstanding ($0.01 par value, unlimited shares authorized)	54,922		44,323
Net asset value per share	$	23.14	$	23.56
Class D Shares:
Net assets	$	3,663	$	1,916
Common shares outstanding ($0.01 par value, unlimited shares authorized)	158		81
Net asset value per share	$	23.14	$	23.56

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Interest income:
Non-control/Non-affiliate investments	$	149,118	$	107,921	$	419,229	$	266,204
Interest on cash and cash equivalents	3,747		3,467		11,366		9,517
Total interest income	152,865		111,388		430,595		275,721
PIK interest income:
Non-control/Non-affiliate investments	2,287		2,369		7,481		5,035
Total PIK interest income	2,287		2,369		7,481		5,035
Fee income:
Non-control/Non-affiliate investments	380		752		3,693		2,403
Total fee income	380		752		3,693		2,403
Total investment income	155,532		114,509		441,769		283,159
Expenses:
Base management fee	13,345		8,630		35,278		21,628
Investment income incentive fee	12,243		9,020		33,934		22,754
Capital gains incentive fee	100		(427)		(2,372)		2,033
Professional fees	1,496		699		3,926		2,147
Class S and Class D distribution and shareholder servicing fees	2,658		1,958		7,523		4,853
Board of trustees fees	116		116		348		323
Organization expenses	3		4		5		8
Amortization of continuous offering costs	589		261		1,508		694
Interest expense	40,474		31,703		124,871		73,623
Administrator expense	556		377		1,162		1,096
General and administrative expenses	865		526		2,361		1,581
Total expenses	72,445		52,867		208,544		130,740
Expense reimbursements (support) (Note 9)	—		—		—		1,045
Net expenses	72,445		52,867		208,544		131,785
Net investment income before taxes	83,087		61,642		233,225		151,374
(Provision) benefit for taxes on net investment income	(131)		—		(810)		—
Net investment income	82,956		61,642		232,415		151,374
Unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	29,592		(4,950)		(4,609)		13,607
Foreign currency forward contracts	(12,799)		1,752		(8,548)		(541)
Net unrealized appreciation (depreciation)	16,793		(3,198)		(13,157)		13,066
Realized gains (losses):
Non-control/Non-affiliate investments	15,903		(486)		18,347		2,225
Foreign currency forward contracts	(31,894)		427		(24,121)		1,516
Net realized gains (losses)	(15,991)		(59)		(5,774)		3,741
Provision for income tax (expense) benefit	(3)		(158)		(49)		(543)
Net realized and unrealized gains (losses), net of taxes	799		(3,415)		(18,980)		16,264
Net increase (decrease) in net assets resulting from operations	$	83,755	$	58,227	$	213,435	$	167,638

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(unaudited)


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Operations:
Net investment income	$	82,956	$	61,642	$	232,415	$	151,374
Net unrealized appreciation (depreciation)	16,793		(3,198)		(13,157)		13,066
Net realized gains (losses)	(15,991)		(59)		(5,774)		3,741
Provision for income tax (expense) benefit	(3)		(158)		(49)		(543)
Net increase (decrease) in net assets resulting from operations	83,755		58,227		213,435		167,638
Distributions to common shareholders:
Class I	(77,672)		(46,748)		(197,850)		(118,282)
Class S	(30,056)		(21,469)		(83,766)		(53,349)
Class D	(93)		(37)		(229)		(71)
Net decrease in net assets resulting from distributions	(107,821)		(68,254)		(281,845)		(171,702)
Share transactions:
Class I:
Issuance of Common shares in private and public offering	540,559		271,288		1,015,107		881,665
Share transfers between classes	644		112		1,700		364
Issuance of Common shares under distribution reinvestment plan	12,033		7,687		33,561		20,839
Repurchased shares, net of early repurchase deduction	(156,200)		(7,296)		(179,433)		(21,838)
Net increase from share transactions	397,036		271,791		870,935		881,030
Class S:
Issuance of Common shares in public offering	71,458		145,291		246,239		460,437
Share transfers between classes	(644)		(112)		(1,700)		(364)
Issuance of Common shares under distribution reinvestment plan	14,735		10,458		41,881		24,999
Repurchased shares, net of early repurchase deduction	(18,810)		(9,248)		(38,332)		(13,449)
Net increase from share transactions	66,739		146,389		248,088		471,623
Class D:
Issuance of Common shares in public offering	10		467		1,803		1,561
Issuance of Common shares under distribution reinvestment plan	27		20		81		31
Repurchased shares, net of early repurchase deduction	—		—		(77)		—
Net increase from share transactions	37		487		1,807		1,592
Total increase (decrease) in net assets	439,746		408,640		1,052,420		1,350,181
Net assets at beginning of period	3,777,014		2,470,746		3,164,340		1,529,205
Net assets at end of period	$	4,216,760	$	2,879,386	$	4,216,760	$	2,879,386
Net asset value per common share	$	23.14	$	23.53	$	23.14	$	23.53
Common shares outstanding at end of period	182,204		122,364		182,204		122,364

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Nine months ended June 30, 2025		Nine months ended June 30, 2024
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	213,435	$	167,638
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net unrealized (appreciation) depreciation	13,157		(13,066)
Net realized (gains) losses	5,774		(3,741)
PIK interest income	(7,481)		(5,035)
Accretion of original issue discount on investments	(22,729)		(18,639)
Accretion of original issue discount on unsecured notes payable	620		221
Amortization of deferred financing costs	5,825		3,856
Amortization of deferred offering costs	1,508		694
Deferred taxes	27		2
Purchases of investments	(2,977,628)		(3,020,430)
Proceeds from the sales and repayments of investments	1,208,850		800,934
Changes in operating assets and liabilities:
(Increase) decrease in due from affiliates	—		861
(Increase) decrease in interest receivable	(5,763)		(20,326)
(Increase) decrease in receivables from unsettled transactions	(23,457)		(77,313)
(Increase) decrease in due from broker	—		(3,390)
(Increase) decrease in other assets	(18,339)		23
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(681)		(444)
Increase (decrease) in base management fee and incentive fees payable	280		9,633
Increase (decrease) in due to broker	(2,630)		—
Increase (decrease) in due to affiliates	(337)		(4,695)
Increase (decrease) in interest payable	1,269		13,127
Increase (decrease) in payables from unsettled transactions	5,034		91,829
Increase (decrease) in director fees payable	(116)		—
Net cash used in operating activities	(1,603,382)		(2,078,261)
Financing activities:
Distributions paid in cash	(195,521)		(113,935)
Borrowings under credit facilities	1,058,400		855,000
Repayments of borrowings under credit facilities	(514,500)		(40,000)
Issuance of unsecured notes	—		348,236
Proceeds from issuance of common shares	1,263,149		1,343,663
Deferred financing costs paid	(3,652)		(14,776)
Deferred offering costs paid	(1,765)		(855)
Share repurchases paid	(57,469)		(23,888)
Net cash provided by financing activities	1,548,642		2,353,445
Effect of exchange rate changes on foreign currency	1,875		(1,209)
Net increase (decrease) in cash and cash equivalents and restricted cash	(52,865)		273,975
Cash and cash equivalents and restricted cash, beginning of period	524,164		151,136
Cash and cash equivalents and restricted cash, end of period	$	471,299	$	425,111
Supplemental information:
Cash paid for interest	$	117,157	$	56,419
Non-cash financing activities:
Deferred financing costs incurred	$	—	$	538
Deferred offering costs incurred	390		162
Distribution payable	37,039		23,927
Reinvestment of dividends during the period	75,523		45,869
Shares repurchases accrued but not yet paid	175,010		16,736
Reconciliation to the Statements of Assets and Liabilities	June 30, 2025		September 30, 2024
Cash and cash equivalents	$	423,229	$	480,836
Restricted cash	48,070		43,328
Total cash and cash equivalents and restricted cash	$	471,299	$	524,164

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Non-Control/Non-Affiliate Investments															(7)
107-109 Beech OAK22 LLC	Real Estate Development	First Lien Revolver			11.00%		2/27/2026		$	10,185	$	10,079	$	10,138	(8)(9)
1261229 BC LTD	Pharmaceuticals	Fixed Rate Bond			10.00%		4/15/2032		22,200		22,200		22,411		(10)
1261229 BC LTD	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%	10.56%		10/8/2030		47,800		46,653		46,205		(5)(10)
1440 Foods Topco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.00%	9.33%		10/31/2031		62,200		59,054		60,091		(5)
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.25%	8.38%		8/18/2028		46,351		45,984		46,623		(5)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	9.05%		11/1/2029		1,543		1,480		1,543		(5)(8)(9)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	9.05%		11/1/2029		10,870		10,870		10,870		(5)(8)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Revolver	SOFR+	4.75%			10/30/2029		—		(12)		—		(5)(8)(9)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%	7.74%		9/27/2031		€	8,508	9,790		9,857		(5)(8)(10)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%	7.74%		9/30/2031		39,777		45,680		46,085		(5)(8)(10)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%	8.13%		9/27/2031		34,034		37,309		39,431		(5)(8)(10)
ACP Falcon Buyer Inc	Systems Software	First Lien Term Loan	SOFR+	5.50%	9.80%		8/1/2029		$	34,147	33,449		34,147		(5)(8)
ACP Falcon Buyer Inc	Systems Software	First Lien Revolver	SOFR+	5.50%			8/1/2029		—		(109)		—		(5)(8)(9)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	7.00%	11.41%		10/30/2026		11,166		11,060		11,166		(5)(8)
ADC Therapeutics SA	Biotechnology	First Lien Term Loan	SOFR+	7.50%	11.95%		8/15/2029		10,406		10,091		10,250		(5)(8)(10)
ADC Therapeutics SA	Biotechnology	Warrants						185,598			275		30		(8)(10)
AIP RD Buyer Corp.	Distributors	Common Stock						138,337			428		724		(8)
Allegro CLO XII	Multi-Sector Holdings	CLO Notes	SOFR+	7.40%	11.67%		7/21/2037		4,400		4,400		4,429		(5)(10)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.83%		5/28/2032		22,940		22,768		23,080		(5)
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.50%	9.83%		12/6/2027		93,025		92,164		93,025		(5)(8)
Ares XLIV CLO	Multi-Sector Holdings	CLO Notes	SOFR+	7.13%	11.39%		4/15/2034		3,500		3,404		3,523		(5)(10)
Artera Services, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.80%		2/15/2031		53,669		53,238		45,185		(5)
Artera Services, LLC	Construction & Engineering	Fixed Rate Bond			8.50%		2/15/2031		12,660		12,660		10,552
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%			3/6/2032		—		(57)		(251)		(5)(8)(9)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.32%		3/6/2032		47,741		47,058		46,242		(5)(8)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Revolver	PRIME+	4.00%	11.50%		3/6/2031		399		271		117		(5)(8)(9)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.28%		12/29/2027		990		982		974		(5)(8)(10)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.54%		12/29/2027		4,775		4,736		4,699		(5)(8)(10)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	10.44%		12/29/2027		335		330		326		(5)(8)(9)(10)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%			2/25/2028		7,337		6,453		3,485		(5)(8)(11)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028		8,316		6,305		—		(5)(8)(11)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	8.43%		8/19/2028		25,442		25,366		25,125		(5)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.68%		8/19/2028		33,780		33,239		33,469		(5)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.58%		9/19/2030		18,750		18,188		18,239		(5)
athenahealth Group Inc.	Health Care Technology	Preferred Equity						140,355			5,693		8,123		(8)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Aurelia Netherlands B.V.	Interactive Media & Services	First Lien Term Loan	E+	4.75%	6.83%		5/29/2031		€	99,155	$	110,586	$	116,102	(5)(8)(10)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%	9.33%		12/5/2031		$	121,625	119,390		119,375		(5)(8)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%			12/5/2029		—		(231)		(234)		(5)(8)(9)
Bain Capital Credit CLO, Limited	Multi-Sector Holdings	CLO Notes	SOFR+	7.54%	11.81%		4/20/2034		1,750		1,733		1,743		(5)(10)
Bain Capital Euro CLO 2021-2	Multi-Sector Holdings	CLO Notes	E+	3.40%	5.66%		7/17/2034		€	1,210	1,254		1,418		(5)(10)
Ballyrock CLO 19	Multi-Sector Holdings	CLO Notes	SOFR+	7.11%	11.38%		4/20/2035		$	2,220	2,223		2,215		(5)(10)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.25%	9.58%		9/30/2030		304		288		239		(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.25%			9/30/2030		—		—		(65)		(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.25%	9.53%		9/30/2030		3,894		3,821		3,816		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.25%	9.53%		9/30/2030		25,450		24,897		24,941		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	E+	5.25%	7.44%		9/30/2030		€	15,835	16,417		18,216		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Revolver	SOFR+	5.25%			10/1/2029		—		(110)		(104)		(5)(8)(9)
Barracuda Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	6.50%	10.78%		8/15/2029		$	48,886	47,514		47,595		(5)(8)
Beach Acquisition Bidco LLC	Footwear	Fixed Rate Bond			10.00%		7/15/2033		43,690		43,690		45,395
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00%	10.00%	4/19/2027		1,470		1,469		1,286		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00%	10.00%	4/19/2027		3,545		3,497		3,102		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00%	10.00%	4/19/2027		—		—		—		(8)(9)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00%	10.00%	4/19/2027		—		—		—		(8)(9)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Common Stock						149,728			—		23		(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						138,000			74		1		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						149,987			—		—		(8)(10)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%			2/27/2031		—		(73)		—		(5)(8)(9)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		2/27/2031		32,784		32,492		32,784		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		2/27/2031		49,500		48,900		49,500		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			2/27/2031		—		(182)		—		(5)(8)(9)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SONIA+	5.00%			6/14/2032		—		(28)		(28)		(5)(8)(9)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	E+	5.00%	7.04%		6/14/2032		€	5,593	6,413		6,500		(5)(8)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	5.00%	9.26%		6/14/2032		$	1,644	1,628		1,628		(5)(8)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SONIA+	5.00%	9.22%		6/14/2032		£	8,475	11,406		11,498		(5)(8)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.00%	5.93%		10/31/2029		€	9,002	8,834		10,184		(5)(8)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.50%	6.48%		10/31/2030		36,081		35,368		40,100		(5)(8)(10)
CBAM 2017-2, LTD.	Multi-Sector Holdings	CLO Notes	SOFR+	7.36%	11.64%		7/17/2034		$	488	459		484		(5)(10)
CD&R Firefly Bidco Limited	Other Specialty Retail	First Lien Term Loan	SONIA+	4.75%	9.21%		4/29/2029		£	45,022	55,675		61,583		(5)(10)
Centralsquare Technologies, LLC	Application Software	First Lien Term Loan	SOFR+	6.00%	7.07%	3.25%	4/12/2030		$	30,758	30,171		30,712		(5)(8)
Centralsquare Technologies, LLC	Application Software	First Lien Revolver	SOFR+	5.50%			4/12/2030		—		(67)		(5)		(5)(8)(9)
Cielo Bidco Limited	Building Products	First Lien Term Loan	E+	4.75%			6/30/2032		—		—		—		(5)(9)(10)
Cielo Bidco Limited	Building Products	First Lien Term Loan	SONIA+	4.75%			6/30/2032		—		—		—		(5)(9)(10)
Cielo Bidco Limited	Building Products	First Lien Term Loan	E+	4.75%			6/30/2032		—		—		—		(5)(9)(10)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.75%	8.05%		3/21/2031		$	13,930	$	13,840	$	13,969	(5)
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+	6.50%	10.93%		11/13/2026		3,871		3,840		3,791		(5)(8)
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+	6.50%	10.88%		11/13/2026		11,904		11,774		11,660		(5)(8)
Condor Merger Sub Inc.	Systems Software	Fixed Rate Bond			7.38%		2/15/2030		32,277		30,303		30,514
Connect Finco SARL	Alternative Carriers	First Lien Term Loan	SOFR+	4.50%	8.83%		9/27/2029		28,187		25,035		26,868		(5)(10)
CoreRx, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	11.80%		4/6/2029		18,328		17,983		17,932		(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%			2/27/2030		—		(10)		—		(5)(8)(9)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%	9.53%		2/27/2030		13,329		13,107		13,329		(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Revolver	SOFR+	5.25%			2/27/2029		—		(14)		—		(5)(8)(9)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	5.25%	9.57%		12/18/2031		106,213		104,421		104,482		(5)(8)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Revolver	SOFR+	5.25%			12/18/2031		—		(247)		(249)		(5)(8)(9)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	11.08%		11/8/2030		3,080		3,012		3,049		(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	11.08%		11/8/2030		43,911		43,071		43,472		(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Revolver	SOFR+	6.75%			11/8/2030		—		(87)		(46)		(5)(8)(9)
Dealer Tire Financial, LLC	Distributors	Fixed Rate Bond			8.00%		2/1/2028		41,354		40,904		39,980
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			8.00%	3.00%	8/31/2029		39,172		39,172		39,172		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			3.00%	7.00%	8/31/2029		28,547		28,547		28,547		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Preferred Equity						139,677			330		455		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Common Stock						139,794			2		2		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Warrants						139,597			—		—		(8)(10)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.50%	9.83%		2/17/2031		20,827		20,426		19,936		(5)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.00%	9.54%		8/2/2027		571		568		574		(5)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	9.79%		8/2/2029		27,631		27,235		27,468		(5)
DirecTV Financing, LLC	Cable & Satellite	Fixed Rate Bond			10.00%		2/15/2031		21,198		21,198		20,594
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%			5/19/2032		—		(218)		(206)		(5)(8)(9)(10)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%	9.82%		5/19/2032		18,849		18,479		18,499		(5)(8)(10)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SONIA+	5.50%	9.71%		5/19/2032		£	59,320	77,738		79,777		(5)(8)(10)
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	8.33%		4/26/2029		$	51,726	50,994		51,204		(5)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	6.50%	10.98%		12/8/2028		1,041		1,032		1,034		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	6.50%	10.98%		12/8/2028		11,596		11,447		11,509		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Revolver	SOFR+	6.50%	10.98%		12/8/2028		453		434		442		(5)(8)(9)
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25%	8.54%		4/2/2029		5,184		5,154		5,150		(5)
Engineering Research And Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	9.29%		8/29/2031		31,820		31,339		31,184		(5)
Entrata, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75%	10.08%		7/10/2030		44,919		44,113		44,919		(5)(8)
Entrata, Inc.	Application Software	First Lien Revolver	SOFR+	5.75%			7/10/2028		—		(79)		—		(5)(8)(9)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%			12/24/2029		—		(18)		—		(5)(8)(9)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Enverus Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	5.50%	9.82%		12/24/2029		$	298	$	252	$	298	(5)(8)(9)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.83%		12/24/2029		55,168		54,431		55,168		(5)(8)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		1,832		1,820		1,832		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		1,689		1,656		1,723		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		—		—		—		(8)(9)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		11,437		11,381		11,437		(8)(10)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	9.29%		7/2/2031		7,700		7,639		7,617		(5)(8)(9)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	9.29%		7/2/2031		78,561		78,225		78,232		(5)(8)
Everbridge, Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			7/2/2031		—		(34)		(33)		(5)(8)(9)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		9/30/2030		9,029		8,952		9,029		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		9/30/2030		35,761		35,091		35,761		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			10/1/2029		—		(71)		—		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.92%		10/5/2029		3,183		3,134		3,139		(5)(8)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.92%		10/5/2029		368		327		300		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	Common Stock						142,278			885		928		(8)
F&M BUYER LLC	Systems Software	First Lien Term Loan	SOFR+	4.75%	9.05%		3/18/2032		23,866		23,627		23,627		(5)(8)
F&M BUYER LLC	Systems Software	First Lien Term Loan	SOFR+	4.75%			3/18/2032		—		(40)		(40)		(5)(8)(9)
F&M BUYER LLC	Systems Software	First Lien Revolver	SOFR+	4.75%			3/18/2032		—		(35)		(35)		(5)(8)(9)
Finastra USA, Inc.	Application Software	First Lien Term Loan	SOFR+	7.25%	11.43%		9/13/2029		43,185		42,580		43,185		(5)(8)(10)
Finastra USA, Inc.	Application Software	First Lien Revolver	SOFR+	7.25%	11.57%		9/13/2029		901		837		901		(5)(8)(9)(10)
Formulations Parent Corp	Specialty Chemicals	First Lien Term Loan	SOFR+	4.00%	8.21%		4/9/2032		17,500		17,325		17,374		(5)(8)
Fortress Credit BSL XIX	Multi-Sector Holdings	CLO Notes	SOFR+	8.37%	12.65%		7/24/2036		6,750		6,855		6,823		(5)(10)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+	4.75%	9.02%		10/18/2033		5,000		5,000		4,997		(5)(10)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+	8.45%	12.72%		10/18/2033		6,000		6,038		5,930		(5)(10)
Fortress Credit BSL XX	Multi-Sector Holdings	CLO Notes	SOFR+	8.51%	12.79%		1/23/2037		5,250		5,356		5,387		(5)(10)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.75%	10.05%		5/3/2030		83,192		82,779		82,651		(5)(8)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.75%	10.05%		5/3/2029		8,656		8,633		8,571		(5)(8)(9)
Gallatin CLO X 2023-1	Multi-Sector Holdings	CLO Notes	SOFR+	5.41%	9.65%		10/14/2035		5,000		4,913		5,021		(5)(10)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+	4.75%	9.06%		10/15/2031		8,947		8,805		8,739		(5)(8)(9)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+	4.75%	8.85%		10/15/2031		56,177		55,672		55,615		(5)(8)
Geo Topco Corporation	Building Products	First Lien Revolver	SOFR+	4.75%	9.08%		10/15/2031		2,601		2,531		2,523		(5)(8)(9)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	9.31%		3/10/2031		30,022		29,737		29,737		(5)(8)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00%			3/10/2031		—		(88)		(88)		(5)(8)(9)
Greenway Health, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.75%	11.05%		4/1/2029		24,688		24,161		24,688		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	12.43%		6/21/2027		3,537		3,509		3,473		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	12.43%		6/21/2027		17,198		17,062		16,888		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Revolver	SOFR+	8.00%			6/21/2027		—		(14)		(32)		(5)(8)(9)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.63%		4/9/2029		39,900		39,249		39,222		(5)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	10.95%		1/19/2026		$	4,301	$	4,280	$	4,366	(5)(8)(10)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	10.95%		1/19/2026		1,792		1,782		1,819		(5)(8)(10)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	10.95%		1/19/2026		9,319		9,273		9,459		(5)(8)(10)
Hertz Vehicle Financing III	Specialized Finance	Subordinated Debt Revolver			9.28%		6/28/2028		85,710		85,710		85,710		(8)(10)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	Fixed Rate Bond			9.00%		2/15/2029		6,142		6,142		6,429		(10)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.50%	8.80%		2/15/2029		32,848		32,588		32,977		(5)(10)
IAMGOLD Corporation	Gold	Second Lien Term Loan	SOFR+	8.25%	12.56%		5/16/2028		28,394		27,904		29,450		(5)(8)(10)
Icefall Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75%	10.03%		1/25/2030		27,948		27,523		27,948		(5)(8)
Icefall Parent, Inc.	Application Software	First Lien Revolver	SOFR+	5.75%			1/25/2030		—		(41)		—		(5)(8)(9)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25%	10.53%		8/18/2028		2,325		2,303		2,294		(5)(8)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75%	10.03%		8/18/2028		16,314		16,184		15,855		(5)(8)
iCIMs, Inc.	Application Software	First Lien Revolver	SOFR+	5.75%	10.03%		8/18/2028		217		203		176		(5)(8)(9)
Inmar Inc	Application Software	First Lien Term Loan	SOFR+	4.50%	8.80%		10/30/2031		48,160		47,919		48,621		(5)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%	9.33%		8/25/2028		77,700		77,244		77,545		(5)(8)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%			8/25/2028		—		(162)		(42)		(5)(8)(9)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	5.00%			8/25/2028		—		(61)		(15)		(5)(8)(9)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	7.50%	11.94%		1/15/2026		42,997		42,940		42,352		(5)(8)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Revolver	SOFR+	7.50%	11.93%		1/15/2026		828		796		753		(5)(8)(9)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	9.43%		6/28/2029		5,394		5,351		5,341		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	9.43%		6/28/2029		31,384		30,812		31,070		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Revolver	SOFR+	5.00%			6/28/2029		—		(136)		(75)		(5)(8)(9)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+	6.00%			4/25/2031		—		(162)		—		(5)(8)(9)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SOFR+	6.00%	10.31%		4/25/2031		53,294		52,179		53,076		(5)(8)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+	6.00%	10.22%		4/25/2031		£	1,742	2,143		2,377		(5)(8)(10)
JN Bidco LLC	Health Care Technology	Common Stock						3,752,445			3,338		6,903		(8)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	E+	4.75%			4/22/2032		—		—		—		(5)(8)(9)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	E+	4.75%			4/22/2032		—		—		—		(5)(8)(9)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	NIBOR+	4.75%			4/22/2032		—		—		—		(5)(8)(9)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	SONIA+	4.75%			4/22/2032		—		—		—		(5)(8)(9)(10)
Kaseya Inc.	Systems Software	Second Lien Term Loan	SOFR+	5.00%	9.33%		3/20/2033		$	24,319	24,198		24,407		(5)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.65%		10/29/2027		58,107		57,611		55,614		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.65%		10/29/2027		4,729		4,710		4,527		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.25%	11.75%		10/29/2027		2,957		2,869		2,595		(5)(8)(9)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	5.00%			11/25/2031		—		(66)		(70)		(5)(8)(9)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	5.00%	9.27%		11/25/2031		$	39,033	$	38,497	$	38,463	(5)(8)
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.43%		10/30/2028		28,148		27,721		25,457		(5)
Latam Airlines Group S.A.	Passenger Airlines	Fixed Rate Bond			7.88%		4/15/2030		7,775		7,775		7,940		(10)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%			2/9/2032		—		(49)		(48)		(5)(8)(9)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	9.33%		2/9/2032		42,038		41,542		41,550		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Revolver	SOFR+	5.00%			2/9/2032		—		(74)		(72)		(5)(8)(9)
Learfield Communications, LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.50%	8.83%		6/30/2028		45,564		45,450		45,963		(5)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.50%	7.07%	2.75%	8/22/2031		56,540		55,568		55,578		(5)(8)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.50%			8/22/2031		—		(29)		—		(5)(8)(9)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%	9.32%		8/22/2030		2,619		2,507		2,508		(5)(8)(9)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.50%	9.74%		1/13/2030		59,442		58,633		58,610		(5)(8)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Revolver	SOFR+	5.50%			1/13/2030		—		(52)		(54)		(5)(8)(9)
Lsf12 Crown US Commercial Bidco LLC	Building Products	First Lien Term Loan	SOFR+	4.25%	8.57%		12/2/2031		14,366		14,223		14,461		(5)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	10.43%		1/31/2028		1,029		993		983		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	10.43%		1/31/2028		8,837		8,761		8,440		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Revolver	SOFR+	6.00%	10.43%		1/31/2028		853		844		807		(5)(8)(9)
LTI Holdings Inc	Electronic Components	First Lien Term Loan	SOFR+	4.25%	8.58%		7/29/2029		100		99		100		(5)(10)
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75%	9.03%		8/25/2031		46,488		44,288		45,122		(5)
Marble Point CLO XVII	Multi-Sector Holdings	CLO Notes	SOFR+	3.65%	7.92%		7/20/2037		3,000		3,000		3,018		(5)(10)
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.32%		3/1/2029		19,900		19,065		19,367		(5)
Mesoblast, Inc.	Biotechnology	First Lien Term Loan			9.75%		11/19/2026		1,662		1,619		1,679		(8)(10)
Mesoblast, Inc.	Biotechnology	Warrants						166,950			152		139		(8)(10)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00%	10.43%		7/21/2027		5,192		5,119		5,115		(5)(8)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.25%	10.68%		7/21/2027		1,015		1,003		1,001		(5)(8)
Microf Funding V LLC	Consumer Finance	First Lien Term Loan	SOFR+	6.00%	10.33%		6/3/2027		18,486		18,262		18,486		(5)(8)(9)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%			6/3/2030		—		(70)		(35)		(5)(8)(9)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%	9.33%		6/3/2030		6,799		6,663		6,765		(5)(8)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%	9.33%		6/3/2030		41,321		40,643		41,114		(5)(8)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Revolver	SOFR+	5.00%			6/3/2030		—		(69)		(21)		(5)(8)(9)(10)
Mitchell International Inc	Application Software	Second Lien Term Loan	SOFR+	5.25%	9.58%		6/17/2032		42,135		41,953		41,619		(5)
Mitchell International Inc	Application Software	First Lien Term Loan	SOFR+	3.25%	7.58%		6/17/2031		16,972		16,887		16,977		(5)
Modena Buyer LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.78%		7/1/2031		38,266		37,607		36,950		(5)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.80%		2/28/2031		1,550		1,493		1,550		(5)(8)(9)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.80%		2/28/2031		71,566		70,493		71,566		(5)(8)
Monotype Imaging Holdings Inc.	Application Software	First Lien Revolver	SOFR+	5.50%			2/28/2030		—		(105)		—		(5)(8)(9)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		2/10/2027		3,901		3,852		3,869		(5)(8)(9)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		2/10/2027		$	7,071	$	7,068	$	7,024	(5)(8)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		2/10/2027		57,800		57,276		57,413		(5)(8)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	4.75%	9.05%		2/10/2027		328		304		288		(5)(8)(9)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%			4/17/2031		—		(28)		(27)		(5)(8)(9)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%	10.03%		4/17/2031		48,606		47,877		47,926		(5)(8)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%	10.05%		4/17/2031		14,429		14,220		14,227		(5)(8)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Revolver	PRIME+	4.75%	12.25%		4/17/2031		2,582		2,439		2,444		(5)(8)(9)(10)
Neptune Bidco US Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.25%			1/19/2031		—		(13)		—		(5)(8)(9)
Neptune Bidco US Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.75%	9.05%		1/19/2031		30,740		30,311		30,663		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%			11/12/2030		—		(69)		(29)		(5)(8)(9)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	9.55%		11/12/2030		46,041		45,513		45,931		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	9.55%		11/9/2030		17,695		17,530		17,652		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Revolver	SOFR+	5.25%			11/9/2029		—		(49)		(11)		(5)(8)(9)
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	10.18%		11/10/2029		1,375		1,242		1,251		(5)(8)(9)
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	10.13%		11/10/2029		21,946		21,558		21,727		(5)(8)
NFM & J, L.P.	Diversified Support Services	First Lien Revolver	PRIME+	4.75%	12.25%		11/10/2029		1,116		1,030		1,066		(5)(8)(9)
Nidda BondCo GmbH	Health Care Services	First Lien Term Loan	SONIA+	4.75%	9.21%		5/28/2032		£	29,750	39,635		40,972		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.82%		5/3/2029		$	5,729	6,137		6,248		(5)(8)(9)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.80%		5/3/2029		3,313		3,271		3,313		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.80%		5/3/2029		36,168		35,705		36,168		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SONIA+	4.50%	8.72%		5/3/2029		£	3,140	3,912		4,302		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	NIBOR+	4.50%	8.86%		5/3/2029		kr	68,811	6,191		6,800		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.80%		5/3/2029		$	27,846	27,739		27,846		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SONIA+	4.50%			5/3/2029		—		(24)		—		(5)(8)(9)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+	4.50%	8.81%		5/3/2029		3,977		3,921		3,977		(5)(8)(9)
Northwoods Capital 25 Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.40%	11.67%		7/20/2034		700		683		695		(5)(10)
OFSI BSL XIII CLO	Multi-Sector Holdings	CLO Notes	SOFR+	4.50%	8.77%		4/20/2037		5,000		5,000		5,058		(5)(10)
OFSI Fund Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	11.75%		4/20/2034		1,105		1,051		1,089		(5)(10)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.30%		6/10/2030		17,051		16,881		17,051		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.30%		6/10/2030		22,821		22,593		22,821		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.75%	9.05%		6/10/2030		15,024		14,651		14,398		(5)(8)(9)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.75%	9.05%		6/10/2030		8,496		8,284		8,496		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.75%	9.05%		6/10/2030		22,485		22,088		22,260		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Revolver	SOFR+	4.75%			6/11/2029		—		(208)		(179)		(5)(8)(9)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Optimizely North America Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	9.33%		10/30/2031		$	47,655	$	47,224	$	47,178	(5)(8)(10)
Optimizely North America Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			10/30/2031		—		(64)		(71)		(5)(8)(9)(10)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	E+	5.25%	7.23%		10/30/2031		€	17,016	18,320		19,775		(5)(8)(10)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	SONIA+	5.50%	9.72%		10/30/2031		£	5,672	7,312		7,695		(5)(8)(10)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.25%	11.55%		2/1/2029		$	16,868	16,614		16,868		(5)(8)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.75%	12.03%		2/1/2029		15,746		15,511		15,746		(5)(8)
Oranje Holdco, Inc.	Systems Software	First Lien Revolver	SOFR+	7.75%			2/1/2029		—		(29)		—		(5)(8)(9)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	4.75%	9.05%		2/13/2032		74,441		73,385		73,324		(5)(8)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Revolver	SOFR+	4.75%			2/13/2032		—		(224)		(237)		(5)(8)(9)
Paratek Pharmaceuticals Inc	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	10.79%		11/21/2028		18,387		18,209		18,214		(5)(8)
Paulus Holdings Public Limited Company	Health Care Technology	Preferred Equity						84,177			1,711		2,597		(8)(10)
Paulus Holdings Public Limited Company	Health Care Technology	Warrants						18,491			376		570		(8)(10)
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	8.18%		2/1/2028		7,394		7,360		6,548		(5)
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75%	8.18%		2/11/2028		19,698		19,504		19,538		(5)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%	10.33%		11/15/2030		72,543		71,429		68,335		(5)(8)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%			11/15/2030		—		(96)		(461)		(5)(8)(9)
PetVet Care Centers, LLC	Health Care Services	First Lien Revolver	SOFR+	6.00%			11/15/2029		—		(140)		(557)		(5)(8)(9)
PetVet Care Centers, LLC	Health Care Services	Preferred Equity						154,541			6,211		7,556		(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		11.83%	8/22/2029		5,458		5,458		5,458		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.33%	1.50%	8/22/2029		3,356		3,356		3,356		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.33%	1.50%	8/22/2029		1,937		1,937		1,937		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%			8/22/2029		—		—		—		(5)(8)(9)
Pluralsight, LLC	Application Software	First Lien Revolver	SOFR+	4.50%			8/22/2029		—		—		—		(5)(8)(9)
Pluralsight, LLC	Application Software	Common Stock						1,815,669			5,540		3,848		(8)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	SOFR+	5.50%	9.72%		5/16/2031		23,063		22,832		23,063		(5)(8)(9)(10)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.00%			9/17/2031		€	—	(194)		(202)		(5)(8)(9)(10)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.50%	7.56%		5/16/2031		50,768		55,205		59,594		(5)(8)(10)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%			2/15/2029		—		(88)		(35)		(5)(8)(9)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	9.30%		2/15/2029		$	10,375	10,271		10,281		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%	9.80%		2/15/2029		24,421		24,349		24,360		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	6.50%	10.83%		2/15/2029		26,287		25,651		26,287		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Revolver	PRIME+	5.50%	13.00%		2/15/2029		673		585		673		(5)(8)(9)
Profrac Holdings II, LLC	Industrial Machinery & Supplies & Components	First Lien Floating Rate Bond	SOFR+	7.25%	11.54%		1/23/2029		60,660		60,053		60,053		(5)(8)(10)
Project Accelerate Parent, LLC	Systems Software	First Lien Revolver	SOFR+	5.25%			2/24/2031		—		(50)		—		(5)(8)(9)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Project Accelerate Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	5.25%	9.57%		2/24/2031		$	43,313	$	42,963	$	43,313	(5)(8)
Propio LS, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	9.05%		5/10/2030		27,834		27,555		27,569		(5)(8)
Propio LS, LLC	Diversified Support Services	First Lien Revolver	SOFR+	4.75%			5/10/2030		—		(10)		(10)		(5)(8)(9)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			7.15%		10/15/2034		5,240		5,227		5,231		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			10.05%		10/15/2034		5,471		5,390		5,411		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			14.64%		10/15/2034		7,289		7,289		7,272		(8)(10)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.25%	9.58%		9/20/2030		63,095		62,081		61,751		(5)(8)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.25%	9.58%		9/20/2030		1,793		1,686		1,651		(5)(8)(9)
Quantum Bidco Limited	Food Distributors	First Lien Term Loan	SONIA+	5.50%	9.99%		1/31/2028		£	27,922	35,147		38,359		(5)(8)(10)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	8.28%		4/5/2030		$	19,904	19,535		18,132		(5)
Rockford Tower CLO 2024-1	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	11.75%		4/20/2037		2,500		2,478		2,525		(5)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.75%			7/1/2032		—		(179)		(179)		(5)(8)(9)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.75%	9.15%		7/1/2032		70,109		72,410		73,038		(5)(8)(10)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Term Loan	SOFR+	10.50%		14.83%	10/7/2026		13,988		13,815		13,148		(5)(8)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Revolver	SOFR+	10.50%	14.82%		10/7/2026		1,367		1,342		1,253		(5)(8)(9)
Salus Workers' Compensation, LLC	Diversified Financial Services	Warrants						747,167			200		—		(8)
Saratoga	Diversified Financial Services	Credit Linked Note	SOFR+	5.33%	9.86%		12/31/2029		98,000		97,674		98,000		(5)(8)(10)(12)
scPharmaceuticals Inc.	Pharmaceuticals	Warrants						220,469			258		119		(8)
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	8.05%		12/16/2028		31,702		31,640		31,791		(5)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	9.33%		3/27/2028		17,113		16,832		16,857		(5)(8)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	9.33%		3/27/2028		3,341		3,272		3,259		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	9.33%		3/27/2028		2,462		2,426		2,425		(5)(8)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%			3/27/2028		—		(32)		(128)		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Revolver	SOFR+	5.00%			3/27/2028		—		(42)		(57)		(5)(8)(9)
Seres Therapeutics, Inc.	Biotechnology	Warrants						147,169			293		21		(8)(10)
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	6.00%	10.32%		5/20/2030		57,383		56,542		56,608		(5)(8)
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Revolver	SOFR+	6.00%			5/20/2030		—		(106)		(98)		(5)(8)(9)
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	SOFR+	5.75%	10.08%		4/19/2029		84,652		83,365		83,061		(5)(8)
Sorenson Communications, LLC	Communications Equipment	First Lien Revolver	SOFR+	5.75%			4/19/2029		—		(155)		(191)		(5)(8)(9)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	9.13%		1/30/2032		116,896		115,246		115,225		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	CORRA+	5.00%	7.68%		1/30/2032		C$	21,164	14,407		15,289		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	TONA+	5.25%	6.02%		1/30/2032		¥	2,262,960	14,407		15,443		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00%			1/30/2032		—		(372)		(377)		(5)(8)(9)
Staples, Inc.	Office Services & Supplies	Fixed Rate Bond			10.75%		9/1/2029		$	23,481	22,646		22,341
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.03%		9/4/2029		23,708		22,786		21,939		(5)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	8.30%		9/27/2030		65,349		64,196		64,794		(5)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
SumUp Holdings Luxembourg	Diversified Financial Services	First Lien Term Loan	E+	6.50%	8.54%		4/25/2031		€	47,274	$	50,670	$	55,493	(5)(8)(9)(10)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	9.05%		11/22/2031		$	5,288	5,200		5,220		(5)(8)(9)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	9.08%		11/22/2031		49,611		49,158		49,115		(5)(8)
TBRS, Inc.	Health Care Supplies	First Lien Revolver	SOFR+	4.75%	9.08%		11/22/2030		468		400		392		(5)(8)(9)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00%			5/1/2029		—		(214)		—		(5)(8)(9)(10)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00%	11.26%		5/1/2029		73,542		71,851		73,542		(5)(8)(10)
Ten-X LLC	Interactive Media & Services	First Lien Term Loan	SOFR+	6.00%	10.25%		5/26/2028		24,406		23,693		22,240		(5)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	4.50%	8.83%		10/31/2031		362		309		277		(5)(8)(9)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	4.50%	8.83%		10/31/2031		50,706		50,247		50,326		(5)(8)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	4.75%	9.08%		10/31/2031		421		370		378		(5)(8)(9)(10)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%			1/31/2029		—		(10)		(20)		(5)(8)(9)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.33%		1/31/2029		8,081		7,973		7,998		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.33%		1/31/2029		3,810		3,765		3,772		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.33%		1/31/2029		8,278		8,179		8,194		(5)(8)
Trident TPI Holdings Inc	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	3.75%	8.05%		9/15/2028		12,281		12,281		12,084		(5)
Trinitas CLO VI Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+	7.08%	11.36%		1/25/2034		2,785		2,626		2,701		(5)(10)
Trinitas CLO XV DAC	Multi-Sector Holdings	CLO Notes	SOFR+	7.71%	11.98%		4/22/2034		6,500		5,858		6,320		(5)(10)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75%			2/13/2032		—		(43)		(21)		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75%			2/13/2032		—		(145)		(195)		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75%			2/13/2032		—		(72)		(97)		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75%	10.06%		2/13/2032		2,024		2,004		2,004		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75%	10.03%		2/13/2032		76,869		75,700		76,100		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Revolver	SOFR+	5.75%			2/13/2031		—		(115)		(79)		(5)(8)(9)
Usalco LLC	Commodity Chemicals	First Lien Term Loan	SOFR+	4.00%			9/30/2031		—		(16)		(33)		(5)(8)(9)
Usalco LLC	Commodity Chemicals	First Lien Term Loan	SOFR+	4.00%	8.33%		9/30/2031		31,572		31,414		31,256		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.83%		9/10/2031		922		922		922		(5)(8)(9)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.83%		9/10/2031		46,079		45,671		46,079		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Revolver	SOFR+	5.25%	9.58%		9/10/2031		2,695		2,643		2,696		(5)(8)(9)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Verde Purchaser, LLC	Trading Companies & Distributors	First Lien Term Loan	SOFR+	4.00%	8.30%		11/30/2030		$	20,948	$	20,853	$	21,048	(5)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			9.70%		5/9/2029		6,308		6,182		6,308		(8)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			9.70%		5/9/2029		6,758		6,623		6,639		(8)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00%		5/9/2029		—		—		—		(8)(9)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			9.70%		5/9/2029		4,956		4,879		4,956		(8)(10)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+	5.25%			6/24/2031		—		(17)		—		(5)(8)(9)(10)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+	5.25%	9.47%		6/24/2031		£	40,334	50,742		55,272		(5)(8)(10)
Werner Finco LP	Building Products	First Lien Term Loan	SOFR+	5.50%	9.82%		6/16/2031		$	49,028	48,297		48,293		(5)(8)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%			5/20/2032		—		(52)		(49)		(5)(8)(9)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.80%		5/20/2032		66,145		65,648		65,683		(5)(8)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Revolver	SOFR+	4.50%	8.80%		5/20/2032		1,850		1,781		1,786		(5)(8)(9)
Wind River 2020-1 CLO	Multi-Sector Holdings	CLO Notes	SOFR+	7.42%	11.69%		7/20/2037		2,000		1,961		1,991		(5)(10)
Wind River 2024-1 CLO	Multi-Sector Holdings	CLO Notes	SOFR+	4.25%	8.52%		4/20/2037		3,250		3,250		3,277		(5)(10)
Woodmont 2022-9 Trust	Multi-Sector Holdings	CLO Notes	SOFR+	7.77%	12.05%		10/25/2036		9,385		9,303		9,277		(5)(10)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.25%	11.57%		11/29/2029		2,616		2,616		2,616		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.25%	11.57%		11/28/2029		55,203		54,237		55,203		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Revolver	SOFR+	7.25%			11/28/2029		—		(107)		—		(5)(8)(9)
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan	SOFR+	6.50%	10.93%		10/26/2029		23,595		23,543		23,081		(5)
Total Non-Control/Non-Affiliate Investments (150.9% of net assets)											$	6,315,137	$	6,362,926
BNY Mellon Short Term Investment Fund											100,743		100,743
Other cash accounts											370,556		370,556
Cash and Cash Equivalents and Restricted Cash (11.2% of net assets)											$	471,299	$	471,299
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (162.1% of net assets)											$	6,786,436	$	6,834,225

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Cumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract	$	15,708	C$	21,558	9/11/2025	$	(148)
Foreign currency forward contract	$	466,192	€	407,112	9/11/2025	(13,961)
Foreign currency forward contract	$	262,781	£	196,260	9/11/2025	(6,284)
Foreign currency forward contract	$	15,790	¥	2,243,692	9/11/2025	132
Foreign currency forward contract	$	7,637	kr	79,415	9/11/2025	(214)
						$	(20,475)

Derivative Instrument

Company Receives

Company Pays

Counterparty

Maturity Date

Notional Amount

Fair Value

Interest rate swap

Fixed 8.4%

Floating 3-month SOFR +4.0405%

BNP Paribas

11/14/2028

$350,000

8,995

Interest rate swap

Fixed 6.5%

Floating 3-month SOFR +2.5954%

BNP Paribas

7/23/2029

$400,000

6,084

15,079

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)

(1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.

(2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.

(3)Each of the Company’s investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.

(4)Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents.

(5)The interest rate on the principal balance outstanding for most floating rate loans is indexed to the secured overnight financing rate (“SOFR”), the euro interbank offered rate (“EURIBOR” or “E”), the sterling overnight index average (“SONIA”) and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All SOFR shown above is in U.S. dollars unless otherwise noted. As of June 30, 2025, the reference rates for the Company’s variable rate loans were the 30-day SOFR at 4.32%, the 90-day SOFR at 4.29%, the 180-day SOFR at 4.15%, the PRIME at 7.50%, the SONIA at 4.32%, the Tokyo Overnight Average Rate ("TONA") at 0.75%, the 30-day Canadian Overnight Repo Rate Average ("CORRA") at 2.75%, the 90-day Norwegian interbank offered rate (“NIBOR”) at 4.70%, the 30-day EURIBOR at 1.93%, the 90-day EURIBOR at 1.94% and the 180-day EURIBOR at 2.05%. Most loans include an interest floor, which generally ranges from 0% to 3.00%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(6)Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any. “€” signifies the investment is denominated in Euros. “£” signifies the investment is denominated in British Pounds. "C$" signifies the investment is denominated in Canadian dollar. "¥" signifies the investment is denominated in Japanese Yen. “kr” signifies the investment is denominated in Krone. All other investments are denominated in U.S. dollars.

(7)Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the “Investment Company Act”), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.

(8)As of June 30, 2025, these investments are categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) and were valued using significant unobservable inputs.

(9)Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.

(10)Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2025, qualifying assets represented 72.2% of the Company’s total assets and non-qualifying assets represented 27.8% of the Company’s total assets.

(11)This investment was on non-accrual status as of June 30, 2025.

(12)This investment represents a credit default swap that functions, in substance, like a credit linked note and represents a credit risk transfer for a pool of reference assets owned by a bank. The Company fully funded margin up front and in return the Company receives periodic interest payments. The Company’s risk of loss is limited to the principal amount disclosed herein. The reference assets are primarily composed of investment grade corporate debt. The Company may be exposed to counterparty risk, which could make it difficult for the Company to collect on obligations, thereby resulting in potentially significant losses. In addition, the Company only has a contractual relationship with the bank, and not with the reference obligors of the reference assets. Accordingly, the Company generally may have no right to directly enforce compliance by the reference obligors with the terms of the reference assets. The Company will not directly benefit from the reference assets and will not have the benefit of the remedies that would normally be available to a holder of such reference assets. In addition, in the event of the insolvency of the counterparty, the Company may be treated as a general creditor of such counterparty, and will not have any claim with respect to the reference assets.

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Non-Control/Non-Affiliate Investments															(7)
107 Fair Street LLC	Real Estate Development	First Lien Term Loan			13.00%		11/17/2024		$	1,616	$	1,613	$	1,572	(8)(9)(11)
107-109 Beech OAK22 LLC	Real Estate Development	First Lien Revolver			11.00%		2/27/2026		19,667		19,472		19,531		(8)(9)
112-126 Van Houten Real22 LLC	Real Estate Development	First Lien Term Loan			13.00%		11/4/2024		4,309		4,306		4,271		(8)(9)(11)
37 Capital CLO 4	Multi-Sector Holdings	CLO Notes	SOFR+	5.50%	10.80%		1/15/2034		5,000		5,000		5,057		(5)(10)
AB BSL CLO 4	Multi-Sector Holdings	CLO Notes	SOFR+	5.50%	10.78%		4/20/2036		3,800		3,800		3,882		(5)(10)
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	10.25%		8/18/2028		39,127		38,636		39,344		(5)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%			11/1/2029		—		(127)		(117)		(5)(8)(9)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Revolver	SOFR+	4.75%			10/30/2029		—		(14)		(13)		(5)(8)(9)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%			9/27/2031		€	—	(95)		(95)		(5)(8)(9)(10)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%	8.91%		9/27/2031		34,034		37,287		37,224		(5)(8)(10)
ACP Falcon Buyer Inc	Systems Software	First Lien Term Loan	SOFR+	5.50%	10.83%		8/1/2029		$	34,407	33,576		34,407		(5)(8)
ACP Falcon Buyer Inc	Systems Software	First Lien Revolver	SOFR+	5.50%			8/1/2029		—		(129)		—		(5)(8)(9)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	7.00%	12.46%		10/31/2025		11,166		11,033		11,166		(5)(8)
ADC Therapeutics SA	Biotechnology	First Lien Term Loan	SOFR+	7.50%	12.25%		8/15/2029		10,406		10,034		10,146		(5)(8)(10)
ADC Therapeutics SA	Biotechnology	Warrants						45,727			275		53		(8)(10)
AIMCO CLO 12	Multi-Sector Holdings	CLO Notes	SOFR+	6.10%	11.39%		1/17/2032		1,400		1,392		1,405		(5)(10)
AIP RD Buyer Corp.	Distributors	Common Stock						4,560			428		567		(8)
Allegro CLO XII	Multi-Sector Holdings	CLO Notes	SOFR+	7.40%	12.68%		7/21/2037		4,400		4,400		4,444		(5)(10)
Alto Pharmacy Holdings, Inc.	Health Care Technology	First Lien Term Loan	SOFR+	11.50%	8.00%	8.93%	10/14/2027		14,881		14,194		13,393		(5)(8)
Alto Pharmacy Holdings, Inc.	Health Care Technology	Warrants						878,545			943		1,177		(8)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.75%		12/30/2027		2,487		2,469		2,501		(5)
American Auto Auction Group, LLC	Diversified Support Services	Second Lien Term Loan	SOFR+	8.75%	13.50%		1/2/2029		6,901		6,816		6,677		(5)(8)
AmSpec Parent LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%			12/5/2030		—		(127)		—		(5)(8)(9)
AmSpec Parent LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	10.10%		12/5/2030		70,072		68,527		70,072		(5)(8)
AmSpec Parent LLC	Diversified Support Services	First Lien Revolver	SOFR+	5.50%			12/5/2029		—		(205)		—		(5)(8)(9)
Anchorage Capital CLO 16, LTD	Multi-Sector Holdings	CLO Notes	SOFR+	7.61%	12.89%		1/19/2035		2,000		1,948		2,002		(5)(10)
Anchorage Capital CLO 20, LTD.	Multi-Sector Holdings	CLO Notes	SOFR+	7.61%	12.89%		1/20/2035		750		715		736		(5)(10)
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.50%	10.35%		12/6/2027		93,496		92,364		93,450		(5)(8)
Ardonagh Midco 3 PLC	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	9.90%		2/17/2031		57,299		56,439		56,496		(5)(8)(10)
Ares LXVIII CLO	Multi-Sector Holdings	CLO Notes	SOFR+	5.75%	11.03%		4/25/2035		5,000		5,000		5,079		(5)(10)
Ares XLIV CLO	Multi-Sector Holdings	CLO Notes	SOFR+	7.13%	12.43%		4/15/2034		3,500		3,399		3,509		(5)(10)
Artera Services, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	9.10%		2/15/2031		27,363		27,157		26,742		(5)
Artera Services, LLC	Construction & Engineering	Fixed Rate Bond			8.50%		2/15/2031		12,660		12,660		12,545
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.66%		12/29/2027		4,812		4,760		4,581		(5)(8)(10)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	11.29%		12/29/2027		341		334		313		(5)(8)(9)(10)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%	11.35%		2/25/2028		5,244		5,184		4,348		(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028		8,316		6,514		2,391		(5)(8)(12)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	8.95%		8/19/2028		$	24,599	$	24,298	$	24,235	(5)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	9.20%		8/19/2028		45,014		44,154		44,419		(5)
athenahealth Group Inc.	Health Care Technology	First Lien Term Loan	SOFR+	3.25%			2/15/2029		—		—		—		(5)
athenahealth Group Inc.	Health Care Technology	Fixed Rate Bond			6.50%		2/15/2030		22,979		20,693		22,092
athenahealth Group Inc.	Health Care Technology	Preferred Equity						5,809			5,693		6,565		(8)
Aurelia Netherlands Midco 2 B.V.	Interactive Media & Services	First Lien Term Loan	E+	5.75%	9.55%		5/29/2031		€	49,005	51,988		53,686		(5)(8)(10)
Avalara, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25%	10.85%		10/19/2028		$	19,029	18,708		19,029		(5)(8)
Avalara, Inc.	Application Software	First Lien Revolver	SOFR+	6.25%			10/19/2028		—		(32)		—		(5)(8)(9)
Bain Capital Credit CLO 2022-3	Multi-Sector Holdings	CLO Notes	SOFR+	3.70%	8.99%		7/17/2035		3,500		3,375		3,506		(5)(10)
Bain Capital Credit CLO, Limited	Multi-Sector Holdings	CLO Notes	SOFR+	7.54%	12.82%		4/20/2034		1,750		1,733		1,765		(5)(10)
Bain Capital Euro CLO 2021-2	Multi-Sector Holdings	CLO Notes	E+	3.40%	7.06%		7/17/2034		€	1,210	1,250		1,343		(5)(10)
Ballyrock CLO 19	Multi-Sector Holdings	CLO Notes	SOFR+	7.11%	12.39%		4/20/2035		$	2,220	2,223		2,196		(5)(10)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	6.75%	8.63%	3.38%	9/30/2030		1,884		1,798		1,826		(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	6.75%	8.63%	3.38%	9/30/2030		25,418		24,782		25,037		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	E+	6.75%	7.01%	3.38%	9/30/2030		€	15,815	16,337		17,385		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Revolver	SOFR+	6.75%			10/1/2029		$	—	(130)		(78)		(5)(8)(9)(10)
Bausch + Lomb Corporation	Health Care Supplies	First Lien Term Loan	SOFR+	3.25%	8.27%		5/10/2027		60,306		59,631		60,164		(5)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%			4/19/2027		—		—		—		(5)(8)(9)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%			4/19/2027		—		—		—		(5)(8)(9)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%			4/19/2027		—		—		—		(5)(8)(9)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	8.00%	4.10%	4/19/2027		3,366		3,296		2,987		(5)(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	8.00%	4.10%	4/19/2027		1,396		1,395		1,239		(5)(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						15,566			74		5		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						4,471			—		1		(8)(10)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.35%		2/27/2031		49,875		49,127		49,576		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			2/27/2031		—		(225)		(90)		(5)(8)(9)
Blackhawk Network Holdings, Inc.	Data Processing & Outsourced Services	First Lien Term Loan	SOFR+	5.00%	9.85%		3/12/2029		56,900		55,825		57,220		(5)
BMC Software Inc	Systems Software	First Lien Term Loan	SOFR+	3.75%	9.01%		7/30/2031		30,000		29,925		29,976		(5)
Canyon CLO 2020-3	Multi-Sector Holdings	CLO Notes	SOFR+	7.15%	12.39%		10/15/2037		5,490		5,490		5,519		(5)(10)
Carlyle Euro CLO 2021-2	Multi-Sector Holdings	CLO Notes	E+	3.30%	6.99%		10/15/2035		€	1,400	1,382		1,564		(5)(10)
CBAM 2017-2, LTD.	Multi-Sector Holdings	CLO Notes	SOFR+	7.36%	12.65%		7/17/2034		$	488	457		462		(5)(10)
CD&R Firefly Bidco Limited	Other Specialty Retail	First Lien Term Loan	SONIA+	5.50%	10.45%		6/21/2028		£	26,657	32,542		35,812		(5)(10)
CD&R Firefly Bidco Limited	Other Specialty Retail	First Lien Term Loan	SONIA+	5.75%	10.95%		6/21/2028		18,365		22,921		24,655		(5)(10)
Centralsquare Technologies, LLC	Application Software	First Lien Term Loan	SOFR+	6.50%	8.10%	3.50%	4/12/2030		$	30,173	29,489		29,854		(5)(8)
Centralsquare Technologies, LLC	Application Software	First Lien Revolver	SOFR+	6.00%			4/12/2030		—		(78)		(36)		(5)(8)(9)
CIFC European Funding VI	Multi-Sector Holdings	CLO Notes	E+	5.96%	9.38%		10/15/2037		€	2,500	2,726		2,740		(5)(10)
Clear Channel Outdoor Holdings, Inc.	Advertising	First Lien Term Loan	SOFR+	4.00%	8.96%		8/21/2028		$	14,000	13,983		13,988		(5)(10)
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	9.10%		3/21/2031		20,000		19,850		20,078		(5)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	4.00%	8.60%		3/30/2029		$	28,488	$	27,176	$	28,405	(5)
Cloud Software Group, Inc.	Application Software	Fixed Rate Bond			6.50%		3/31/2029		8,874		8,141		8,837
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+	6.60%	11.66%		5/13/2026		3,900		3,859		3,850		(5)(8)
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+	6.60%	11.85%		5/13/2026		11,995		11,817		11,841		(5)(8)
Condor Merger Sub Inc.	Systems Software	Fixed Rate Bond			7.38%		2/15/2030		32,277		30,055		31,513
CoreRx, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	12.10%		4/6/2029		18,328		17,914		17,916		(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.50%	10.75%		2/27/2030		13,430		13,170		13,430		(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.50%			2/27/2030		—		(15)		—		(5)(8)(9)
Coupa Holdings, LLC	Application Software	First Lien Revolver	SOFR+	5.50%			2/27/2029		—		(17)		—		(5)(8)(9)
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00%	9.60%		10/13/2029		22,830		21,866		21,703		(5)
Crewline Buyer, Inc.	Systems Software	First Lien Term Loan	SOFR+	6.75%	11.35%		11/8/2030		43,911		42,954		43,287		(5)(8)
Crewline Buyer, Inc.	Systems Software	First Lien Revolver	SOFR+	6.75%			11/8/2030		—		(100)		(65)		(5)(8)(9)
Curium Bidco S.à.r.l.	Pharmaceuticals	First Lien Term Loan	SOFR+	4.00%			7/31/2029		—		—		—		(5)(10)
CVAUSA Management, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.50%	11.79%		5/22/2029		21,651		21,337		21,597		(5)(8)
CVAUSA Management, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.50%			5/22/2029		—		(100)		(8)		(5)(8)(9)
CVAUSA Management, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.50%			5/22/2029		—		(154)		(20)		(5)(8)(9)
CVAUSA Management, LLC	Health Care Services	First Lien Revolver	SOFR+	6.50%			5/22/2029		—		(59)		(6)		(5)(8)(9)
CVC Cordatus Loan Fund XXXI	Multi-Sector Holdings	CLO Notes	E+	6.64%	10.25%		6/15/2037		€	5,000	5,303		5,613		(5)(10)
Dealer Tire Financial, LLC	Distributors	Fixed Rate Bond			8.00%		2/1/2028		$	12,920	12,719		12,873
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			8.00%	3.00%	8/31/2029		26,961		26,961		26,961		(8)(9)(10)
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			3.00%	7.00%	8/31/2029		27,099		27,099		27,099		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Preferred Equity						330			330		418		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Common Stock						2			2		2		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Warrants						25			—		—		(8)(10)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.00%	9.96%		8/2/2027		1,831		1,815		1,834		(5)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	10.21%		8/2/2029		19,540		19,085		19,271		(5)
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.75%	9.60%		4/26/2029		37,907		36,858		38,103		(5)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	6.50%	11.93%		12/8/2028		1,049		1,036		1,038		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	6.50%	11.71%		12/8/2028		11,685		11,502		11,561		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Revolver	SOFR+	6.50%	11.93%		12/8/2028		598		575		582		(5)(8)(9)
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25%	9.55%		4/2/2029		5,225		5,194		4,968		(5)
Engineering Research And Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	10.06%		8/29/2031		31,980		31,450		31,780		(5)(8)
Entrata, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75%	10.67%		7/10/2030		45,261		44,328		45,261		(5)(8)
Entrata, Inc.	Application Software	First Lien Revolver	SOFR+	5.75%			7/10/2028		—		(98)		—		(5)(8)(9)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	10.35%		12/24/2029		$	53,899	$	53,195	$	53,899	(5)(8)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%			12/24/2029		—		(35)		—		(5)(8)(9)
Enverus Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	5.50%	10.35%		12/24/2029		263		209		263		(5)(8)(9)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		1,832		1,815		1,832		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		—		1		—		(8)(9)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		—		1		—		(8)(9)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		11,437		11,357		11,437		(8)(10)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	10.30%		7/2/2031		7,739		7,670		7,693		(5)(8)(9)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	10.33%		7/2/2031		78,956		78,561		78,593		(5)(8)
Everbridge, Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			7/2/2031		—		(39)		(36)		(5)(8)(9)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.35%		9/30/2030		36,034		35,262		35,727		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.35%		9/30/2030		9,097		9,006		9,020		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			10/1/2029		—		(83)		(34)		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	10.80%		10/5/2029		3,207		3,149		3,146		(5)(8)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%			10/5/2029		—		(48)		(92)		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	Common Stock						885			885		830		(8)(14)
Fiesta Purchaser, Inc.	Packaged Foods & Meats	First Lien Term Loan	SOFR+	4.00%	8.85%		2/12/2031		9,975		9,875		9,994		(5)
Fiesta Purchaser, Inc.	Packaged Foods & Meats	Fixed Rate Bond			7.88%		3/1/2031		7,940		7,940		8,431
Finastra USA, Inc.	Application Software	First Lien Term Loan	SOFR+	7.25%	12.18%		9/13/2029		43,513		42,795		42,908		(5)(8)(10)
Finastra USA, Inc.	Application Software	First Lien Revolver	SOFR+	7.25%	12.18%		9/13/2029		2,102		2,027		2,039		(5)(8)(9)(10)
Fortress Credit BSL XIV	Multi-Sector Holdings	CLO Notes	SOFR+	7.65%	12.93%		10/23/2034		2,300		2,081		2,285		(5)(10)
Fortress Credit BSL XIX	Multi-Sector Holdings	CLO Notes	SOFR+	8.37%	13.65%		7/24/2036		6,750		6,856		6,930		(5)(10)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+	4.75%	10.03%		10/18/2033		5,000		5,000		4,989		(5)(10)
Fortress Credit BSL XX	Multi-Sector Holdings	CLO Notes	SOFR+	8.51%	13.79%		1/23/2037		5,250		5,356		5,456		(5)(10)
Fortress Credit BSL XXV	Multi-Sector Holdings	CLO Notes	SOFR+	4.30%	9.62%		7/24/2037		2,250		2,250		2,283		(5)(10)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	7.25%	11.85%		5/3/2029		20,074		19,614		20,074		(5)(8)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	7.25%	11.85%		5/3/2029		2,195		2,090		2,163		(5)(8)(9)
Gallatin CLO X 2023-1	Multi-Sector Holdings	CLO Notes	SOFR+	5.41%	10.71%		10/14/2035		5,000		4,913		5,094		(5)(10)
Global Aircraft Leasing Co Ltd	Trading Companies & Distributors	Fixed Rate Bond			8.75%		9/1/2027		60,841		60,841		61,815		(10)
Greenway Health, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.75%	12.01%		4/1/2029		24,875		24,239		24,875		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	12.95%		6/21/2027		3,537		3,498		3,466		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	12.95%		6/21/2027		17,330		17,142		16,984		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Revolver	SOFR+	8.00%			6/21/2027		—		(19)		(35)		(5)(8)(9)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	10.20%		4/9/2029		6,170		5,971		6,017		(5)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%			1/19/2026		$	—	$	(50)	$	65	(5)(8)(9)(10)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	11.25%		1/19/2026		1,792		1,769		1,819		(5)(8)(10)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	11.25%		1/19/2026		9,319		9,211		9,459		(5)(8)(10)
Henley CLO II	Multi-Sector Holdings	CLO Notes	E+	5.71%	9.40%		1/25/2034		€	3,200	3,495		3,586		(5)(10)
HPS Loan Management 10-2016	Multi-Sector Holdings	CLO Notes	SOFR+	6.67%	11.95%		4/20/2034		$	2,250	2,136		2,264		(5)(10)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	Fixed Rate Bond			9.00%		2/15/2029		6,142		6,142		6,417		(10)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	5.00%	10.33%		2/15/2029		33,097		32,730		32,977		(5)(10)
IAMGOLD Corporation	Gold	Second Lien Term Loan	SOFR+	8.25%	13.37%		5/16/2028		28,394		27,777		29,672		(5)(8)(10)
Icefall Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	6.50%	11.35%		1/25/2030		27,948		27,453		27,750		(5)(8)
Icefall Parent, Inc.	Application Software	First Lien Revolver	SOFR+	6.50%			1/25/2030		—		(47)		(19)		(5)(8)(9)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25%			8/18/2028		—		—		—		(5)(8)(9)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75%	10.67%		8/18/2028		16,302		16,140		15,793		(5)(8)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25%	11.17%		8/18/2028		2,325		2,298		2,290		(5)(8)
iCIMs, Inc.	Application Software	First Lien Revolver	SOFR+	5.75%	10.67%		8/18/2028		490		417		388		(5)(8)(9)
Innocoll Pharmaceuticals Limited	Health Care Technology	Warrants						57,693			85		—		(8)(10)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%			8/28/2028		—		(201)		(198)		(5)(8)(9)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%	10.08%		8/25/2028		58,184		57,616		57,602		(5)(8)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	5.00%			8/28/2028		—		(75)		(77)		(5)(8)(9)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	7.50%	12.46%		6/30/2025		43,326		43,060		42,347		(5)(8)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Revolver	SOFR+	7.50%			6/30/2025		—		(55)		(112)		(5)(8)(9)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	9.70%		6/28/2029		6,118		6,057		6,061		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	9.70%		6/28/2029		35,595		34,834		35,264		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Revolver	SOFR+	5.00%			6/28/2029		—		(160)		(70)		(5)(8)(9)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+	6.00%			4/25/2031		—		(197)		(25)		(5)(8)(9)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+	6.00%	11.04%		4/25/2031		£	2,439	2,998		3,226		(5)(8)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SOFR+	6.00%	11.29%		4/25/2031		$	54,214	52,936		53,450		(5)(8)(10)
JN Bidco LLC	Health Care Technology	Common Stock							—		3,596		3,596		(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.00%	10.68%		10/29/2027		4,754		4,706		4,689		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.00%	9.95%		10/29/2027		58,402		57,744		57,608		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.00%	12.00%		10/29/2027		266		259		257		(5)(8)(9)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.00%	12.50%		10/29/2027		1,954		1,899		1,887		(5)(8)(9)
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.95%		10/29/2028		42,297		41,568		41,427		(5)
Latam Airlines Group S.A.	Passenger Airlines	First Lien Term Loan	SOFR+	9.50%	14.95%		10/12/2027		11,911		11,285		12,093		(5)(10)
Learfield Communications, LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	5.50%	10.35%		6/30/2028		40,002		39,844		40,011		(5)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%			8/22/2031		—		(32)		(32)		(5)(8)(9)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%	10.13%		8/22/2031		55,650		54,555		54,570		(5)(8)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%			8/22/2030		—		$	(128)	$	(127)	(5)(8)(9)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	10.95%		1/31/2028		$	1,037	990		972		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	10.95%		1/31/2028		8,906		8,807		8,349		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Revolver	SOFR+	6.00%	10.95%		1/31/2028		771		760		708		(5)(8)(9)
LTI Holdings Inc	Electronic Components	First Lien Term Loan	SOFR+	4.75%	9.60%		7/29/2029		29,269		28,843		28,826		(5)(10)
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75%	9.85%		8/25/2031		38,493		36,207		37,050		(5)
Madison Park Euro Funding XIV	Multi-Sector Holdings	CLO Notes	E+	3.60%	7.29%		7/15/2032		€	6,450	6,780		7,209		(5)(10)
Madison Park Funding LXIII	Multi-Sector Holdings	CLO Notes	SOFR+	5.50%	10.78%		4/21/2035		$	5,000	5,000		5,088		(5)(10)
Marble Point CLO XVII	Multi-Sector Holdings	CLO Notes	SOFR+	3.65%	10.53%		7/20/2037		3,000		3,000		3,003		(5)(10)
Mauser Packaging Solutions Holding Co	Metal, Glass & Plastic Containers	Fixed Rate Bond			7.88%		4/15/2027		12,500		12,360		12,930
Mesoblast, Inc.	Biotechnology	First Lien Term Loan			9.75%		11/19/2026		1,956		1,878		1,882		(8)(10)
Mesoblast, Inc.	Biotechnology	Warrants						8,529			—		39		(8)(10)
Mesoblast, Inc.	Biotechnology	Warrants						33,174			152		106		(8)(10)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00%	11.40%		7/21/2027		5,232		5,128		5,161		(5)(8)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.25%	11.65%		7/21/2027		1,015		998		1,002		(5)(8)
Microf Funding V LLC	Consumer Finance	First Lien Term Loan	SOFR+	6.58%	11.43%		6/3/2027		14,239		14,086		13,952		(5)(8)(9)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%			6/3/2030		—		(70)		(64)		(5)(8)(9)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%	9.85%		6/3/2030		6,958		6,819		6,841		(5)(8)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%	9.85%		6/3/2030		41,754		40,965		41,019		(5)(8)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Revolver	SOFR+	5.00%			6/3/2030		—		(79)		(70)		(5)(8)(9)(10)
Mitchell International Inc	Application Software	Second Lien Term Loan	SOFR+	5.25%	10.10%		6/17/2032		27,135		27,065		26,717		(5)
Mitchell International Inc	Application Software	First Lien Term Loan	SOFR+	3.25%	8.10%		6/17/2031		17,100		17,015		16,870		(5)
Modena Buyer LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	9.10%		7/1/2031		44,741		43,875		42,938		(5)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%			2/28/2031		—		(45)		—		(5)(8)(9)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	10.56%		2/28/2031		72,108		71,027		72,108		(5)(8)
Monotype Imaging Holdings Inc.	Application Software	First Lien Revolver	SOFR+	5.50%			2/28/2030		—		(122)		—		(5)(8)(9)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.35%		2/10/2027		26,902		26,610		26,641		(5)(8)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.35%		2/10/2027		1,570		1,530		1,508		(5)(8)(9)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.35%		2/10/2027		7,127		7,122		7,058		(5)(8)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.35%		2/10/2027		29,785		29,441		29,496		(5)(8)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	4.75%			2/10/2027		—		(35)		(57)		(5)(8)(9)
Neptune Platform Buyer, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.25%			1/19/2031		—		(13)		(137)		(5)(8)(9)
Neptune Platform Buyer, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.25%	10.58%		1/19/2031		30,823		30,360		30,206		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.00%			11/12/2030		—		(90)		—		(5)(8)(9)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.00%	11.06%		11/12/2030		46,391		45,695		46,391		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Revolver	SOFR+	6.00%			11/9/2029		—		(67)		—		(5)(8)(9)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	10.59%		11/10/2029		$	410	$	286	$	187	(5)(8)(9)
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	10.96%		11/10/2029		22,133		21,691		21,735		(5)(8)
NFM & J, L.P.	Diversified Support Services	First Lien Revolver	SOFR+	5.75%			11/10/2029		—		(99)		(89)		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	5.00%			5/3/2029		—		(16)		(15)		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	5.00%	9.60%		5/3/2029		3,330		3,279		3,314		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	5.00%	9.60%		5/3/2029		36,350		35,795		36,187		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SONIA+	5.00%	9.95%		5/3/2029		£	3,156	3,931		4,214		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	NIBOR+	5.00%	9.75%		5/3/2029		kr	69,157	6,214		6,536		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	5.00%	9.60%		5/3/2029		$	27,986	27,847		27,861		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+	5.00%	9.83%		5/3/2029		738		905		963		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+	5.00%	9.67%		5/3/2029		2,386		2,319		2,366		(5)(8)(9)
Northwoods Capital 25 Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.40%	12.68%		7/20/2034		700		682		681		(5)(10)
Northwoods Capital XV	Multi-Sector Holdings	CLO Notes	SOFR+	4.01%	8.83%		6/20/2034		4,000		3,920		4,011		(5)(10)
Ocean Trails CLO XIV	Multi-Sector Holdings	CLO Notes	SOFR+	5.82%	11.10%		1/20/2035		1,000		1,000		1,015		(5)(10)
Octagon 66	Multi-Sector Holdings	CLO Notes	SOFR+	5.09%	10.19%		11/16/2036		3,000		2,970		3,096		(5)(10)
OFSI BSL XIII CLO	Multi-Sector Holdings	CLO Notes	SOFR+	4.50%	9.82%		4/20/2037		5,000		5,000		5,013		(5)(10)
OFSI Fund Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	12.76%		4/20/2034		1,105		1,048		1,079		(5)(10)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	10.08%		6/10/2030		11,272		11,130		11,100		(5)(8)(9)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.25%	10.85%		6/10/2030		8,561		8,347		8,561		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.25%	10.85%		6/10/2030		22,656		22,196		22,656		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Revolver	SOFR+	6.25%			6/11/2029		—		(89)		—		(5)(8)(9)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.25%	12.50%		2/1/2029		16,868		16,562		16,614		(5)(8)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.50%	12.75%		2/1/2029		15,746		15,462		15,746		(5)(8)
Oranje Holdco, Inc.	Systems Software	First Lien Revolver	SOFR+	7.50%			2/1/2029		—		(36)		—		(5)(8)(9)
OZLM XXIII Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.54%	12.84%		4/15/2034		1,000		967		1,000		(5)(10)
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	8.70%		2/1/2028		18,666		18,572		18,003		(5)
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75%	8.70%		2/11/2028		27,690		27,362		27,495		(5)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%	10.85%		11/15/2030		73,095		71,816		71,231		(5)(8)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%			11/15/2030		—		(96)		(149)		(5)(8)(9)
PetVet Care Centers, LLC	Health Care Services	First Lien Revolver	SOFR+	6.00%			11/15/2029		—		(164)		(245)		(5)(8)(9)
PetVet Care Centers, LLC	Health Care Services	Preferred Equity						6,338			6,211		7,025		(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		12.62%	8/22/2029		4,976		4,976		4,976		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%			8/22/2029		—		—		—		(5)(8)(9)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.12%	1.50%	8/22/2029		1,915		1,915		1,915		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.12%	1.50%	8/22/2029		3,317		3,317		3,317		(5)(8)
Pluralsight, LLC	Application Software	First Lien Revolver	SOFR+	4.50%			8/22/2029		—		—		—		(5)(8)(9)
Pluralsight, LLC	Application Software	Common Stock						1,658,698			5,540		5,540		(8)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.50%			5/16/2031		€	—	—		—		(5)(8)(9)(10)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.50%	8.97%		5/16/2031		$	50,768	$	55,033	$	55,211	(5)(8)(10)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%			2/15/2029		—		(188)		(336)		(5)(8)(9)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%	10.10%		2/15/2029		13,382		13,301		13,202		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	6.50%	11.35%		2/15/2029		26,489		25,716		26,489		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.50%	11.35%		2/15/2029		2,001		1,744		1,849		(5)(8)(9)
Profrac Holdings II, LLC	Industrial Machinery & Supplies & Components	First Lien Floating Rate Bond	SOFR+	7.25%	11.84%		1/23/2029		65,934		65,275		65,360		(5)(8)(10)
Project Accelerate Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	5.25%	10.54%		2/24/2031		43,641		43,204		43,641		(5)(8)
Project Accelerate Parent, LLC	Systems Software	First Lien Revolver	SOFR+	5.25%			2/24/2031		—		(63)		—		(5)(8)(9)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.25%	10.10%		9/20/2030		63,573		62,405		62,359		(5)(8)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.25%			9/20/2030		—		(122)		(127)		(5)(8)(9)
Quantum Bidco Limited	Food Distributors	First Lien Term Loan	SONIA+	5.50%	10.73%		1/31/2028		£	9,861	11,591		12,929		(5)(8)(10)
Quantum Bidco Limited	Food Distributors	First Lien Term Loan	SONIA+	5.50%	10.70%		1/31/2028		8,377		10,047		10,712		(5)(8)(9)(10)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.25%	9.10%		4/5/2030		$	37,631	37,154		37,658		(5)
Resistance Acquisition, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.75%	12.35%		9/21/2028		18,387		18,022		18,203		(5)(8)
Rockford Tower CLO 2024-1	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	12.81%		4/20/2037		2,500		2,476		2,564		(5)(10)
RR 24	Multi-Sector Holdings	CLO Notes	SOFR+	8.30%	13.60%		1/15/2036		2,750		2,750		2,776		(5)(10)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Term Loan	SOFR+	10.00%	14.85%		10/7/2026		13,527		13,250		12,918		(5)(8)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Revolver	SOFR+	10.00%			10/7/2026		—		(39)		(85)		(5)(8)(9)
Salus Workers' Compensation, LLC	Diversified Financial Services	Warrants						606,357			200		55		(8)
Saratoga	Diversified Financial Services	Credit Linked Note	SOFR+	5.33%	10.18%		12/31/2029		98,000		97,914		97,914		(5)(8)(10)(15)
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	4.00%			3/16/2027		—		—		—		(5)
SCIH Salt Holdings Inc.	Diversified Chemicals	Fixed Rate Bond			4.88%		5/1/2028		16,450		15,085		15,875
scPharmaceuticals Inc.	Pharmaceuticals	Warrants						79,075			258		178		(8)
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.25%	8.85%		12/16/2028		34,658		34,573		34,766		(5)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	10.20%		3/27/2028		2,481		2,435		2,458		(5)(8)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	10.20%		3/27/2028		2,550		2,431		2,498		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	9.85%		3/27/2028		17,245		16,884		17,083		(5)(8)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%			3/27/2028		—		(41)		(80)		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	PRIME+	4.00%	12.00%		3/27/2028		605		551		569		(5)(8)(9)
Seres Therapeutics, Inc.	Biotechnology	Warrants						93,470			293		47		(8)(10)
SM Wellness Holdings, Inc.	Health Care Services	First Lien Term Loan	SOFR+	4.50%	10.01%		4/17/2028		17,847		17,032		17,490		(5)(8)
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	SOFR+	5.75%	10.60%		4/19/2029		89,800		88,166		88,327		(5)(8)
Sorenson Communications, LLC	Communications Equipment	First Lien Revolver	SOFR+	5.75%			4/19/2029		—		(185)		(167)		(5)(8)(9)
Southern Veterinary Partners, LLC	Health Care Facilities	First Lien Term Loan	SOFR+	3.75%	8.00%		10/5/2027		25,444		25,320		25,524		(5)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Staples, Inc.	Office Services & Supplies	Fixed Rate Bond			10.75%		9/1/2029		$	13,481	$	13,354	$	13,097
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.69%		9/4/2029		32,181		30,770		29,319		(5)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	3.75%	8.35%		9/27/2030		45,795		45,002		44,624		(5)
SumUp Holdings Luxembourg	Diversified Financial Services	First Lien Term Loan	E+	6.50%	10.04%		4/25/2031		€	47,274	50,670		52,141		(5)(8)(9)(10)
SupplyOne Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.25%	9.10%		4/19/2031		$	16,915	16,776		16,986		(5)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+	7.00%	12.58%		12/31/2026		695		689		667		(5)(8)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+	7.00%	12.58%		12/31/2026		836		807		802		(5)(8)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+	7.00%	12.58%		12/31/2026		8,113		8,040		7,788		(5)(8)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Revolver	SOFR+	7.00%			12/31/2026		—		(4)		(16)		(5)(8)(9)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00%			5/1/2029		—		(255)		(279)		(5)(8)(9)(10)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00%	12.25%		5/1/2029		74,099		72,063		72,247		(5)(8)(10)
Ten-X LLC	Interactive Media & Services	First Lien Term Loan	SOFR+	6.00%	10.74%		5/26/2028		24,604		23,700		23,546		(5)(8)
THL Zinc Ventures Ltd	Diversified Metals & Mining	First Lien Term Loan			13.00%		5/23/2026		39,751		39,469		39,751		(8)(10)
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	6.00%	10.95%		12/29/2028		8,399		8,296		8,231		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	10.31%		1/31/2029		8,142		8,020		8,044		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	10.31%		1/31/2029		3,317		3,262		3,271		(5)(8)(9)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.85%		1/31/2029		8,342		8,221		8,242		(5)(8)
Trident TPI Holdings Inc	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	4.00%	8.60%		9/15/2028		12,343		12,343		12,377		(5)
Trinitas CLO VI Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+	7.08%	12.36%		1/25/2034		2,785		2,618		2,634		(5)(10)
Trinitas CLO XII	Multi-Sector Holdings	CLO Notes	SOFR+	4.26%	9.55%		4/25/2033		4,500		4,401		4,514		(5)(10)
Trinitas CLO XIX	Multi-Sector Holdings	CLO Notes	SOFR+	8.06%	13.34%		10/23/2033		2,000		1,993		2,007		(5)(10)
Trinitas CLO XV DAC	Multi-Sector Holdings	CLO Notes	SOFR+	7.71%	12.99%		4/22/2034		6,500		5,831		6,359		(5)(10)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75%			2/13/2031		—		(123)		—		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75%	10.86%		2/13/2031		62,223		61,091		62,223		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Revolver	SOFR+	5.75%	10.85%		2/13/2030		143		(53)		68		(5)(8)(9)
Usalco LLC	Commodity Chemicals	First Lien Term Loan	SOFR+	4.00%			9/30/2031		—		(16)		17		(5)(9)
Usalco LLC	Commodity Chemicals	First Lien Term Loan	SOFR+	4.00%	9.20%		9/30/2031		31,731		31,572		31,899		(5)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	10.35%		9/10/2031		71		71		44		(5)(8)(9)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	10.35%		9/10/2031		46,311		45,852		45,857		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Revolver	SOFR+	5.25%	10.10%		9/10/2031		2,864		2,805		2,806		(5)(8)(9)
Venture 41 CLO	Multi-Sector Holdings	CLO Notes	SOFR+	4.13%	9.41%		1/20/2034		1,500		1,479		1,505		(5)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00%		5/9/2029		4,956		4,865		4,869		(8)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00%		5/9/2029		6,308		6,182		6,198		(8)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan					9/30/2025		—		—		—		(8)(9)(10)(13)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan					5/9/2029		—		—		—		(8)(9)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan					5/9/2029		—		—		—		(8)(9)(10)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan					5/9/2029		$	9,177	$	9,177	$	9,269	(8)(10)(13)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+	5.50%			6/6/2031		£	—	(20)		(21)		(5)(8)(9)(10)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+	5.50%	10.45%		6/6/2031		46,900		58,909		62,280		(5)(8)(10)
WAVE 2019-1	Specialized Finance	CLO Notes			3.60%		9/15/2044		$	4,625	3,843		4,224		(10)
Wellfleet CLO 2022-2, Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+	8.56%	13.84%		10/18/2035		1,500		1,446		1,513		(5)(10)
Wind River 2020-1 CLO	Multi-Sector Holdings	CLO Notes	SOFR+	7.42%	12.70%		7/20/2037		2,000		1,960		2,008		(5)(10)
Wind River 2024-1 CLO	Multi-Sector Holdings	CLO Notes	SOFR+	4.25%	9.55%		4/20/2037		3,250		3,250		3,288		(5)(10)
Woodmont 2022-9 Trust	Multi-Sector Holdings	CLO Notes	SOFR+	7.77%	12.89%		10/25/2036		9,385		9,292		9,432		(5)(10)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.50%	8.39%	4.13%	11/29/2029		2,582		2,582		2,580		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.50%	8.39%	4.13%	11/28/2029		54,466		53,382		54,145		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Revolver	SOFR+	6.75%			11/28/2029		—		(125)		(38)		(5)(8)(9)
Total Non-Control/Non-Affiliate Investments (144.6% of net assets)											$	4,530,412	$	4,576,233
Restricted Cash											43,328		43,328
Cash and Cash Equivalents											480,836		480,836
Cash and Cash Equivalents and Restricted Cash (16.6% of net assets)											$	524,164	$	524,164
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (161.2% of net assets)											$	5,054,576	$	5,100,397


Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract	$	235,495	€	213,997	11/7/2024	Bank of New York Mellon	$	(3,725)
Foreign currency forward contract	$	158,386	£	123,967	11/7/2024	Bank of New York Mellon	(7,890)
Foreign currency forward contract	$	6,602	kr	72,797	11/7/2024	Bank of New York Mellon	(312)
							$	(11,927)

Derivative Instrument

Company Receives

Company Pays

Counterparty

Maturity Date

Notional Amount

Fair Value

Interest rate swap

Fixed 8.4%

Floating 3-month SOFR +4.0405%

BNP Paribas

11/14/2028

$350,000

12,357

Interest rate swap

Fixed 6.5%

Floating 3-month SOFR +2.5954%

BNP Paribas

7/23/2029

$400,000

9,189

21,546

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

(1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.

(2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.

(5)The interest rate on the principal balance outstanding for most floating rate loans is indexed to SOFR, EURIBOR, SONIA, NIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All SOFR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2024, the reference rates for the Company’s variable rate loans were the 30-day SOFR at 4.85%, the 90-day SOFR at 4.59%, the 180-day SOFR at 4.25%, the PRIME at 8.00%, the SONIA at 5.50%, the 90-day NIBOR at 4.75%, and the 90-day EURIBOR at 3.54%. Most loans include an interest floor, which generally ranges from 0% to 3.00%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(6)Principal includes accumulated PIK interest and is net of repayments, if any. “€” signifies the investment is denominated in Euros. “£” signifies the investment is denominated in British Pounds. “kr” signifies the investment is denominated in Krone. All other investments are denominated in U.S. dollars.

(7)Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act, as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.

(8)As of September 30, 2024, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820 and were valued using significant unobservable inputs.

(10)Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2024, qualifying assets represented 73.8% of the Company’s total assets and non-qualifying assets represented 26.2% of the Company’s total assets.

(11)This investment represents a participation interest in the underlying securities shown.

(12)This investment was on non-accrual status as of September 30, 2024.

(13)This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan.

(14)This investment was renamed during the three months ended June 30, 2024. For the periods prior to June 30, 2024, this investment was referenced as SCP Eye Care Services, LLC.

(15)This investment represents a credit default swap that functions, in substance, like a credit linked note and represents a credit risk transfer for a pool of reference assets owned by a bank. The Company fully funded margin up front and in return the Company receives periodic interest payments. The Company’s risk of loss is limited to the principal amount disclosed herein. The reference assets are primarily composed of investment grade corporate debt. The Company may be exposed to counterparty risk, which could make it difficult for the Company to collect on obligations, thereby resulting in potentially significant losses. In addition, the Company only has a contractual relationship with the bank, and not with the reference obligors of the reference assets. Accordingly, the Company generally may have no right to directly enforce compliance by the reference obligors with the terms of the reference assets. The Company will not directly benefit from the reference assets and will not have the benefit of the remedies that would normally be available to a holder of such reference assets. In addition, in the event of the insolvency of the counterparty, the Company may be treated as a general creditor of such counterparty, and will not have any claim with respect to the reference assets.

See notes to Consolidated Financial Statements.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 1. Organization

Oaktree Strategic Credit Fund (the “Company”) is a Delaware statutory trust formed on November 24, 2021 and is structured as a non-diversified, closed-end management investment company. On February 3, 2022, the Company elected to be regulated as a business development company (a “BDC”) under the Investment Company Act. The Company has elected to be treated, and intends to qualify annually to be treated, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). Effective as of February 3, 2022, the Company is externally managed by Oaktree Fund Advisors, LLC (the “Adviser”) pursuant to an investment advisory agreement (as amended and restated, the “Investment Advisory Agreement”), between the Company and the Adviser. The Adviser is an entity under common control with Brookfield Oaktree Holdings, LLC ("BOH") (formerly known as Oaktree Capital Group, LLC ). In 2019, Brookfield Corporation (formerly known as Brookfield Asset Management, Inc., collectively with its affiliates, “Brookfield”) acquired a majority economic interest in BOH. BOH operates as an independent business within Brookfield, with its own product offerings and investment, marketing and support teams.

The Company’s investment objective is to generate stable current income and long-term capital appreciation. The Company seeks to meet its investment objective by primarily investing in private debt opportunities, including first lien loans (which may include “unitranche” loans and “last out” first lien loans, which are loans that are second priority behind “first out” first lien loans), second lien loans, unsecured and mezzanine loans, bonds and preferred equity, as well as certain equity co-investments.

In connection with its formation, the Company has the authority to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share (“Common Shares”). The Company offers on a continuous basis up to $5.0 billion aggregate offering price of Common Shares (the “Maximum Offering Amount”) pursuant to an offering registered with the Securities and Exchange Commission. The Company offers to sell any combination of four classes of Common Shares: Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the Maximum Offering Amount. The share classes have different ongoing distribution and/or shareholder servicing fees.

The Company accepted purchase orders and held investors’ funds in an interest-bearing escrow account until the Company received purchase orders for Common Shares of at least $100.0 million, excluding subscriptions by Oaktree Fund GP I, L.P. in respect of the Class I shares purchased by Oaktree Fund GP I, L.P. prior to March 31, 2022.

As of June 1, 2022, the Company had satisfied the minimum offering requirement and the Board had authorized the release of proceeds from escrow. As of June 30, 2025, the Company has issued and sold 133,406,551 Class I shares for an aggregate purchase price of $3,142.3 million of which $100.0 million was purchased by an affiliate of the Adviser, 53,595,659 Class S shares for an aggregate purchase price of $1,260.5 million, 155,752 Class D shares for an aggregate purchase price of $3.7 million, and zero Class T shares.

Note 2. Significant Accounting Policies

Basis of Presentation:

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the consolidated financial statements have been made. The Company is an investment company following the accounting and reporting guidance in FASB ASC Topic 946, Financial Services - Investment Companies (“ASC 946”).

Use of Estimates:

The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Changes in the economic and political environments, financial markets and any other parameters used in determining these estimates could cause actual results to differ and such differences could be material. Significant estimates include the valuation of investments and revenue recognition.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Consolidation:

The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The consolidated subsidiaries are wholly-owned and, as such, consolidated into the consolidated financial statements. The assets of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of the Company. As an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements but rather are included on the Consolidated Statements of Assets and Liabilities as investments at fair value.

Fair Value Measurements:

The Adviser, as the valuation designee of the Board pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of the Company’s assets on at least a quarterly basis in accordance with ASC 820. ASC 820 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 measurement date. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:

•Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

•Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.

•Level 3 — Unobservable inputs that reflect the Adviser’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment’s level is based on the lowest level of input that is significant to the fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using “bid” and “ask” prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions.

Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Adviser obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company’s investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.

The Adviser seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Adviser is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Adviser’s set threshold, the Adviser seeks to obtain a quote directly from a broker making a market for the asset. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. Generally, the Adviser does not adjust any of the prices received from these sources. The Adviser also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Adviser performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, the Adviser analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. The Adviser also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company’s assets and (vii) offers from third parties to buy the portfolio company. The Adviser may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Adviser considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Adviser depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The Adviser estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.

The Board of Trustees has designated the Adviser to serve as its valuation designee. The Adviser undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company’s investments:

•The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser’s valuation team;

•Preliminary valuations are then reviewed and discussed with management of the Adviser;

•Separately, independent valuation firms prepare valuations of the Company’s investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to the Adviser;

•The Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee;

•The Audit Committee reviews the valuation report with the Adviser, and the Adviser responds and supplements the valuation report to reflect any discussions between the Adviser and the Audit Committee; and

•The Adviser, as valuation designee, determines the fair value of each investment in the Company’s portfolio.

The fair value of the Company’s investments as of June 30, 2025 and September 30, 2024 was determined by the Adviser, as the Board’s valuation designee. The Company has and will continue to engage independent valuation firms each quarter to provide assistance regarding the determination of the fair value of a portion of its 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.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

When the Company determines its net asset value as of the last day of a month that is not also the last day of a calendar quarter, the Company updates the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, pursuant to the Company’s valuation policy, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation or, in the case of securities acquired after such date, cost, unless, in either case, the Adviser determines that since the most recent quarter end or the date of acquisition for securities acquired after quarter end, as the case may be, a significant observable change has occurred with respect to the investment

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

(which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Company’s valuation policy. Additionally, the Adviser may otherwise determine to update the most recent quarter end valuation of an investment without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm.

With the exception of the line items entitled “deferred financing costs,” “deferred offering costs,” “other assets,” “unsecured notes payable,” and “credit facilities payable,” which are reported at amortized cost, all assets and liabilities on the Consolidated Statements of Assets and Liabilities approximate fair value. The carrying value of the line items titled “interest receivable,” “receivables from unsettled transactions,” “accounts payable, accrued expenses and other liabilities,” “dividends payable,” “base management fee and incentive fee payable,” "payable for share repurchases,” “due to broker,” “due to affiliates,” “interest payable,” “payables from unsettled transactions” and “director fees payable” approximate fair value due to their short maturities.

Foreign Currency Translation:

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Derivative Instruments:

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the Company’s exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.

Interest Rate Swaps:

The Company uses interest rate swaps to hedge some of the Company’s fixed rate debt. The Company designated the interest rate swaps as the hedging instruments in an effective hedge accounting relationship, and therefore the periodic payments are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of each interest rate swap is either included as a derivative asset or derivative liability on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreements are included in due from broker on the Company’s Consolidated Statements of Assets and Liabilities.

Investment Income:

Interest Income

Interest income, adjusted for accretion of original issue discount (“OID”), is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of June 30, 2025, there was one investment on non-accrual status that represented 0.2% and 0.1% of total debt investments at cost and fair value, respectively. As of September 30, 2024, there was one investment on non-accrual status that represented 0.1% and 0.1% of total debt investments at cost and fair value, respectively.

In connection with its investment in a portfolio company, the Company sometimes receives nominal cost equity that is valued as part of the negotiation process with the portfolio company. When the Company receives nominal cost equity, the Company allocates its cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.

PIK Interest Income

The Company’s investments in debt securities may contain PIK interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company generally ceases accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect the portfolio company to be able to pay all principal and interest due. The Company’s decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; the Company’s assessment of the portfolio company’s business development success; information obtained by the Company in connection with periodic formal update interviews with the portfolio company’s management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. The Company’s determination to cease accruing PIK interest is generally made well before the Company’s full write-down of a loan or debt security. In addition, if it is subsequently determined that the Company will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on the Company’s debt investments increases the recorded cost bases of these investments in the consolidated financial statements including for purposes of computing the capital gains incentive fee payable by the Company to the Adviser. To maintain its status as a RIC, certain income from PIK interest may be required to be distributed to the Company’s shareholders, even though the Company has not yet collected the cash and may never do so.

Fee Income

The Adviser or its affiliates may provide financial advisory services to portfolio companies in connection with structuring a transaction and in return the Company may receive fees for capital structuring services. These fees are generally non-recurring and are recognized by the Company upon the investment closing date. The Company may also receive additional fees in the ordinary course of business, including servicing, amendment, exit and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered.

Dividend Income

The Company generally recognizes dividend income on the ex-dividend date for public securities and the record date for private equity investments. Distributions received from private equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from private equity investments as dividend income unless there are sufficient earnings at the portfolio company prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

Cash and Cash Equivalents and Restricted Cash:

Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less, when acquired. The Company places its cash and cash equivalents and restricted cash with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. Cash and cash equivalents are included on the Company’s Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets.

As of June 30, 2025, included in restricted cash was $48.1 million that was held at various collateral custodians in connection with the Company’s SPV credit facilities (See Note 6. Borrowings). Pursuant to the terms of the SPV credit facilities, the Company was restricted in terms of access to the $48.1 million until the occurrence of the periodic distribution dates and, in connection therewith, the Company’s submission of its required periodic reporting schedules and verifications of the Company’s compliance with the terms of the SPV credit facilities. As of September 30, 2024, included in restricted cash was $43.3 million that was held at various collateral custodians in connection with the Company’s SPV credit facilities.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Receivables/Payables from Unsettled Transactions:

Receivables/payables from unsettled transactions consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date.

Deferred Financing Costs:

Deferred financing costs consist of fees and expenses paid in connection with the closing or amending of credit facilities and debt offerings. Deferred financing costs incurred in connection with credit facilities are capitalized as an asset when incurred. Deferred financing costs incurred in connection with all other debt arrangements are a direct deduction from the related debt liability when incurred. Deferred financing costs are amortized using the effective interest method over the term of the respective debt arrangement. This amortization expense is included in interest expense in the Company’s Consolidated Statements of Operations. Upon early termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense.

Organization and Offering Costs:

Costs associated with the organization of the Company are expensed as incurred. Costs associated with the offering of Common Shares of the Company are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence.

For the three and nine months ended June 30, 2025, the Company expensed organization costs of $3 and $5, respectively. For the three and nine months ended June 30, 2024, the Company expensed organization costs of $4 and $8, respectively. As of June 30, 2025 and September 30, 2024, $1,201 and $554, respectively, of offering costs were capitalized on the Consolidated Statements of Assets and Liabilities. For the three and nine months ended June 30, 2025, the Company amortized offering costs of $589 and $1,508, respectively. For the three and nine months ended June 30, 2024, the Company amortized offering costs of $261 and $694, respectively.

Allocation of Income, Expenses, Gains and Losses:

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Distributions:

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

Income Taxes:

The Company has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2024, 2023 and 2022.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company did not incur a U.S. federal excise tax for calendar years 2024 and 2023. The Company does not expect to incur a U.S. federal excise tax for calendar year 2025.

The Company holds certain portfolio investments through a taxable subsidiary. The purpose of the Company’s taxable subsidiary is to permit the Company to hold equity investments in portfolio companies which are “pass through” entities for U.S. federal income tax purposes in order to comply with the RIC tax requirements. The taxable subsidiary is consolidated for financial reporting purposes, and portfolio investments held by it are included in the Company’s consolidated financial statements as portfolio investments and recorded at fair value. The taxable subsidiary is not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. This income tax expense, if any, would be reflected in the Consolidated Statements of Operations. The Company uses the liability method to account for its taxable subsidiary’s income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company does not expect this guidance to materially impact its consolidated financial statements.

Note 3. Portfolio Investments

Portfolio Composition

As of June 30, 2025, the fair value of the Company’s investment portfolio was $6,362.9 million and was composed of investments in 171 portfolio companies. As of September 30, 2024, the fair value of the Company’s investment portfolio was $4,576.2 million and was composed of investments in 180 portfolio companies.

As of June 30, 2025 and September 30, 2024, the Company’s investment portfolio consisted of the following:


	June 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Senior Secured Debt	$	5,706,997	90.37	%	$	4,037,376	89.12	%
Subordinated Debt	582,374		9.22	%	468,071		10.33	%
Preferred Equity	13,945		0.22	%	12,234		0.27	%
Common Equity and Warrants	11,821		0.19	%	12,731		0.28	%
Total	$	6,315,137	100.00	%	$	4,530,412	100.00	%

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


	June 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior Secured Debt	$	5,744,828	90.29	%	136.24	%	$	4,073,936	89.02	%	128.74	%
Subordinated Debt	586,059		9.21	%	13.90	%	476,093		10.40	%	15.05	%
Preferred Equity	18,731		0.29	%	0.44	%	14,008		0.31	%	0.44	%
Common Equity and Warrants	13,308		0.21	%	0.32	%	12,196		0.27	%	0.39	%
Total	$	6,362,926	100.00	%	150.90	%	$	4,576,233	100.00	%	144.62	%

The composition of the Company’s debt investments as of June 30, 2025 and September 30, 2024 by floating rates and fixed rates was as follows:


	June 30, 2025				September 30, 2024
	Fair Value		% of Debt Investments		Fair Value		% of Debt Investments
Floating rate	$	5,904,288	93.26	%	$	4,184,708	91.97	%
Fixed rate	426,599		6.74	%	365,321		8.03	%
Total	$	6,330,887	100.00	%	$	4,550,029	100.00	%

The geographic composition of the Company’s portfolio is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business. The following tables show the portfolio composition by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:


	June 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
United States	$	5,345,058	84.64	%	$	3,845,172	84.89	%
United Kingdom	353,844		5.60	%	273,693		6.04	%
Germany	176,616		2.80	%	—		—	%
Sweden	175,706		2.78	%	55,033		1.21	%
Netherlands	110,586		1.75	%	51,988		1.15	%
Canada	66,634		1.06	%	66,649		1.47	%
Luxembourg	50,670		0.80	%	87,862		1.94	%
Costa Rica	14,857		0.24	%	13,174		0.29	%
Switzerland	10,366		0.16	%	10,309		0.23	%
Chile	7,775		0.12	%	11,285		0.25	%
Australia	1,771		0.03	%	2,030		0.04	%
France	1,254		0.02	%	12,907		0.28	%
Cayman Islands	—		—	%	60,841		1.34	%
India	—		—	%	39,469		0.87	%
Total	$	6,315,137	100.00	%	$	4,530,412	100.00	%

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


	June 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
United States	$	5,343,508	84.00	%	126.73	%	$	3,870,681	84.59	%	122.34	%
United Kingdom	373,106		5.86	%	8.85	%	285,463		6.24	%	9.02	%
Germany	186,629		2.93	%	4.43	%	—		—	%	—	%
Sweden	182,784		2.87	%	4.33	%	55,211		1.21	%	1.74	%
Netherlands	116,102		1.82	%	2.75	%	53,686		1.17	%	1.70	%
Canada	68,856		1.08	%	1.63	%	69,066		1.51	%	2.18	%
Luxembourg	55,493		0.87	%	1.32	%	89,270		1.95	%	2.82	%
Costa Rica	14,992		0.24	%	0.36	%	13,269		0.29	%	0.42	%
Switzerland	10,280		0.16	%	0.24	%	10,199		0.22	%	0.32	%
Chile	7,940		0.12	%	0.19	%	12,093		0.26	%	0.38	%
Australia	1,818		0.03	%	0.04	%	2,027		0.04	%	0.06	%
France	1,418		0.02	%	0.03	%	13,702		0.30	%	0.43	%
Cayman Islands	—		—	%	—	%	61,815		1.35	%	1.95	%
India	—		—	%	—	%	39,751		0.87	%	1.26	%
Total	$	6,362,926	100.00	%	150.90	%	$	4,576,233	100.00	%	144.62	%

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The composition of the Company’s portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of June 30, 2025 and September 30, 2024 was as follows:


	June 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Application Software	$	954,058	15.08	%	$	802,052	17.68	%
Aerospace & Defense	409,960		6.49	%	167,035		3.69	%
Health Care Services	298,453		4.73	%	198,585		4.38	%
Pharmaceuticals	294,366		4.66	%	127,146		2.81	%
Systems Software	252,981		4.01	%	211,410		4.67	%
Interactive Media & Services	249,986		3.96	%	168,052		3.71	%
Diversified Support Services	247,818		3.92	%	217,545		4.80	%
Life Sciences Tools & Services	240,601		3.81	%	45,002		0.99	%
Health Care Equipment	218,650		3.46	%	42,787		0.94	%
Packaged Foods & Meats	187,329		2.97	%	80,098		1.77	%
Specialized Consumer Services	177,205		2.81	%	54,395		1.20	%
Specialized Finance	171,667		2.72	%	58,235		1.29	%
Diversified Financial Services	163,701		2.59	%	161,995		3.58	%
Education Services	145,636		2.31	%	123,399		2.72	%
Insurance Brokers	140,285		2.22	%	113,638		2.51	%
Building Products	129,528		2.05	%	—		—	%
Multi-Sector Holdings	121,133		1.92	%	185,750		4.10	%
Health Care Technology	113,061		1.79	%	128,155		2.83	%
Industrial Machinery & Supplies & Components	98,783		1.56	%	104,147		2.30	%
Construction & Engineering	97,237		1.54	%	71,267		1.57	%
Wireless Telecommunication Services	91,056		1.44	%	71,808		1.59	%
Research & Consulting Services	89,425		1.42	%	36,858		0.81	%
Communications Equipment	83,210		1.32	%	87,981		1.94	%
Electrical Components & Equipment	79,763		1.26	%	83,736		1.85	%
Environmental & Facilities Services	78,103		1.24	%	77,721		1.72	%
Construction Machinery & Heavy Transportation Equipment	77,329		1.22	%	60,915		1.34	%
Property & Casualty Insurance	76,793		1.22	%	68,452		1.51	%
Other Specialty Retail	75,179		1.19	%	82,825		1.83	%
Office Services & Supplies	73,153		1.16	%	85,692		1.89	%
Cable & Satellite	69,427		1.10	%	20,900		0.46	%
Real Estate Services	58,581		0.93	%	—		—	%
Distributors	56,946		0.90	%	28,823		0.64	%
Soft Drinks & Non-alcoholic Beverages	56,436		0.89	%	—		—	%
Health Care Supplies	54,758		0.87	%	67,927		1.50	%
Asset Management & Custody Banks	50,725		0.80	%	58,889		1.30	%
Financial Exchanges & Data	47,167		0.75	%	47,635		1.05	%
Movies & Entertainment	45,450		0.72	%	39,844		0.88	%
Diversified Chemicals	44,202		0.70	%	15,085		0.33	%
Footwear	43,690		0.69	%	—		—	%
Trading Companies & Distributors	43,309		0.69	%	83,101		1.83	%
Air Freight & Logistics	41,419		0.66	%	—		—	%
Paper & Plastic Packaging Products & Materials	37,688		0.60	%	56,443		1.25	%
Food Distributors	35,147		0.56	%	21,638		0.48	%
Commodity Chemicals	31,398		0.50	%	31,556		0.70	%
Gold	27,904		0.44	%	27,777		0.61	%
Alternative Carriers	25,035		0.40	%	—		—	%
Hotels, Resorts & Cruise Lines	20,557		0.33	%	20,621		0.46	%
Consumer Finance	18,262		0.29	%	14,086		0.31	%
Specialty Chemicals	17,325		0.27	%	—		—	%
Biotechnology	12,430		0.20	%	12,632		0.28	%
Metal, Glass & Plastic Containers	12,281		0.19	%	24,703		0.55	%
Health Care Distributors	10,598		0.17	%	32,423		0.72	%
Real Estate Development	10,079		0.16	%	25,391		0.56	%
Passenger Airlines	7,775		0.12	%	11,285		0.25	%
Electronic Components	99		—	%	28,843		0.64	%
Data Processing & Outsourced Services	—		—	%	55,825		1.23	%
Diversified Metals & Mining	—		—	%	39,469		0.87	%
Health Care Facilities	—		—	%	25,320		0.56	%
Advertising	—		—	%	13,983		0.31	%
Leisure Facilities	—		—	%	9,532		0.21	%
Total	$	6,315,137	100.00	%	$	4,530,412	100.00	%

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


	June 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	953,271	15.01	%	22.63	%	$	804,201	17.60	%	25.39	%
Aerospace & Defense	413,308		6.50	%	9.80	%	168,200		3.68	%	5.32	%
Health Care Services	300,432		4.72	%	7.12	%	200,245		4.38	%	6.33	%
Pharmaceuticals	298,382		4.69	%	7.08	%	127,419		2.78	%	4.03	%
Systems Software	255,509		4.02	%	6.06	%	215,119		4.70	%	6.80	%
Interactive Media & Services	254,448		4.00	%	6.03	%	170,682		3.73	%	5.39	%
Diversified Support Services	248,321		3.90	%	5.89	%	219,822		4.80	%	6.95	%
Life Sciences Tools & Services	241,886		3.80	%	5.74	%	44,624		0.98	%	1.41	%
Health Care Equipment	222,272		3.49	%	5.27	%	44,170		0.97	%	1.40	%
Packaged Foods & Meats	188,063		2.96	%	4.46	%	80,657		1.76	%	2.55	%
Specialized Consumer Services	177,227		2.79	%	4.20	%	54,411		1.19	%	1.72	%
Specialized Finance	171,800		2.70	%	4.07	%	58,704		1.28	%	1.86	%
Diversified Financial Services	167,894		2.64	%	3.98	%	162,943		3.56	%	5.15	%
Education Services	146,008		2.29	%	3.46	%	125,101		2.73	%	3.95	%
Insurance Brokers	140,882		2.21	%	3.34	%	113,693		2.48	%	3.59	%
Building Products	129,631		2.04	%	3.07	%	—		—	%	—	%
Multi-Sector Holdings	123,043		1.93	%	2.92	%	190,554		4.16	%	6.02	%
Health Care Technology	121,416		1.91	%	2.88	%	131,358		2.87	%	4.15	%
Industrial Machinery & Supplies & Components	99,459		1.56	%	2.36	%	104,754		2.29	%	3.31	%
Wireless Telecommunication Services	93,140		1.46	%	2.21	%	71,968		1.57	%	2.27	%
Research & Consulting Services	89,597		1.41	%	2.12	%	38,103		0.83	%	1.20	%
Construction & Engineering	86,921		1.37	%	2.06	%	71,067		1.55	%	2.25	%
Communications Equipment	82,870		1.30	%	1.97	%	88,160		1.93	%	2.79	%
Other Specialty Retail	81,121		1.27	%	1.92	%	87,962		1.92	%	2.78	%
Electrical Components & Equipment	79,441		1.25	%	1.88	%	83,490		1.82	%	2.64	%
Construction Machinery & Heavy Transportation Equipment	77,712		1.22	%	1.84	%	62,291		1.36	%	1.97	%
Property & Casualty Insurance	76,833		1.21	%	1.82	%	68,654		1.50	%	2.17	%
Environmental & Facilities Services	75,721		1.19	%	1.80	%	77,622		1.70	%	2.45	%
Office Services & Supplies	69,737		1.10	%	1.65	%	83,843		1.83	%	2.65	%
Cable & Satellite	68,572		1.08	%	1.63	%	21,105		0.46	%	0.67	%
Real Estate Services	58,556		0.92	%	1.39	%	—		—	%	—	%
Soft Drinks & Non-alcoholic Beverages	56,510		0.89	%	1.34	%	—		—	%	—	%
Distributors	56,155		0.88	%	1.33	%	29,131		0.64	%	0.92	%
Asset Management & Custody Banks	55,272		0.87	%	1.31	%	62,259		1.36	%	1.97	%
Health Care Supplies	54,727		0.86	%	1.30	%	68,395		1.49	%	2.16	%
Diversified Chemicals	50,284		0.79	%	1.19	%	15,875		0.35	%	0.50	%
Financial Exchanges & Data	47,823		0.75	%	1.13	%	47,726		1.04	%	1.51	%
Movies & Entertainment	45,963		0.72	%	1.09	%	40,011		0.87	%	1.26	%
Footwear	45,395		0.71	%	1.08	%	—		—	%	—	%
Trading Companies & Distributors	43,404		0.68	%	1.03	%	84,343		1.84	%	2.67	%
Air Freight & Logistics	41,430		0.65	%	0.98	%	—		—	%	—	%
Food Distributors	38,359		0.60	%	0.91	%	23,641		0.52	%	0.75	%
Paper & Plastic Packaging Products & Materials	37,790		0.59	%	0.90	%	56,646		1.24	%	1.79	%
Commodity Chemicals	31,223		0.49	%	0.74	%	31,916		0.70	%	1.01	%
Gold	29,450		0.46	%	0.70	%	29,672		0.65	%	0.94	%
Alternative Carriers	26,868		0.42	%	0.64	%	—		—	%	—	%
Hotels, Resorts & Cruise Lines	20,329		0.32	%	0.48	%	20,415		0.45	%	0.65	%
Consumer Finance	18,486		0.29	%	0.44	%	13,952		0.30	%	0.44	%
Specialty Chemicals	17,374		0.27	%	0.41	%	—		—	%	—	%
Biotechnology	12,119		0.19	%	0.29	%	12,273		0.27	%	0.39	%
Metal, Glass & Plastic Containers	12,084		0.19	%	0.29	%	25,307		0.55	%	0.80	%
Health Care Distributors	10,230		0.16	%	0.24	%	31,732		0.69	%	1.00	%
Real Estate Development	10,138		0.16	%	0.24	%	25,374		0.55	%	0.80	%
Passenger Airlines	7,940		0.12	%	0.19	%	12,093		0.26	%	0.38	%
Electronic Components	100		—	%	—	%	28,826		0.63	%	0.91	%
Data Processing & Outsourced Services	—		—	%	—	%	57,220		1.25	%	1.81	%
Diversified Metals & Mining	—		—	%	—	%	39,751		0.87	%	1.26	%
Health Care Facilities	—		—	%	—	%	25,524		0.56	%	0.81	%
Advertising	—		—	%	—	%	13,988		0.31	%	0.44	%
Leisure Facilities	—		—	%	—	%	9,241		0.20	%	0.29	%
Total	$	6,362,926	100.00	%	150.90	%	$	4,576,233	100.00	%	144.62	%

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Fair Value Measurements

The following table presents the financial instruments carried at fair value as of June 30, 2025 on the Company’s Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:


	Level 1		Level 2		Level 3		Total
Senior secured debt	$	—	$	1,209,294	$	4,535,534	$	5,744,828
Subordinated debt (including CLO notes and credit linked notes)	—		243,174		342,885		586,059
Common equity and warrants	23		—		13,285		13,308
Preferred equity	—		—		18,731		18,731
Total investments at fair value	23		1,452,468		4,910,435		6,362,926
Cash equivalents	100,743		—		—		100,743
Derivative assets	—		15,079		—		15,079
Total assets at fair value	$	100,766	$	1,467,547	$	4,910,435	$	6,478,748
Derivative liabilities	—		20,475		—		20,475
Total liabilities at fair value	$	—	$	20,475	$	—	$	20,475

The following table presents the financial instruments carried at fair value as of September 30, 2024 on the Company’s Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:


	Level 1		Level 2		Level 3		Total
Senior secured debt	$	—	$	1,183,356	$	2,890,580	$	4,073,936
Subordinated debt (including CLO notes and credit linked notes)	—		252,151		223,942		476,093
Preferred equity	—		—		14,008		14,008
Common equity and warrants	—		—		12,196		12,196
Total investments at fair value	—		1,435,507		3,140,726		4,576,233
Derivative assets	—		21,546		—		21,546
Total assets at fair value	$	—	$	1,457,053	$	3,140,726	$	4,597,779
Derivative liabilities	—		11,927		—		11,927
Total liabilities at fair value	$	—	$	11,927	$	—	$	11,927

When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. Transfers between levels are recognized at the beginning of the reporting period.

The principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. The Adviser used market quotes as of the valuation date to estimate the fair value of the Company’s 8.400% notes due 2028 and 6.500% notes due 2029, which are included in Level 2 of the hierarchy.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table provides a roll-forward of the changes in fair value from March 31, 2025 to June 30, 2025 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:


	Senior Secured Debt		Subordinated Debt (including CLO Notes and Credit-Linked Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of March 31, 2025	$	3,893,763	$	256,237	$	16,582	$	12,287	$	4,178,869
Purchases	767,295		85,708		162		35		853,200
Sales and repayments	(129,693)		(266)		—		(257)		(130,216)
Transfers in (a)	—		—		603		—		603
Transfers out (a)(b)	(31,820)		—		—		(603)		(32,423)
Capitalized PIK interest income	1,504		783		—		—		2,287
Accretion of OID	3,950		130		—		—		4,080
Net unrealized appreciation (depreciation)	27,382		293		1,384		1,823		30,882
Net realized gains (losses)	3,153		—		—		—		3,153
Fair value as of June 30, 2025	$	4,535,534	$	342,885	$	18,731	$	13,285	$	4,910,435
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2025	$	29,553	$	293	$	1,384	$	1,556	$	32,786

__________

(a) There was an investment restructuring during the three months ended June 30, 2025 in which Level 3 common equity was exchanged for Level 3 preferred equity.

(b) There was a transfer out of Level 3 to Level 2 for an investment during the three months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table provides a roll-forward of the changes in fair value from March 31, 2024 to June 30, 2024 for all investments for which the Company determined fair value using unobservable (Level 3) factors:


	Senior Secured Debt		Subordinated Debt (including CLO Notes and Credit-Linked Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of March 31, 2024	$	2,009,889	$	33,795	$	12,814	$	4,022	$	2,060,520
Purchases	541,256		188,809		—		124		730,189
Sales and repayments	(42,281)		—		—		—		(42,281)
Capitalized PIK interest income	1,803		567		—		—		2,370
Accretion of OID	2,979		83		—		—		3,062
Net unrealized appreciation (depreciation)	(2,184)		65		450		(192)		(1,861)
Net realized gains (losses)	14		—		—		—		14
Fair value as of June 30, 2024	$	2,511,476	$	223,319	$	13,264	$	3,954	$	2,752,013
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2024	$	(3,797)	$	65	$	450	$	(192)	$	(3,474)

The following table provides a roll-forward of the changes in fair value from September 30, 2024 to June 30, 2025 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:


	Senior Secured Debt		Subordinated Debt (including CLO Notes and Credit-Linked Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2024	$	2,890,580	$	223,942	$	14,008	$	12,196	$	3,140,726
Purchases	2,074,529		114,790		162		35		2,189,516
Sales and repayments	(439,936)		(557)		—		(257)		(440,750)
Transfers in (a)(b)	36,264		—		1,552		—		37,816
Transfers out (a)(b)	(68,256)		—		—		(603)		(68,859)
Capitalized PIK interest income	5,198		2,240		—		—		7,438
Accretion of OID	15,549		391		—		—		15,940
Net unrealized appreciation (depreciation)	20,035		2,079		3,009		2,003		27,126
Net realized gains (losses)	1,571		—		—		(89)		1,482
Fair value as of June 30, 2025	$	4,535,534	$	342,885	$	18,731	$	13,285	$	4,910,435
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2025	$	26,990	$	2,079	$	3,009	$	2,236	$	34,314

__________

(a) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the nine months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were investment restructurings during the nine months ended June 30, 2025 in which Level 3 senior secured debt was exchanged for Level 3 preferred equity.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table provides a roll-forward of the changes in fair value from September 30, 2023 to June 30, 2024 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:


	Senior Secured Debt		Subordinated Debt (including CLO Notes and Credit-Linked Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2023	$	1,063,761	$	13,792	$	5,748	$	5,839	$	1,089,140
Purchases	1,577,752		207,980		6,211		124		1,792,067
Sales and repayments	(150,226)		—		—		—		(150,226)
Transfers in (a)	10,757		—		—		—		10,757
Capitalized PIK interest income	4,011		1,398		—		—		5,409
Accretion of OID	9,275		84		—		—		9,359
Net unrealized appreciation (depreciation)	(4,053)		65		1,305		(2,009)		(4,692)
Net realized gains (losses)	199		—		—		—		199
Fair value as of June 30, 2024	$	2,511,476	$	223,319	$	13,264	$	3,954	$	2,752,013
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2024	$	(5,097)	$	65	$	1,305	$	(2,009)	$	(5,736)

__________

(a) There were transfers into Level 3 from Level 2 for certain investments during the nine months ended June 30, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

Significant Unobservable Inputs for Level 3 Investments

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of June 30, 2025:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior secured debt

4,359,174

Market Yield

(b)

6.0%

24.0%

9.7%

10,751

Enterprise Value

Revenue Multiple

(e)

2.1x

2.3x

2.2x

3,485

Enterprise Value

EBITDA Multiple

(e)

7.2x

9.2x

8.2x

121,152

Transaction Precedent

Transaction Price

(c)

N/A

40,972

Broker Quotations

Broker Quoted Price

(d)

N/A

Subordinated debt

239,261

Market Yield

(b)

5.0%

12.0%

8.6%

85,710

Transaction Precedent

Transaction Price

(c)

N/A

17,914

Broker Quotations

Broker Quoted Price

(d)

N/A

Common equity and warrants & preferred equity

22,582

Market Yield

(b)

12.0%

18.0%

14.3%

7,212

Enterprise Value

Revenue Multiple

(e)

1.9x

5.0x

2.2x

2,222

Enterprise Value

EBITDA Multiple

(e)

6.5x

11.8x

10.4x

Total

4,910,435

_____________________

(a) Weighted averages are calculated based on fair value of investments.

(b) Used when a market participant would take into account market yield when pricing the investment.

(d) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

(e) Used when a market participant would use such multiple when pricing the investment.

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of September 30, 2024:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior secured debt

2,693,219

Market Yield

(b)

5.7%

22.0%

10.1%

10,208

Enterprise Value

Revenue Multiple

(e)

1.9x

2.1x

2.0x

2,391

Enterprise Value

EBITDA Multiple

(e)

6.5x

8.5x

7.5x

92,340

Transaction Precedent

Transaction Price

(c)

N/A

92,422

Broker Quotations

Broker Quoted Price

(d)

N/A

Subordinated debt

223,942

Market Yield

(b)

5.0%

12.0%

8.6%

Common equity and warrants & preferred equity

18,187

Enterprise Value

Revenue Multiple

(e)

0.5x

7.2x

2.0x

8,017

Enterprise Value

EBITDA Multiple

(e)

7.3x

15.0x

13.5x

Total

3,140,726

_____________________

(a) Weighted averages are calculated based on fair value of investments.

(b) Used when a market participant would take into account market yield when pricing the investment.

(e) Used when a market participant would use such multiple when pricing the investment.

Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company’s investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.

Under the EV technique, the significant unobservable input used in the fair value measurement of the Company’s investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization (“EBITDA”), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.

Note 4. Fee Income

For the three and nine months ended June 30, 2025, the Company recorded total fee income of $380 and $3,693, respectively, of which $27 and $235, respectively, was recurring in nature. For the three and nine months ended June 30, 2024, the Company recorded total fee income of $752 and $2,403, respectively, of which $69 and $127, respectively, was recurring in nature. Recurring fee income consisted of servicing fees.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 5. Share Data and Distributions

Changes in Net Assets

The following table presents the changes in net assets for the three and nine months ended June 30, 2025:


	Common Shares
(Share amounts in thousands)	Shares	Par Value		Additional Paid-in-Capital		Accumulated Distributable Earnings (Loss)		Total Net Assets
Balance at September 30, 2024	134,288	$	1,343	$	3,170,746	$	(7,749)	$	3,164,340
Issuance of Common Shares in private and public offering	10,676	107		251,386		—		251,493
Issuance of Common Shares under distribution reinvestment plan	999	10		23,514		—		23,524
Shares repurchased, net of early repurchase deduction	(890)	(9)		(20,900)		—		(20,909)
Net investment income	—	—		—		72,205		72,205
Net unrealized appreciation (depreciation)	—	—		—		963		963
Net realized gains (losses)	—	—		—		3,677		3,677
Provision for income tax (expense) benefit	—	—		—		(65)		(65)
Distributions to shareholders	—	—		—		(82,912)		(82,912)
Balance at December 31, 2024	145,073	$	1,451	$	3,424,746	$	(13,881)	$	3,412,316
Issuance of Common Shares in private and public offering	17,030	171		399,458		—		399,629
Issuance of Common Shares under distribution reinvestment plan	1,065	10		25,194		—		25,204
Shares repurchased, net of early repurchase deduction	(942)	(10)		(21,913)		—		(21,923)
Net investment income	—	—		—		77,254		77,254
Net unrealized appreciation (depreciation)	—	—		—		(30,913)		(30,913)
Net realized gains (losses)	—	—		—		6,540		6,540
Provision for income tax (expense) benefit	—	—		—		19		19
Distributions to shareholders	—	—		—		(91,112)		(91,112)
Balance at March 31, 2025	162,226	$	1,622	$	3,827,485	$	(52,093)	$	3,777,014
Issuance of Common Shares in private and public offering	26,377	264		611,763		—		612,027
Issuance of Common Shares under distribution reinvestment plan	1,164	12		26,783		—		26,795
Shares repurchased, net of early repurchase deduction	(7,563)	(76)		(174,934)		—		(175,010)
Net investment income	—	—		—		82,956		82,956
Net unrealized appreciation (depreciation)	—	—		—		16,793		16,793
Net realized gains (losses)	—	—		—		(15,991)		(15,991)
Provision for income tax (expense) benefit	—	—		—		(3)		(3)
Distributions to shareholders	—	—		—		(107,821)		(107,821)
Balance at June 30, 2025	182,204	$	1,822	$	4,291,097	$	(76,159)	$	4,216,760

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table presents the changes in net assets for the three and nine months ended June 30, 2024:


	Common Shares
(Share amounts in thousands)	Shares	Par Value		Additional Paid-in-Capital		Accumulated Distributable Earnings (Loss)		Total Net Assets
Balance at September 30, 2023	64,896	$	649	$	1,536,305	$	(7,749)	$	1,529,205
Issuance of Common Shares in public offering	19,952	199		468,588		—		468,787
Issuance of Common Shares under distribution reinvestment plan	496	5		11,642		—		11,647
Shares repurchased, net of early repurchase deduction	(446)	(4)		(10,522)		—		(10,526)
Net investment income	—	—		—		35,803		35,803
Net unrealized appreciation (depreciation)	—	—		—		16,919		16,919
Net realized gains (losses)	—	—		—		453		453
Provision for income tax (expense) benefit	—	—		—		(241)		(241)
Distributions to shareholders	—	—		—		(46,876)		(46,876)
Balance at December 31, 2023	84,898	$	849	$	2,006,013	$	(1,691)	$	2,005,171
Issuance of Common Shares in public offering	19,399	194		457,636		—		457,830
Issuance of Common Shares under distribution reinvestment plan	679	7		16,050		—		16,057
Shares repurchased, net of early repurchase deduction	(349)	(4)		(8,213)		—		(8,217)
Net investment income	—	—		—		53,929		53,929
Net unrealized appreciation (depreciation)	—	—		—		(655)		(655)
Net realized gains (losses)	—	—		—		3,347		3,347
Provision for income tax (expense) benefit	—	—		—		(144)		(144)
Distributions to shareholders	—	—		—		(56,572)		(56,572)
Balance at March 31, 2024	104,627	$	1,046	$	2,471,486	$	(1,786)	$	2,470,746
Issuance of Common Shares in public offering	17,673	177		416,869		—		417,046
Issuance of Common Shares under distribution reinvestment plan	767	8		18,157		—		18,165
Shares repurchased, net of early repurchase deduction	(703)	(7)		(16,537)		—		(16,544)
Net investment income	—	—		—		61,642		61,642
Net unrealized appreciation (depreciation)	—	—		—		(3,198)		(3,198)
Net realized gains (losses)	—	—		—		(59)		(59)
Provision for income tax (expense) benefit	—	—		—		(158)		(158)
Distributions to shareholders	—	—		—		(68,254)		(68,254)
Balance at June 30, 2024	122,364	$	1,224	$	2,889,975	$	(11,813)	$	2,879,386

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Capital Activity

The Company has the authority to issue an unlimited number of Class I, Class S, Class T and Class D Common Shares. As of June 30, 2025, the Company has issued and sold 133,406,551 Class I shares for an aggregate purchase price of $3,142.3 million, 53,595,659 Class S shares for an aggregate purchase price of $1,260.5 million and 155,752 Class D shares for an aggregate purchase price of $3.7 million. As of June 30, 2025, the Company has issued 3,038,058 Class I shares, 3,745,169 Class S shares and 5,816 Class D shares pursuant to its distribution reinvestment plan. As of June 30, 2025, the Company has not issued any Class T shares.

The following table summarizes transactions in Common Shares for the nine months ended June 30, 2025:


	Shares	Amount
Class I
Issuance of Common Shares in private and public offering	43,490,558	$	1,015,107
Share transfers between classes	72,671	1,700
Issuance of Common Shares under distribution reinvestment plan	1,419,706	33,561
Share repurchases, net of early repurchase deduction	(7,742,619)	(179,433)
Net increase (decrease)	37,240,316	$	870,935
Class S
Issuance of Common Shares in public offering	10,515,826	$	246,239
Share transfers between classes	(72,671)	(1,700)
Issuance of Common Shares under distribution reinvestment plan	1,803,828	41,881
Share repurchases, net of early repurchase deduction	(1,648,328)	(38,332)
Net increase (decrease)	10,598,655	$	248,088
Class D
Issuance of Common Shares in public offering	76,766	$	1,803
Issuance of Common Shares under distribution reinvestment plan	3,510	81
Share repurchases, net of early repurchase deduction	(3,287)	(77)
Net increase (decrease)	76,989	$	1,807
Total net increase (decrease)	47,915,960	$	1,120,830

The following table summarizes transactions in Common Shares for the nine months ended June 30, 2024:


	Shares	Amount
Class I
Issuance of Common Shares in private and public offering	37,416,704	$	881,665
Share transfers between classes	15,393	364
Issuance of Common Shares under distribution reinvestment plan	878,249	20,839
Share repurchases, net of early repurchase deduction	(926,792)	(21,838)
Net increase (decrease)	37,383,554	$	881,030
Class S
Issuance of Common Shares in public offering	19,541,548	$	460,437
Share transfers between classes	(15,393)	(364)
Issuance of Common Shares under distribution reinvestment plan	1,060,406	24,999
Share repurchases, net of early repurchase deduction	(570,987)	(13,449)
Net increase (decrease)	20,015,574	$	471,623
Class D
Issuance of Common Shares in public offering	66,226	$	1,561
Issuance of Common Shares under distribution reinvestment plan	1,310	31
Share repurchases, net of early repurchase deduction	—	—
Net increase (decrease)	67,536	$	1,592
Total net increase (decrease)	57,466,664	$	1,354,245

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Net Asset Value per Share and Offering Price

The Company determines NAV per share for each class of shares as of the last calendar day of each month. Share issuances pursuant to accepted monthly subscriptions are effective the first calendar day of each month. Shares are issued and sold at a purchase price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following tables summarize each month-end NAV per share for Class I, Class S and Class D shares for the nine months ended June 30, 2025 and 2024. As of June 30, 2025, the Company has not issued any Class T shares.


	Class I Shares		Class S Shares		Class D Shares
October 31, 2024	$	23.55	$	23.55	$	23.55
November 30, 2024	$	23.56	$	23.56	$	23.56
December 31, 2024	$	23.52	$	23.52	$	23.52
January 31, 2025	$	23.49	$	23.49	$	23.49
February 28, 2025	$	23.41	$	23.41	$	23.41
March 31, 2025	$	23.28	$	23.28	$	23.28
April 30, 2025	$	23.12	$	23.12	$	23.12
May 31, 2025	$	23.16	$	23.16	$	23.16
June 30, 2025	$	23.14	$	23.14	$	23.14


	Class I Shares		Class S Shares		Class D Shares
October 31, 2023	$	23.39	$	23.39	$	23.39
November 30, 2023	$	23.51	$	23.51	$	23.51
December 31, 2023	$	23.62	$	23.62	$	23.62
January 31, 2024	$	23.60	$	23.60	$	23.60
February 29, 2024	$	23.58	$	23.58	$	23.58
March 31, 2024	$	23.61	$	23.61	$	23.61
April 30, 2024	$	23.59	$	23.59	$	23.59
May 31, 2024	$	23.59	$	23.59	$	23.59
June 30, 2024	$	23.53	$	23.53	$	23.53

Distributions

The Board authorizes and declares monthly distributions per outstanding Common Share. The following table presents distributions that were declared during the nine months ended June 30, 2025:

Class I

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.2000

18,473

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.2000

18,965

Monthly

December 26, 2024

December 27, 2024

February 3, 2025

0.2000

19,552

Monthly

January 28, 2025

January 29, 2025

February 26, 2025

0.2000

20,068

Monthly

February 24, 2025

February 26, 2025

March 27, 2025

0.2000

21,111

Monthly

March 24, 2025

March 27, 2025

April 28, 2025

0.2000

22,009

Monthly

April 23, 2025

April 28, 2025

May 28, 2025

0.2000

24,397

Monthly

May 27, 2025

May 28, 2025

June 26, 2025

0.2000

26,500

Monthly

June 25, 2025

June 26, 2025

July 29, 2025

0.2000

26,775

1.8000

197,850

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Class S

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.1833

8,415

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.1833

8,632

Monthly

December 26, 2024

December 27, 2024

February 3, 2025

0.1833

8,816

Monthly

January 28, 2025

January 29, 2025

February 26, 2025

0.1833

9,026

Monthly

February 24, 2025

February 26, 2025

March 27, 2025

0.1834

9,278

Monthly

March 24, 2025

March 27, 2025

April 28, 2025

0.1834

9,543

Monthly

April 23, 2025

April 28, 2025

May 28, 2025

0.1835

9,817

Monthly

May 27, 2025

May 28, 2025

June 26, 2025

0.1836

10,006

Monthly

June 25, 2025

June 26, 2025

July 29, 2025

0.1836

10,233

1.6507

83,766

Class D

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.1951

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.1951

Monthly

December 26, 2024

December 27, 2024

February 3, 2025

0.1951

Monthly

January 28, 2025

January 29, 2025

February 26, 2025

0.1951

Monthly

February 24, 2025

February 26, 2025

March 27, 2025

0.1951

Monthly

March 24, 2025

March 27, 2025

April 28, 2025

0.1951

Monthly

April 23, 2025

April 28, 2025

May 28, 2025

0.1952

Monthly

May 27, 2025

May 28, 2025

June 26, 2025

0.1952

Monthly

June 25, 2025

June 26, 2025

July 29, 2025

0.1952

1.7562

229

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table presents distributions that were declared during the nine months ended June 30, 2024:

Class I

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 25, 2023

October 31, 2023

November 28, 2023

0.1900

9,259

Monthly

November 27, 2023

November 30, 2023

December 27, 2023

0.1900

9,916

Special

December 14, 2023

December 15, 2023

December 27, 2023

0.0400

2,296

Monthly

December 20, 2023

December 31, 2023

February 1, 2024

0.1900

10,921

Monthly

January 24, 2024

January 31, 2024

February 27, 2024

0.1900

11,872

Monthly

February 27, 2024

February 29, 2024

March 27, 2024

0.2000

13,229

Monthly

March 26, 2024

March 27, 2024

April 29, 2024

0.2000

14,041

Monthly

April 18, 2024

April 29, 2024

May 30, 2024

0.2000

14,936

Monthly

May 24, 2024

May 30, 2024

June 27, 2024

0.2000

15,451

Monthly

June 27, 2024

July 29, 2024

0.2000

16,361

1.8000

118,282

Class S

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 25, 2023

October 31, 2023

November 28, 2023

0.1733

4,105

Monthly

November 27, 2023

November 30, 2023

December 27, 2023

0.1734

4,436

Special

December 14, 2023

December 15, 2023

December 27, 2023

0.0400

1,109

Monthly

December 20, 2023

December 31, 2023

February 1, 2024

0.1733

4,825

Monthly

January 24, 2024

January 31, 2024

February 27, 2024

0.1733

5,191

Monthly

February 27, 2024

February 29, 2024

March 27, 2024

0.1833

5,853

Monthly

March 26, 2024

March 27, 2024

April 29, 2024

0.1833

6,361

Monthly

April 18, 2024

April 29, 2024

May 30, 2024

0.1833

6,730

Monthly

May 24, 2024

May 30, 2024

June 27, 2024

0.1833

7,188

Monthly

June 27, 2024

July 29, 2024

0.1833

7,551

1.6498

53,349

Class D

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 25, 2023

October 31, 2023

November 28, 2023

0.1851

Monthly

November 27, 2023

November 30, 2023

December 27, 2023

0.1851

Special

December 14, 2023

December 15, 2023

December 27, 2023

0.0400

Monthly

December 20, 2023

December 31, 2023

February 1, 2024

0.1851

Monthly

January 24, 2024

January 31, 2024

February 27, 2024

0.1851

Monthly

February 27, 2024

February 29, 2024

March 27, 2024

0.1951

Monthly

March 26, 2024

March 27, 2024

April 29, 2024

0.1951

Monthly

April 18, 2024

April 29, 2024

May 30, 2024

0.1951

Monthly

May 24, 2024

May 30, 2024

June 27, 2024

0.1951

Monthly

June 27, 2024

July 29, 2024

0.1951

1.7559

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of the Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Since inception through June 30, 2025, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement is to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares for the nine months ended June 30, 2025:


	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.4962	$	163,586	$	1.3484	$	68,644	$	1.4566	$	190
Distributions in excess of net investment income	0.3038		34,264		0.3023		15,122		0.2996		39
Total	$	1.8000	$	197,850	$	1.6507	$	83,766	$	1.7562	$	229

The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares for the nine months ended June 30, 2024:


	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.5811	$	104,599	$	1.4315	$	46,712	$	1.5394	$	63
Distributions in excess of net investment income	0.2189		13,683		0.2183		6,637		0.2165		8
Total	$	1.8000	$	118,282	$	1.6498	$	53,349	$	1.7559	$	71

Share Repurchase Program

At the discretion of the Board, during the quarter ended September 30, 2022 the Company commenced a share repurchase program pursuant to which the Company intends to offer to repurchase, in each quarter, up to 5% of Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter; provided that the Company reserves the right in its sole discretion to purchase additional outstanding Shares representing up to 2.0% of the Company's outstanding Shares each quarter without amending or extending the repurchase offer as permitted by Rule 13e-4(f)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Board may amend or suspend the share repurchase program at any time if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers pursuant to tender offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares at the expiration of the tender offer at a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the “Valuation Date”), except that shares that have a prospective repurchase date that is within the one-year period following the original issue date of the shares will be subject to an early repurchase deduction of 2% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be deemed satisfied if the shares to be repurchased would have been outstanding for one year or longer as of the subscription closing date immediately following the

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

applicable Valuation Date, which subscription closing date the Company deems the prospective repurchase date for the applicable offer. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

During the nine months ended June 30, 2025, the Company repurchased pursuant to such tender offers an aggregate of 7,742,619 Class I shares, 1,648,328 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the nine months ended June 30, 2025:


Repurchase Pricing Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Amount Repurchased (all classes)(2)
December 31, 2024	889,569	0.66	%	$	23.52	$	20,910
March 31, 2025	941,577	0.65	%	23.28		21,923
June 30, 2025	7,563,088	4.66	%	23.14		175,010

_____________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction, where applicable.

During the nine months ended June 30, 2024, the Company repurchased pursuant to such tender offers an aggregate of 926,792 Class I and 570,987 Class S shares. The following table presents the share repurchases completed during the nine months ended June 30, 2024:


Repurchase Pricing Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Amount Repurchased (all classes)(2)
December 31, 2023	446,089	0.69	%	$	23.62	$	10,526
March 31, 2024	348,944	0.41	%	23.61		8,217
June 30, 2024	702,746	0.67	%	23.53		16,544

_____________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction, where applicable.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 6. Borrowings

Below is a summary of the Company's credit facilities as of June 30, 2025 and September 30, 2024:


	June 30, 2025
($ in millions)	Aggregate Principal Committed		Outstanding Principal		Unfunded Commitment		Unamortized Debt Financing Costs		Availability Period	Maturity Date
ING Credit Agreement	$	1,235.0	$	630.0	$	605.0	$	9.0	4/11/2029	4/11/2030
JPM SPV Facility	500.0		375.0		125.0		4.4		5/29/2027	5/29/2029
SMBC SPV Facility	150.0		75.5		74.5		1.3		9/29/2026	9/29/2028
CIBC SPV Facility	350.0		245.0		105.0		0.4		11/21/2025	11/21/2025
DBNY SPV Facility	300.0		180.0		120.0		2.5		2/15/2027	2/15/2029
MS SPV Facility	200.0		133.4		66.6		1.8		2/23/2027	2/23/2029
Total	$	2,735.0	$	1,638.9	$	1,096.1	$	19.4


	September 30, 2024
($ in millions)	Aggregate Principal Committed		Outstanding Principal		Unfunded Commitment		Unamortized Debt Financing Costs		Availability Period	Maturity Date
ING Credit Agreement	$	1,185.0	$	415.0	$	770.0	$	6.8	6/28/2027	6/28/2028
JPM SPV Facility	500.0		230.0		270.0		5.2		5/29/2027	5/29/2029
SMBC SPV Facility	150.0		100.0		50.0		1.6		9/29/2026	9/29/2028
CIBC SPV Facility	350.0		225.0		125.0		1.3		11/21/2025	11/21/2025
DBNY SPV Facility	300.0		100.0		200.0		3.0		2/15/2027	2/15/2029
MS SPV Facility	200.0		25.0		175.0		2.2		2/23/2027	2/23/2029
Total	$	2,685.0	$	1,095.0	$	1,590.0	$	20.1

Below is a summary of the Company's unsecured notes as of June 30, 2025 and September 30, 2024:


	June 30, 2025
($ in millions)	Outstanding Principal		Unamortized Financing Costs		Unaccreted Discount		Swap Fair Value Adjustment		Carrying Value		Fair Value		Maturity Date
2028 Unsecured Notes	$	350.0	$	(3.1)	$	(1.2)	$	9.0	$	354.7	$	377.1	11/14/2028
2029 Unsecured Notes	400.0		(4.1)		(1.9)		6.1		400.1		409.1		7/23/2029
Total	$	750.0	$	(7.2)	$	(3.1)	$	15.1	$	754.8	$	786.2


	September 30, 2024
($ in millions)	Outstanding Principal		Unamortized Financing Costs		Unaccreted Discount		Swap Fair Value Adjustment		Carrying Value		Fair Value		Maturity Date
2028 Unsecured Notes	$	350.0	$	(3.7)	$	(1.5)	$	12.4	$	357.2	$	378.6	11/14/2028
2029 Unsecured Notes	400.0		(4.8)		(2.3)		9.2		402.1		412.0		7/23/2029
Total	$	750.0	$	(8.5)	$	(3.8)	$	21.6	$	759.3	$	790.6

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The table below presents the components of interest expense for the following periods:


($ in millions, except percentage)	Three Months Ended June 30, 2025			Three Months Ended June 30, 2024			Nine Months Ended June 30, 2025			Nine Months Ended June 30, 2024
Stated interest expense	$	35.2		$	27.3		$	107.6		$	62.5
Credit facility fees	2.6			1.8			8.2			4.6
Amortization of debt financing costs	2.2			1.7			6.5			4.1
Effect of interest rate swaps	0.5			0.9			2.6			2.4
Total interest expense	$	40.5		$	31.7		$	124.9		$	73.6
Weighted average interest rate (1)	6.915		%	8.418		%	7.117		%	8.341		%
Weighted average outstanding balance	$	2,042.4		$	1,366.9		$	2,027.2		$	1,035.1

_____________________

(1) The weighted average interest rate includes the effect of the interest rate swaps and excludes the impact of credit facility fees and amortization of debt financing costs.

Credit Facilities

In connection with each of the credit facilities described below, the Company and, where applicable, the borrower subsidiary have made customary representations and warranties and are required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under each of the credit facilities are subject to the leverage restrictions contained in the Investment Company Act.

In addition, each of these credit facilities contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, the lenders may terminate the commitments and declare the outstanding loans and all other obligations under the applicable credit facility immediately due and payable.

ING Credit Agreement

On March 25, 2022, the Company entered into a senior secured revolving credit agreement (as amended, the “ING Credit Agreement”) among the Company, as borrower, the lenders party thereto, and ING Capital LLC (“ING”), as administrative agent. As of June 30, 2025, the size of the ING Credit Agreement facility is $1,235 million (the “Maximum Commitment”). Following the availability period, the Company will be required in certain circumstances to prepay loans. The ING Credit Agreement provides for the issuance of letters of credit during the availability period in an aggregate amount of $25 million. Borrowings under the ING Credit Agreement may be used for general corporate purposes, including making investments and permitted distributions.

All obligations under the ING Credit Agreement are secured by a first-priority security interest (subject to certain exceptions) in substantially all of the present and future property and assets of the Company and of the current and certain future subsidiaries of the Company and guaranteed by such subsidiaries.

As of June 30, 2025, borrowings under the ING Credit Agreement are denominated in U.S. dollars and bear interest at a rate per annum equal to either (1) the SOFR, as adjusted, plus 1.875% per annum or (2) the alternative base rate (which is the greatest of the (a) prime rate, (b) the federal funds effective rate plus ½ of 1%, (c) the overnight bank funding rate plus ½ of 1%, (d) certain rates based on SOFR and (e) alternate base rate (“ABR”)) plus 0.875%, in each case, plus a SOFR adjustment of 0.10%; provided that, if at any time the Borrowing Base (as defined in the ING Credit Agreement) is greater than 1.60 times the Combined Debt Amount (as defined in the IING Credit Agreement), the interest rate margin with respect to (a) SOFR loans will be 1.75% plus a SOFR adjustment equal to 0.10% and (b) alternative base rate loans will be 0.75% plus a SOFR adjustment equal to 0.10%. The Company may elect either an ABR or SOFR borrowing at each drawdown request, and loans may be converted from one rate to another at any time at the Company's option, subject to certain conditions. The Company also pays a commitment fee of 0.375% per annum on the daily unused portion of the aggregate commitments under the ING Credit Agreement.

At any time during the availability period, the Company, as the borrower, may propose an increase in the Maximum Commitment to an amount not to exceed the greater of (a) $1,750.0 million and (b) 150% of shareholders’ equity as of the date

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

on which such increased amount is to be effective, subject to certain conditions, including the consent of the lenders to increase their commitments and of ING.

JPM SPV Facility

On February 24, 2023, the Company entered into a loan and security agreement (as amended and/or restated, from time to time, the “JPM Loan and Security Agreement”) among OSCF Lending SPV, LLC (“OSCF Lending SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as parent and servicer, Citibank, N.A., as collateral agent and securities intermediary, Virtus Group, LP, as collateral administrator, the lenders party thereto, and JPMorgan Chase Bank, National Association (“JPM”), as administrative agent, pursuant to which JPM agreed to extend credit to OSCF Lending SPV in an aggregate principal amount up to $500 million.

Subject to certain conditions, including consent of the lenders and JPM, as administrative agent, at any time during the availability period, OSCF Lending SPV may propose one or more increases in the maximum commitment up to an amount not to exceed $1.0 billion. Borrowings under the JPM Loan and Security Agreement bear interest at a rate per annum equal to the forward-looking term rate with a three-month tenor, based on SOFR plus 2.50%.

The obligations of OSCF Lending SPV under the JPM Loan and Security Agreement are secured by all of the assets held by OSCF Lending SPV.

SMBC SPV Facility

On September 29, 2023, the Company entered into a loan and security agreement (as amended and/or restated, from time to time, the “SMBC Loan and Security Agreement”) among OSCF Lending III SPV, LLC (“OSCF Lending III SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as transferor and servicer, Citibank, N.A., as the account bank, Virtus Group, LP, as collateral custodian, the lenders party thereto, and Sumitomo Mitsui Banking Corporation (“SMBC”), as administrative agent and collateral agent, pursuant to which SMBC agreed to extend credit to OSCF Lending III SPV in an aggregate principal amount up to $150 million at any one time outstanding.

Borrowings under the SMBC Loan and Servicing Agreement bear interest at a rate per annum equal to, at the request of OSCF Lending III SPV, either (1) SOFR plus 2.45% up to and including 3.00% depending on the collateral securing the facility or (2) the base rate (which is the greatest of the (a) prime rate, (b) federal funds effective rate plus 1/2 of 1%, (c) zero (0%) and (d) one month SOFR plus 1%) plus 1.45% up to and including 2.00% depending on the collateral securing the facility. The Company is required to pay a non-usage fee of 0.50% or 0.75% depending on amounts borrowed by the Company under the facility.

The obligations of OSCF Lending III SPV under the SMBC Loan and Security Agreement are secured by all of the assets held by OSCF Lending III SPV.

CIBC SPV Facility

On November 21, 2023, the Company entered into a loan and servicing agreement (as amended and/or restated, from time to time, the “CIBC Loan and Servicing Agreement”) among OSCF Lending V SPV, LLC (“OSCF Lending V SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as transferor and servicer, Computershare Trust Company, N.A., as securities intermediary, collateral custodian, collateral agent and collateral administrator, the lenders party thereto, and Canadian Imperial Bank of Commerce (“CIBC”), as administrative agent, pursuant to which CIBC agreed to extend credit to OSCF Lending V SPV in an aggregate principal amount up to $150 million (the “CIBC Maximum Commitment”) at any one time outstanding.

Subject to certain conditions, including consent of the lenders and CIBC as administrative agent, during the availability period, OSCF Lending V SPV may propose up to four increases in the CIBC Maximum Commitment up to an amount not to exceed $500 million in the aggregate. On April 26, 2024, the Company increased the CIBC Maximum Commitment to $350 million.

Borrowings under the CIBC Loan and Servicing Agreement bear interest at a rate per annum equal to, at the request of OSCF Lending V SPV, either (1) SOFR plus 1.95% or (2) the base rate (which is the greatest of the (a) prime rate, (b) federal funds effective rate plus 1/2 of 1%, (c) zero (0%) and (d) one month SOFR plus 1%) plus 0.95%. The applicable spread

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

otherwise in effect shall be increased by 2% per annum after the stated maturity date or when an event of default has occurred and is continuing. The Company is required to pay a non-usage fee of 0.50% on undrawn borrowings.

The obligations of OSCF Lending V SPV under the CIBC Loan and Servicing Agreement are secured by all of the assets held by OSCF Lending V SPV, including loans it has made or acquired.

DBNY SPV Facility

On February 15, 2024, the Company entered into a loan financing and servicing agreement (the “DBNY Loan Financing and Servicing Agreement”), among OSCF Lending IV SPV, LLC (“OSCF Lending IV SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as servicer and equityholder, the lenders party thereto, Deutsche Bank AG, New York Branch (“DBNY”), as facility agent, the other agents parties thereto and Deutsche Bank National Trust Company, as collateral agent and collateral custodian, pursuant to which DBNY has agreed to extend credit to OSCF Lending IV SPV in an aggregate principal amount up to $300 million (the “DBNY Facility Amount”) at any one time outstanding.

Borrowings under the DBNY Loan Financing and Servicing Agreement may be denominated in EUR, AUD, CAD, GBP or USD and bear interest at a rate per annum equal to the sum of, for any accrual period and any lender, (i) the applicable margin and (ii) the cost of funds rate for such accrual period and such lender. The applicable margin will be 2.40% per annum prior to the end of the availability period and 3.05% per annum thereafter; provided that, on and after the occurrence of any Event of Default (as defined in the DBNY Loan Financing and Servicing Agreement), the applicable margin shall be increased by 2.00% per annum. The cost of funds rate will be, (a) for each conduit lender, the lower of (x) such conduit lender’s Commercial Paper Rate (as defined in the DBNY Loan Financing and Servicing Agreement) and (y) the SOFR for a three-month tenor as quoted by CME Group Benchmark Administration Limited (which shall in no event be lower than 0.25%), and (b) for each committed lender, the base rate determined by reference to the applicable benchmark index depending on the currency denomination of the advances.

The obligations of OSCF Lending IV SPV under the DBNY Loan Financing and Servicing Agreement are secured by all of the assets held by OSCF Lending IV SPV, including loans it has made or acquired, except for certain Retained Interests (as defined in the DBNY Loan Financing and Servicing Agreement).

Subject to certain conditions, including consent of DBNY, as facility agent, OSCF Lending IV SPV may (i) propose increases in the DBNY Facility Amount up to an amount not to exceed $1.0 billion in the aggregate, (ii) add additional lender groups and/or (iii) increase the commitment of any lender group with the consent of such lender group. The DBNY Facility Amount may, subject to certain conditions, including consent of DBNY, as facility agent, be so increased to $400 million.

MS SPV Facility

On February 23, 2024, the Company entered into a loan and servicing agreement (the “MS Loan and Servicing Agreement”), among OSCF Lending II SPV, LLC (“OSCF Lending II SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as transferor and servicer, Citibank, N.A., as the collateral agent, account bank and collateral custodian, Virtus Group, LP, as collateral administrator, each of the lenders from time to time party thereto, and Morgan Stanley Asset Funding, Inc. (“MS”), as the administrative agent, pursuant to which MS has agreed to extend credit to OSCF Lending II SPV in an aggregate principal amount up to $200 million at any one time outstanding.

Advances under the MS Loan and Servicing Agreement bear interest at a rate per annum equal to SOFR plus 2.35% during the availability period and 2.85% thereafter; provided that the applicable margin shall be increased by 2.00% per annum (i) during the existence of a Specified Event of Default (as defined in the MS Loan and Servicing Agreement), (ii) upon written notice from MS, as administrative agent (at the direction of required lenders) to OSCF Lending II SPV and the Company during the existence of any other Event of Default (as defined in the MS Loan and Servicing Agreement) or (iii) after a Facility Maturity Date (as defined in the MS Loan and Servicing Agreement).

The obligations of OSCF Lending II SPV under the MS Loan and Servicing Agreement are secured by all of the assets held by OSCF Lending II SPV, including certain loans it has made or acquired except for certain Retained Interests (as defined in the MS Loan and Servicing Agreement).

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Unsecured Notes

2028 Unsecured Notes

On November 14, 2023, the Company issued $350 million aggregate principal amount of its 8.400% Notes due 2028 (the “2028 Unsecured Notes”) pursuant to an indenture, dated as of November 14, 2023 (the “Base Indenture”), between the Company and Deutsche Bank Trust Company Americas, as trustee, and a first supplemental indenture (the “First Supplemental Indenture”) to the Base Indenture.

The 2028 Unsecured Notes bear interest at a rate of 8.400% per year payable semi-annually in arrears on May 14 and November 14 of each year. The 2028 Unsecured Notes are the Company’s direct, unsecured obligations and rank senior in right of payment to its future indebtedness that is expressly subordinated in right of payment to the 2028 Unsecured Notes; equal in right of payment to its existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by its subsidiaries, financing vehicles or similar facilities.

The First Supplemental Indenture contains certain covenants, including a covenant requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to the Company by the SEC and to provide financial information to the holders of the 2028 Unsecured Notes and the trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the First Supplemental Indenture.

In connection with the 2028 Unsecured Notes, the Company entered into an interest rate swap to more closely align the interest rate payable on the 2028 Unsecured Notes with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.400% and pays a floating interest rate of the three-month SOFR plus 4.0405% on a notional amount of $350 million.

2029 Unsecured Notes

On July 23, 2024, the Company issued $400 million aggregate principal amount of its 6.500% Notes due 2029 (the “2029 Unsecured Notes”) pursuant to the Base Indenture and a second supplemental indenture (the “Second Supplemental Indenture”) to the Base Indenture.

The 2029 Unsecured Notes bear interest at a rate of 6.500% per year payable semi-annually in arrears on January 23 and July 23 of each year. The 2029 Unsecured Notes are the Company’s direct, unsecured obligations and rank senior in right of payment to its future indebtedness that is expressly subordinated in right of payment to the 2029 Unsecured Notes; equal in right of payment to its existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by its subsidiaries, financing vehicles or similar facilities.

The Second Supplemental Indenture contains certain covenants, including a covenant requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to the Company by the SEC and to provide financial information to the holders of the 2029 Unsecured Notes and the trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the Second Supplemental Indenture.

In connection with the 2029 Unsecured Notes, the Company entered into an interest rate swap to more closely align the interest rate payable on the 2029 Unsecured Notes with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.500% and pays a floating interest rate of the three-month SOFR plus 2.5954% on a notional amount of $400 million.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 7. Taxable/Distributable Income

Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments and foreign currency, as gains and losses are not included in taxable income until they are realized, (2) organizational and deferred offering costs and (3) the capital gains incentive fee accrual.

Presented below is a reconciliation of net increase (decrease) in net assets resulting from operations to taxable income for the three and nine months ended June 30, 2025 and 2024:


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Net increase (decrease) in net assets resulting from operations	$	83,755	$	58,227	$	213,435	$	167,638
Net unrealized (appreciation) depreciation	(16,793)		3,198		13,157		(13,066)
Book/tax difference due to capital gains incentive fees	100		(427)		(2,372)		2,033
Other book/tax differences (1)	(13,743)		1,025		(11,508)		(4,234)





Taxable income (2)	$	53,319	$	62,023	$	212,712	$	152,371

__________________

(1)For the three and nine months ended June 30, 2025, the other book/tax difference was primarily due to changes in unrealized value of foreign currency forwards.

(2)The Company’s taxable income for the three and nine months ended June 30, 2025 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2025. The final taxable income may be different than the estimate.

For the three months ended June 30, 2025, the Company recognized (i) a provision for incomes taxes on net investment income of $131, which was all current tax expense, and (ii) a provision for income taxes on realized and unrealized gains (losses) of $3, which was primarily a deferred tax expense. For the three months ended June 30, 2024, the Company recognized a total provision for income tax expense on realized and unrealized gains (losses) of $158, which was comprised of a current tax expense of $156 and a deferred tax expense of $2.

For the nine months ended June 30, 2025, the Company recognized (i) a provision for incomes taxes on net investment income of $810, which was all current tax expense, and (ii) a provision for income taxes on realized and unrealized gains (losses) of $49, of which $27 was deferred tax expense and $22 was current tax expense. For the nine months ended June 30, 2024, the Company recognized a total provision for income tax expense on realized and unrealized gains (losses) of $543, which was comprised of a current tax expense of $541 and a deferred tax expense of $2.

As of September 30, 2024, the Company’s last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows:


Overdistributed ordinary income, net	$	(60,970)
Net realized capital gains	10,137
Unrealized gains, net	43,084
Accumulated overdistributed earnings	$	(7,749)

The aggregate cost of investments for U.S. federal income tax purposes was $4,424.0 million as of September 30, 2024. As of September 30, 2024, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for U.S. federal income tax purposes was $101.6 million. As of September 30, 2024, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for U.S. federal income tax purposes over value was $58.5 million. Net unrealized appreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $43.1 million.

Note 8. Concentration of Credit Risks

The Company deposits its cash with financial institutions and at times such balances may be in excess of the FDIC insurance limit. The Company limits its exposure to credit loss by depositing its cash with high credit quality financial institutions and monitoring their financial stability.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 9. Related Party Transactions

Investment Advisory Agreement

Effective as of February 3, 2022, the Company has entered into the Investment Advisory Agreement with the Adviser. The Company pays the Adviser a fee for its services consisting of two components: a management fee and an incentive fee.

Management Fee

Under the Investment Advisory Agreement, the management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of calculating the management fee, net assets means the Company’s total net assets determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as of June 1, 2022, the date on which the Company broke escrow. In addition, the Adviser waived its management fee through November 2022. For the three and nine months ended June 30, 2025, base management fees were $13,345 and $35,278, respectively. For the three and nine months ended June 30, 2024, base management fees were $8,630 and $21,628, respectively.

Incentive Fee

The Incentive Fee consists of two parts: the Investment Income Incentive Fee and the Capital Gains Incentive Fee (each defined below) (collectively referred to as the "Incentive Fee").

Investment Income Incentive Fee

The Investment Income Incentive Fee is calculated based on the Company’s Pre-Incentive Fee Net Investment Income, which means consolidated interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee and any distribution and/or shareholder servicing fees).

Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero-coupon securities), accrued income that has not yet been received in cash. For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of any expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a hurdle of 1.25% per quarter (5.0% annualized) (the “Hurdle Rate”). The Company will pay the Adviser an incentive fee quarterly in arrears with respect to the Company’s Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

•Hurdle Rate Return: No incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate;

•Catch-Up: 100% of the Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than a 1.4286% (5.714% annualized) rate of return in any such calendar quarter (the “Catch-Up”), which is intended to provide the Adviser with approximately 12.5% of the Pre-Incentive Fee Net Investment Income as if the Hurdle Rate did not apply, if the Pre-Incentive Fee Net Investment Income exceeds the Hurdle Rate in any calendar quarter; and

•87.5/12.5 Split: 12.5% of the Pre-Incentive Fee Net Investment Income, if any, that exceeds a 1.4286% (5.714% annualized) rate of return in such calendar quarter so that once the Hurdle Rate is reached and the Catch-Up is achieved, 12.5% of the Pre-Incentive Fee Net Investment Income thereafter is allocated to

the Adviser.

The Adviser waived the Investment Income Incentive Fee through November 2022.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

For the three and nine months ended June 30, 2025, the Investment Income Incentive Fee was $12,243 and $33,934, respectively. For the three and nine months ended June 30, 2024, the Investment Income Incentive Fee was $9,020 and $22,754, respectively.

Capital Gains Incentive Fee

In addition to the Investment Income Incentive Fee described above, commencing on September 30, 2022, the Adviser is entitled to receive a Capital Gains Incentive Fee (as defined below) under the Investment Advisory Agreement. The Capital Gains Incentive Fee is determined and payable in arrears as of the end of each fiscal year. The Capital Gains Incentive Fee is equal to 12.5% of the realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal year, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid Capital Gains Incentive Fee, provided, that the Capital Gains Incentive Fee determined as of September 30, 2022 is calculated for a period of shorter than 12 calendar months to take into account any realized capital gains computed net of all realized capital losses and unrealized capital depreciation from the date of inception through the end of the fiscal year 2022 (the “Capital Gains Incentive Fee”). The payment obligation with respect to the Capital Gains Incentive Fee is allocated in the same manner across the Class T shares, Class S shares, Class D shares and Class I shares. As of June 30, 2025, the Company did not incur any Capital Gains Incentive Fees under the Investment Advisory Agreement.

Although the Capital Gains Incentive Fee due to the Adviser is not payable until it is contractually due based on the Investment Advisory Agreement, the Company accrues this component at the end of each reporting period based on the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each reporting period, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid Capital Gains Incentive Fee, as contractually included in the calculation of the Capital Gains Incentive Fee, plus the cumulative amount of unrealized capital appreciation. If such amount is positive at the end of a period, then the Company will accrue an incentive fee equal to 12.5% of such amount. If such amount is negative, then there will be no accrual for such period or an appropriate reduction in any amount previously accrued. U.S. GAAP requires that the Capital Gains Incentive Fee accrual consider cumulative unrealized capital appreciation in the calculation, as a Capital Gains Incentive Fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three months ended June 30, 2025, there were $100 of accrued Capital Gains Incentive Fees. For the nine months ended June 30, 2025, there were $2,372 of reversal of accrued Capital Gains Incentive Fees. For the three months ended June 30, 2024, there were $427 of reversal of accrued Capital Gains Incentive Fees. For the nine months ended June 30, 2024, there were $2,033 of accrued Capital Gains Incentive Fees. As of June 30, 2025, there were $856 of Capital Gains Incentive Fees accrued since inception.

Administration Agreement

Effective as of February 3, 2022, the Company has entered into an Administration Agreement (as amended and restated, the “Administration Agreement”) with Oaktree Fund Administration, LLC (the “Administrator”), an affiliate of the Adviser. Pursuant to the Administration Agreement, the Administrator furnishes the Company with office facilities (certain of which are located in buildings owned by a Brookfield affiliate), equipment and clerical, bookkeeping and record keeping services at such facilities. Under the Administration Agreement, the Administrator performs, or oversees the performance of, the Company’s required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, and being responsible for the financial records that the Company is required to maintain and preparing reports to shareholders and reports filed with the SEC. In addition, the Administrator assists the Company in determining and publishing the NAV, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to shareholders, and generally overseeing the payment of expenses and the performance of administrative and professional services rendered to the Company by others.

Payments under the Administration Agreement are equal to an amount that reimburses the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement and providing personnel and facilities. The Company bears all of the costs and expenses of any sub-administration agreements that the Administrator enters into.

For the avoidance of doubt, the Company bears its allocable portion of the costs of the compensation, benefits, and related administrative expenses (including travel expenses) of the Company’s officers who provide operational and administrative services under the Administration Agreement, their respective staffs and other professionals who provide services to the Company (including, in each case, employees of the Administrator or an affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company. The Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator (or its affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to the Company’s business and affairs and to acting on the Company’s behalf). The Board reviews the fees payable under

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

the Administration Agreement to determine that these fees are reasonable and comparable to administrative services charged by unaffiliated third parties.

For the three months ended June 30, 2025, the Company incurred $861 of expenses under the Administration Agreement, of which $556 was included in administrator expense, $133 was included in general and administrative expenses and $172 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the nine months ended June 30, 2025, the Company incurred $1,765 of expenses under the Administration Agreement, of which $1,162 was included in administrator expense, $265 was included in general and administrative expenses and $338 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the three months ended June 30, 2024, the Company incurred $478 of expenses under the Administration Agreement, of which $377 was included in administrator expense, $80 was included in general and administrative expenses and $21 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the nine months ended June 30, 2024, the Company incurred $1,389 of expenses under the Administration Agreement, of which $1,096 was included in administrator expense, $242 was included in general and administrative expenses and $51 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations.

Certain Terms of the Investment Advisory Agreement and Administration Agreement

Unless earlier terminated as described below, each of the Investment Advisory Agreement and the Administration Agreement will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent Trustees. The Company may terminate the Investment Advisory Agreement or the Administration Agreement, without payment of any penalty, upon 60 days’ written notice. In addition, without payment of any penalty, the Adviser may terminate the Investment Advisory Agreement upon 120 days’ written notice and the Administrator may terminate the Administration Agreement upon 60 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the Investment Company Act and related SEC guidance and interpretations.

Distribution Manager Agreement

Effective as of February 3, 2022, the Company has entered into a Distribution Manager Agreement (as amended and restated, the “Distribution Manager Agreement”) with Brookfield Oaktree Wealth Solutions LLC (the “Distribution Manager”), an affiliate of the Adviser. Under the terms of the Distribution Manager Agreement, the Distribution Manager serves as the distribution manager for the Company’s initial offering of Common Shares. The Distribution Manager is entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Company’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Distribution Manager is entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Company’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholding servicing fees are paid with respect to Class I shares. The distribution and/or shareholder servicing fees are payable to the Distribution Manager, but the Distribution Manager anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers.

The Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the initial offering on which, in the aggregate, underwriting compensation from all sources in connection with the initial offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from the initial offering. In addition, consistent with the exemptive relief allowing the Company to offer multiple classes of shares, at the end of the month in which the Distribution Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Distribution Manager or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder’s account. Compensation paid with respect to the shares in a shareholder’s account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. The Company may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the applicable Class S shares or Class D shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The Distribution Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”).

Either party may terminate the Distribution Manager Agreement upon 60 days’ written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Distribution Manager Agreement. The Company’s obligations under the Distribution Manager Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S and Class D shares will survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

Distribution and Servicing Plan

Effective as of February 3, 2022, the Company established a distribution and servicing plan (as amended and restated, the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Distribution Manager with respect to the Class S, Class D and Class T on an annualized basis as a percentage of the Company’s NAV for such class.


Shareholder Servicing and/or Distribution Fee as a % of NAV
Class S shares	0.85	%
Class D shares	0.25	%
Class T shares	0.85	%

The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation. Class I shares are not subject to a shareholder servicing and/or distribution fee.

The Distribution Manager reallows (pays) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares, Class D shares and Class T shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.

Broker eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S, Class D or Class T shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three and nine months ended June 30, 2025, the Company recorded distribution and shareholder servicing fees of $2,658 and $7,523, respectively, primarily all of which were attributable to Class S shares. For the three and nine months ended June 30, 2024, the Company recorded distribution and shareholder servicing fees of $1,958 and $4,853, respectively, primarily all of which were attributable to Class S shares.

Expense Support and Conditional Reimbursement Agreement

Effective as of February 3, 2022, the Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain expenses (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest or distribution and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

For the nine months ended June 30, 2025 and 2024, the Adviser did not make any Expense Payments. For the nine months ended June 30, 2025, the Company did not make any reimbursement payments to the Adviser. For the nine months ended June 30, 2024, the Company made reimbursement payments of $1,045 to the Adviser. As of June 30, 2025, there were no amounts due to the Adviser from the Company under the Expense Support Agreement.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 10. Financial Highlights


(Share amounts in thousands)	Three months ended June 30, 2025									Three months ended June 30, 2024									Nine months ended June 30, 2025									Nine months ended June 30, 2024
	Class I			Class S			Class D			Class I			Class S			Class D			Class I			Class S			Class D			Class I			Class S			Class D
Net asset value at beginning of period	$	23.28		$	23.28		$	23.28		$	23.61		$	23.61		$	23.61		$	23.56		$	23.56		$	23.56		$	23.56		$	23.56		$	23.56
Net investment income (1)	0.46			0.41			0.45			0.54			0.49			0.53			1.50			1.35			1.46			1.58			1.43			1.54
Net unrealized appreciation (depreciation) (1)(2)	0.09			0.09			0.09			(0.02)			(0.02)			(0.02)			(0.08)			(0.08)			(0.08)			0.15			0.15			0.15
Net realized gains (losses) (1)	(0.09)			(0.09)			(0.09)			—			—			—			(0.04)			(0.04)			(0.04)			0.04			0.04			0.04
Net increase (decrease) in net assets resulting from operations	0.46			0.41			0.45			0.52			0.47			0.51			1.38			1.23			1.34			1.77			1.62			1.73
Distributions of net investment income to shareholders	(0.46)			(0.41)			(0.45)			(0.54)			(0.49)			(0.53)			(1.50)			(1.35)			(1.46)			(1.58)			(1.43)			(1.54)
Distributions in excess of net investment income	(0.14)			(0.14)			(0.14)			(0.06)			(0.06)			(0.06)			(0.30)			(0.30)			(0.30)			(0.22)			(0.22)			(0.22)
Net asset value at end of period	$	23.14		$	23.14		$	23.14		$	23.53		$	23.53		$	23.53		$	23.14		$	23.14		$	23.14		$	23.53		$	23.53		$	23.53
Total return (3)	2.00		%	1.79		%	1.94		%	2.22		%	2.00		%	2.16		%	6.05		%	5.38		%	5.86		%	7.77		%	7.09		%	7.57		%
Common shares outstanding at beginning of the period	110,042			52,027			157			69,973			34,601			53			89,884			44,323			81			44,103			20,787			6
Common shares outstanding at end of period	127,124			54,922			158			81,487			40,803			74			127,124			54,922			158			81,487			40,803			74
Net assets at the beginning of the period	$	2,561,941		$	1,211,427		$	3,646		$	1,652,401		$	817,091		$	1,254		$	2,118,000		$	1,044,424		$	1,916		$	1,039,238		$	489,821		$	146
Net assets at end of period	$	2,942,033		$	1,271,064		$	3,663		$	1,917,516		$	960,135		$	1,735		$	2,942,033		$	1,271,064		$	3,663		$	1,917,516		$	960,135		$	1,735
Average net assets (4)	$	3,010,527		$	1,268,911		$	3,665		$	1,844,178		$	923,776		$	1,507		$	2,578,139		$	1,191,417		$	3,046		$	1,549,514		$	763,420		$	964
Ratio of net investment income to average net assets (5)	2.02		%	1.81		%	1.97		%	2.29		%	2.08		%	2.23		%	6.41		%	5.77		%	6.25		%	6.70		%	6.07		%	6.51		%
Ratio of total expenses to average net assets (5)(7)	1.66		%	1.87		%	1.71		%	1.84		%	2.05		%	1.91		%	5.41		%	6.01		%	5.58		%	5.41		%	6.04		%	5.61		%
Ratio of net expenses to average net assets (5)	1.66		%	1.87		%	1.71		%	1.84		%	2.05		%	1.91		%	5.41		%	6.01		%	5.58		%	5.46		%	6.10		%	5.67		%
Ratio of portfolio turnover to average investments at fair value (5)	6.89		%	6.89		%	6.89		%	10.13		%	10.13		%	10.13		%	22.31		%	22.31		%	22.31		%	25.67		%	25.67		%	25.67		%
Weighted average outstanding debt	$	2,042,351		$	2,042,351		$	2,042,351		$	1,366,868		$	1,366,868		$	1,366,868		$	2,027,190		$	2,027,190		$	2,027,190		$	1,035,128		$	1,035,128		$	1,035,128
Average debt per share (1)	$	11.09		$	11.09		$	11.09		$	11.68		$	11.68		$	11.68		$	12.61		$	12.61		$	12.61		$	10.58		$	10.58		$	10.58
Asset coverage ratio (6)	275.22		%	275.22		%	275.22		%	278.60		%	278.60		%	278.60		%	275.22		%	275.22		%	275.22		%	278.60		%	278.60		%	278.60		%


(1)			Calculated based upon weighted average shares outstanding for the period.
(2)			The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the three and nine months ended June 30, 2025 and 2024 as it includes the effect of the timing of equity issuances.
(3)			Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a distribution reinvestment price equal to the NAV per share at the beginning of the period.
(4)			Calculated based upon the weighted average net assets for the period.
(5)			Financial results for the three and nine months ended June 30, 2025 and 2024 have not been annualized for purposes of this ratio.
(6)			Based on outstanding senior securities of $2,409.4 million and $1,610.0 million as of June 30, 2025 and 2024, respectively.
(7)			Total expenses to average net assets is prior to expense support/reimbursements provided by the Adviser.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 11. Derivative Instruments

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company entered into an International Swaps and Derivatives Association, Inc. Master Agreement (the “ISDA Master Agreement”) with its derivative counterparties, Bank of New York Mellon, Wells Fargo Securities, LLC and ING Capital LLC. The ISDA Master Agreement permits a single net payment in the event of a default or similar event. As of June 30, 2025, no cash collateral has been pledged to cover obligations and no cash collateral has been received from the counterparty with respect to the Company’s forward currency contracts.

Certain information related to the Company’s foreign currency forward contracts is presented below as of June 30, 2025.


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	$	15,708	C$	21,558	9/11/2025	$	—	$	148	Derivative liability
Foreign currency forward contract	$	466,192	€	407,112	9/11/2025	—		13,961		Derivative liability
Foreign currency forward contract	$	262,781	£	196,260	9/11/2025	—		6,284		Derivative liability
Foreign currency forward contract	$	15,790	¥	2,243,692	9/11/2025	132		—		Derivative liability
Foreign currency forward contract	$	7,637	kr	79,415	9/11/2025	—		214		Derivative liability
						$	132	$	20,607

Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2024.


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	$	235,495	€	213,997	11/7/2024	$	—	$	3,725	Derivative liability
Foreign currency forward contract	$	158,386	£	123,967	11/7/2024	—		7,890		Derivative liability
Foreign currency forward contract	$	6,602	kr	72,797	11/7/2024	—		312		Derivative liability
						$	—	$	11,927

In connection with the issuance of the 2028 Unsecured Notes, the Company entered into interest rate swap agreements with the BNP Paribas pursuant to ISDA Master Agreements. In connection with the issuance of the 2029 Unsecured Notes, the Company entered into interest rate swap agreements with Morgan Stanley Bank, N.A. pursuant to ISDA Master Agreements.

Certain information related to the Company’s interest rate swaps is presented below as of June 30, 2025.


Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Interest rate swap	$	350,000	11/14/2028	$	8,995	$	—	Derivative asset
Interest rate swap	$	400,000	7/23/2029	6,084		—		Derivative asset
				$	15,079	$	—

Certain information related to the Company’s interest rate swaps is presented below as of September 30, 2024.


Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Interest rate swap	$	350,000	11/14/2028	$	12,357	$	—	Derivative asset
Interest rate swap	$	400,000	7/23/2029	9,189		—		Derivative asset
				$	21,546	$	—

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 12. Commitments and Contingencies

Off-Balance Sheet Arrangements

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its portfolio companies. As indicated in the table below, as of June 30, 2025, off-balance sheet arrangements consisted of $1,000,470 of unfunded commitments to provide debt financing to certain of the Company’s portfolio companies. Of the $1,000,470, approximately $986,193 can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. As of September 30, 2024, off-balance sheet arrangements consisted of $642,044 of unfunded commitments to provide debt financing to certain of the Company’s portfolio companies. Of the $642,044, approximately $600,609 could be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio company’s satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities.

A list of unfunded commitments by investment as of June 30, 2025 and September 30, 2024 is shown in the table below:


	June 30, 2025		September 30, 2024
Cielo Bidco Limited	$	69,432	$	—
Kairos Intermediateco AB	66,921		—
OneOncology, LLC	65,433		10,470
Truck-Lite Co., LLC	39,749		13,454
RWK Midco AB	35,762		—
Poseidon Midco AB	32,131		32,272
Biscuit Parent, LLC	31,516		15,000
Integrity Marketing Acquisition, LLC	28,645		48,889
Spruce Bidco I Inc.	26,341		—
Draken International, LLC	22,175		—
West Star Aviation Acquisition LLC	21,276		—
Everbridge, Inc.	19,899		19,899
PetVet Care Centers, LLC	19,210		19,210
Telephone and Data Systems, Inc.	18,568		18,569
Geo Topco Corporation	16,967		—
PPW Aero Buyer, Inc.	16,633		26,797
ASP Integrity Acquisition Co LLC	16,554		—
Accession Risk Management Group, Inc.	16,505		28,981
Next Holdco, LLC	16,443		16,443
THG Acquisition, LLC	16,211		—
PAI Financing Merger Sub LLC	15,790		—
Janus Bidco Limited	15,760		15,793
TBRS, Inc.	15,397		—
Creek Parent, Inc.	15,225		—
NFM & J, L.P.	14,651		16,947
SEI Holding I Corporation	14,400		14,608
LDS Buyer, LLC	14,106		—
Monotype Imaging Holdings Inc.	13,501		15,061
SumUp Holdings Luxembourg	12,795		12,795
AVSC Holding Corp.	12,016		—
Microf Funding V LLC	11,472		8,670
F&M BUYER LLC	11,435		—
Bamboo US Bidco LLC	11,395		7,220
Minotaur Acquisition, Inc.	11,132		11,132
Sorenson Communications, LLC	10,177		10,177
Nellson Nutraceutical, LLC	10,068		—

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


	June 30, 2025		September 30, 2024
Kite Midco II Inc.	$	9,609	$	—
Grand River Aseptic Manufacturing, Inc.	9,237		—
Verona Pharma, Inc.	9,011		29,285
107-109 Beech OAK22 LLC	8,544		7,501
IW Buyer LLC	7,336		7,504
Sierra Enterprises, LLC	7,264		—
Optimizely North America Inc.	7,109		—
North Star Acquisitionco, LLC	6,962		14,066
Neptune Bidco US Inc.	6,863		6,863
MRI Software LLC	6,482		10,716
Project Accelerate Parent, LLC	6,250		6,250
Legends Hospitality Holding Company, LLC	6,207		9,820
WP CPP Holdings, LLC	5,831		5,831
Blue Bidco Ltd	5,621		—
Kings Buyer, LLC	5,492		3,329
ACP Falcon Buyer Inc	5,333		5,333
Entrata, Inc.	5,211		5,211
USIC Holdings, Inc.	5,005		5,692
Enverus Holdings, Inc.	4,852		6,567
Protein for Pets Opco, LLC	4,847		6,639
Crewline Buyer, Inc.	4,573		4,573
Eyesouth Eye Care Holdco LLC	4,467		4,835
Inventus Power, Inc.	4,139		4,967
Evergreen IX Borrower 2023, LLC	4,006		4,006
Violin Finco Guernsey Limited	3,933		3,933
Lightbox Intermediate, L.P.	3,845		—
Finastra USA, Inc.	3,637		2,436
BioXcel Therapeutics, Inc.	3,577		4,471
Pluralsight, LLC	3,351		3,351
Galileo Parent, Inc.	3,305		991
Centralsquare Technologies, LLC	3,302		3,378
Usalco LLC	3,269		3,269
Icefall Parent, Inc.	2,662		2,662
Coupa Holdings, LLC	2,122		2,122
Oranje Holdco, Inc.	1,968		1,968
Transit Buyer LLC	1,951		520
Grove Hotel Parcel Owner, LLC	1,768		1,768
Establishment Labs Holdings Inc.	1,689		3,378
iCIMs, Inc.	1,176		3,710
Propio LS, LLC	1,029		—
Dukes Root Control Inc.	998		853
Salus Workers' Compensation, LLC	531		1,898
ASP-R-PAC Acquisition Co LLC	253		247
LSL Holdco, LLC	162		244
Quantum Bidco Limited	—		24,898
AmSpec Parent LLC	—		19,666
CVAUSA Management, LLC	—		13,657
Delta Leasing SPV II LLC	—		11,419
ACESO Holding 4 S.A.R.L.	—		9,511
Harrow, Inc.	—		4,301
107 Fair Street LLC	—		2,849
Avalara, Inc.	—		1,903
112-126 Van Houten Real22 LLC	—		870
Supreme Fitness Group NY Holdings, LLC	—		396
	$	1,000,470	$	642,044

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of and for the three and nine months ended June 30, 2025, except as discussed below.

Share Issuances

On July 1, 2025, the Company issued and sold pursuant to its continuous public offering 5,979,739 Class I shares for proceeds of $138.4 million, 810,134 Class S shares for proceeds of $18.7 million and 4,051 Class D shares for proceeds of $0.1 million.

Distributions

On July 24, 2025, the Board of Trustees of the Company declared a regular distribution on its outstanding Common Shares in the amount per share set forth below:


	Gross Distribution		Shareholder Servicing and/or Distribution Fee		Net Distribution
Class I shares	$	0.2000	$	—	$	0.2000
Class S shares	$	0.2000	$	0.0164	$	0.1836
Class D shares	$	0.2000	$	0.0048	$	0.1952

The distribution is payable to shareholders of record as of July 29, 2025 and will be paid on or about August 27, 2025. The distribution will be paid in cash or reinvested in Common Shares for shareholders participating in the Company’s distribution reinvestment plan.

Amendments to Credit Agreements

On July 3, 2025, the Company entered into Amendment No. 3 (the “JPM Amendment”) to the JPM Loan and Security Agreement. Among other things, the JPM Amendment:

•increased the commitment under the JPM Loan and Security Agreement from $500 million to $700 million;

•reduced the interest rate margin on SOFR loans from 2.50% to (i) 1.50% if the borrowings are used to purchase broadly syndicated loans and other liquid debt securities (as defined in the JPM Loan and Security Agreement) or (ii) 1.90% on all other borrowings;

•extended the reinvestment period from May 29, 2027 to July 3, 2029; and

•extended the final maturity date from May 29, 2029 to July 3, 2030.

On July 3, 2025, the Company also entered into First Amendment to Loan and Servicing Agreement (the “MS Amendment”) to the MS Loan and Servicing Agreement. Among other things, the MS Amendment:

•increased the commitment under the MS Loan and Servicing Agreement from $200 million to $400 million;

•adds an “accordion” feature that allows the borrower, subject to certain conditions, to propose one or more increases in the maximum commitment up to an amount not to exceed $600 million;

•reduced the interest rate margin on SOFR loans during the reinvestment period from 2.35% to (i) 1.60% if the borrowings are used to purchase broadly syndicated loans or (ii) 1.85% on all other borrowings;

•extended the reinvestment period from February 23, 2027 to July 3, 2028; and

•extended the final maturity date from February 23, 2029 to July 3, 2029.

On July 3, 2025, the Company repaid all outstanding borrowings under the CIBC Loan and Servicing Agreement, following which the CIBC Loan and Servicing Agreement was terminated. Obligations under the CIBC Loan and Servicing Agreement would have otherwise matured on November 21, 2025.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

On July 25, 2025, the Company entered into an Omnibus Amendment to Transaction Documents and Fourth Amendment (collectively, the “DBNY Amendment”) to the DBNY Loan Financing and Servicing Agreement. Among other things, the DBNY Amendment:

•increased the commitment under the DBNY Loan Financing and Servicing Agreement from $300 million to $400 million;

•reduced the interest rate margin on SOFR loans from 2.40% to 1.60%;

•extended the reinvestment period from February 15, 2027 to July 25, 2028;

•extended the final maturity date from February 15, 2029 to July 25, 2029; and

•appointed Computershare Trust Company, N.A. to replace Deutsche Bank National Trust Company as collateral agent and collateral custodian.

2030 Unsecured Notes

On July 15, 2025, the Company issued $400 million aggregate principal amount of its 6.190% Notes due 2030 (the “2030 Unsecured Notes”) pursuant to the Base Indenture and a third supplemental indenture (the “Third Supplemental Indenture”) to the Base Indenture.

The 2030 Unsecured Notes bear interest at a rate of 6.190% per year payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2026. The 2030 Unsecured Notes are the Company’s direct, unsecured obligations and rank senior in right of payment to its future indebtedness that is expressly subordinated in right of payment to the 2030 Unsecured Notes; equal in right of payment to its existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by its subsidiaries, financing vehicles or similar facilities.

The Third Supplemental Indenture contains certain covenants, including a covenant requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to the Company by the SEC and to provide financial information to the holders of the 2030 Unsecured Notes and the trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the Third Supplemental Indenture.

In connection with the 2030 Unsecured Notes, the Company entered into an interest rate swap to more closely align the interest rate payable on the 2030 Unsecured Notes with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.190% and pays a floating interest rate of the three-month SOFR plus 2.49255% on a notional amount of $400 million.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the notes thereto included elsewhere in this quarterly report on Form 10-Q. All amounts are shown in thousands, except share and per share amounts, percentages and as otherwise indicated.

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or the future performance or financial condition of Oaktree Strategic Credit Fund (the “Company”, which may also be referred to as “we,” “us” or “our”). The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:

•our future operating results and distribution projections;

•the ability of Oaktree Fund Advisors, LLC (our “Adviser” and, collectively with its affiliates, “Oaktree”) to implement its future plans with respect to our business and to achieve our investment objective;

•the ability of Oaktree to attract and retain highly talented professionals;

•our business prospects and the prospects of our portfolio companies;

•the impact of the investments that we expect to make;

•the ability of our portfolio companies to achieve their objectives;

•our expected financings and investments and additional leverage we may seek to incur in the future;

•the adequacy of our cash resources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies; and

•the impact of current global economic conditions, including those caused by inflation, an elevated (but decreasing) interest rate environment and geopolitical events on all of the foregoing.

In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2024 and elsewhere in this quarterly report on Form 10-Q.

Other factors that could cause actual results to differ materially include:

•changes or potential disruptions in our operations, the economy, financial markets or political environment, including

those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate environment;

•risks associated with possible disruption in our operations, the operations of our portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters or pandemics;

•future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies (“BDCs”) or regulated investment companies (“RICs”); and

•other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Business Overview

We are a Delaware statutory trust formed on November 24, 2021 and are structured as a non-diversified, closed-end management investment company. On February 3, 2022, we elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “Investment Company Act”). We have elected to be treated, and intend to qualify annually to be treated as a RIC under the Internal Revenue Code of 1986, as amended (the “Code”). Effective as of February 3, 2022, we are externally managed by the Adviser pursuant to an investment advisory agreement (as amended and restated, the “Investment Advisory Agreement”), between us and the Adviser. The Adviser is a subsidiary of Brookfield Oaktree Holdings, LLC ("BOH") (formerly known as Oaktree Capital Group, LLC). In 2019, Brookfield Asset Management Inc. (“Brookfield”) acquired a majority economic interest in BOH. BOH operates as an independent business within Brookfield, with its own product offerings and investment, marketing and support teams.

Our investment objective is to generate stable current income and long-term capital appreciation. We seek to meet our investment objective by primarily investing in private debt opportunities, including first lien loans (which may include “unitranche” loans and “last out” first lien loans, which are loans that are second priority behind “first out” first lien loans), second lien loans, unsecured and mezzanine loans, bonds and preferred equity, as well as certain equity co-investments.

We have the authority to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share (“Common Shares”). We are offering on a best efforts, continuous basis up to $5.0 billion aggregate offering price of Common Shares (the “Maximum Offering Amount”) pursuant to an offering registered with the SEC. We are authorized to offer to sell any combination of four classes of Common Shares: Class T shares, Class S shares, Class D shares and Class I shares with a dollar value up to the Maximum Offering Amount. The share classes have different ongoing distribution and/or shareholder servicing fees.

We accepted purchase orders and held investors’ funds in an interest-bearing escrow account until we received purchase orders for Common Shares of at least $100.0 million, excluding subscriptions by Oaktree Fund GP I, L.P. in respect of the Class I shares purchased by Oaktree Fund GP I, L.P. prior to March 31, 2022.

As of June 1, 2022, we had satisfied the minimum offering requirement and our board of trustees (the “Board of Trustees” or the “Board”) had authorized the release of proceeds from escrow. As of June 30, 2025, we have issued and sold 133,406,551 Class I shares for an aggregate purchase price of $3,142.3 million of which $100.0 million was purchased by an affiliate of the Adviser, 53,595,659 Class S shares for an aggregate purchase price of $1,260.5 million, 155,752 Class D shares for an aggregate purchase price of $3.7 million and zero Class T shares.

Business Environment and Developments

Global financial markets have experienced an increase in volatility over the last few years amid higher inflation, elevated interest rates, tariffs and concern over a potential slowdown in economic activity. As inflation pressures have eased in recent months, the Federal Reserve has relaxed its monetary policies and cut the federal funds rate to support the broader economy. However, various macroeconomic headwinds remain, including ongoing conflict in the Middle East, signs of an economic slowdown outside the United States and threats of tariffs and a trade war. These uncertainties can ultimately impact the overall supply and demand of the market through changing spreads, deal terms and structures and equity purchase price multiples.

We are unable to predict the full effects of these macroeconomic events or how they might evolve. We continue to closely monitor the impact these events have on our business, industry and portfolio companies and will provide constructive solutions where necessary.

Against this backdrop, we believe attractive risk-adjusted returns can be achieved by making loans to companies in the middle market. Given the breadth of the investment platform and decades of credit investing experience of Oaktree and its affiliates, we believe that we have the resources and experience to source, diligence and structure investments in these companies.

Critical Accounting Estimates

Fair Value Measurements

Our Adviser, as the valuation designee of our Board pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of our assets on at least a quarterly basis in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 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 measurement date. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity.

Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:

•Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Adviser obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of our investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.

reasonably estimated. Generally, the Adviser does not adjust any of the prices received from these sources. The Adviser also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Adviser performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process.

If the quotations obtained from pricing vendors or brokers are determined not to be reliable or are not readily available, the Adviser values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that we are deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, the Adviser analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. The Adviser also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company’s assets and (vii) offers from third parties to buy the portfolio company. The Adviser may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Adviser considers the current contractual interest rate, the capital structure and other terms of the investment relative to our risk and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, the Adviser depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The fair value of our investments as of June 30, 2025 and September 30, 2024 was determined by the Adviser, as the Board's valuation designee. We have and will continue to engage independent valuation firms each quarter to provide assistance regarding the determination of the fair value of a portion of our 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.

Certain factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to comparable publicly-traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, Oaktree’s determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to these uncertainties, Oaktree’s fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize upon the sale of one or more of our investments.

When we determine our net asset value as of the last day of a month that is not also the last day of a calendar quarter, we update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, pursuant to our valuation policy, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation or, in the case of securities acquired after such date, cost, unless, in either case, the Adviser determines that since the most recent quarter end or the date of acquisition for securities acquired after quarter end, as the case may be, a significant observable change has occurred with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with our valuation policy. Additionally, the Adviser may otherwise determine to update the most recent quarter end valuation of an investment without reliable market quotations that the Adviser considers to be material to us using a range of values from an independent valuation firm.

As of June 30, 2025, we held $6,362.9 million of investments at fair value, up from $4,576.2 million held at September 30, 2024, primarily driven by new originations funded primarily by cash proceeds from our continuous offering and an increase in borrowings under our credit facilities.

Revenue Recognition

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments provide for deferred interest payments or payment-in-kind (“PIK”) interest income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

Interest Income

Interest income, adjusted for accretion of original issue discount (“OID”), is recorded on an accrual basis to the extent that such amounts are expected to be collected. We stop accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of June 30, 2025, there was one investment on non-accrual status that represented 0.2% and 0.1% of total debt investments at cost and fair value, respectively. As of September 30, 2024, there was one investment on non-accrual status that represented 0.1% and 0.1% of total debt investments at cost and fair value, respectively.

In connection with our investment in a portfolio company, we sometimes receive nominal cost equity that is valued as part of the negotiation process with the portfolio company. When we receive nominal cost equity, we allocate our cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.

PIK Interest Income

Our investments in debt securities may contain payment-in-kind ("PIK") interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. We generally cease accruing PIK interest if there is insufficient value to support the accrual or if we do not expect the portfolio company to be able to pay all principal and interest due. Our decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; our assessment of the portfolio company’s business development success; information obtained by us in connection with periodic formal update interviews with the portfolio company’s management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. Our determination to cease accruing PIK interest is generally made well before our full write-down of a loan or debt security. In addition, if it is subsequently determined that we will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on our debt investments increases the recorded cost bases of these investments in our consolidated financial statements including for purposes of computing the capital gains incentive fee payable

by us to the Adviser. To maintain our status as a RIC, certain income from PIK interest may be required to be distributed to our shareholders even though we have not yet collected the cash and may never do so.

Portfolio Composition

As of June 30, 2025, the fair value of our investment portfolio was $6,362.9 million and was composed of investments in 171 portfolio companies. As of September 30, 2024, the fair value of our investment portfolio was $4,576.2 million and was composed of investments in 180 portfolio companies.

As of June 30, 2025 and September 30, 2024, our investment portfolio consisted of the following:


	June 30, 2025		September 30, 2024
Cost:
Senior Secured Debt	90.37	%	89.12	%
Subordinated Debt	9.22	%	10.33	%
Preferred Equity	0.22	%	0.27	%
Common Equity and Warrants	0.19	%	0.28	%
Total	100.00	%	100.00	%


	June 30, 2025		September 30, 2024
Fair Value:
Senior Secured Debt	90.29	%	89.02	%
Subordinated Debt	9.21	%	10.40	%
Preferred Equity	0.29	%	0.31	%
Common Equity and Warrants	0.21	%	0.27	%
Total	100.00	%	100.00	%

The table below describes investments by industry composition based on fair value as a percentage of total investments:


	June 30, 2025		September 30, 2024
Fair Value:
Application Software	15.01	%	17.60	%
Aerospace & Defense	6.50	%	3.68	%
Health Care Services	4.72	%	4.38	%
Pharmaceuticals	4.69	%	2.78	%
Systems Software	4.02	%	4.70	%
Interactive Media & Services	4.00	%	3.73	%
Diversified Support Services	3.90	%	4.80	%
Life Sciences Tools & Services	3.80	%	0.98	%
Health Care Equipment	3.49	%	0.97	%
Packaged Foods & Meats	2.96	%	1.76	%
Specialized Consumer Services	2.79	%	1.19	%
Specialized Finance	2.70	%	1.28	%
Diversified Financial Services	2.64	%	3.56	%
Education Services	2.29	%	2.73	%
Insurance Brokers	2.21	%	2.48	%
Building Products	2.04	%	—	%
Multi-Sector Holdings	1.93	%	4.16	%
Health Care Technology	1.91	%	2.87	%
Industrial Machinery & Supplies & Components	1.56	%	2.29	%
Wireless Telecommunication Services	1.46	%	1.57	%
Research & Consulting Services	1.41	%	0.83	%
Construction & Engineering	1.37	%	1.55	%
Communications Equipment	1.30	%	1.93	%
Other Specialty Retail	1.27	%	1.92	%
Electrical Components & Equipment	1.25	%	1.82	%
Construction Machinery & Heavy Transportation Equipment	1.22	%	1.36	%
Property & Casualty Insurance	1.21	%	1.50	%
Environmental & Facilities Services	1.19	%	1.70	%
Office Services & Supplies	1.10	%	1.83	%
Cable & Satellite	1.08	%	0.46	%
Real Estate Services	0.92	%	—	%
Soft Drinks & Non-alcoholic Beverages	0.89	%	—	%
Distributors	0.88	%	0.64	%
Asset Management & Custody Banks	0.87	%	1.36	%
Health Care Supplies	0.86	%	1.49	%
Diversified Chemicals	0.79	%	0.35	%
Financial Exchanges & Data	0.75	%	1.04	%
Movies & Entertainment	0.72	%	0.87	%
Footwear	0.71	%	—	%
Trading Companies & Distributors	0.68	%	1.84	%
Air Freight & Logistics	0.65	%	—	%
Food Distributors	0.60	%	0.52	%
Paper & Plastic Packaging Products & Materials	0.59	%	1.24	%
Commodity Chemicals	0.49	%	0.70	%
Gold	0.46	%	0.65	%
Alternative Carriers	0.42	%	—	%
Hotels, Resorts & Cruise Lines	0.32	%	0.45	%
Consumer Finance	0.29	%	0.30	%
Specialty Chemicals	0.27	%	—	%
Biotechnology	0.19	%	0.27	%
Metal, Glass & Plastic Containers	0.19	%	0.55	%
Health Care Distributors	0.16	%	0.69	%
Real Estate Development	0.16	%	0.55	%
Passenger Airlines	0.12	%	0.26	%
Electronic Components	—	%	0.63	%
Data Processing & Outsourced Services	—	%	1.25	%
Diversified Metals & Mining	—	%	0.87	%
Health Care Facilities	—	%	0.56	%
Advertising	—	%	0.31	%
Leisure Facilities	—	%	0.20	%
Total	100.00	%	100.00	%

The geographic composition of our portfolio is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business. The table below describes investments by geographic composition at fair value as a percentage of total investments:


	June 30, 2025		September 30, 2024
United States	84.00	%	84.59	%
United Kingdom	5.86	%	6.24	%
Germany	2.93	%	—	%
Sweden	2.87	%	1.21	%
Netherlands	1.82	%	1.17	%
Canada	1.08	%	1.51	%
Luxembourg	0.87	%	1.95	%
Costa Rica	0.24	%	0.29	%
Switzerland	0.16	%	0.22	%
Chile	0.12	%	0.26	%
Australia	0.03	%	0.04	%
France	0.02	%	0.30	%
Cayman Islands	—	%	1.35	%
India	—	%	0.87	%
Total	100.00	%	100.00	%

See the Schedule of Investments as of June 30, 2025 and September 30, 2024, in our consolidated financial statements in Part I, Item 1, of this quarterly report on Form 10-Q, for more information on these investments, including a list of companies and the type, cost and fair value of investments.

Discussion and Analysis of Results and Operations

Results of Operations

The principal measure of our financial performance is the net increase (decrease) in net assets resulting from operations, which includes net investment income, net realized gains (losses) and net unrealized appreciation (depreciation). Net investment income is the difference between our income from interest income and fee income and net expenses. Net realized gains (losses) on investments is the difference between the proceeds received from dispositions of portfolio investments and their stated costs. Net unrealized appreciation (depreciation) is the net change in the fair value of our investment portfolio during the reporting period, including the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. The net increase or decrease in net assets from operations may vary substantially from period to period as a result of various factors, including the recognition of realized gains and losses and net change in unrealized appreciation and depreciation.

Comparison of three and nine months ended June 30, 2025 and June 30, 2024

Investment Income

Total investment income for the three months ended June 30, 2025 was $155,532 and consisted of $155,152 of interest income primarily from portfolio investments (including $2,287 of PIK interest income) and $380 of fee income. Total investment income for the three months ended June 30, 2024 was $114,509 and consisted of $113,757 of interest income primarily from portfolio investments (including $2,369 of PIK interest income) and $752 of fee income. The increase in total investment income was primarily driven by the increase in the size of the investment portfolio, partially offset by lower reference rates.

Total investment income for the nine months ended June 30, 2025 was $441,769 and consisted of $438,076 of interest income primarily from portfolio investments (including $7,481 of PIK interest income) and $3,693 of fee income. Total investment income for the nine months ended June 30, 2024 was $283,159 and consisted of $280,756 of interest income primarily from portfolio investments (including $5,035 of PIK interest income) and $2,403 of fee income. The increase in total investment income was primarily driven by the increase in the size of the investment portfolio, partially offset by lower reference rates. Based on fair value as of June 30, 2025, the weighted average yield on our debt investments was 10.0%, down from 11.2% as of June 30, 2024.

Expenses

Net expenses for the three months ended June 30, 2025 were $72,445, up significantly from $52,867 for the three months ended June 30, 2024. The increase was mainly driven by a larger investment portfolio attributable to new capital raised pursuant to our continuous offering and an increase in borrowings under our credit facilities. Net expenses for the nine months ended June 30, 2025 were $208,544, up significantly from $131,785 for the nine months ended June 30, 2024. The increase was mainly driven by a larger investment portfolio attributable to new capital raised pursuant to our continuous offering and an increase in borrowings under our credit facilities. Net expenses consisted of the following:


	For the three months ended June 30, 2025		For the three months ended June 30, 2024		For the nine months ended June 30, 2025		For the nine months ended June 30, 2024
Expenses:
Base management fee	$	13,345	$	8,630	$	35,278	$	21,628
Investment income incentive fee	12,243		9,020		33,934		22,754
Capital gains incentive fee	100		(427)		(2,372)		2,033
Professional fees	1,496		699		3,926		2,147
Class S and Class D distribution and shareholder servicing fees	2,658		1,958		7,523		4,853
Board of trustees fees	116		116		348		323
Organization expenses	3		4		5		8
Amortization of continuous offering costs	589		261		1,508		694
Interest expense	40,474		31,703		124,871		73,623
Administrator expense	556		377		1,162		1,096
General and administrative expenses	865		526		2,361		1,581
Total expenses	$	72,445	$	52,867	$	208,544	$	130,740
Expense reimbursements (support)	—		—		—		1,045
Net expenses	$	72,445	$	52,867	$	208,544	$	131,785

For the nine months ended June 30, 2025 and 2024, the Adviser did not make any expense payments under the expense support agreement with the Adviser (the "Expense Support Agreement"). For the nine months ended June 30, 2025, we did not make any reimbursement payments to the Adviser. For the nine months ended June 30, 2024, the Company made reimbursement payments of $1,045 to the Adviser. As of June 30, 2025, there were no amounts due to the Adviser from us under the Expense Support Agreement.

For the three and nine months ended June 30, 2025, base management fees were $13,345 and $35,278, respectively. For the three and nine months ended June 30, 2024, base management fees were $8,630 and $21,628, respectively. For the three and nine months ended June 30, 2025, investment income incentive fees were $12,243 and $33,934, respectively. For the three and nine months ended June 30, 2024, investment income incentive fees were $9,020 and $22,754, respectively. See Note 9, Related Party Transactions, to our Consolidated Financial Statements, included in Part I, Item 1 of this Form 10-Q.

Net Unrealized Appreciation (Depreciation)

Net unrealized appreciation was $16,793 for the three months ended June 30, 2025. This consisted of $43.7 million of net unrealized appreciation on debt investments and $2.9 million of net unrealized appreciation on equity investments, partially offset by $17.0 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains) and $12.8 million of net unrealized depreciation of foreign currency forward contracts.

Net unrealized depreciation was $3,198 for the three months ended June 30, 2024 . This consisted of $6.0 million of net unrealized depreciation on debt investments, partially offset by $1.8 million of net unrealized appreciation of foreign currency forward contracts, $0.8 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $0.3 million of net unrealized appreciation on equity investments.

Net unrealized depreciation was $13,157 for the nine months ended June 30, 2025. This consisted of $34.5 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains) and $8.5 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $24.6 million of net unrealized appreciation on debt investments and $5.3 million of net unrealized appreciation on equity investments

Net unrealized appreciation was $13,066 for the nine months ended June 30, 2024. This consisted of $13.0 million of net unrealized appreciation on debt investments and $1.4 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses), partially offset by $0.8 million of net unrealized depreciation on equity investments and $0.5 million of net unrealized depreciation of foreign currency forward contracts.

Net Realized Gains (Losses)

Net realized losses were $15,991 and $5,774 for the three and nine months ended June 30, 2025, respectively, which was primarily driven by realized losses related to foreign currency forward contracts, partially offset by realized gains related to the exits of certain investments. Net realized losses were $59 for the three months ended June 30, 2024, which was primarily driven by realized losses related to the exits of certain investments, partially offset by realized gains related to foreign currency forward contracts. Net realized gains were $3,741 for the nine months ended June 30, 2024, which was primarily related to the exits of certain investments and foreign currency forward contracts.

Financial Condition, Liquidity and Capital Resources

We expect to generate cash from (1) the cash proceeds from our continuous offering, (2) cash flows from operations, including earnings on investments, as well as interest earned from the temporary investment of cash in cash-equivalents, U.S. high-quality debt investments that mature in one year or less, (3) borrowings from banks, including secured borrowings, unsecured debt offerings, and any other financing arrangements we may enter into in the future and (4) any future offerings of equity or debt securities.

Our primary use of cash is for (1) investments in portfolio companies and other investments, (2) the cost of operations (including our expenses, the Management Fee and the Incentive Fee), (3) debt service, repayment and other financing costs of our borrowings, (4) funding repurchases under our share repurchase program and (5) cash distributions to the shareholders.

For the nine months ended June 30, 2025, we experienced a net decrease in cash and cash equivalents of $52.9 million. During that period, $1,603.4 million of cash was used in operating activities, primarily consisting of cash used to fund new investments, partially offset by proceeds from the sales and repayments of investments. During the same period, cash provided by financing activities was $1,548.6 million, due primarily from $1,263.1 million of proceeds from the issuance of common shares and $543.9 million of net borrowings under the credit facilities, partially offset by $195.5 million of distributions paid to shareholders, $57.5 million of shares repurchases paid and $5.4 million of deferred financing and offering costs paid.

For the nine months ended June 30, 2024, we experienced a net increase in cash and cash equivalents of $274.0 million. During that period, $2,078.3 million of cash was used in operating activities, primarily consisting of cash used to fund new investments, partially offset by proceeds from the sales and repayments of investments. During the same period, cash provided by financing activities was $2,353.4 million, due primarily from $1,343.7 million of proceeds from the issuance of common shares, $815.0 million of net borrowings under the credit facilities and $348.2 million of proceeds from the issuance of unsecured notes, partially offset by $113.9 million of distributions paid to shareholders, $23.9 million of shares repurchases paid and $15.6 million of deferred financing and offering costs paid.

As of June 30, 2025, we had $471.3 million of cash and cash equivalents (including restricted cash of $48.1 million), portfolio investments (at fair value) of $6,362.9 million, $40.4 million of interest receivable, $1,096.1 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $33.2 million of net payables from unsettled transactions, $1,638.9 million of borrowings outstanding under our credit facilities and $754.8 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).

As of September 30, 2024, we had $524.2 million of cash and cash equivalents (including restricted cash of $43.3 million), portfolio investments (at fair value) of $4,576.2 million, $34.5 million of interest receivable, $1,590.0 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $51.7 million of net payables from unsettled transactions, $1,095.0 million of borrowings outstanding under our credit facilities and $759.3 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of June 30, 2025 and September 30, 2024, off-balance sheet arrangements consisted of $1,000,470 and $642,044, respectively, of unfunded commitments to provide debt financing to certain of our portfolio companies. As of June 30, 2025, of the $1,000,470 of unfunded commitments, approximately $986,193 can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio company’s satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in our Consolidated Statements of Assets and Liabilities.

Contractual Obligations


	Debt Outstanding as of September 30, 2024		Debt Outstanding as of June 30, 2025		Weighted average debt outstanding for the nine months ended June 30, 2025		Maximum debt outstanding for the nine months ended June 30, 2025
ING Credit Agreement	$	415,000	$	630,000	$	430,513	$	730,000
JPM SPV Facility	230,000		375,000		340,330		375,000
SMBC SPV Facility	100,000		75,500		88,441		100,000
CIBC SPV Facility	225,000		245,000		230,421		245,000
DBNY SPV Facility	100,000		180,000		103,223		180,000
MS SPV Facility	25,000		133,400		84,262		133,400
2028 Unsecured Notes	350,000		350,000		350,000		350,000
2029 Unsecured Notes	400,000		400,000		400,000		400,000
Total debt	$	1,845,000	$	2,388,900	$	2,027,190


	Payments due by period as of June 30, 2025
	Total		< 1 year		1-3 years		3-5 years
ING Credit Agreement	$	630,000	$	—	$	—	$	630,000
Interest due on ING Credit Agreement	185,865		38,855		77,710		69,300
JPM Loan and Security Agreement	375,000		—		—		375,000
Interest due on JPM Loan and Security Agreement	99,799		25,491		50,982		23,326
SMBC Loan and Security Agreement	75,500		—		—		75,500
Interest due on SMBC Loan and Security Agreement	17,462		5,369		10,738		1,355
CIBC Loan and Servicing Agreement	245,000		245,000		—		—
Interest due on CIBC Loan and Servicing Agreement	6,000		6,000		—		—
DBNY Loan Financing and Servicing Agreement	180,000		—		—		180,000
Interest due on DBNY Loan Financing and Servicing Agreement	43,807		12,059		24,118		7,630
MS Loan and Servicing Agreement	133,400		—		—		133,400
Interest due on MS Loan and Servicing Agreement	32,410		8,868		17,736		5,806
2028 Unsecured Notes	350,000		—		—		350,000
Interest due on 2028 Unsecured Notes	98,703		29,219		58,438		11,046
2029 Unsecured Notes	400,000		—		—		400,000
Interest due on 2029 Unsecured Notes	111,691		27,471		54,942		29,278
Total	$	2,984,637	$	398,332	$	294,664	$	2,291,641

Equity Activity

As of June 30, 2025, we have issued and sold 133,406,551 Class I shares for an aggregate purchase price of $3,142.3 million, 53,595,659 Class S shares for an aggregate purchase price of $1,260.5 million and 155,752 Class D shares for an aggregate purchase price of $3.7 million. As of June 30, 2025, we have issued 3,038,058 Class I shares, 3,745,169 Class S and 5,816 Class D shares pursuant to our distribution reinvestment plan. As of June 30, 2025, we have not issued any Class T shares.

The following table summarizes transactions in Common Shares for the nine months ended June 30, 2025:


	Shares	Amount
Class I
Issuance of Common Shares in private and public offering	43,490,558	$	1,015,107
Share transfers between classes	72,671	1,700
Issuance of Common Shares under distribution reinvestment plan	1,419,706	33,561
Share repurchases, net of early repurchase deduction	(7,742,619)	(179,433)
Net increase (decrease)	37,240,316	$	870,935
Class S
Issuance of Common Shares in public offering	10,515,826	$	246,239
Share transfers between classes	(72,671)	(1,700)
Issuance of Common Shares under distribution reinvestment plan	1,803,828	41,881
Share repurchases, net of early repurchase deduction	(1,648,328)	(38,332)
Net increase (decrease)	10,598,655	$	248,088
Class D
Issuance of Common Shares in public offering	76,766	$	1,803
Issuance of Common Shares under distribution reinvestment plan	3,510	81
Share repurchases, net of early repurchase deduction	(3,287)	(77)
Net increase (decrease)	76,989	$	1,807
Total net increase (decrease)	47,915,960	$	1,120,830

The following table summarizes transactions in Common Shares for the nine months ended June 30, 2024:


	Shares	Amount
Class I
Issuance of Common Shares in private and public offering	37,416,704	$	881,665
Share transfers between classes	15,393	364
Issuance of Common Shares under distribution reinvestment plan	878,249	20,839
Share repurchases, net of early repurchase deduction	(926,792)	(21,838)
Net increase (decrease)	37,383,554	$	881,030
Class S
Issuance of Common Shares in public offering	19,541,548	$	460,437
Share transfers between classes	(15,393)	(364)
Issuance of Common Shares under distribution reinvestment plan	1,060,406	24,999
Share repurchases, net of early repurchase deduction	(570,987)	(13,449)
Net increase (decrease)	20,015,574	$	471,623
Class D
Issuance of Common Shares in public offering	66,226	$	1,561
Issuance of Common Shares under distribution reinvestment plan	1,310	31
Share repurchases, net of early repurchase deduction	—	—
Net increase (decrease)	67,536	$	1,592
Total net increase (decrease)	57,466,664	$	1,354,245

Net Asset Value per Share and Offering Price

We determine NAV per share for each class of shares as of the last calendar day of each month. Share issuances pursuant to accepted monthly subscriptions are effective the first calendar day of each month. Shares are issued and sold at a purchase price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class I, Class S and Class D shares for the nine months ended June 30, 2025 and 2024. As of June 30, 2025, we have not issued any Class T shares.


	Class I Shares		Class S Shares		Class D Shares
October 31, 2024	$	23.55	$	23.55	$	23.55
November 30, 2024	$	23.56	$	23.56	$	23.56
December 31, 2024	$	23.52	$	23.52	$	23.52
January 31, 2025	$	23.49	$	23.49	$	23.49
February 28, 2025	$	23.41	$	23.41	$	23.41
March 31, 2025	$	23.28	$	23.28	$	23.28
April 30, 2025	$	23.12	$	23.12	$	23.12
May 31, 2025	$	23.16	$	23.16	$	23.16
June 30, 2025	$	23.14	$	23.14	$	23.14


	Class I Shares		Class S Shares		Class D Shares
October 31, 2023	$	23.39	$	23.39	$	23.39
November 30, 2023	$	23.51	$	23.51	$	23.51
December 31, 2023	$	23.62	$	23.62	$	23.62
January 31, 2024	$	23.60	$	23.60	$	23.60
February 29, 2024	$	23.58	$	23.58	$	23.58
March 31, 2024	$	23.61	$	23.61	$	23.61
April 30, 2024	$	23.59	$	23.59	$	23.59
May 31, 2024	$	23.59	$	23.59	$	23.59
June 30, 2024	$	23.53	$	23.53	$	23.53

Distributions

The Board authorizes and declares monthly distribution amounts per outstanding Common Share. The following table presents distributions that were declared during the nine months ended June 30, 2025:

Class I

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.2000

18,473

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.2000

18,965

Monthly

December 26, 2024

December 27, 2024

February 3, 2025

0.2000

19,552

Monthly

January 28, 2025

January 29, 2025

February 26, 2025

0.2000

20,068

Monthly

February 24, 2025

February 26, 2025

March 27, 2025

0.2000

21,111

Monthly

March 24, 2025

March 27, 2025

April 28, 2025

0.2000

22,009

Monthly

April 23, 2025

April 28, 2025

May 28, 2025

0.2000

24,397

Monthly

May 27, 2025

May 28, 2025

June 26, 2025

0.2000

26,500

Monthly

June 25, 2025

June 26, 2025

July 29, 2025

0.2000

26,775

1.8000

197,850

Class S

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.1833

8,415

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.1833

8,632

Monthly

December 26, 2024

December 27, 2024

February 3, 2025

0.1833

8,816

Monthly

January 28, 2025

January 29, 2025

February 26, 2025

0.1833

9,026

Monthly

February 24, 2025

February 26, 2025

March 27, 2025

0.1834

9,278

Monthly

March 24, 2025

March 27, 2025

April 28, 2025

0.1834

9,543

Monthly

April 23, 2025

April 28, 2025

May 28, 2025

0.1835

9,817

Monthly

May 27, 2025

May 28, 2025

June 26, 2025

0.1836

10,006

Monthly

June 25, 2025

June 26, 2025

July 29, 2025

0.1836

10,233

1.6507

83,766

Class D

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.1951

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.1951

Monthly

December 26, 2024

December 27, 2024

February 3, 2025

0.1951

Monthly

January 28, 2025

January 29, 2025

February 26, 2025

0.1951

Monthly

February 24, 2025

February 26, 2025

March 27, 2025

0.1951

Monthly

March 24, 2025

March 27, 2025

April 28, 2025

0.1951

Monthly

April 23, 2025

April 28, 2025

May 28, 2025

0.1952

Monthly

May 27, 2025

May 28, 2025

June 26, 2025

0.1952

Monthly

June 25, 2025

June 26, 2025

July 29, 2025

0.1952

1.7562

229

The following table presents distributions that were declared during the nine months ended June 30, 2024:

Class I

Distribution

Date Declared

Record Date

Payment Date

Net Distribution Per Share

Distribution Amount

Monthly

October 25, 2023

October 31, 2023

November 28, 2023

0.1900

9,259

Monthly

November 27, 2023

November 30, 2023

December 27, 2023

0.1900

9,916

Special

December 14, 2023

December 15, 2023

December 27, 2023

0.0400

2,296

Monthly

December 20, 2023

December 31, 2023

February 1, 2024

0.1900

10,921

Monthly

January 24, 2024

January 31, 2024

February 27, 2024

0.1900

11,872

Monthly

February 27, 2024

February 29, 2024

March 27, 2024

0.2000

13,229

Monthly

March 26, 2024

March 27, 2024

April 29, 2024

0.2000

14,041

Monthly

April 18, 2024

April 29, 2024

May 30, 2024

0.2000

14,936

Monthly

May 24, 2024

May 30, 2024

June 27, 2024

0.2000

15,451

Monthly

June 27, 2024

July 29, 2024

0.2000

16,361

1.8000

118,282

Class S

Distribution

Date Declared

Record Date

Payment Date

Net Distribution Per Share

Distribution Amount

Monthly

October 25, 2023

October 31, 2023

November 28, 2023

0.1733

4,105

Monthly

November 27, 2023

November 30, 2023

December 27, 2023

0.1734

4,436

Special

December 14, 2023

December 15, 2023

December 27, 2023

0.0400

1,109

Monthly

December 20, 2023

December 31, 2023

February 1, 2024

0.1733

4,825

Monthly

January 24, 2024

January 31, 2024

February 27, 2024

0.1733

5,191

Monthly

February 27, 2024

February 29, 2024

March 27, 2024

0.1833

5,853

Monthly

March 26, 2024

March 27, 2024

April 29, 2024

0.1833

6,361

Monthly

April 18, 2024

April 29, 2024

May 30, 2024

0.1833

6,730

Monthly

May 24, 2024

May 30, 2024

June 27, 2024

0.1833

7,188

Monthly

June 27, 2024

July 29, 2024

0.1833

7,551

1.6498

53,349

Class D

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 25, 2023

October 31, 2023

November 28, 2023

0.1851

Monthly

November 27, 2023

November 30, 2023

December 27, 2023

0.1851

Special

December 14, 2023

December 15, 2023

December 27, 2023

0.0400

Monthly

December 20, 2023

December 31, 2023

February 1, 2024

0.1851

Monthly

January 24, 2024

January 31, 2024

February 27, 2024

0.1851

Monthly

February 27, 2024

February 29, 2024

March 27, 2024

0.1951

Monthly

March 26, 2024

March 27, 2024

April 29, 2024

0.1951

Monthly

April 18, 2024

April 29, 2024

May 30, 2024

0.1951

Monthly

May 24, 2024

May 30, 2024

June 27, 2024

0.1951

Monthly

June 27, 2024

July 29, 2024

0.1951

1.7559

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Share Repurchase Program

At the discretion of our Board, during the quarter ended September 30, 2022 we commenced a share repurchase program pursuant to which we intend to offer to repurchase up to 5% of our Common Shares outstanding (by number of shares or aggregate NAV) as of the close of the previous calendar quarter; provided that the we reserve the right in our sole discretion to purchase additional outstanding Shares representing up to 2.0% of our outstanding Shares each quarter without amending or extending the repurchase offer as permitted by Rule 13e-4(f)(1) of the Exchange Act. Our Board of Trustees may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Following any such suspension, the Board of Trustees will consider on at least a quarterly basis whether the continued suspension of the share repurchase program is in the best interest of us and shareholders, and will reinstate the share repurchase program when and if appropriate and subject to its fiduciary duty to us and shareholders.

We intend to conduct repurchase offers under the share repurchase program pursuant to tender offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company Act. All shares purchased by us pursuant to the terms of each tender offer will be retired.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares at the expiration of the tender offer at a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the “Valuation Date”), except that shares that have a prospective repurchase date that is within the

one-year period following the original issue date of the shares will be subject to an early repurchase deduction of 2% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be deemed satisfied if the shares to be repurchased would have been outstanding for one year or longer as of the subscription closing date immediately following the applicable Valuation Date, which subscription closing date the Company deems the prospective repurchase date for the applicable offer. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders.

During the nine months ended June 30, 2025, we repurchased pursuant to such tender offers an aggregate of 7,742,619 Class I shares, 1,648,328 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the nine months ended June 30, 2025:


Repurchase Pricing Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Amount Repurchased (all classes)(2)
December 31, 2024	889,569	0.66	%	$	23.52	$	20,910
March 31, 2025	941,577	0.65	%	$	23.28	$	21,923
June 30, 2025	7,563,088	4.66	%	$	23.14	$	175,010

_____________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction, where applicable.

During the nine months ended June 30, 2024, we repurchased pursuant to such tender offers an aggregate of 926,792 Class I shares and 570,987 Class S shares. The following table presents the share repurchases completed during the nine months ended June 30, 2024:


Repurchase Pricing Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Amount Repurchased (all classes)(2)
December 31, 2023	446,089	0.69	%	$	23.62	$	10,526
March 31, 2024	348,944	0.41	%	$	23.61	$	8,217
June 30, 2024	702,746	0.67	%	$	23.53	$	16,544

_____________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction, where applicable.

Leverage

To seek to enhance our returns, we use and expect to continue to use leverage as market conditions permit and at the discretion of the Adviser. However, as a BDC, subject to certain limited exceptions, we are currently only allowed to borrow amounts in accordance with the asset coverage requirements in the Investment Company Act. On December 17, 2021, our sole shareholder approved the adoption of the 150% asset coverage requirement pursuant to Section 61(a)(2) of the Investment Company Act and such election became effective the following day. We intend to use leverage in the form of borrowings, including loans from certain financial institutions, and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage is expected to be applied on a position-by-position basis, meaning little-to-no leverage may be applied to certain investments, while others may have more leverage applied. Any such leverage would also be expected to increase the total capital available for investment by the Company. We may also create leverage by securitizing our assets (including in CLOs) and retaining the equity portion of the securitized vehicle. As of June 30, 2025, we had $2,409.4 million in senior securities and our asset coverage ratio was 275.22%.

ING Credit Agreement

On March 25, 2022, we entered into a senior secured revolving credit agreement (as amended and/or restated from time to time, the “ING Credit Agreement”) among us, as borrower, the lenders party thereto, and ING Capital LLC (“ING”), as administrative agent. As of June 30, 2025, the size of the ING Credit Agreement facility is $1,235 million (the “Maximum Commitment”), and the ING Credit Agreement facility has a four year availability period (the “Availability Period”) through April 11, 2029 during which loans may be made and a stated maturity date of April 11, 2030 (the “Maturity Date”). Following the Availability Period, we will be required in certain circumstances to prepay loans prior to the Maturity Date. The ING Credit Agreement provides for the issuance of letters of credit during the Availability Period in an aggregate amount of $25 million. Borrowings under the ING Credit Agreement may be used for general corporate purposes, including making investments and permitted distributions.

All obligations under the ING Credit Agreement are secured by a first-priority security interest (subject to certain exceptions) in substantially all of the present and future property and assets of us and of the current and certain future subsidiaries of us and guaranteed by such subsidiaries.

See Note 6. Borrowings for additional information on the ING Credit Agreement.

As of June 30, 2025, we were in compliance with all financial covenants under the ING Credit Agreement.

JPM SPV Facility

On February 24, 2023, we entered into a loan and security agreement (as amended and/or restated from time to time, the “JPM Loan and Security Agreement”) among OSCF Lending SPV, LLC (“OSCF Lending SPV”), a wholly owned subsidiary of us, as borrower, us, as parent and servicer, Citibank, N.A., as collateral agent and securities intermediary, Virtus Group, LP, as collateral administrator, the lenders party thereto, and JPMorgan Chase Bank, National Association (“JPM”), as administrative agent, pursuant to which JPM agreed to extend credit to OSCF Lending SPV in an aggregate principal amount up to $500 million.

The obligations of OSCF Lending SPV under the JPM Loan and Security Agreement are secured by all of the assets held by OSCF Lending SPV.

See Note 6. Borrowings for additional information on the JPM Loan and Security Agreement.

SMBC SPV Facility

On September 29, 2023, we entered into a loan and security agreement (as amended and/or restated from time to time, the “SMBC Loan and Security Agreement”) among OSCF Lending III SPV, LLC (“OSCF Lending III SPV”), a wholly owned subsidiary of us, as borrower, us, as transferor and servicer, Citibank, N.A., as the account bank, Virtus Group, LP, as collateral custodian, the lenders party thereto, and Sumitomo Mitsui Banking Corporation (“SMBC”), as administrative agent and

collateral agent, pursuant to which SMBC agreed to extend credit to OSCF Lending III SPV in an aggregate principal amount up to $150 million at any one time outstanding.

The obligations of OSCF Lending III SPV under the SMBC Loan and Security Agreement are secured by all of the assets held by OSCF Lending III SPV.

See Note 6. Borrowings for additional information on the SMBC Loan and Security Agreement.

CIBC SPV Facility

On November 21, 2023, we entered into a loan and servicing agreement (as amended and/or restated from time to time, the “CIBC Loan and Servicing Agreement”) among OSCF Lending V SPV, LLC (“OSCF Lending V SPV”), a wholly owned subsidiary of us, as borrower, we, as transferor and servicer, Computershare Trust Company, N.A., as securities intermediary, collateral custodian, collateral agent and collateral administrator, the lenders party thereto, and Canadian Imperial Bank of Commerce (“CIBC”), as administrative agent, pursuant to which CIBC agreed to extend credit to OSCF Lending V SPV in an aggregate principal amount up to $150 million at any one time outstanding.

Subject to certain conditions, including consent of the lenders and CIBC as administrative agent, during the availability period, OSCF Lending V SPV may propose up to four increases in the CIBC Maximum Commitment up to an amount not to exceed $500 million in the aggregate. On April 26, 2024, we increased the CIBC Maximum Commitment to $350 million.

The obligations of OSCF Lending V SPV under the CIBC Loan and Servicing Agreement are secured by all of the assets held by OSCF Lending V SPV, including loans it has made or acquired.

See Note 6. Borrowings for additional information on the CIBC Loan and Servicing Agreement.

DBNY SPV Facility

On February 15, 2024, we entered into a loan financing and servicing agreement (as amended and/or restated from time to time, the “DBNY Loan Financing and Servicing Agreement”), among OSCF Lending IV SPV, LLC (“OSCF Lending IV SPV”), a wholly owned subsidiary of us, as borrower, we, as servicer and equityholder, the lenders party thereto, Deutsche Bank AG, New York Branch (“DBNY”), as facility agent, the other agents parties thereto and Deutsche Bank National Trust Company, as collateral agent and collateral custodian, pursuant to which DBNY has agreed to extend credit to OSCF Lending IV SPV in an aggregate principal amount up to $300 million at any one time outstanding.

See Note 6. Borrowings for additional information on the DBNY Loan Financing and Servicing Agreement.

MS SPV Facility

On February 23, 2024, we entered into a loan and servicing agreement (as amended and/or restated from time to time, the “MS Loan and Servicing Agreement”), among OSCF Lending II SPV, LLC (“OSCF Lending II SPV”), a wholly owned subsidiary of us, as borrower, we, as transferor and servicer, Citibank, N.A., as the collateral agent, account bank and collateral custodian, Virtus Group, LP, as collateral administrator, each of the lenders from time to time party thereto, and Morgan Stanley Asset Funding, Inc. (“MS”), as the administrative agent, pursuant to which MS has agreed to extend credit to OSCF Lending II SPV in an aggregate principal amount up to $200 million (the “MS Maximum Commitment”) at any one time outstanding.

The obligations of OSCF Lending II SPV under the MS Loan and Servicing Agreement are secured by all of the assets held by OSCF Lending II SPV, including certain loans it has made or acquired, except for certain Retained Interests (as defined in the MS Loan and Servicing Agreement).

See Note 6. Borrowings for additional information on the MS Loan and Servicing Agreement.

2028 Unsecured Notes

On November 14, 2023, we issued $350 million aggregate principal amount of our 8.400% Notes due 2028 (the “2028 Unsecured Notes”) pursuant to an indenture, dated as of November 14, 2023 (the “Base Indenture”), between us and Deutsche

Bank Trust Company Americas, as trustee, and a first supplemental indenture (the “First Supplemental Indenture”) to the Base Indenture.

The 2028 Unsecured Notes mature on November 14, 2028, unless previously redeemed or repurchased in accordance with their terms. The 2028 Unsecured Notes bear interest at a rate of 8.400% per year payable semi-annually in arrears on May 14 and November 14 of each year, commencing on May 14, 2024. The 2028 Unsecured Notes are our direct, unsecured obligations and rank senior in right of payment to our future indebtedness that is expressly subordinated in right of payment to the 2028 Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The First Supplemental Indenture contains certain covenants, including a covenant requiring us to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC and to provide financial information to the holders of the 2028 Unsecured Notes and the trustee if we should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the First Supplemental Indenture.

In connection with the 2028 Unsecured Notes, we entered into an interest rate swap to more closely align the interest rate payable on the 2028 Unsecured Notes with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 8.400% and pay a floating interest rate of the three-month SOFR plus 4.0405% on a notional amount of $350 million.

2029 Unsecured Notes

On July 23, 2024, we issued $400 million aggregate principal amount of our 6.500% Notes due 2029 (the “2029 Unsecured Notes”) pursuant to the Base Indenture and a second supplemental indenture (the “Second Supplemental Indenture”) to the Base Indenture.

The 2029 Unsecured Notes mature on July 23, 2029, unless previously redeemed or repurchased in accordance with their terms. The 2029 Unsecured Notes bear interest at a rate of 6.500% per year payable semi-annually in arrears on January 23 and July 23 of each year. The 2029 Unsecured Notes are our direct, unsecured obligations and rank senior in right of payment to our future indebtedness that is expressly subordinated in right of payment to the 2029 Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The Second Supplemental Indenture contains certain covenants, including a covenant requiring us to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC and to provide financial information to the holders of the 2029 Unsecured Notes and the Notes Trustee if we should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the Second Supplemental Indenture.

In connection with the 2029 Unsecured Notes, we entered into an interest rate swap to more closely align the interest rate payable on the 2029 Unsecured Notes with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 6.500% and pays a floating interest rate of the three-month SOFR plus 2.5954% on a notional amount of $400 million.

Below is a summary of our credit facilities as of June 30, 2025 and September 30, 2024:


	June 30, 2025
($ in millions)	Aggregate Principal Committed		Outstanding Principal		Unfunded Commitment		Unamortized Debt Financing Costs		Availability Period	Maturity Date
ING Credit Agreement	$	1,235.0	$	630.0	$	605.0	$	9.0	4/11/2029	4/11/2030
JPM SPV Facility	500.0		375.0		125.0		4.4		5/29/2027	5/29/2029
SMBC SPV Facility	150.0		75.5		74.5		1.3		9/29/2026	9/29/2028
CIBC SPV Facility	350.0		245.0		105.0		0.4		11/21/2025	11/21/2025
DBNY SPV Facility	300.0		180.0		120.0		2.5		2/15/2027	2/15/2029
MS SPV Facility	200.0		133.4		66.6		1.8		2/23/2027	2/23/2029
Total	$	2,735.0	$	1,638.9	$	1,096.1	$	19.4


	September 30, 2024
($ in millions)	Aggregate Principal Committed		Outstanding Principal		Unfunded Commitment		Unamortized Debt Financing Costs		Availability Period	Maturity Date
ING Credit Agreement	$	1,185.0	$	415.0	$	770.0	$	6.8	6/28/2027	6/28/2028
JPM SPV Facility	500.0		230.0		270.0		5.2		5/29/2027	5/29/2029
SMBC SPV Facility	150.0		100.0		50.0		1.6		9/29/2026	9/29/2028
CIBC SPV Facility	350.0		225.0		125.0		1.3		11/21/2025	11/21/2025
DBNY SPV Facility	300.0		100.0		200.0		3.0		2/15/2027	2/15/2029
MS SPV Facility	200.0		25.0		175.0		2.2		2/23/2027	2/23/2029
Total	$	2,685.0	$	1,095.0	$	1,590.0	$	20.1

Below is a summary of our unsecured notes as of June 30, 2025 and September 30, 2024:


	June 30, 2025
($ in millions)	Outstanding Principal		Unamortized Financing Costs		Unaccreted Discount		Swap Fair Value Adjustment		Carrying Value		Fair Value		Maturity Date
2028 Unsecured Notes	$	350.0	$	(3.1)	$	(1.2)	$	9.0	$	354.7	$	377.1	11/14/2028
2029 Unsecured Notes	400.0		(4.1)		(1.9)		6.1		400.1		409.1		7/23/2029
Total	$	750.0	$	(7.2)	$	(3.1)	$	15.1	$	754.8	$	786.2


	September 30, 2024
($ in millions)	Outstanding Principal		Unamortized Financing Costs		Unaccreted Discount		Swap Fair Value Adjustment		Carrying Value		Fair Value		Maturity Date
2028 Unsecured Notes	$	350.0	$	(3.7)	$	(1.5)	$	12.4	$	357.2	$	378.6	11/14/2028
2029 Unsecured Notes	400.0		(4.8)		(2.3)		9.2		402.1		412.0		7/23/2029
Total	$	750.0	$	(8.5)	$	(3.8)	$	21.6	$	759.3	$	790.6

The table below presents the components of interest expense for the following periods:


($ in millions, except percentage)	Three Months Ended June 30, 2025			Three Months Ended June 30, 2024			Nine Months Ended June 30, 2025			Nine Months Ended June 30, 2024
Stated interest expense	$	35.2		$	27.3		$	107.6		$	62.5
Credit facility fees	2.6			1.8			8.2			4.6
Amortization of debt financing costs	2.2			1.7			6.5			4.1
Effect of interest rate swaps	0.5			0.9			2.6			2.4
Total interest expense	$	40.5		$	31.7		$	124.9		$	73.6
Weighted average interest rate (1)	6.915		%	8.418		%	7.117		%	8.341		%
Weighted average outstanding balance	$	2,042.4		$	1,366.9		$	2,027.2		$	1,035.1

_____________________

(1) The weighted average interest rate includes the effect of the interest rate swaps and excludes the impact of credit facility fees and amortization of debt financing costs.

Regulated Investment Company Status and Distributions

We anticipate that we will make quarterly distributions of at least 90% of our realized net ordinary income and net short-term capital gains in excess of our net long-term capital losses, if any, then available for distribution, each as determined by our Board in accordance with applicable law. Any distributions will be declared out of assets legally available for distribution. We expect quarterly distributions to be paid from income primarily generated by interest earned on our investments, although distributions to shareholders may also include a return of capital.

We have elected to be treated, and intend to qualify annually to be treated, as a RIC under Subchapter M of the Code. To maintain RIC qualification, we must distribute to our shareholders, for each tax year, at least 90% of our “investment company taxable income” for that year. In order to avoid certain excise taxes imposed on RICs, we intend to distribute during each calendar year an amount at least equal to the sum of: (1) 98% of our ordinary income for the calendar year; (2) 98.2% of our capital gain net income (both long-term and short-term) for the one-year period ending on October 31 of the calendar year; and, (3) any undistributed ordinary income and capital gain net income for preceding years on which we paid no U.S. federal income tax less certain over-distributions in prior years. In addition, although we currently intend to distribute realized net capital gains (i.e., net long term capital gains in excess of short term capital losses), if any, at least annually, we may in the future decide to retain such capital gains for investment, pay U.S. federal income tax on such amounts at regular corporate tax rates, and elect to treat such gains as deemed distributions to shareholders. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, to the extent that we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the Investment Company Act or if distributions are limited by the terms of any of our borrowings.

Depending on the level of taxable income and net capital gain earned in a year, we may choose to carry forward taxable income or net capital gain for distribution in the following year and pay the applicable U.S. federal excise tax. Distributions will be appropriately adjusted for any taxes payable by us or any direct or indirect subsidiary through which it invests (including any corporate, state, local, non-U.S. and withholding taxes). Any Incentive Fee to be paid to our Adviser will not be reduced to take into account any such taxes.

We may generate qualified net interest income or qualified net short-term capital gains that may be exempt from U.S. withholding tax when distributed to foreign shareholders. A RIC is permitted to designate distributions of qualified net interest income and qualified short-term capital gains as exempt from U.S. withholding tax when paid to non-U.S. shareholders with proper documentation.

Recent Developments

Share Issuances

On July 1, 2025, we issued and sold pursuant to our continuous public offering 5,979,739 Class I shares for proceeds of $138.4 million, 810,134 Class S shares for proceeds of $18.7 million and 4,051 Class D shares for proceeds of $0.1 million.

Distributions

On July 24, 2025, our Board of Trustees declared a regular distribution on our outstanding Common Shares in the amount per share set forth below:


	Gross Distribution		Shareholder Servicing and/or Distribution Fee		Net Distribution
Class I shares	$	0.2000	$	—	$	0.2000
Class S shares	$	0.2000	$	0.0164	$	0.1836
Class D shares	$	0.2000	$	0.0048	$	0.1952

The distribution was payable to shareholders of record as of July 29, 2025 and will be paid on August 27, 2025. The distribution was paid in cash or reinvested in Common Shares for shareholders participating in our distribution reinvestment plan.

Amendments to Credit Agreements

On July 3, 2025, we entered into Amendment No. 3 (the “JPM Amendment”) to the JPM Loan and Security Agreement. Among other things, the JPM Amendment:

•increased the commitment under the JPM Loan and Security Agreement from $500 million to $700 million;

•extended the reinvestment period from May 29, 2027 to July 3, 2029; and

•extended the final maturity date from May 29, 2029 to July 3, 2030.

On July 3, 2025, we also entered into First Amendment to Loan and Servicing Agreement (the “MS Amendment”) to the MS Loan and Servicing Agreement. Among other things, the MS Amendment:

•increased the commitment under the MS Loan and Servicing Agreement from $200 million to $400 million;

•adds an “accordion” feature that allows the borrower, subject to certain conditions, to propose one or more increases in the maximum commitment up to an amount not to exceed $600 million;

•extended the reinvestment period from February 23, 2027 to July 3, 2028; and

•extended the final maturity date from February 23, 2029 to July 3, 2029.

On July 3, 2025, we repaid all outstanding borrowings under the CIBC Loan and Servicing Agreement, following which the CIBC Loan and Servicing Agreement was terminated. Obligations under the CIBC Loan and Servicing Agreement would have otherwise matured on November 21, 2025.

On July 25, 2025, we entered into an Omnibus Amendment to Transaction Documents and Fourth Amendment (collectively, the “DBNY Amendment”) to the DBNY Loan Financing and Servicing Agreement. Among other things, the DBNY Amendment:

•increased the commitment under the DBNY Loan Financing and Servicing Agreement from $300 million to $400 million;

•reduced the interest rate margin on SOFR loans from 2.40% to 1.60%;

•extended the reinvestment period from February 15, 2027 to July 25, 2028;

•extended the final maturity date from February 15, 2029 to July 25, 2029; and

•appointed Computershare Trust Company, N.A. to replace Deutsche Bank National Trust Company as collateral agent and collateral custodian.

2030 Unsecured Notes

On July 15, 2025, we issued $400 million aggregate principal amount of our 6.190% Notes due 2030 (the “2030 Unsecured Notes”) pursuant to the Base Indenture and a third supplemental indenture (the “Third Supplemental Indenture”) to the Base Indenture.

The 2030 Unsecured Notes bear interest at a rate of 6.190% per year payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2026. The 2030 Unsecured Notes are our direct, unsecured obligations and rank senior in right of payment to our future indebtedness that is expressly subordinated in right of payment to the 2030 Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The Third Supplemental Indenture contains certain covenants, including a covenant requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC and to provide financial information to the holders of the 2030 Unsecured Notes and the trustee if we should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the Third Supplemental Indenture.

In connection with the 2030 Unsecured Notes, we entered into an interest rate swap to more closely align the interest rate payable on the 2030 Unsecured Notes with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 6.190% and pays a floating interest rate of the three-month SOFR plus 2.49255% on a notional amount of $400 million.

Amendment and Restatement of Amended and Restated Declaration of Trust

On August 11, 2025, we amended and restated our Amended and Restated Declaration of Trust in order to (1) revise the definition of “Liquidity Event” to include the receipt by shareholders of listed equity securities, not unlisted equity securities, and (2) clarify that we may not purchase or lease assets in which a Trustee, the Adviser or any of its affiliates have an interest unless, among other things, the transaction was fully disclosed to shareholders in a prospectus or in a periodic report and occurred at our formation.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in the valuations of our investment portfolio and interest rates.

Valuation Risk

Our investments often do not have a readily available market price, and we value these investments at fair value as determined in good faith by our Adviser, as the valuation designee appointed by our Board of Trustees pursuant to Rule 2a-5 under the Investment Company Act. There is no single standard for determining fair value in good faith and valuation methodologies involve a significant degree of judgment. In addition, our valuation methodology utilizes discount rates in part in valuing our investments, and changes in those discount rates may have an impact on the valuation of our investments. Accordingly, valuations by us do not necessarily represent the amounts which may eventually be realized from sales or other dispositions of investments. Estimated fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to our consolidated financial statements.

Interest Rate Risk

We are subject to financial market risks, including changes in interest rates. Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments, cash and cash equivalents and idle funds investments. Our risk management procedures are designed to identify and analyze our risk, to set appropriate policies and to continually monitor these risks. Our investment income will be affected by changes in various interest rates, including SOFR, EURIBOR, SONIA, NIBOR, CORRA, TONA and prime rates, to the extent our debt investments include floating interest rates.

As of June 30, 2025, 93.3% of our debt investment portfolio at fair value bore interest at floating rates. As of September 30, 2024, 92.0% of our debt investment portfolio at fair value bore interest at floating rates. The composition of our floating rate debt investments by interest rate floor as of June 30, 2025 and September 30, 2024 was as follows:


	June 30, 2025				September 30, 2024
($ in thousands)	Fair Value		% of Floating Rate Portfolio		Fair Value		% of Floating Rate Portfolio
0%	$	1,485,884	25.16	%	$	1,213,996	29.01	%
>0% and <1%	2,856,947		48.39		1,605,162		38.36
1%	1,306,971		22.14		1,065,864		25.47
>1%	254,486		4.31		299,686		7.16
Total	$	5,904,288	100.00	%	$	4,184,708	100.00	%

Based on our Consolidated Statement of Assets and Liabilities as of June 30, 2025, the following table shows the approximate annualized net increase (decrease) in net assets resulting from operations (excluding the impact of any potential incentive fees) of hypothetical base rate changes in interest rates, assuming no changes in our investment and capital structure. However, there can be no assurances our portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.


Basis point increase ($ in thousands)	Increase in Interest Income		(Increase) in Interest Expense		Net increase in net assets resulting from operations
250	$	149,331	$	(59,723)	$	89,608
200	119,465		(47,778)		71,687
150	89,599		(35,834)		53,765
100	59,732		(23,889)		35,843
50	29,866		(11,945)		17,921


Basis point decrease ($ in thousands)	(Decrease) in Interest Income		Decrease in Interest Expense		Net (decrease) in net assets resulting from operations
50	$	(29,391)	$	11,945	$	(17,446)
100	(58,493)		23,889		(34,604)
150	(87,058)		35,834		(51,224)
200	(115,162)		47,778		(67,384)
250	(141,839)		59,723		(82,116)

We regularly measure exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on this review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. The interest rate on the principal balance outstanding for primarily all floating rate loans is indexed to the SOFR and/or an alternate base rate, which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. The following table shows a comparison of the interest rate base for our outstanding debt investments, at principal, and our outstanding borrowings as of June 30, 2025 and September 30, 2024:


	June 30, 2025				September 30, 2024
($ in thousands)	Debt Investments		Borrowings		Debt Investments		Borrowings
Prime rate	$	7,727	$	—	$	4,826	$	—
CORRA
30 day	$	21,164	—		—		—
EURIBOR
30 day	€	62,099	—		€	—	—
90 day	211,759		—		182,623		—
180 day	90,395		—		34,034		—
NIBOR
90 day	kr	68,811	—		kr	69,157	—
SOFR
30 day	$	1,824,721	705,500		$	1,333,464	515,000
90 day (a)	2,998,208		1,683,400		2,284,431		1,330,000
180 day	396,459		—		213,125		—
SONIA	£	221,377	—		£	116,493	—
TONA	¥	2,262,960	—		—		—
Fixed rate	$	432,048	—		$	366,758	—

_____________________

(a) Borrowings include the 2028 Unsecured Notes and 2029 Unsecured Notes, which effectively pay interest at a floating rate under the terms of the interest rate swap.

Item 4. Controls and Procedures

As of the end of the period covered by this report, management, with the participation of the Company’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2025. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures

relative to their costs. Based on the evaluation of our disclosure controls and procedures as of June 30, 2025, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, in timely identifying, recording, processing, summarizing and reporting any material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act.

There were no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

Item 1. Legal Proceedings

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. We are not currently subject to any material legal proceedings, and, to our knowledge, no material legal proceeding is threatened against us.

Item 1A. Risk Factors

In addition to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2024, we are subject to the following risk:

Tariffs may adversely affect us or our portfolio companies.

Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could affect their results of operations. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us or our portfolio companies.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

There were no unregistered sales of our equity securities during the three months ended June 30, 2025.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended June 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:


Exhibit						Description
3.1*						Fourth Amended and Restated Declaration of Trust of the Registrant.
3.2*						Amended and Restated Bylaws of Registrant.
10.1						Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated as of April 11, 2025, by and among the Registrant, as borrower, OSCF Blocker Holdings, Inc., as subsidiary guarantor, the lenders party thereto and ING Capital LLC, as administrative agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01471), filed on April 16, 2025).
31.1*						Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*						Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*						Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*						Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*						Inline XBRL Taxonomy Extension Schema Document.
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


*			Filed herewith.

SIGNATURES

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



OAKTREE STRATEGIC CREDIT FUND

By:						/s/ Armen Panossian
						Armen Panossian
						Chairman, Chief Executive Officer and Co-Chief Investment Officer

By:						/s/ Christopher McKown
						Christopher McKown
						Chief Financial Officer and Treasurer