Filed pursuant to Rule 424(b)(3)
File No. 333-284097

OAKTREE STRATEGIC CREDIT FUND

SUPPLEMENT NO. 3 DATED MAY 15, 2025

TO THE PROSPECTUS DATED JANUARY 14, 2025

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Oaktree Strategic Credit Fund (“we,” “our” or the “Company”), dated January 14, 2025 (as supplemented to date, the “Prospectus”). The Prospectus has been filed with the U.S. Securities and Exchange Commission and is available free of charge at www.sec.gov. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purpose of this Supplement is to amend, supplement or modify certain information contained in the Prospectus by including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2025

On May 14, 2025, we filed our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

OR

☐ 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	87-6827742
(State or jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
333 South Grand Avenue, 28th Floor Los Angeles, CA	90071 (Zip Code)
(Address of principal executive office)

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 ☒ 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 ☒ 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 ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller reporting company ☐
Emerging growth company ☒

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 ☒

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

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 May 12, 2025*
Class I shares of beneficial interest, $0.01 par value		122,006,887
Class S shares of beneficial interest, $0.01 par value		53,493,896
Class D shares of beneficial interest, $0.01 par value		157,023
Class T shares of beneficial interest, $0.01 par value		—

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

As of March 31, 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 MARCH 31, 2025

TABLE OF CONTENTS

PART I
Item 1.	Consolidated Financial Statements:	3
	Consolidated Statements of Assets and Liabilities as of March  31, 2025 (unaudited) and September 30, 2024	3
	Consolidated Statements of Operations (unaudited) for the three and six months ended March 31, 2025 and 2024	5
	Consolidated Statements of Changes in Net Assets (unaudited) for the three and six months ended March 31, 2025 and 2024	6
	Consolidated Statements of Cash Flows (unaudited) for the six months ended March 31, 2025 and 2024	7
	Consolidated Schedule of Investments (unaudited) as of March  31, 2025	9
	Consolidated Schedule of Investments as of September 30, 2024	23
	Notes to Consolidated Financial Statements (unaudited)	36
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	82
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	105
Item 4.	Controls and Procedures	106
PART II
Item 1.	Legal Proceedings	107
Item 1A.	Risk Factors	107
Item 2.	Unregistered Sales of Securities and Use of Proceeds	107
Item 3.	Defaults Upon Senior Securities	107
Item 4.	Mine Safety Disclosures	107
Item 5.	Other Information	107
Item 6.	Exhibits	108
Signatures		109

2

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)

	March 31, 2025 (unaudited)			September 30, 2024
ASSETS
Assets:
Investments – Non-control/Non-affiliate, at fair value (cost March 31, 2025: $5,812,788; cost September 30, 2024: $4,530,412)	$	5,821,583		$	4,576,233
Cash and cash equivalents		247,367			480,836
Restricted cash		40,806			43,328
Interest receivable		33,876			34,549
Due from broker		7,040			—
Receivables from unsettled transactions		5,528			45,731
Deferred financing costs		17,275			20,150
Deferred offering costs		1,237			554
Derivative assets at fair value		8,610			21,546
Other assets		231			439
Total assets	$	6,183,553		$	5,223,366
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	3,126		$	2,886
Dividends payable		31,581			26,238
Base management fee and incentive fee payable		15,681			17,395
Subscription received in advance		35,000			—
Payable for share repurchases		21,603			14,635
Due to broker		—			4,040
Due to affiliates		2,737			3,727
Interest payable		26,612			26,370
Payables from unsettled transactions		224,303			97,396
Director fees payable		—			116
Derivative liabilities at fair value		7,676			11,927
Deferred tax liability		33			8
Credit facilities payable		1,290,500			1,095,000
Unsecured notes payable (net of $7,603 and $8,526 of unamortized financing costs as of March 31, 2025 and September 30, 2024, respectively)		747,687			759,288
Total liabilities		2,406,539			2,059,026
Commitments and contingencies (Note 12)
Net assets:
Common shares, $0.01 par value per share; unlimited shares authorized, 162,226 and 134,288 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively		1,622			1,343
Additional paid-in-capital		3,827,485			3,170,746
Accumulated distributable earnings (loss)		(52,093	)		(7,749	)
Total net assets (equivalent to $23.28 and $23.56 per common share as of March 31, 2025 and September 30, 2024, respectively) (Note 10)		3,777,014			3,164,340
Total liabilities and net assets	$	6,183,553		$	5,223,366

See notes to Consolidated Financial Statements.

3

Oaktree Strategic Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)

NET ASSET VALUE PER SHARE	March 31, 2025 (unaudited)		September 30, 2024
Class I Shares:
Net assets	$	2,561,941	$	2,118,000
Common shares outstanding ($ 0.01 par value, unlimited shares authorized)		110,042		89,884
Net asset value per share	$	23.28	$	23.56
Class S Shares:
Net assets	$	1,211,427	$	1,044,424
Common shares outstanding ($ 0.01 par value, unlimited shares authorized)		52,027		44,323
Net asset value per share	$	23.28	$	23.56
Class D Shares:
Net assets	$	3,646	$	1,916
Common shares outstanding ($ 0.01 par value, unlimited shares authorized)		157		81
Net asset value per share	$	23.28	$	23.56

See notes to Consolidated Financial Statements.

4

Oaktree Strategic Credit Fund

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

	Three months ended March 31, 2025			Three months ended March 31, 2024			Six months ended March 31, 2025			Six months ended March 31, 2024
Interest income:
Non-control/Non-affiliate investments	$	136,049		$	90,546		$	270,111		$	158,283
Interest on cash and cash equivalents		3,686			3,215			7,619			6,050
Total interest income		139,735			93,761			277,730			164,333
PIK interest income:
Non-control/Non-affiliate investments		2,499			2,045			5,194			2,666
Total PIK interest income		2,499			2,045			5,194			2,666
Fee income:
Non-control/Non-affiliate investments		2,367			1,250			3,313			1,651
Total fee income		2,367			1,250			3,313			1,651
Total investment income		144,601			97,056			286,237			168,650
Expenses:
Base management fee		11,471			7,242			21,933			12,998
Investment income incentive fee		10,942			7,980			21,691			13,734
Capital gains incentive fee		(3,044	)		319			(2,472	)		2,460
Professional fees		1,389			613			2,430			1,448
Class S and Class D distribution and shareholder servicing fees		2,513			1,614			4,865			2,895
Board of trustees fees		116			116			232			207
Organization expenses		1			4			2			4
Amortization of continuous offering costs		552			211			919			433
Interest expense		41,977			24,180			84,397			41,920
Administrator expense		358			417			606			719
General and administrative expenses		658			431			1,496			1,055
Total expenses		66,933			43,127			136,099			77,873
Expense reimbursements (support) (Note 9)		—			—			—			1,045
Net expenses		66,933			43,127			136,099			78,918
Net investment income before taxes		77,668			53,929			150,138			89,732
(Provision) benefit for taxes on net investment income		(414	)		—			(679	)		—
Net investment income		77,254			53,929			149,459			89,732
Unrealized appreciation (depreciation):
Non-control/Non-affiliate investments		(3,861	)		(3,220	)		(34,201	)		18,557
Foreign currency forward contracts		(27,052	)		2,565			4,251			(2,293	)
Net unrealized appreciation (depreciation)		(30,913	)		(655	)		(29,950	)		16,264
Realized gains (losses):
Non-control/Non-affiliate investments		(1,601	)		3,789			2,444			2,711
Foreign currency forward contracts		8,141			(442	)		7,773			1,089
Net realized gains (losses)		6,540			3,347			10,217			3,800
Provision for income tax (expense) benefit		19			(144	)		(46	)		(385	)
Net realized and unrealized gains (losses), net of taxes		(24,354	)		2,548			(19,779	)		19,679
Net increase (decrease) in net assets resulting from operations	$	52,900		$	56,477		$	129,680		$	109,411

See notes to Consolidated Financial Statements.

5

Oaktree Strategic Credit Fund

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(unaudited)

	Three months ended March 31, 2025			Three months ended March 31, 2024			Six months ended March 31, 2025			Six months ended March 31, 2024
Operations:
Net investment income	$	77,254		$	53,929		$	149,459		$	89,732
Net unrealized appreciation (depreciation)		(30,913	)		(655	)		(29,950	)		16,264
Net realized gains (losses)		6,540			3,347			10,217			3,800
Provision for income tax (expense) benefit		19			(144	)		(46	)		(385	)
Net increase (decrease) in net assets resulting from operations		52,900			56,477			129,680			109,411
Distributions to common shareholders:
Class I		(63,188	)		(39,142	)		(120,178	)		(71,534	)
Class S		(27,847	)		(17,405	)		(53,710	)		(31,880	)
Class D		(77	)		(25	)		(136	)		(34	)
Net decrease in net assets resulting from distributions		(91,112	)		(56,572	)		(174,024	)		(103,448	)
Share transactions:
Class I:
Issuance of Common shares in private and public offering		300,563			301,199			474,548			610,377
Share transfers between classes		—			252			1,056			252
Issuance of Common shares under distribution reinvestment plan		11,063			8,013			21,528			13,152
Repurchased shares, net of early repurchase deduction		(10,271	)		(5,813	)		(23,233	)		(14,542	)
Net increase from share transactions		301,355			303,651			473,899			609,239
Class S:
Issuance of Common shares in public offering		97,928			155,916			174,781			315,146
Share transfers between classes		—			(252	)		(1,056	)		(252	)
Issuance of Common shares under distribution reinvestment plan		14,113			8,035			27,146			14,541
Repurchased shares, net of early repurchase deduction		(11,652	)		(2,404	)		(19,522	)		(4,201	)
Net increase from share transactions		100,389			161,295			181,349			325,234
Class D:
Issuance of Common shares in public offering		1,138			715			1,793			1,094
Issuance of Common shares under distribution reinvestment plan		28			9			54			11
Repurchased shares, net of early repurchase deduction		—			—			(77	)		—
Net increase from share transactions		1,166			724			1,770			1,105
Total increase (decrease) in net assets		364,698			465,575			612,674			941,541
Net assets at beginning of period		3,412,316			2,005,171			3,164,340			1,529,205
Net assets at end of period	$	3,777,014		$	2,470,746		$	3,777,014		$	2,470,746
Net asset value per common share	$	23.28		$	23.61		$	23.28		$	23.61
Common shares outstanding at end of period		162,226			104,627			162,226			104,627

See notes to Consolidated Financial Statements.

6

Oaktree Strategic Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Six months ended March 31, 2025			Six months ended March 31, 2024
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	129,680		$	109,411
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net unrealized (appreciation) depreciation		29,950			(16,264	)
Net realized (gains) losses		(10,217	)		(3,800	)
PIK interest income		(5,194	)		(2,666	)
Accretion of original issue discount on investments		(17,018	)		(11,951	)
Accretion of original issue discount on unsecured notes payable		413			133
Amortization of deferred financing costs		3,854			2,263
Amortization of deferred offering costs		919			433
Deferred taxes		25			—
Purchases of investments		(2,040,284	)		(1,961,240	)
Proceeds from the sales and repayments of investments		793,883			406,530
Changes in operating assets and liabilities:
(Increase) decrease in due from affiliates		—			861
(Increase) decrease in interest receivable		673			(10,979	)
(Increase) decrease in receivables from unsettled transactions		40,203			(6,055	)
(Increase) decrease in due from broker		(7,040	)		—
(Increase) decrease in other assets		208			(1,111	)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(1	)		(181	)
Increase (decrease) in base management fee and incentive fees payable		(1,714	)		8,166
Increase (decrease) in due to broker		(4,040	)		—
Increase (decrease) in due to affiliates		(1,157	)		(5,660	)
Increase (decrease) in interest payable		242			7,362
Increase (decrease) in payables from unsettled transactions		126,907			100,627
Increase (decrease) in director fees payable		(116	)		—
Net cash used in operating activities		(959,824	)		(1,384,121	)
Financing activities:
Distributions paid in cash		(119,953	)		(67,358	)
Borrowings under credit facilities		410,000			400,000
Repayments of borrowings under credit facilities		(214,500	)		—
Issuance of unsecured notes		—			348,236
Proceeds from issuance of common shares		651,122			926,617
Deferred financing costs paid		(62	)		(11,099	)
Deferred offering costs paid		(1,194	)		(233	)
Share repurchases paid		(35,866	)		(16,179	)
Subscription received in advance		35,000			—
Net cash provided by financing activities		724,547			1,579,984
Effect of exchange rate changes on foreign currency		(714	)		(638	)
Net increase (decrease) in cash and cash equivalents and restricted cash		(235,991	)		195,225
Cash and cash equivalents and restricted cash, beginning of period		524,164			151,136
Cash and cash equivalents and restricted cash, end of period	$	288,173		$	346,361
Supplemental information:
Cash paid for interest	$	79,888		$	32,161
Non-cash financing activities:
Deferred financing costs incurred	$	—		$	688
Deferred offering costs incurred		408			525
Distribution payable		31,581			20,413
Reinvestment of dividends during the period		48,728			27,704
Shares repurchases accrued but not yet paid		21,603			7,901

7

Oaktree Strategic Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Reconciliation to the Statements of Assets and Liabilities	March 31, 2025		September 30, 2024
Cash and cash equivalents	$	247,367	$	480,836
Restricted cash		40,806		43,328
Total cash and cash equivalents and restricted cash	$	288,173	$	524,164

See notes to Consolidated Financial Statements.

8

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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 Fair Street LLC	Real Estate Development	First Lien Term Loan						13.00	%				4/17/2025			$	2,869	$	2,868		$	2,824		(8)(9)(11)
107-109 Beech OAK22 LLC	Real Estate Development	First Lien Revolver						11.00	%				2/27/2026				18,624		18,495			18,488		(8)(9)
112-126 Van Houten Real22 LLC	Real Estate Development	First Lien Term Loan						13.00	%				5/19/2025				4,633		4,629			4,581		(8)(9)(11)
1261229 BC LTD	Pharmaceuticals	Fixed Rate Bond						10.00	%				4/15/2032				22,200		22,200			22,088		(10)
1261229 BC LTD	Pharmaceuticals	First Lien Term Loan	SOFR+		6.25	%		10.57	%				9/25/2030				47,800		46,605			46,067		(5)(10)
1440 Foods Topco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+		5.00	%		9.32	%				10/31/2031				62,388		59,109			60,263		(5)
AB BSL CLO 4	Multi-Sector Holdings	CLO Notes	SOFR+		5.50	%		9.79	%				4/20/2036				3,800		3,800			3,805		(5)(10)
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+		4.25	%		8.54	%				8/18/2028				48,206		47,791			48,280		(5)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+		4.75	%		9.05	%				11/1/2029				725		651			725		(5)(8)(9)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+		4.75	%		9.05	%				11/1/2029				9,420		9,420			9,420		(5)(8)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Revolver	SOFR+		4.75	%							10/30/2029				—		(13	)		—		(5)(8)(9)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+		5.75	%							9/27/2031			€	—		(88	)		(85	)	(5)(8)(9)(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		37,276			36,083		(5)(8)(10)
ACP Falcon Buyer Inc	Systems Software	First Lien Term Loan	SOFR+		5.50	%		9.81	%				8/1/2029			$	34,233		33,492			34,203		(5)(8)
ACP Falcon Buyer Inc	Systems Software	First Lien Revolver	SOFR+		5.50	%							8/1/2029				—		(116	)		(5	)	(5)(8)(9)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+		7.00	%		11.44	%				10/30/2026				11,166		11,040			11,166		(5)(8)
ADC Therapeutics SA	Biotechnology	First Lien Term Loan	SOFR+		7.50	%		11.94	%				8/15/2029				10,406		10,072			10,146		(5)(8)(10)
ADC Therapeutics SA	Biotechnology	Warrants													45,727		—		275			9		(8)(10)
AIP RD Buyer Corp.	Distributors	Common Stock													4,560		—		428			573		(8)
Allegro CLO XII	Multi-Sector Holdings	CLO Notes	SOFR+		7.40	%		11.69	%				7/21/2037				4,400		4,400			4,408		(5)(10)
Alto Pharmacy Holdings, Inc.	Health Care Technology	First Lien Term Loan						5.50	%		5.50	%	10/14/2027				12,782		12,220			12,175		(8)
Alto Pharmacy Holdings, Inc.	Health Care Technology	Preferred Equity													899,513		—		949			935		(8)
Alto Pharmacy Holdings, Inc.	Health Care Technology	Warrants													878,545		—		943			676		(8)
American Auto Auction Group, LLC	Diversified Support Services	Second Lien Term Loan	SOFR+		8.75	%		13.20	%				1/2/2029				6,901		6,826			6,832		(5)(8)
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+		5.50	%		9.82	%				12/6/2027				93,261		92,309			93,261		(5)(8)
Ares LXVIII CLO	Multi-Sector Holdings	CLO Notes	SOFR+		5.75	%		10.05	%				4/25/2035				5,000		5,000			5,006		(5)(10)
Ares XLIV CLO	Multi-Sector Holdings	CLO Notes	SOFR+		7.13	%		11.43	%				4/15/2034				3,500		3,402			3,495		(5)(10)
Artera Services, LLC	Construction & Engineering	First Lien Term Loan	SOFR+		4.50	%		8.80	%				2/15/2031				53,805		53,372			51,167		(5)
Artera Services, LLC	Construction & Engineering	Fixed Rate Bond						8.50	%				2/15/2031				12,660		12,660			11,826
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+		5.00	%							3/6/2032				—		(59	)		(117	)	(5)(8)(9)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+		5.00	%		9.30	%				3/6/2032				47,861		47,150			47,157		(5)(8)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Revolver	SOFR+		5.00	%							3/6/2032				—		(133	)		(132	)	(5)(8)(9)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+		6.00	%		10.29	%				12/29/2027				993		984			965		(5)(8)(10)

9

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+		6.00	%		10.55	%				12/29/2027				4,788		4,744			4,654		(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				270		265			254		(5)(8)(9)(10)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+		6.75	%							2/25/2028				7,355		6,469			4,487		(5)(8)(12)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+		5.25	%							10/25/2028				8,316		6,305			—		(5)(8)(12)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+		4.00	%		8.42	%				8/19/2028				25,507		25,431			25,282		(5)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+		4.25	%		8.67	%				8/19/2028				33,867		33,283			33,606		(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				30,000		28,468			28,167
athenahealth Group Inc.	Health Care Technology	Preferred Equity													5,809		—		5,693			7,901		(8)
Aurelia Netherlands Midco 2 B.V.	Interactive Media & Services	First Lien Term Loan	E+		5.75	%		8.54	%				5/29/2031			€	49,005		52,062			52,803		(5)(8)(10)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Term Loan	SOFR+		5.00	%		9.32	%				12/5/2031			$	121,929		119,602			119,674		(5)(8)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Revolver	SOFR+		5.00	%		9.32	%				12/5/2029				1,044		800			810		(5)(8)(9)
Bain Capital Credit CLO 2022-3	Multi-Sector Holdings	CLO Notes	SOFR+		3.70	%		8.00	%				7/17/2035				3,500		3,379			3,498		(5)(10)
Bain Capital Credit CLO, Limited	Multi-Sector Holdings	CLO Notes	SOFR+		7.54	%		11.83	%				4/20/2034				1,750		1,733			1,756		(5)(10)
Bain Capital Euro CLO 2021-2	Multi-Sector Holdings	CLO Notes	E+		3.40	%		6.15	%				7/17/2034			€	1,210		1,252			1,303		(5)(10)
Ballyrock CLO 19	Multi-Sector Holdings	CLO Notes	SOFR+		7.11	%		11.40	%				4/20/2035			$	2,220		2,223			2,229		(5)(10)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+		5.25	%							9/30/2030				—		(15	)		(33	)	(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+		5.25	%							9/30/2030				—		—			(33	)	(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+		5.25	%		9.58	%				9/30/2030				3,904		3,829			3,865		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+		5.25	%		9.54	%				9/30/2030				25,574		24,992			25,318		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	E+		5.25	%		7.86	%				9/30/2030			€	15,873		16,435			16,975		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Revolver	SOFR+		5.25	%							10/1/2029				—		(117	)		(52	)	(5)(8)(9)
Barracuda Parent, LLC	Systems Software	First Lien Term Loan	SOFR+		6.50	%		10.83	%				8/15/2029			$	48,886		47,430			47,419		(5)(8)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan						3.00	%		10.00	%	4/19/2027				3,458		3,403			3,026		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan						3.00	%		10.00	%	4/19/2027				1,433		1,432			1,254		(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	Warrants													13,971		—		—			26		(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants													972		—		74			1		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants													279		—		—			—		(8)(10)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+		4.75	%							2/27/2031				—		(77	)		—		(5)(8)(9)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+		4.75	%		9.05	%				2/27/2031				32,866		32,562			32,866		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+		4.75	%		9.05	%				2/27/2031				49,625		48,997			49,625		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Revolver	SOFR+		4.75	%							2/27/2031				—		(190	)		—		(5)(8)(9)

10

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
Blackhawk Network Holdings, Inc.	Data Processing & Outsourced Services	First Lien Term Loan	SOFR+		4.00	%		8.32	%				3/12/2029				40,187		39,505			40,079		(5)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+		4.00	%		6.38	%				10/31/2030			€	12,027		11,755			12,326		(5)(8)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+		4.50	%		6.88	%				10/31/2030				36,081		35,265			36,979		(5)(8)(10)
Canyon CLO 2020-3	Multi-Sector Holdings	CLO Notes	SOFR+		7.15	%		11.45	%				10/15/2037			$	5,490		5,490			5,513		(5)(10)
Carlyle Euro CLO 2021-2	Multi-Sector Holdings	CLO Notes	E+		3.30	%		6.09	%				10/15/2035			€	1,400		1,385			1,508		(5)(10)
CBAM 2017-2, LTD.	Multi-Sector Holdings	CLO Notes	SOFR+		7.36	%		11.66	%				7/17/2034			$	488		458			475		(5)(10)
CD&R Firefly Bidco Limited	Other Specialty Retail	First Lien Term Loan	SONIA+		5.50	%		9.96	%				6/21/2028			£	26,657		32,641			34,482		(5)(10)
CD&R Firefly Bidco Limited	Other Specialty Retail	First Lien Term Loan	SONIA+		5.25	%		9.71	%				6/21/2028				18,365		22,964			23,723		(5)(10)
Centralsquare Technologies, LLC	Application Software	First Lien Term Loan	SOFR+		6.25	%		7.20	%		3.38	%	4/12/2030			$	30,562		29,943			30,517		(5)(8)
Centralsquare Technologies, LLC	Application Software	First Lien Revolver	SOFR+		5.75	%							4/12/2030				—		(71	)		(5	)	(5)(8)(9)
CIFC European Funding VI	Multi-Sector Holdings	CLO Notes	E+		5.96	%		9.38	%				10/15/2037			€	2,500		2,726			2,685		(5)(10)
Clear Channel Outdoor Holdings Inc	Advertising	First Lien Term Loan	SOFR+		4.00	%		8.44	%				8/21/2028			$	13,716		13,707			13,649		(5)(10)
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+		3.75	%		8.05	%				3/21/2031				13,965		13,871			13,848		(5)
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+		6.50	%		10.91	%				5/13/2026				3,881		3,852			3,845		(5)(8)
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+		6.50	%		10.89	%				5/13/2026				11,934		11,812			11,825		(5)(8)
Condor Merger Sub Inc.	Systems Software	Fixed Rate Bond						7.38	%				2/15/2030				32,277		30,218			28,595
Connect Finco SARL	Alternative Carriers	First Lien Term Loan	SOFR+		4.50	%		8.82	%				9/27/2029				56,292		49,876			49,757		(5)(10)
CoreRx, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+		7.50	%		11.80	%				4/6/2029				18,328		17,960			17,932		(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+		5.25	%							2/27/2030				—		(11	)		—		(5)(8)(9)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+		5.25	%		9.54	%				2/27/2030				13,363		13,128			13,363		(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Revolver	SOFR+		5.25	%							2/27/2029				—		(15	)		—		(5)(8)(9)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+		5.25	%		9.57	%				12/18/2031				106,479		104,691			104,743		(5)(8)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Revolver	SOFR+		5.25	%							12/18/2031				—		(256	)		(249	)	(5)(8)(9)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+		6.75	%		11.07	%				11/8/2030				3,080		3,008			3,046		(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+		6.75	%		11.07	%				11/8/2030				43,911		43,032			43,424		(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Revolver	SOFR+		6.75	%							11/8/2030				—		(92	)		(51	)	(5)(8)(9)
CVC Cordatus Loan Fund XXXI	Multi-Sector Holdings	CLO Notes	E+		6.64	%		9.14	%				6/15/2037			€	5,000		5,303			5,455		(5)(10)
Dealer Tire Financial, LLC	Distributors	Fixed Rate Bond						8.00	%				2/1/2028			$	41,354		40,864			40,349
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan						3.00	%		7.00	%	8/31/2029				28,056		28,056			28,056		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan						8.00	%		3.00	%	8/31/2029				38,881		38,881			38,881		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Preferred Equity													330		—		330			442		(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	Fixed Rate Bond						10.00	%				2/15/2031				21,198		21,198			20,372
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+		5.00	%		9.55	%				8/2/2027				571		567			573		(5)

11

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+		5.25	%		9.80	%		8/2/2029				28,350		27,924			27,988		(5)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+		5.50	%		9.82	%		2/17/2031				21,491		21,061			20,568		(5)
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+		4.00	%		8.32	%		4/26/2029				57,795		56,830			57,404		(5)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+		6.50	%		10.96	%		12/8/2028				1,044		1,034			1,039		(5)(8)(9)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+		6.50	%		10.96	%		12/8/2028				11,626		11,465			11,564		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Revolver	SOFR+		6.50	%		10.97	%		12/8/2028				690		670			685		(5)(8)(9)
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+		4.25	%		8.55	%		4/2/2029				5,198		5,167			4,958		(5)
Engineering Research And Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+		5.00	%		9.31	%		8/29/2031				31,900		31,402			31,820		(5)(8)
Entrata, Inc.	Application Software	First Lien Term Loan	SOFR+		5.75	%		10.07	%		7/10/2030				45,033		44,185			45,033		(5)(8)
Entrata, Inc.	Application Software	First Lien Revolver	SOFR+		5.75	%					7/10/2028				—		(85	)		—		(5)(8)(9)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+		5.50	%		9.82	%		12/24/2029				55,307		54,503			55,307		(5)(8)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+		5.50	%					12/24/2029				—		(19	)		—		(5)(8)(9)
Enverus Holdings, Inc.	Application Software	First Lien Revolver	SOFR+		5.50	%					12/24/2029				—		(49	)		—		(5)(8)(9)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan						9.00	%		4/21/2027				1,832		1,818			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		11,373			11,437		(8)(10)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+		5.00	%		9.31	%		7/2/2031				7,719		7,656			7,719		(5)(8)(9)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+		5.00	%		9.31	%		7/2/2031				78,759		78,407			78,759		(5)(8)
Everbridge, Inc.	Application Software	First Lien Revolver	SOFR+		5.00	%					7/2/2031				—		(35	)		—		(5)(8)(9)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+		4.75	%		9.05	%		9/30/2030				9,052		8,971			9,052		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+		4.75	%		9.05	%		9/30/2030				35,852		35,149			35,852		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Revolver	SOFR+		4.75	%					10/1/2029				—		(75	)		—		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+		5.50	%		9.92	%		10/5/2029				3,199		3,147			3,154		(5)(8)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+		5.50	%		9.92	%		10/5/2029				49		9			(19	)	(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	Common Stock											885		—		885			928		(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 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 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				43,294		42,652			43,294		(5)(8)(10)
Finastra USA, Inc.	Application Software	First Lien Revolver	SOFR+		7.25	%		11.43	%		9/13/2029				1,141		1,074			1,141		(5)(8)(9)(10)
Fortress Credit BSL XIX	Multi-Sector Holdings	CLO Notes	SOFR+		8.37	%		12.67	%		7/24/2036				6,750		6,855			6,878		(5)(10)

12

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+		4.75	%		9.04	%		10/18/2033			5,000		5,000			5,006		(5)(10)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+		8.45	%		12.74	%		10/18/2033			6,000		6,038			5,982		(5)(10)
Fortress Credit BSL XX	Multi-Sector Holdings	CLO Notes	SOFR+		8.51	%		12.80	%		1/23/2037			5,250		5,356			5,365		(5)(10)
Fortress Credit BSL XXV	Multi-Sector Holdings	CLO Notes	SOFR+		4.30	%		8.60	%		7/24/2037			2,250		2,250			2,280		(5)(10)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+		5.75	%		10.05	%		5/3/2030			83,404		82,969			83,404		(5)(8)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+		5.75	%		10.05	%		5/3/2029			7,151		7,126			7,151		(5)(8)(9)
Gallatin CLO X 2023-1	Multi-Sector Holdings	CLO Notes	SOFR+		5.41	%		9.70	%		10/14/2035			5,000		4,913			5,010		(5)(10)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+		4.75	%		9.04	%		10/15/2031			3,121		3,005			2,927		(5)(8)(9)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+		4.75	%		9.05	%		10/15/2031			56,177		55,652			55,655		(5)(8)
Geo Topco Corporation	Building Products	First Lien Revolver	SOFR+		4.75	%		9.07	%		10/15/2031			2,601		2,528			2,528		(5)(8)(9)
Global Aircraft Leasing Co Ltd	Trading Companies & Distributors	Fixed Rate Bond						8.75	%		9/1/2027			50,841		50,841			51,740		(10)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Term Loan	SOFR+		5.00	%		9.29	%		3/10/2031			30,022		29,725			29,728		(5)(8)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Revolver	SOFR+		5.00	%					3/10/2031			—		(91	)		(91	)	(5)(8)(9)
Greenway Health, LLC	Health Care Technology	First Lien Term Loan	SOFR+		6.75	%		11.05	%		4/1/2029			24,750		24,188			24,750		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+		8.00	%		12.42	%		6/21/2027			3,537		3,505			3,473		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+		8.00	%		12.42	%		6/21/2027			17,242		17,089			16,931		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Revolver	SOFR+		8.00	%		12.42	%		6/21/2027			1,238		1,222			1,206		(5)(8)(9)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+		5.25	%		9.67	%		4/9/2029			40,003		39,307			39,607		(5)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+		6.50	%		10.95	%		1/19/2026			4,301		4,270			4,366		(5)(8)(10)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+		6.50	%		10.95	%		1/19/2026			1,792		1,778			1,819		(5)(8)(10)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+		6.50	%		10.95	%		1/19/2026			9,319		9,253			9,459		(5)(8)(10)
Henley CLO II	Multi-Sector Holdings	CLO Notes	E+		5.71	%		8.38	%		1/25/2034		€	3,200		3,495			3,462		(5)(10)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	Fixed Rate Bond						9.00	%		2/15/2029		$	6,142		6,142			6,161		(10)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+		4.50	%		8.78	%		2/15/2029			32,931		32,653			32,832		(5)(10)
IAMGOLD Corporation	Gold	Second Lien Term Loan	SOFR+		8.25	%		12.57	%		5/16/2028			28,394		27,862			29,530		(5)(8)(10)
Icefall Parent, Inc.	Application Software	First Lien Term Loan	SOFR+		6.50	%		10.79	%		1/25/2030			27,948		27,499			27,948		(5)(8)
Icefall Parent, Inc.	Application Software	First Lien Revolver	SOFR+		6.50	%					1/25/2030			—		(43	)		—		(5)(8)(9)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+		6.25	%		10.54	%		8/18/2028			2,325		2,302			2,294		(5)(8)
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	%		10.04	%		8/18/2028			16,314		16,173			15,855		(5)(8)
iCIMs, Inc.	Application Software	First Lien Revolver	SOFR+		5.75	%		10.04	%		8/18/2028			159		145			118		(5)(8)(9)
Inmar Inc	Application Software	First Lien Term Loan	SOFR+		5.00	%		9.32	%		10/30/2031			48,280		48,039			48,326		(5)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+		5.00	%					8/25/2028			—		(177	)		—		(5)(8)(9)

13

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+		5.00	%		9.31	%				8/25/2028				61,315		60,822			61,315		(5)(8)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+		5.00	%							8/25/2028				—		(66	)		—		(5)(8)(9)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Revolver	SOFR+		7.50	%							1/15/2026				—		(46	)		(74	)	(5)(8)(9)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+		7.50	%		11.94	%				1/15/2026				43,107		42,922			42,460		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+		5.00	%		9.40	%				6/28/2029				5,394		5,348			5,381		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Revolver	SOFR+		5.00	%							6/28/2029				—		(144	)		(19	)	(5)(8)(9)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+		5.00	%		9.40	%				6/28/2029				31,384		30,778			31,305		(5)(8)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+		6.00	%							4/25/2031				—		(171	)		—		(5)(8)(9)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SOFR+		6.00	%		10.32	%				4/25/2031				54,214		53,031			53,992		(5)(8)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+		6.00	%		10.46	%				4/25/2031			£	2,439		2,997			3,135		(5)(8)(10)
JN Bidco LLC	Health Care Technology	Common Stock													3,595,500		—		3,596			5,753		(8)
Kaseya Inc.	Systems Software	Second Lien Term Loan	SOFR+		5.00	%		9.32	%				3/21/2033			$	24,319		24,198			24,365		(5)
Keel Platform LLC	Aerospace & Defense	First Lien Term Loan	SOFR+		4.75	%		9.05	%				1/19/2031				30,740		30,292			30,740		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+		5.25	%		9.65	%				10/29/2027				58,107		57,558			56,364		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+		5.25	%		9.65	%				10/29/2027				4,729		4,708			4,588		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+		4.25	%		11.75	%				10/29/2027				2,676		2,583			2,422		(5)(8)(9)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+		5.00	%							11/28/2031				—		(69	)		(70	)	(5)(8)(9)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+		5.00	%		9.43	%				11/28/2031				39,033		38,476			38,463		(5)(8)
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+		5.00	%		9.42	%				10/30/2028				42,079		41,438			35,101		(5)
Latam Airlines Group S.A.	Passenger Airlines	Fixed Rate Bond						7.88	%				4/15/2030				7,775		7,775			7,718		(10)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+		5.00	%							2/7/2032				—		(51	)		(50	)	(5)(8)(9)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+		5.00	%		9.32	%				2/7/2032				42,038		41,523			41,534		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Revolver	SOFR+		5.00	%		9.32	%				2/7/2032				832		756			757		(5)(8)(9)
Learfield Communications, LLC	Movies & Entertainment	First Lien Term Loan	SOFR+		4.50	%		8.82	%				6/30/2028				47,383		47,251			47,531		(5)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+		5.50	%							8/22/2031				—		(30	)		—		(5)(8)(9)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+		5.50	%		7.08	%		2.75	%	8/22/2031				56,296		55,282			55,288		(5)(8)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Revolver	SOFR+		5.00	%		9.32	%				8/22/2030				3,044		2,927			2,927		(5)(8)(9)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+		5.50	%		9.79	%				1/13/2030				59,591		58,736			58,721		(5)(8)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Revolver	SOFR+		5.50	%							1/13/2030				—		(55	)		(56	)	(5)(8)(9)
Lsf12 Crown US Commercial Bidco LLC	Building Products	First Lien Term Loan	SOFR+		4.25	%		8.57	%				12/2/2031				31,566		31,250			31,066		(5)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+		6.00	%		10.42	%				1/31/2028				1,032		992			985		(5)(8)

14

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+		6.00	%		10.42	%		1/31/2028				8,860		8,776			8,461		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Revolver	SOFR+		6.00	%		10.42	%		1/31/2028				812		802			766		(5)(8)(9)
LTI Holdings Inc	Electronic Components	First Lien Term Loan	SOFR+		4.25	%		8.57	%		7/29/2029				29,123		28,761			29,080		(5)(10)
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+		4.75	%		9.05	%		8/25/2031				47,608		45,264			45,868		(5)
Madison Park Euro Funding XIV	Multi-Sector Holdings	CLO Notes	E+		3.60	%		6.39	%		7/15/2032			€	6,450		6,792			6,979		(5)(10)
Madison Park Funding LXIII	Multi-Sector Holdings	CLO Notes	SOFR+		5.50	%		9.79	%		4/21/2035			$	5,000		5,000			5,007		(5)(10)
Marble Point CLO XVII	Multi-Sector Holdings	CLO Notes	SOFR+		3.65	%		7.94	%		7/20/2037				3,000		3,000			3,014		(5)(10)
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+		3.00	%		7.32	%		3/1/2029				19,950		19,077			19,092		(5)
Mesoblast, Inc.	Biotechnology	First Lien Term Loan						9.75	%		11/19/2026				1,760		1,707			1,760		(8)(10)
Mesoblast, Inc.	Biotechnology	Warrants											33,174		—		152			181		(8)(10)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+		6.00	%		10.44	%		7/21/2027				5,206		5,130			5,146		(5)(8)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+		6.25	%		10.69	%		7/21/2027				1,015		1,001			1,004		(5)(8)
Microf Funding V LLC	Consumer Finance	First Lien Term Loan	SOFR+		6.58	%		10.90	%		6/3/2027				15,825		15,586			16,056		(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	%		9.32	%		6/3/2030				6,888		6,750			6,854		(5)(8)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+		5.00	%		9.32	%		6/3/2030				41,545		40,829			41,337		(5)(8)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Revolver	SOFR+		5.00	%					6/3/2030				—		(72	)		(21	)	(5)(8)(9)(10)
Mitchell International Inc	Application Software	Second Lien Term Loan	SOFR+		5.25	%		9.57	%		6/17/2032				42,135		41,953			41,134		(5)
Mitchell International Inc	Application Software	First Lien Term Loan	SOFR+		3.25	%		7.57	%		6/17/2031				17,015		16,929			16,836		(5)
Modena Buyer LLC	Application Software	First Lien Term Loan	SOFR+		4.50	%		8.79	%		7/1/2031				42,544		41,781			41,290		(5)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+		5.50	%		9.82	%		2/28/2031				1,397		1,341			1,397		(5)(8)(9)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+		5.50	%		9.82	%		2/28/2031				71,747		70,671			71,747		(5)(8)
Monotype Imaging Holdings Inc.	Application Software	First Lien Revolver	SOFR+		5.50	%					2/28/2030				—		(111	)		—		(5)(8)(9)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+		4.75	%		9.05	%		2/10/2027				1,479		1,440			1,442		(5)(8)(9)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+		4.75	%		9.05	%		2/10/2027				7,090		7,086			7,035		(5)(8)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+		4.75	%		9.05	%		2/10/2027				57,952		57,391			57,500		(5)(8)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+		4.75	%		9.05	%		2/10/2027				328		300			282		(5)(8)(9)
Neptune Platform Buyer, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+		5.25	%					1/19/2031				—		(13	)		—		(5)(8)(9)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+		5.25	%					11/12/2030				—		(72	)		—		(5)(8)(9)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+		5.25	%		9.55	%		11/12/2030				46,158		45,603			46,158		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+		5.25	%		9.61	%		11/9/2030				17,740		17,567			17,740		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Revolver	SOFR+		5.25	%					11/9/2029				—		(52	)		—		(5)(8)(9)
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+		5.75	%		10.16	%		11/10/2029				1,379		1,245			1,255		(5)(8)(9)

15

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+		5.75	%		10.13	%		11/10/2029			22,009		21,611			21,789		(5)(8)
NFM & J, L.P.	Diversified Support Services	First Lien Revolver	PRIME+		4.75	%		12.25	%		11/10/2029			1,116		1,028			1,066		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+		4.75	%		9.70	%		5/3/2029			5,729		6,132			6,136		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+		4.75	%		9.05	%		5/3/2029			3,313		3,268			3,313		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+		4.75	%		9.05	%		5/3/2029			36,168		35,675			36,168		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SONIA+		4.75	%		9.21	%		5/3/2029		£	3,140		3,911			4,053		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	NIBOR+		4.75	%		9.31	%		5/3/2029		kr	68,811		6,189			6,532		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+		4.75	%		9.05	%		5/3/2029		$	27,846		27,733			27,846		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SONIA+		4.75	%					5/3/2029			—		(25	)		—		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+		4.75	%		9.05	%		5/3/2029			1,326		1,266			1,326		(5)(8)(9)
Northwoods Capital 25 Ltd	Multi-Sector Holdings	CLO Notes	SOFR+		7.40	%		11.69	%		7/20/2034			700		683			657		(5)(10)
Octagon 66	Multi-Sector Holdings	CLO Notes	SOFR+		5.09	%		9.41	%		11/16/2036			3,000		2,972			3,023		(5)(10)
OFSI BSL XIII CLO	Multi-Sector Holdings	CLO Notes	SOFR+		4.50	%		8.79	%		4/20/2037			5,000		5,000			5,063		(5)(10)
OFSI Fund Ltd	Multi-Sector Holdings	CLO Notes	SOFR+		7.48	%		11.77	%		4/20/2034			1,105		1,050			1,070		(5)(10)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+		4.75	%		9.33	%		6/10/2030			17,079		16,908			16,994		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+		6.25	%		10.55	%		6/10/2030			8,518		8,305			8,518		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+		4.75	%		9.33	%		6/10/2030			14,332		14,146			14,218		(5)(8)(9)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+		4.75	%		9.05	%		6/10/2030			22,542		22,124			22,542		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Revolver	SOFR+		6.25	%					6/11/2029			—		(80	)		—		(5)(8)(9)
Optimizely North America Inc.	Application Software	First Lien Term Loan	SOFR+		5.00	%		9.32	%		10/30/2031			47,774		47,325			47,320		(5)(8)(10)
Optimizely North America Inc.	Application Software	First Lien Revolver	SOFR+		5.00	%					10/30/2031			—		(67	)		(68	)	(5)(8)(9)(10)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	E+		5.25	%		7.61	%		10/30/2031		€	17,059		18,358			18,252		(5)(8)(10)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	SONIA+		5.50	%		9.96	%		10/30/2031		£	5,686		7,328			7,269		(5)(8)(10)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+		7.25	%		11.55	%		2/1/2029		$	16,868		16,597			16,868		(5)(8)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+		7.75	%		12.04	%		2/1/2029			15,746		15,494			15,746		(5)(8)
Oranje Holdco, Inc.	Systems Software	First Lien Revolver	SOFR+		7.75	%					2/1/2029			—		(31	)		—		(5)(8)(9)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Term Loan	SOFR+		4.75	%		9.07	%		2/13/2032			74,441		73,345			73,324		(5)(8)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Revolver	SOFR+		4.75	%					2/13/2032			—		(232	)		(236	)	(5)(8)(9)
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+		3.75	%		8.17	%		2/1/2028			7,414		7,379			6,616		(5)
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+		3.75	%		8.17	%		2/11/2028			21,749		21,508			21,454		(5)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+		6.00	%		10.32	%		11/15/2030			72,727		71,736			69,636		(5)(8)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+		6.00	%					11/15/2030			—		(96	)		(312	)	(5)(8)(9)
PetVet Care Centers, LLC	Health Care Services	First Lien Revolver	SOFR+		6.00	%					11/15/2029			—		(148	)		(408	)	(5)(8)(9)

16

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
PetVet Care Centers, LLC	Health Care Services	Preferred Equity													6,338		—		6,211			7,304		(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+		4.50	%		7.33	%		1.50	%	8/22/2029				1,930		1,930			1,930		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+		4.50	%		7.33	%		1.50	%	8/22/2029				3,343		3,343			3,343		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+		7.50	%					11.83	%	8/22/2029				5,298		5,298			5,298		(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													1,658,698		—		5,540			4,064		(8)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	SOFR+		5.50	%		9.80	%				5/16/2031				21,032		20,822			20,484		(5)(8)(9)(10)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+		5.00	%							9/17/2031			€	—		(194	)		(194	)	(5)(8)(9)(10)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+		5.50	%		8.00	%				5/16/2031				50,768		55,138			53,880		(5)(8)(10)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+		5.50	%							2/15/2029			$	—		(94	)		(138	)	(5)(8)(9)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+		5.50	%		9.80	%				2/15/2029				24,482		24,408			24,238		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+		6.50	%		10.81	%				2/15/2029				26,354		25,673			26,354		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Revolver	PRIME+		5.50	%		13.00	%				2/15/2029				2,397		2,304			2,397		(5)(8)(9)
Profrac Holdings II, LLC	Industrial Machinery & Supplies & Components	First Lien Floating Rate Bond	SOFR+		7.25	%		11.54	%				1/23/2029				62,638		62,012			62,638		(5)(8)(10)
Project Accelerate Parent, LLC	Systems Software	First Lien Term Loan	SOFR+		5.25	%		9.57	%				2/24/2031				43,422		43,056			43,422		(5)(8)
Project Accelerate Parent, LLC	Systems Software	First Lien Revolver	SOFR+		5.25	%							2/24/2031				—		(53	)		—		(5)(8)(9)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes						7.15	%				10/15/2034				5,240		5,227			5,274		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes						10.05	%				10/15/2034				5,471		5,389			5,453		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes						14.64	%				10/15/2034				7,289		7,289			7,398		(8)(10)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+		5.25	%		9.57	%				9/20/2030				63,255		62,189			62,129		(5)(8)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+		5.25	%							9/20/2030				—		(112	)		(118	)	(5)(8)(9)
Quantum Bidco Limited	Food Distributors	First Lien Term Loan	SONIA+		5.50	%		10.23	%				1/31/2028			£	27,922		35,300			35,828		(5)(8)(10)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+		4.00	%		8.32	%				4/5/2030			$	19,955		19,573			19,618		(5)
Resistance Acquisition, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+		7.50	%		11.80	%				9/21/2028				18,387		18,068			18,387		(5)(8)
Rockford Tower CLO 2024-1	Multi-Sector Holdings	CLO Notes	SOFR+		7.48	%		11.77	%				4/20/2037				2,500		2,478			2,549		(5)(10)
Salus Workers’ Compensation, LLC	Diversified Financial Services	Warrants													606,357		—		200			—		(8)
Salus Workers’ Compensation, LLC	Diversified Financial Services	First Lien Term Loan	SOFR+		10.50	%		14.81	%				10/7/2026				13,484		13,277			12,810		(5)(8)
Salus Workers’ Compensation, LLC	Diversified Financial Services	First Lien Revolver	SOFR+		10.50	%		14.83	%				10/7/2026				1,367		1,337			1,272		(5)(8)(9)
Saratoga	Diversified Financial Services	Credit Linked Note	SOFR+		5.33	%		9.86	%				12/31/2029				98,000		97,754			98,000		(5)(8)(10)(14)
scPharmaceuticals Inc.	Pharmaceuticals	Warrants													79,075		—		258			67		(8)
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+		3.75	%		8.05	%				12/16/2028				34,485		34,413			34,485		(5)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+		5.00	%		9.32	%				3/27/2028				2,469		2,429			2,450		(5)(8)

17

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+		5.00	%		9.32	%		3/27/2028				3,071		2,999			3,030		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+		5.00	%		9.32	%		3/27/2028				17,157		16,850			17,028		(5)(8)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+		5.00	%					3/27/2028				—		(35	)		(64	)	(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Revolver	SOFR+		5.00	%					3/27/2028				—		(46	)		(28	)	(5)(8)(9)
Seres Therapeutics, Inc.	Biotechnology	Warrants											93,470		—		293			33		(8)(10)
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	SOFR+		5.75	%		10.07	%		4/19/2029				86,368		84,969			84,960		(5)(8)
Sorenson Communications, LLC	Communications Equipment	First Lien Revolver	SOFR+		5.75	%					4/19/2029				—		(165	)		(166	)	(5)(8)(9)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	TONA+		5.25	%		6.06	%		2/2/2032			¥	2,262,960		14,398			14,916		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	CORRA+		5.00	%		7.72	%		1/30/2032			C$	21,111		14,362			14,458		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	SOFR+		5.00	%		9.32	%		1/30/2032			$	116,896		115,184			115,224		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Revolver	SOFR+		5.00	%					1/30/2032				—		(386	)		(377	)	(5)(8)(9)
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+		5.75	%		10.04	%		9/4/2029				23,768		22,788			21,177		(5)
Staples, Inc.	Office Services & Supplies	Fixed Rate Bond						10.75	%		9/1/2029				23,481		22,613			21,243
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+		4.00	%		8.30	%		9/27/2030				65,514		64,330			62,730		(5)
SumUp Holdings Luxembourg	Diversified Financial Services	First Lien Term Loan	E+		6.50	%		9.03	%		4/25/2031			€	47,274		50,670			50,510		(5)(8)(9)(10)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+		7.00	%		11.57	%		12/31/2026			$	691		686			672		(5)(8)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+		7.00	%		11.57	%		12/31/2026				831		804			809		(5)(8)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+		7.00	%		11.57	%		12/31/2026				8,071		8,015			7,849		(5)(8)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Revolver	SOFR+		7.00	%					12/31/2026				—		(3	)		(11	)	(5)(8)(9)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+		4.75	%					11/22/2031				—		(65	)		(63	)	(5)(8)(9)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+		4.75	%		9.08	%		11/22/2031				49,735		49,263			49,273		(5)(8)
TBRS, Inc.	Health Care Supplies	First Lien Revolver	SOFR+		4.75	%		9.08	%		11/22/2030				453		382			384		(5)(8)(9)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+		7.00	%					5/1/2029				—		(227	)		—		(5)(8)(9)(10)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+		7.00	%		11.29	%		5/1/2029				73,728		71,922			73,175		(5)(8)(10)
Ten-X LLC	Interactive Media & Services	First Lien Term Loan	SOFR+		6.00	%		10.25	%		5/26/2028				24,472		23,696			22,484		(5)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+		4.75	%		9.07	%		10/31/2031				201		146			116		(5)(8)(9)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+		4.75	%		9.07	%		10/31/2031				50,833		50,355			50,452		(5)(8)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+		4.75	%		9.07	%		10/31/2031				259		206			217		(5)(8)(9)(10)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+		5.00	%		9.32	%		1/31/2029				8,101		7,990			8,014		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+		5.00	%		9.32	%		1/31/2029				3,300		3,251			3,259		(5)(8)(9)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+		5.00	%		9.32	%		1/31/2029				8,300		8,193			8,210		(5)(8)

18

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
Trident TPI Holdings Inc	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+		3.75	%		8.05	%				9/15/2028			12,312		12,312			11,920		(5)
Trinitas CLO VI Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+		7.08	%		11.38	%				1/25/2034			2,785		2,623			2,525		(5)(10)
Trinitas CLO XII	Multi-Sector Holdings	CLO Notes	SOFR+		4.26	%		8.56	%				4/25/2033			4,500		4,405			4,513		(5)(10)
Trinitas CLO XV DAC	Multi-Sector Holdings	CLO Notes	SOFR+		7.71	%		12.00	%				4/22/2034			6,500		5,848			6,046		(5)(10)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+		5.75	%		10.04	%				2/13/2031			4,316		4,203			4,316		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+		5.75	%		10.07	%				2/13/2031			61,911		60,872			61,911		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Revolver	SOFR+		5.75	%		10.05	%				2/13/2030			451		341			451		(5)(8)(9)
Usalco LLC	Commodity Chemicals	First Lien Term Loan	SOFR+		4.00	%							9/30/2031			—		(16	)		(16	)	(5)(8)(9)
Usalco LLC	Commodity Chemicals	First Lien Term Loan	SOFR+		4.00	%		8.30	%				9/30/2031			31,651		31,493			31,493		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+		5.50	%		9.81	%				9/10/2031			603		603			603		(5)(8)(9)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+		5.50	%		9.81	%				9/10/2031			46,195		45,770			46,195		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Revolver	SOFR+		5.25	%		9.56	%				9/10/2031			3,201		3,147			3,201		(5)(8)(9)
Venture 41 CLO	Multi-Sector Holdings	CLO Notes	SOFR+		4.13	%		8.42	%				1/20/2034			1,500		1,480			1,502		(5)(10)
Verde Purchaser, LLC	Trading Companies & Distributors	First Lien Term Loan	SOFR+		4.00	%		8.30	%				11/30/2030			21,001		20,901			20,916		(5)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan						11.00	%				5/9/2029			4,956		4,875			4,944		(8)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan						11.00	%				5/9/2029			6,758		6,623			6,623		(8)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan						11.00	%				5/9/2029			6,308		6,182			6,292		(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											9/30/2025			—		—			—		(8)(9)(10)(13)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+		5.50	%							6/6/2031		£	—		(17	)		—		(5)(8)(9)(10)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+		5.50	%		9.71	%				6/6/2031			46,900		58,976			60,537		(5)(8)(10)
WAVE 2019-1	Specialized Finance	CLO Notes						3.60	%				9/15/2044		$	3,885		3,238			3,637		(10)
Wind River 2020-1 CLO	Multi-Sector Holdings	CLO Notes	SOFR+		7.42	%		11.71	%				7/20/2037			2,000		1,961			1,965		(5)(10)
Wind River 2024-1 CLO	Multi-Sector Holdings	CLO Notes	SOFR+		4.25	%		8.54	%				4/20/2037			3,250		3,250			3,289		(5)(10)
Woodmont 2022-9 Trust	Multi-Sector Holdings	CLO Notes	SOFR+		7.77	%		12.07	%				10/25/2036			9,385		9,300			9,283		(5)(10)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+		6.75	%		6.94	%		4.13	%	11/29/2029			2,623		2,623			2,623		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+		6.75	%		6.94	%		4.13	%	11/28/2029			55,335		54,314			55,335		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Revolver	SOFR+		6.75	%							11/28/2029			—		(113	)		—		(5)(8)(9)
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan						9.50	%				10/26/2029			19,889		19,889			20,429

19

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 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
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan	SOFR+		6.50	%		10.95	%			10/26/2029			23,656		23,601		23,537		(5)
Total Non-Control/Non- Affiliate Investments (154.1% of net assets)																$	5,812,788	$	5,821,583
BNY Mellon Short Term Investment Fund																	61,575		61,575
Other cash accounts																	226,598		226,598
Cash and Cash Equivalents and Restricted Cash (7.6% of net assets)																$	288,173	$	288,173
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (161.8% of net assets)																$	6,100,961	$	6,109,756

Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date		Counterparty	Cumulative Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	14,612	C$	21,120		5/8/2025	Bank of New York Mellon	$	(89	)
Foreign currency forward contract	$	332,010	€	306,801		5/8/2025	Bank of New York Mellon		(79	)
Foreign currency forward contract	$	164,596	£	132,557		5/8/2025	Bank of New York Mellon		(6,490	)
Foreign currency forward contract	$	14,612	¥	2,243,692		5/8/2025	Bank of New York Mellon		(455	)
Foreign currency forward contract	$	6,716	kr	76,683		5/8/2025	Bank of New York Mellon		(563	)
								$	(7,676	)

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		$6,451
Interest rate swap		Fixed 6.5%		Floating 3-month SOFR +2.5954%	BNP Paribas		7/23/2029		$400,000		$2,159
										$	8,610

(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.

20

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

(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 March 31, 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 4.19%, the PRIME at 7.50%, the SONIA at 4.58%, the Tokyo Overnight Average Rate (“TONA”) at 0.82%, the 30-day Canadian Overnight Repo Rate Average (“CORRA”) at 2.77%, the 90-day Norwegian interbank offered rate (“NIBOR”) at 4.57%, the 30-day EURIBOR at 2.36%, the 90-day EURIBOR at 2.34% and the 180-day EURIBOR at 2.34%. 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 March 31, 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 March 31, 2025, qualifying assets represented 74.3% of the Company’s total assets and non-qualifying assets represented 25.7% 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 March 31, 2025.

(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 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

21

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

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.

22

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			5 3		(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)

23

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
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)
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)

24

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
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)
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)

25

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
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)
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)

26

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
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)
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)

27

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
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)
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)

28

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
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)
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)

29

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
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)
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)

30

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
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)
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)

31

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
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)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan									5/9/2029		$	9,177	$	9,177		$	9,269		(8)(10)(13)

32

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
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

(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.

33

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

(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 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.

(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 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.

34

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

(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.

35

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 March 31, 2025, the Company has issued and sold 110,081,644 Class I shares for an aggregate purchase price of $2,601.1 million of which $100.0 million was purchased by an affiliate of the Adviser, 50,543,189 Class S shares for an aggregate purchase price of $1,189.7 million, 155,320 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

36

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

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

37

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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. 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. Generally, the Adviser does not adjust any of the prices received from these sources.

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 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

38

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

Rule 2a-5 under the Investment Company Act permits boards of registered investment companies and BDCs to either (i) choose to continue to determine fair value in good faith, or (ii) designate a valuation designee tasked with determining fair value in good faith, subject to the board’s oversight. The Company’s 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 March 31, 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.

39

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 (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 “due from broker,” “interest receivable,” “receivables from unsettled transactions,” “accounts payable, accrued expenses and other liabilities,” “dividends payable,” “base management fee and incentive fee payable,” “subscription received in advance,” “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

40

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of March 31, 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

41

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 March 31, 2025, included in restricted cash was $40.8 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 $40.8 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.

42

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 six months ended March 31, 2025, the Company expensed organization costs of $1 and $2, respectively. For each of the three and six months ended March 31, 2024, the Company expensed organization costs of $4. As of March 31, 2025 and September 30, 2024, $1,237 and $554, respectively, of offering costs were capitalized on the Consolidated Statements of Assets and Liabilities. For the three and six months ended March 31, 2025, the Company amortized offering costs of $552 and $919, respectively. For the three and six months ended March 31, 2024, the Company amortized offering costs of $211 and $433, 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.

43

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 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.

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.

44

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 March 31, 2025, the fair value of the Company’s investment portfolio was $5,821.6 million and was composed of investments in 179 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 March 31, 2025 and September 30, 2024, the Company’s investment portfolio consisted of the following:

	March 31, 2025					September 30, 2024
Cost:			% of Total Investments					% of Total Investments
Senior Secured Debt	$	5,227,427		89.92	%	$	4,037,376		89.12	%
Subordinated Debt		559,532		9.63	%		468,071		10.33	%
Preferred Equity		13,183		0.23	%		12,234		0.27	%
Common Equity and Warrants		12,646		0.22	%		12,731		0.28	%
Total	$	5,812,788		100.00	%	$	4,530,412		100.00	%

	March 31, 2025								September 30, 2024
Fair Value:			% of Total Investments			% of Net Assets					% of Total Investments			% of Net Assets
Senior Secured Debt	$	5,234,235		89.92	%		138.57	%	$	4,073,936		89.02	%		128.74	%
Subordinated Debt		558,453		9.59	%		14.79	%		476,093		10.40	%		15.05	%
Preferred Equity		16,582		0.28	%		0.44	%		14,008		0.31	%		0.44	%
Common Equity and Warrants		12,313		0.21	%		0.33	%		12,196		0.27	%		0.39	%
Total	$	5,821,583		100.00	%		154.13	%	$	4,576,233		100.00	%		144.62	%

The composition of the Company’s debt investments as of March 31, 2025 and September 30, 2024 by floating rates and fixed rates was as follows:

	March 31, 2025					September 30, 2024
	Fair Value		% of Debt Investments			Fair Value		% of Debt Investments
Floating rate	$	5,368,341		92.67	%	$	4,184,708		91.97	%
Fixed rate		424,347		7.33	%		365,321		8.03	%
Total	$	5,792,688		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

45

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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:

	March 31, 2025					September 30, 2024
Cost:			% of Total Investments					% of Total Investments
United States	$	5,080,566		87.40	%	$	3,845,172		84.89	%
United Kingdom		278,580		4.79	%		273,693		6.04	%
Sweden		101,452		1.75	%		55,033		1.21	%
Germany		84,208		1.45	%		—		—	%
Canada		66,657		1.15	%		66,649		1.47	%
Netherlands		52,062		0.90	%		51,988		1.15	%
Cayman Islands		50,841		0.87	%		60,841		1.34	%
Luxembourg		50,670		0.87	%		87,862		1.94	%
Costa Rica		14,847		0.26	%		13,174		0.29	%
France		12,924		0.22	%		12,907		0.28	%
Switzerland		10,347		0.18	%		10,309		0.23	%
Chile		7,775		0.13	%		11,285		0.25	%
Australia		1,859		0.03	%		2,030		0.04	%
India		—		—	%		39,469		0.87	%
Total	$	5,812,788		100.00	%	$	4,530,412		100.00	%

	March 31, 2025								September 30, 2024
Fair Value:			% of Total Investments			% of Net Assets					% of Total Investments			% of Net Assets
United States	$	5,080,187		87.26	%		134.50	%	$	3,870,681		84.59	%		122.34	%
United Kingdom		284,769		4.89	%		7.54	%		285,463		6.24	%		9.02	%
Sweden		99,691		1.71	%		2.64	%		55,211		1.21	%		1.74	%
Germany		85,303		1.47	%		2.26	%		—		—	%		—	%
Canada		68,523		1.18	%		1.81	%		69,066		1.51	%		2.18	%
Netherlands		52,803		0.91	%		1.40	%		53,686		1.17	%		1.70	%
Cayman Islands		51,740		0.89	%		1.37	%		61,815		1.35	%		1.95	%
Luxembourg		50,510		0.87	%		1.34	%		89,270		1.95	%		2.82	%
Costa Rica		14,992		0.26	%		0.40	%		13,269		0.29	%		0.42	%
France		13,252		0.23	%		0.35	%		13,702		0.30	%		0.43	%
Switzerland		10,154		0.17	%		0.27	%		10,199		0.22	%		0.32	%
Chile		7,718		0.13	%		0.20	%		12,093		0.26	%		0.38	%
Australia		1,941		0.03	%		0.05	%		2,027		0.04	%		0.06	%
India		—		—	%		—	%		39,751		0.87	%		1.26	%
Total	$	5,821,583		100.00	%		154.13	%	$	4,576,233		100.00	%		144.62	%

46

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 March 31, 2025 and September 30, 2024 was as follows:

	March 31, 2025					September 30, 2024
Cost:			% of Total Investments					% of Total Investments
Application Software	$	958,041		16.47	%	$	802,052		17.68	%
Pharmaceuticals		291,860		5.02	%		127,146		2.81	%
Systems Software		252,914		4.35	%		211,410		4.67	%
Aerospace & Defense		236,868		4.07	%		167,035		3.69	%
Health Care Equipment		218,316		3.76	%		42,787		0.94	%
Interactive Media & Services		211,557		3.64	%		168,052		3.71	%
Diversified Support Services		205,711		3.54	%		217,545		4.80	%
Health Care Services		180,335		3.10	%		198,585		4.38	%
Specialized Consumer Services		178,581		3.07	%		54,395		1.20	%
Multi-Sector Holdings		175,564		3.02	%		185,750		4.10	%
Life Sciences Tools & Services		168,765		2.90	%		45,002		0.99	%
Diversified Financial Services		163,238		2.81	%		161,995		3.58	%
Health Care Technology		153,950		2.65	%		128,155		2.83	%
Education Services		143,029		2.46	%		123,399		2.72	%
Insurance Brokers		121,344		2.09	%		113,638		2.51	%
Packaged Foods & Meats		121,186		2.08	%		80,098		1.77	%
Industrial Machinery & Supplies & Components		100,807		1.73	%		104,147		2.30	%
Construction & Engineering		97,434		1.68	%		71,267		1.57	%
Research & Consulting Services		95,237		1.64	%		36,858		0.81	%
Trading Companies & Distributors		93,939		1.62	%		83,101		1.83	%
Building Products		92,435		1.59	%		—		—	%
Specialized Finance		88,412		1.52	%		58,235		1.29	%
Office Services & Supplies		86,839		1.49	%		85,692		1.89	%
Communications Equipment		84,804		1.46	%		87,981		1.94	%
Electrical Components & Equipment		78,858		1.36	%		83,736		1.85	%
Environmental & Facilities Services		78,018		1.34	%		77,721		1.72	%
Other Specialty Retail		77,113		1.33	%		82,825		1.83	%
Wireless Telecommunication Services		71,695		1.23	%		71,808		1.59	%
Cable & Satellite		70,750		1.22	%		20,900		0.46	%
Construction Machinery & Heavy Transportation Equipment		65,416		1.13	%		60,915		1.34	%
Asset Management & Custody Banks		58,959		1.01	%		58,889		1.30	%
Property & Casualty Insurance		58,714		1.01	%		68,452		1.51	%
Real Estate Services		58,681		1.01	%		—		—	%
Distributors		56,956		0.98	%		28,823		0.64	%
Alternative Carriers		49,876		0.86	%		—		—	%
Health Care Supplies		49,580		0.85	%		67,927		1.50	%
Financial Exchanges & Data		47,437		0.82	%		47,635		1.05	%
Movies & Entertainment		47,251		0.81	%		39,844		0.88	%
Diversified Chemicals		47,020		0.81	%		15,085		0.33	%

47

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

	March 31, 2025					September 30, 2024
Cost:			% of Total Investments					% of Total Investments
Air Freight & Logistics		42,228		0.73	%		—		—	%
Paper & Plastic Packaging Products & Materials		40,406		0.70	%		56,443		1.25	%
Data Processing & Outsourced Services		39,505		0.68	%		55,825		1.23	%
Food Distributors		35,300		0.61	%		21,638		0.48	%
Commodity Chemicals		31,477		0.54	%		31,556		0.70	%
Electronic Components		28,761		0.49	%		28,843		0.64	%
Gold		27,862		0.48	%		27,777		0.61	%
Real Estate Development		25,992		0.45	%		25,391		0.56	%
Hotels, Resorts & Cruise Lines		21,816		0.38	%		20,621		0.46	%
Consumer Finance		15,586		0.27	%		14,086		0.31	%
Advertising		13,707		0.24	%		13,983		0.31	%
Biotechnology		12,499		0.22	%		12,632		0.28	%
Metal, Glass & Plastic Containers		12,312		0.21	%		24,703		0.55	%
Health Care Distributors		10,570		0.18	%		32,423		0.72	%
Leisure Facilities		9,502		0.16	%		9,532		0.21	%
Passenger Airlines		7,775		0.13	%		11,285		0.25	%
Diversified Metals & Mining		—		—	%		39,469		0.87	%
Health Care Facilities		—		—	%		25,320		0.56	%
Total	$	5,812,788		100.00	%	$	4,530,412		100.00	%

	March 31, 2025								September 30, 2024
Fair Value:			% of Total Investments			% of Net Assets					% of Total Investments			% of Net Assets
Application Software	$	956,182		16.41	%		25.28	%	$	804,201		17.60	%		25.39	%
Pharmaceuticals		289,610		4.97	%		7.67	%		127,419		2.78	%		4.03	%
Systems Software		253,257		4.35	%		6.71	%		215,119		4.70	%		6.80	%
Aerospace & Defense		238,720		4.10	%		6.32	%		168,200		3.68	%		5.32	%
Health Care Equipment		219,898		3.78	%		5.82	%		44,170		0.97	%		1.40	%
Interactive Media & Services		212,514		3.65	%		5.63	%		170,682		3.73	%		5.39	%
Diversified Support Services		206,720		3.55	%		5.47	%		219,822		4.80	%		6.95	%
Specialized Consumer Services		178,699		3.07	%		4.73	%		54,411		1.19	%		1.72	%
Health Care Services		178,554		3.07	%		4.73	%		200,245		4.38	%		6.33	%
Multi-Sector Holdings		177,472		3.05	%		4.70	%		190,554		4.16	%		6.02	%
Life Sciences Tools & Services		167,224		2.87	%		4.43	%		44,624		0.98	%		1.41	%
Diversified Financial Services		162,592		2.79	%		4.30	%		162,943		3.56	%		5.15	%
Health Care Technology		159,247		2.74	%		4.22	%		131,358		2.87	%		4.15	%
Education Services		144,599		2.48	%		3.83	%		125,101		2.73	%		3.95	%
Packaged Foods & Meats		122,273		2.10	%		3.24	%		80,657		1.76	%		2.55	%
Insurance Brokers		122,245		2.10	%		3.24	%		113,693		2.48	%		3.59	%
Industrial Machinery & Supplies & Components		101,631		1.75	%		2.69	%		104,754		2.29	%		3.31	%

48

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

	March 31, 2025								September 30, 2024
Fair Value:			% of Total Investments			% of Net Assets					% of Total Investments			% of Net Assets
Research & Consulting Services		95,797		1.65	%		2.54	%		38,103		0.83	%		1.20	%
Trading Companies & Distributors		95,072		1.63	%		2.52	%		84,343		1.84	%		2.67	%
Construction & Engineering		94,813		1.63	%		2.51	%		71,067		1.55	%		2.25	%
Building Products		92,176		1.58	%		2.44	%		—		—	%		—	%
Specialized Finance		89,143		1.53	%		2.36	%		58,704		1.28	%		1.86	%
Communications Equipment		84,794		1.46	%		2.25	%		88,160		1.93	%		2.79	%
Other Specialty Retail		79,659		1.37	%		2.11	%		87,962		1.92	%		2.78	%
Electrical Components & Equipment		79,053		1.36	%		2.09	%		83,490		1.82	%		2.64	%
Office Services & Supplies		77,521		1.33	%		2.05	%		83,843		1.83	%		2.65	%
Environmental & Facilities Services		76,662		1.32	%		2.03	%		77,622		1.70	%		2.45	%
Wireless Telecommunication Services		73,175		1.26	%		1.94	%		71,968		1.57	%		2.27	%
Cable & Satellite		69,501		1.19	%		1.84	%		21,105		0.46	%		0.67	%
Construction Machinery & Heavy Transportation Equipment		66,678		1.15	%		1.77	%		62,291		1.36	%		1.97	%
Asset Management & Custody Banks		60,537		1.04	%		1.60	%		62,259		1.36	%		1.97	%
Property & Casualty Insurance		58,888		1.01	%		1.56	%		68,654		1.50	%		2.17	%
Real Estate Services		58,665		1.01	%		1.55	%		—		—	%		—	%
Distributors		56,592		0.97	%		1.50	%		29,131		0.64	%		0.92	%
Alternative Carriers		49,757		0.85	%		1.32	%		—		—	%		—	%
Health Care Supplies		49,594		0.85	%		1.31	%		68,395		1.49	%		2.16	%
Diversified Chemicals		49,305		0.85	%		1.31	%		15,875		0.35	%		0.50	%
Financial Exchanges & Data		48,135		0.83	%		1.27	%		47,726		1.04	%		1.51	%
Movies & Entertainment		47,531		0.82	%		1.26	%		40,011		0.87	%		1.26	%
Air Freight & Logistics		42,241		0.73	%		1.12	%		—		—	%		—	%
Paper & Plastic Packaging Products & Materials		40,358		0.69	%		1.07	%		56,646		1.24	%		1.79	%
Data Processing & Outsourced Services		40,079		0.69	%		1.06	%		57,220		1.25	%		1.81	%
Food Distributors		35,828		0.62	%		0.95	%		23,641		0.52	%		0.75	%
Commodity Chemicals		31,477		0.54	%		0.83	%		31,916		0.70	%		1.01	%
Gold		29,530		0.51	%		0.78	%		29,672		0.65	%		0.94	%
Electronic Components		29,080		0.50	%		0.77	%		28,826		0.63	%		0.91	%
Real Estate Development		25,893		0.44	%		0.69	%		25,374		0.55	%		0.80	%
Hotels, Resorts & Cruise Lines		21,610		0.37	%		0.57	%		20,415		0.45	%		0.65	%
Consumer Finance		16,056		0.28	%		0.43	%		13,952		0.30	%		0.44	%
Advertising		13,649		0.23	%		0.36	%		13,988		0.31	%		0.44	%
Biotechnology		12,128		0.21	%		0.32	%		12,273		0.27	%		0.39	%
Metal, Glass & Plastic Containers		11,920		0.20	%		0.32	%		25,307		0.55	%		0.80	%

49

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

	March 31, 2025								September 30, 2024
Fair Value:			% of Total Investments			% of Net Assets					% of Total Investments			% of Net Assets
Health Care Distributors		10,212		0.18	%		0.27	%		31,732		0.69	%		1.00	%
Leisure Facilities		9,319		0.16	%		0.25	%		9,241		0.20	%		0.29	%
Passenger Airlines		7,718		0.13	%		0.20	%		12,093		0.26	%		0.38	%
Diversified Metals & Mining		—		—	%		—	%		39,751		0.87	%		1.26	%
Health Care Facilities		—		—	%		—	%		25,524		0.56	%		0.81	%
Total	$	5,821,583		100.00	%		154.13	%	$	4,576,233		100.00	%		144.62	%

Fair Value Measurements

The following table presents the financial instruments carried at fair value as of March 31, 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	$	—	$	1,340,472	$	3,893,763	$	5,234,235
Subordinated debt (including CLO notes and credit linked notes)		—		302,216		256,237		558,453
Common equity and warrants		—		26		12,287		12,313
Preferred equity		—		—		16,582		16,582
Total investments at fair value		—		1,642,714		4,178,869		5,821,583
Cash equivalents		61,575		—		—		61,575
Derivative assets		—		8,610		—		8,610
Total assets at fair value	$	61,575	$	1,651,324	$	4,178,869	$	5,891,768
Derivative liabilities		—		7,676		—		7,676
Total liabilities at fair value	$	—	$	7,676	$	—	$	7,676

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

50

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

The following table provides a roll-forward of the changes in fair value from December 31, 2024 to March 31, 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 December 31, 2024	$	3,428,782		$	255,274		$	15,629	$	10,377		$	3,710,062
Purchases		631,705			—			—		—			631,705
Sales and repayments		(166,175	)		(344	)		—		—			(166,519	)
Transfers out (a)		(22,084	)		—			—		—			(22,084	)
Capitalized PIK interest income		1,727			772			—		—			2,499
Accretion of OID		5,309			129			—		—			5,438
Net unrealized appreciation (depreciation)		14,317			406			953		1,995			17,671
Net realized gains (losses)		182			—			—		(85	)		97
Fair value as of March 31, 2025	$	3,893,763		$	256,237		$	16,582	$	12,287		$	4,178,869
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2025	$	16,118		$	406		$	953	$	1,913		$	19,390

(a) There was a transfer out of Level 3 to Level 2 for an investment during the three months ended March 31, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

51

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

The following table provides a roll-forward of the changes in fair value from December 31, 2023 to March 31, 2024 for all investments for which the Company determined fair value using unobservable (Level 3) factors:

	Senior Secured Debt			Subordinated Debt		Preferred Equity		Common Equity and Warrants			Total
Fair value as of December 31, 2023	$	1,621,228		$	25,352	$	12,091	$	5,072		$	1,663,743
Purchases		470,302			7,612		—		—			477,914
Sales and repayments		(92,492	)		—		—		—			(92,492	)
Transfers in (a)		6,785			—		—		—			6,785
Capitalized PIK interest income		1,587			831		—		—			2,418
Accretion of OID		3,911			—		—		—			3,911
Net unrealized appreciation (depreciation)		(1,853	)		—		723		(1,050	)		(2,180	)
Net realized gains (losses)		421			—		—		—			421
Fair value as of March 31, 2024	$	2,009,889		$	33,795	$	12,814	$	4,022		$	2,060,520
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2024	$	535		$	—	$	723	$	(1,050	)	$	208

(a) There were transfers into Level 3 from Level 2 for certain investments during the three months ended March 31, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

The following table provides a roll-forward of the changes in fair value from September 30, 2024 to March 31, 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		1,306,732			29,320			—		—			1,336,052
Sales and repayments		(309,865	)		(530	)		—		—			(310,395	)
Transfers in (a)(b)		36,264			—			949		—			37,213
Transfers out (a)(b)		(36,475	)		—			—		—			(36,475	)
Capitalized PIK interest income		3,736			1,458			—		—			5,194
Accretion of OID		11,632			261			—		—			11,893
Net unrealized appreciation (depreciation)		(7,259	)		1,786			1,625		176			(3,672	)
Net realized gains (losses)		(1,582	)		—			—		(85	)		(1,667	)
Fair value as of March 31, 2025	$	3,893,763		$	256,237		$	16,582	$	12,287		$	4,178,869
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2025	$	(1,812	)	$	1,786		$	1,625	$	133		$	1,732

(a) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the six months ended March 31, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

52

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(b) There were investment restructurings during the six months ended March 31, 2025 in which Level 3 senior secured debt was exchanged for Level 3 preferred equity.

The following table provides a roll-forward of the changes in fair value from September 30, 2023 to March 31, 2024 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:

	Senior Secured Debt			Subordinated Debt		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		1,040,445			19,173		6,211		—			1,065,829
Sales and repayments		(111,892	)		—		—		—			(111,892	)
Transfers in (a)		10,757			—		—		—			10,757
Capitalized PIK interest income		2,208			830		—		—			3,038
Accretion of OID		6,295			—		—		—			6,295
Net unrealized appreciation (depreciation)		(1,869	)		—		855		(1,817	)		(2,831	)
Net realized gains (losses)		184			—		—		—			184
Fair value as of March 31, 2024	$	2,009,889		$	33,795	$	12,814	$	4,022		$	2,060,520
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2024	$	(1,934	)	$	—	$	855	$	(1,817	)	$	(2,896	)

(a) There were transfers into Level 3 from Level 2 for certain investments during the six months ended March 31, 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 March 31, 2025:

Asset	Fair Value		Valuation Technique	Unobservable Input	Range								Weighted Average (a)
Senior secured debt	$	3,719,777	Market Yield	Market Yield		(b	)	6.0	%	—	23.0	%		10.0	%
		10,571	Enterprise Value	Revenue Multiple		(e	)	2.0x		—	2.2x			2.1x
		4,487	Enterprise Value	EBITDA Multiple		(e	)	7.0x		—	9.0x			8.0x
		70,971	Transaction Precedent	Transaction Price		(c	)	N/A		—	N/A			N/A
		87,957	Broker Quotations	Broker Quoted Price		(d	)	N/A		—	N/A			N/A
Subordinated debt		238,112	Market Yield	Market Yield		(b	)	5.0	%	—	11.0	%		8.4	%
		18,125	Broker Quotations	Broker Quoted Price		(d	)	N/A		—	N/A			N/A
Common equity and warrants & preferred equity		20,958	Market Yield	Market Yield		(b	)	11.0	%	—	18.0	%		13.8	%
		4,799	Enterprise Value	Revenue Multiple		(e	)	2.1x		—	5.3x			3.1x
		3,112	Enterprise Value	EBITDA Multiple		(e	)	7.0x		—	11.5x			9.8x
Total	$	4,178,869

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

53

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

(c) Used when there is an observable transaction or pending event for 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.

(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	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		—	N/A			N/A
		92,422	Broker Quotations	Broker Quoted Price		(d	)	N/A		—	N/A			N/A
Subordinated debt		223,942	Market Yield	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.

(c) Used when there is an observable transaction or pending event for 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.

(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.

54

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Note 4. Fee Income

For the three and six months ended March 31, 2025, the Company recorded total fee income of $2,367 and $3,313, respectively, of which $40 and $209, respectively, was recurring in nature. For the three and six months ended March 31, 2024, the Company recorded total fee income of $1,250 and $1,651, respectively, of which $26 and $58, respectively, was recurring in nature. Recurring fee income consisted of servicing fees.

Note 5. Share Data and Distributions

Changes in Net Assets

The following table presents the changes in net assets for the three and six months ended March 31, 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

55

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

The following table presents the changes in net assets for the three and six months ended March 31, 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 dividend 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 dividend 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

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 March 31, 2025, the Company has issued and sold 110,081,644 Class I shares for an aggregate purchase price of $2,601.1 million, 50,543,189 Class S shares for an aggregate purchase price of $1,189.7 million and 155,320 Class D shares for an aggregate purchase price of $3.7 million. As of March 31, 2025, the Company has issued 2,530,421 Class I shares, 3,090,040 Class S shares and 4,575 Class D shares pursuant to its distribution reinvestment plan. As of March 31, 2025, the Company has not issued any Class T shares.

56

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

The following table summarizes transactions in Common Shares for the six months ended March 31, 2025:

	Shares			Amount
Class I
Issuance of Common Shares in private and public offering		20,193,519		$	474,548
Share transfers between classes		44,803			1,056
Issuance of Common Shares under distribution reinvestment plan		912,070			21,528
Share repurchases, net of early repurchase deduction		(992,389	)		(23,233	)
Net increase (decrease)		20,158,003		$	473,899
Class S
Issuance of Common Shares in public offering		7,435,488		$	174,781
Share transfers between classes		(44,803	)		(1,056	)
Issuance of Common Shares under distribution reinvestment plan		1,148,699			27,146
Share repurchases, net of early repurchase deduction		(835,470	)		(19,522	)
Net increase (decrease)		7,703,914		$	181,349
Class D
Issuance of Common Shares in public offering		76,334		$	1,793
Issuance of Common Shares under distribution reinvestment plan		2,270			54
Share repurchases, net of early repurchase deduction		(3,287	)		(77	)
Net increase (decrease)		75,317		$	1,770
Total net increase (decrease)		27,937,234		$	657,018

The following table summarizes transactions in Common Shares for the six months ended March 31, 2024:

	Shares			Amount
Class I
Issuance of Common Shares in public offering		25,921,513		$	610,377
Share transfers between classes		10,652			252
Issuance of Common Shares under dividend reinvestment plan		554,879			13,152
Share repurchases, net of early repurchase deduction		(616,810	)		(14,542	)
Net increase (decrease)		25,870,234		$	609,239
Class S
Issuance of Common Shares in public offering		13,384,213		$	315,146
Share transfers between classes		(10,652	)		(252	)
Issuance of Common Shares under dividend reinvestment plan		617,672			14,541
Share repurchases, net of early repurchase deduction		(178,223	)		(4,201	)
Net increase (decrease)		13,813,010		$	325,234
Class D
Issuance of Common Shares in public offering		46,430		$	1,094
Issuance of Common Shares under dividend reinvestment plan		482			11
Share repurchases, net of early repurchase deduction		—			—
Net increase (decrease)		46,912		$	1,105
Total net increase (decrease)		39,730,156		$	935,578

57

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 six months ended March 31, 2025 and 2024. As of March 31, 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
	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

Distributions

The Board authorizes and declares monthly distributions per outstanding Common Share. The following table presents distributions that were declared during the six months ended March 31, 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
				$	1.2000	$	120,178

58

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

				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
				$	1.1000	$	53,710
				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	$	16
Monthly	November 26, 2024	November 27, 2024	December 27, 2024		0.1951		21
Monthly	December 26, 2024	December 27, 2024	February 3, 2025		0.1951		22
Monthly	January 28, 2025	January 29, 2025	February 26, 2025		0.1951		22
Monthly	February 24, 2025	February 26, 2025	March 27, 2025		0.1951		24
Monthly	March 24, 2025	March 27, 2025	April 28, 2025		0.1951		31
				$	1.1706	$	136

The following table presents distributions that were declared during the six months ended March 31, 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
				$	1.2000	$	71,534
				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
				$	1.0999	$	31,880

59

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

				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	$	1
Monthly	November 27, 2023	November 30, 2023	December 27, 2023		0.1851		3
Special	December 14, 2023	December 15, 2023	December 27, 2023		0.0400		1
Monthly	December 20, 2023	December 31, 2023	February 1, 2024		0.1851		4
Monthly	January 24, 2024	January 31, 2024	February 27, 2024		0.1851		5
Monthly	February 27, 2024	February 29, 2024	March 27, 2024		0.1951		10
Monthly	March 26, 2024	March 27, 2024	April 29, 2024		0.1951		10
				$	1.1706	$	34

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.

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 March 31, 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

60

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 six months ended March 31, 2025:

	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.0356	$	103,653	$	0.9352	$	45,691	$	1.0078	$	117
Distributions in excess of net investment income		0.1644		16,525		0.1648		8,019		0.1628		19
Total	$	1.2000	$	120,178	$	1.1000	$	53,710	$	1.1706	$	136

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 six months ended March 31, 2024:

	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.0384	$	62,260	$	0.9391	$	27,441	$	1.0126	$	30
Distributions in excess of net investment income		0.1616		9,274		0.1608		4,439		0.1580		4
Total	$	1.2000	$	71,534	$	1.0999	$	31,880	$	1.1706	$	34

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. 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 Securities Exchange Act of 1934, as amended, 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 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.

61

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

During the six months ended March 31, 2025, the Company repurchased pursuant to such tender offers an aggregate of 992,389 Class I shares, 835,470 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the six months ended March 31, 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

(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 six months ended March 31, 2024, the Company repurchased pursuant to such tender offers an aggregate of 616,810 Class I and 178,223 Class S shares. The following table presents the share repurchases completed during the six months ended March 31, 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

(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.

Note 6. Borrowings

Below is a summary of the Company’s credit facilities as of March 31, 2025 and September 30, 2024:

	March 31, 2025
($ 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	$	5.9		6/28/2027		6/28/2028
JPM SPV Facility		500.0		375.0		125.0		4.7		5/29/2027		5/29/2029
SMBC SPV Facility		150.0		75.5		74.5		1.4		9/29/2026		9/29/2028
CIBC SPV Facility		350.0		225.0		125.0		0.7		11/21/2025		11/21/2025
DBNY SPV Facility		300.0		100.0		200.0		2.7		2/15/2027		2/15/2029
MS SPV Facility		200.0		100.0		100.0		1.9		2/23/2027		2/23/2029
Total	$	2,685.0	$	1,290.5	$	1,394.5	$	17.3

62

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

	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 March 31, 2025 and September 30, 2024:

	March 31, 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	$	(3.3	)	$	(1.3	)	$	6.5	$	351.9	$	379.0		11/14/2028
2029 Unsecured Notes		400.0		(4.3	)		(2.1	)		2.2		395.8		407.8		7/23/2029
Total	$	750.0	$	(7.6	)	$	(3.4	)	$	8.7	$	747.7	$	786.8

	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 March 31, 2025			Three Months Ended March 31, 2024			Six Months Ended March 31, 2025			Six Months Ended March 31, 2024
Stated interest expense	$	36.2		$	20.6		$	72.4		$	35.2
Credit facility fees		3.2			1.3			5.6			2.8
Amortization of debt financing costs		2.1			1.4			4.3			2.4
Effect of interest rate swaps		0.5			0.9			2.1			1.5
Total interest expense	$	42.0		$	24.2		$	84.4		$	41.9
Weighted average interest rate (1)		7.067	%		8.462	%		7.300	%		8.401	%
Weighted average outstanding balance	$	2,075.3		$	1,006.9		$	2,019.6		$	870.2

(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.

63

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 March 31, 2025, the size of the ING Credit Agreement facility is $1,185 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 sole current and certain future subsidiaries of us and guaranteed by such subsidiaries.

As of March 31, 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 2.05% per annum if the Company has and maintains an investment grade credit rating or (2) the alternative base rate (which is the greatest of the (a) prime rate, (b) the federal funds effective rate plus ¹⁄₂ of 1%, (c) the overnight bank funding rate plus ¹⁄₂ of 1%, (d) certain rates based on SOFR and (e) alternate base rate (“ABR”) plus 1.05% per annum if the Company has and maintains investment grade credit rating. 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, subject to increase to 1.00% per annum on the daily unused amount if the daily unused amount is greater than or equal to 65% 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) $1,250.0 million and (b) 150% of shareholders’ equity as of the date 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

64

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

65

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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) the 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 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 on the earlier of (x) the one year anniversary of the DBNY Closing Date and (y) the date selected by OSCF Lending IV SPV (via written notice to DBNY, as facility agent) to so increase the DBNY Facility Amount.

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

66

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

subsidiary of us, 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 us 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).

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.

67

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

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 six months ended March 31, 2025 and 2024:

	Three months ended March 31, 2025			Three months ended March 31, 2024			Six months ended March 31, 2025			Six months ended March 31, 2024
Net increase (decrease) in net assets resulting from operations	$	52,900		$	56,477		$	129,680		$	109,411
Net unrealized (appreciation) depreciation		30,913			655			29,950			(16,264	)
Book/tax difference due to capital gains incentive fees		(3,129	)		319			(2,472	)		2,460
Other book/tax differences(1)		(28,123	)		(724	)		2,235			(5,259	)
Taxable income(2)	$	52,561		$	56,727		$	159,393		$	90,348

(1) For the three and six months ended March 31, 2025, the other book/tax difference was primarily due to changes in unrealized value of foreign currency forwards.

68

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(2) The Company’s taxable income for the three and six months ended March 31, 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 March 31, 2025, the Company recognized (i) a provision for incomes taxes on net investment income of $414, which was all current tax expense, and (ii) a benefit for income taxes on realized and unrealized gains (losses) of $19, which was primarily a deferred tax benefit. For the three months ended March 31, 2024, the Company recognized a total provision for income tax expense on realized and unrealized gains (losses) of $144, which was comprised of a current tax expense of $144.

For the six months ended March 31, 2025, the Company recognized (i) a provision for incomes taxes on net investment income of $679, which was all current tax expense, and (ii) a provision for income taxes on realized and unrealized gains (losses) of $46, of which $25 was deferred tax expense and $21 was current tax expense. For the six months ended March 31, 2024, the Company recognized a total provision for income tax expense on realized and unrealized gains (losses) of $385, which was comprised of a current tax expense of $385.

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.

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.

69

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 six months ended March 31, 2025, base management fees were $11,471 and $21,933, respectively. For the three and six months ended March 31, 2024, base management fees were $7,242 and $12,998, 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

70

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

• 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.

For the three and six months ended March 31, 2025, the Investment Income Incentive Fee was $10,942 and $21,691, respectively. For the three and six months ended March 31, 2024, the Investment Income Incentive Fee was $7,980 and $13,734, 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 March 31, 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 and six months ended March 31, 2025, there were $3,044 and $2,472 of reversal of accrued Capital Gains Incentive Fees, respectively. For the three and six months ended March 31, 2024, there were $319 and $2,460 of accrued Capital Gains Incentive Fees, respectively. As of March 31, 2025, there were $756 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

71

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 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 March 31, 2025, the Company incurred $506 of expenses under the Administration Agreement, of which $358 was included in administrator expense, $102 was included in general and administrative expenses and $46 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the six months ended March 31, 2025, the Company incurred $904 of expenses under the Administration Agreement, of which $606 was included in administrator expense, $133 was included in general and administrative expenses and $165 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the three months ended March 31, 2024, the Company incurred $543 of expenses under the Administration Agreement, of which $417 was included in administrator expense, $101 was included in general and administrative expenses and $25 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the six months ended March 31, 2024, the Company incurred $912 of expenses under the Administration Agreement, of which $719 was included in administrator expense, $162 was included in general and administrative expenses and $31 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

72

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

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

73

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 T, Class S, Class D and Class I 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 I shares	—	%
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 T shares, Class S shares and Class D 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 T, Class S or Class D 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 six months ended March 31, 2025, the Company recorded distribution and shareholder servicing fees of $2,513 and $4,865, respectively, primarily all of which were attributable to Class S shares. For the three and six months ended March 31, 2024, the Company recorded distribution and shareholder servicing fees of $1,614 and $2,895, respectively, primarily all of which were attributable to Class S shares.

74

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 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 six months ended March 31, 2025 and 2024, the Adviser did not make any Expense Payments. For the six months ended March 31, 2025, the Company did not make any reimbursement payments to the Adviser. For the six months ended March 31, 2024, the Company made reimbursement payments of $1,045 to the Adviser. As of March 31, 2025, there were no amounts due to the Adviser from the Company under the Expense Support Agreement.

75

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Note 10. Financial Highlights

(Share amounts in thousands)	Three months ended March 31, 2025									Three months ended March 31, 2024									Six months ended March 31, 2025									Six months ended March 31, 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	$	23.52		$	23.52		$	23.52		$	23.62		$	23.62		$	23.62		$	23.56		$	23.56		$	23.56		$	23.56		$	23.56		$	23.56
Net investment income (1)		0.51			0.46			0.50			0.57			0.52			0.56			1.04			0.94			1.01			1.04			0.94			1.01
Net unrealized appreciation (depreciation) (1)(2)		(0.19	)		(0.19	)		(0.19	)		(0.02	)		(0.02	)		(0.02	)		(0.19	)		(0.19	)		(0.19	)		0.17			0.17			0.17
Net realized gains (losses) (1)		0.04			0.04			0.04			0.03			0.03			0.03			0.07			0.07			0.07			0.04			0.04			0.04
Net increase (decrease) in net assets resulting from operations		0.36			0.31			0.35			0.58			0.53			0.57			0.92			0.82			0.89			1.25			1.15			1.22
Distributions of net investment income to shareholders		(0.51	)		(0.46	)		(0.50	)		(0.57	)		(0.52	)		(0.56	)		(1.04	)		(0.94	)		(1.01	)		(1.04	)		(0.94	)		(1.01	)
Distributions in excess of net investment income		(0.09	)		(0.09	)		(0.09	)		(0.02	)		(0.02	)		(0.02	)		(0.16	)		(0.16	)		(0.16	)		(0.16	)		(0.16	)		(0.16	)
Net asset value at end of period	$	23.28		$	23.28		$	23.28		$	23.61		$	23.61		$	23.61		$	23.28		$	23.28		$	23.28		$	23.61		$	23.61		$	23.61
Total return (3)		1.54	%		1.33	%		1.48	%		2.48	%		2.26	%		2.41	%		3.97	%		3.53	%		3.84	%		5.43	%		4.98	%		5.30	%
Common shares outstanding at beginning of the period		97,207			47,759			107			57,111			27,765			22			89,884			44,323			81			44,103			20,787			6
Common shares outstanding at end of period		110,042			52,027			157			69,973			34,601			53			110,042			52,027			157			69,973			34,601			53
Net assets at the beginning of the period	$	2,286,444		$	1,123,357		$	2,515		$	1,348,877		$	655,764		$	530		$	2,118,000		$	1,044,424		$	1,916		$	1,039,238		$	489,821		$	146
Net assets at end of period	$	2,561,941		$	1,211,427		$	3,646		$	1,652,401		$	817,091		$	1,254		$	2,561,941		$	1,211,427		$	3,646		$	1,652,401		$	817,091		$	1,254
Average net assets (4)	$	2,481,218		$	1,194,703		$	3,102		$	1,563,298		$	762,803		$	1,045		$	2,361,945		$	1,152,670		$	2,737		$	1,402,988		$	683,680		$	695
Ratio of net investment income to average net assets (5)		2.17	%		1.96	%		2.12	%		2.40	%		2.19	%		2.34	%		4.39	%		3.96	%		4.28	%		4.41	%		3.99	%		4.28	%
Ratio of total expenses to average net assets (5)(7)		1.76	%		1.96	%		1.81	%		1.78	%		1.99	%		1.84	%		3.75	%		4.15	%		3.86	%		3.57	%		3.99	%		3.70	%
Ratio of net expenses to average net assets (5)		1.76	%		1.96	%		1.81	%		1.78	%		1.99	%		1.84	%		3.75	%		4.15	%		3.86	%		3.62	%		4.05	%		3.76	%
Ratio of portfolio turnover to average investments at fair value (5)		5.78	%		5.78	%		5.78	%		10.03	%		10.03	%		10.03	%		15.48	%		15.48	%		15.48	%		14.87	%		14.87	%		14.87	%
Weighted average outstanding debt	$	2,075,267		$	2,075,267		$	2,075,267		$	1,006,868		$	1,006,868		$	1,006,868		$	2,019,610		$	2,019,610		$	2,019,610		$	870,164		$	870,164		$	870,164
Average debt per share (1)	$	13.27		$	13.27		$	13.27		$	10.25		$	10.25		$	10.25		$	13.54		$	13.54		$	13.54		$	9.86		$	9.86		$	9.86
Asset coverage ratio (6)		284.30	%		284.30	%		284.30	%		306.49	%		306.49	%		306.49	%		284.30	%		284.30	%		284.30	%		306.49	%		306.49	%		306.49	%

(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 six months ended March 31, 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 six months ended March 31, 2025 and 2024 have not been annualized for purposes of this ratio.

(6) Based on outstanding senior securities of $2,048.2 million and $1,195.3 million as of March 31, 2025 and 2024, respectively.

(7) Total expenses to average net assets is prior to expense support/reimbursements provided by the Adviser.

76

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 counterparty, Bank of New York Mellon. The ISDA Master Agreement permits a single net payment in the event of a default or similar event. As of March 31, 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 March 31, 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	$	14,612	C$	21,120		5/8/2025	$	—	$	89		Derivative liability
Foreign currency forward contract	$	332,010	€	306,801		5/8/2025		—		79		Derivative liability
Foreign currency forward contract	$	164,596	£	132,557		5/8/2025		—		6,490		Derivative liability
Foreign currency forward contract	$	14,612	¥	2,243,692		5/8/2025		—		455		Derivative liability
Foreign currency forward contract	$	6,716	kr	76,683		5/8/2025		—		563		Derivative liability
							$	—	$	7,676

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.

77

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Certain information related to the Company’s interest rate swaps is presented below as of March 31, 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	$	6,451	$	—		Derivative asset
Interest rate swap	$	400,000		7/23/2029		2,159		—		Derivative asset
					$	8,610	$	—

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	$	—

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 March 31, 2025, off-balance sheet arrangements consisted of $822,559 of unfunded commitments to provide debt financing to certain of the Company’s portfolio companies. Of the $822,559, approximately $788,008 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 March 31, 2025 and September 30, 2024 is shown in the table below:

	March 31, 2025		September 30, 2024
OneOncology, LLC	$	88,986	$	10,470
Integrity Marketing Acquisition, LLC		45,219		48,889
Poseidon Midco AB		34,745		32,272
Biscuit Parent, LLC		31,516		15,000
Verona Pharma, Inc.		29,285		29,285
Spruce Bidco I Inc.		26,341		—
Geo Topco Corporation		22,887		—
TBRS, Inc.		20,699		—
Everbridge, Inc.		19,899		19,899
PetVet Care Centers, LLC		19,210		19,210

78

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

	March 31, 2025		September 30, 2024
Accession Risk Management Group, Inc.		18,799		28,981
Telephone and Data Systems, Inc.		18,569		18,569
ASP Integrity Acquisition Co LLC		16,953		—
THG Acquisition, LLC		16,535		—
Next Holdco, LLC		16,443		16,443
PAI Financing Merger Sub LLC		15,790		—
Janus Bidco Limited		15,760		15,793
Creek Parent, Inc.		15,225		—
PPW Aero Buyer, Inc.		14,899		26,797
SEI Holding I Corporation		14,678		14,608
NFM & J, L.P.		14,651		16,947
LDS Buyer, LLC		13,734		—
Monotype Imaging Holdings Inc.		13,657		15,061
SumUp Holdings Luxembourg		12,796		12,795
Bamboo US Bidco LLC		11,699		7,220
F&M BUYER LLC		11,435		—
Minotaur Acquisition, Inc.		11,132		11,132
AVSC Holding Corp.		10,973		—
Sorenson Communications, LLC		10,178		10,177
North Star Acquisitionco, LLC		9,887		14,066
Kite Midco II Inc.		9,609		—
ACESO Holding 4 S.A.R.L.		9,495		9,511
Grand River Aseptic Manufacturing, Inc.		9,237		—
MRI Software LLC		8,907		10,716
Truck-Lite Co., LLC		8,668		13,454
107-109 Beech OAK22 LLC		8,544		7,501
IW Buyer LLC		7,336		7,504
Optimizely North America Inc.		7,109		—
Microf Funding V LLC		7,084		8,670
Neptune Platform Buyer, LLC		6,863		6,863
Protein for Pets Opco, LLC		6,639		6,639
Project Accelerate Parent, LLC		6,250		6,250
WP CPP Holdings, LLC		5,831		5,831
Legends Hospitality Holding Company, LLC		5,782		9,820
Kings Buyer, LLC		5,774		3,329
Galileo Parent, Inc.		5,566		991
ACP Falcon Buyer Inc		5,333		5,333
Entrata, Inc.		5,211		5,211
Enverus Holdings, Inc.		5,151		6,567
Inventus Power, Inc.		4,967		4,967
USIC Holdings, Inc.		4,821		5,692
Eyesouth Eye Care Holdco LLC		4,786		4,835
Crewline Buyer, Inc.		4,573		4,573
Evergreen IX Borrower 2023, LLC		4,006		4,006
Violin Finco Guernsey Limited		3,933		3,933
iCIMs, Inc.		3,920		3,710

79

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

	March 31, 2025		September 30, 2024
Lightbox Intermediate, L.P.		3,845		—
BioXcel Therapeutics, Inc.		3,577		4,471
Finastra USA, Inc.		3,396		2,436
Pluralsight, LLC		3,351		3,351
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
Establishment Labs Holdings Inc.		1,689		3,378
107 Fair Street LLC		1,596		2,849
Dukes Root Control Inc.		763		853
112-126 Van Houten Real22 LLC		546		870
Grove Hotel Parcel Owner, LLC		531		1,768
Salus Workers’ Compensation, LLC		531		1,898
Transit Buyer LLC		520		520
Supreme Fitness Group NY Holdings, LLC		396		396
ASP-R-PAC Acquisition Co LLC		317		247
LSL Holdco, LLC		203		244
Quantum Bidco Limited		—		24,898
AmSpec Parent LLC		—		19,666
CVAUSA Management, LLC		—		13,657
Delta Leasing SPV II LLC		—		11,419
Harrow, Inc.		—		4,301
Avalara, Inc.		—		1,903
	$	822,559	$	642,044

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 months ended March 31, 2025, except as discussed below.

Share Issuances

On April 1, 2025, the Company issued and sold pursuant to its continuous public offering 11,770,232 Class I shares for proceeds of $274.0 million and 1,251,267 Class S shares for proceeds of $29.1 million.

ING Credit Agreement Amendment

On April 11, 2025, the Company entered into an amendment to the Syndicated Facility to, among other things, (1) generally reduce interest rate margins from 2.15% to 1.875% plus a SOFR adjustment of 0.10% on SOFR loans and reduce the interest rate margin from 1.15% to 0.875% plus a SOFR adjustment of 0.10% on alternate base rate loans, (2) increase the facility size from $1.185 billion to $1.235 billion, (3) increase the “accordion” feature to allow expansion up to $1.75 billion, and (4) extend the reinvestment period and final maturity date to April 11, 2029 and April 11, 2030, respectively.

80

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Distributions

On April 23, 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	$	0.0165	$	0.1835
Class D shares	$	0.2000	$	0.0048	$	0.1952

The distribution is payable to shareholders of record as of April 28, 2025 and will be paid on or about May 28, 2025. The distribution will be paid in cash or reinvested in Common Shares for shareholders participating in the Company’s distribution reinvestment plan.

81

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

82

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 March 31, 2025, we have issued and sold 110,081,644 Class I shares for an aggregate purchase price of $2,601.1 million of which $100.0 million was purchased by an affiliate of the Adviser, 50,543,189 Class S shares for an aggregate purchase price of $1,189.7 million, 155,320 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.

83

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.

• 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 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.

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

84

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. 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. Generally, the Adviser does not adjust any of the prices received from these sources.

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 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 fair value of our investments as of March 31, 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

85

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 March 31, 2025, we held $5,821.6 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 March 31, 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.

86

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 March 31, 2025, the fair value of our investment portfolio was $5,821.6 million and was composed of investments in 179 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 March 31, 2025 and September 30, 2024, our investment portfolio consisted of the following:

	March 31, 2025			September 30, 2024
Cost:
Senior Secured Debt		89.92	%		89.12	%
Subordinated Debt		9.63	%		10.33	%
Preferred Equity		0.23	%		0.27	%
Common Equity and Warrants		0.22	%		0.28	%
Total		100.00	%		100.00	%

	March 31, 2025			September 30, 2024
Fair Value:
Senior Secured Debt		89.92	%		89.02	%
Subordinated Debt		9.59	%		10.40	%
Preferred Equity		0.28	%		0.31	%
Common Equity and Warrants		0.21	%		0.27	%
Total		100.00	%		100.00	%

87

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

	March 31, 2025			September 30, 2024
Fair Value:
Application Software		16.41	%		17.60	%
Pharmaceuticals		4.97	%		2.78	%
Systems Software		4.35	%		4.70	%
Aerospace & Defense		4.10	%		3.68	%
Health Care Equipment		3.78	%		0.97	%
Interactive Media & Services		3.65	%		3.73	%
Diversified Support Services		3.55	%		4.80	%
Specialized Consumer Services		3.07	%		1.19	%
Health Care Services		3.07	%		4.38	%
Multi-Sector Holdings		3.05	%		4.16	%
Life Sciences Tools & Services		2.87	%		0.98	%
Diversified Financial Services		2.79	%		3.56	%
Health Care Technology		2.74	%		2.87	%
Education Services		2.48	%		2.73	%
Packaged Foods & Meats		2.10	%		1.76	%
Insurance Brokers		2.10	%		2.48	%
Industrial Machinery & Supplies & Components		1.75	%		2.29	%
Research & Consulting Services		1.65	%		0.83	%
Trading Companies & Distributors		1.63	%		1.84	%
Construction & Engineering		1.63	%		1.55	%
Building Products		1.58	%		—	%
Specialized Finance		1.53	%		1.28	%
Communications Equipment		1.46	%		1.93	%
Other Specialty Retail		1.37	%		1.92	%
Electrical Components & Equipment		1.36	%		1.82	%
Office Services & Supplies		1.33	%		1.83	%
Environmental & Facilities Services		1.32	%		1.70	%
Wireless Telecommunication Services		1.26	%		1.57	%
Cable & Satellite		1.19	%		0.46	%
Construction Machinery & Heavy Transportation Equipment		1.15	%		1.36	%
Asset Management & Custody Banks		1.04	%		1.36	%
Property & Casualty Insurance		1.01	%		1.50	%
Real Estate Services		1.01	%		—	%
Distributors		0.97	%		0.64	%
Alternative Carriers		0.85	%		—	%
Health Care Supplies		0.85	%		1.49	%
Diversified Chemicals		0.85	%		0.35	%
Financial Exchanges & Data		0.83	%		1.04	%
Movies & Entertainment		0.82	%		0.87	%
Air Freight & Logistics		0.73	%		—	%
Paper & Plastic Packaging Products & Materials		0.69	%		1.24	%
Data Processing & Outsourced Services		0.69	%		1.25	%

88

	March 31, 2025			September 30, 2024
Food Distributors		0.62	%		0.52	%
Commodity Chemicals		0.54	%		0.70	%
Gold		0.51	%		0.65	%
Electronic Components		0.50	%		0.63	%
Real Estate Development		0.44	%		0.55	%
Hotels, Resorts & Cruise Lines		0.37	%		0.45	%
Consumer Finance		0.28	%		0.30	%
Advertising		0.23	%		0.31	%
Biotechnology		0.21	%		0.27	%
Metal, Glass & Plastic Containers		0.20	%		0.55	%
Health Care Distributors		0.18	%		0.69	%
Leisure Facilities		0.16	%		0.20	%
Passenger Airlines		0.13	%		0.26	%
Diversified Metals & Mining		—	%		0.87	%
Health Care Facilities		—	%		0.56	%
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:

	March 31, 2025			September 30, 2024
United States		87.26	%		84.59	%
United Kingdom		4.89	%		6.24	%
Sweden		1.71	%		1.21	%
Germany		1.47	%		—	%
Canada		1.18	%		1.51	%
Netherlands		0.91	%		1.17	%
Cayman Islands		0.89	%		1.35	%
Luxembourg		0.87	%		1.95	%
Costa Rica		0.26	%		0.29	%
France		0.23	%		0.30	%
Switzerland		0.17	%		0.22	%
Chile		0.13	%		0.26	%
Australia		0.03	%		0.04	%
India		—	%		0.87	%
Total		100.00	%		100.00	%

See the Schedule of Investments as of March 31, 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

89

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 six months ended March 31, 2025 and March 31, 2024

Investment Income

Total investment income for the three months ended March 31, 2025 was $144,601 and consisted of $142,234 of interest income primarily from portfolio investments (including $2,499 of PIK interest income) and $2,367 of fee income. Total investment income for the three months ended March 31, 2024 was $97,056 and consisted of $95,806 of interest income primarily from portfolio investments (including $2,045 of PIK interest income) and $1,250 of fee income. The increase in total investment income was primarily driven by the increase in the size of the investment portfolio.

Total investment income for the six months ended March 31, 2025 was $286,237 and consisted of $282,924 of interest income primarily from portfolio investments (including $5,194 of PIK interest income) and $3,313 of fee income. Total investment income for the six months ended March 31, 2024 was $168,650 and consisted of $166,999 of interest income primarily from portfolio investments (including $2,666 of PIK interest income) and $1,651 of fee income. The increase in total investment income was primarily driven by the increase in the size of the investment portfolio. Based on fair value as of March 31, 2025, the weighted average yield on our debt investments was 10.0%, down from 11.4% as of March 31, 2024.

Expenses

Net expenses for the three months ended March 31, 2025 were $66,933, up significantly from $43,127 for the three months ended March 31, 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 six months ended March 31, 2025 were $136,099, up significantly from $78,918 for the six months ended March 31, 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 March 31, 2025			For the three months ended March 31, 2024		For the six months ended March 31, 2025			For the six months ended March 31, 2024
Expenses:
Base management fee	$	11,471		$	7,242	$	21,933		$	12,998
Investment income incentive fee		10,942			7,980		21,691			13,734
Capital gains incentive fee		(3,044	)		319		(2,472	)		2,460
Professional fees		1,389			613		2,430			1,448
Class S and Class D distribution and shareholder servicing fees		2,513			1,614		4,865			2,895
Board of trustees fees		116			116		232			207
Organization expenses		1			4		2			4
Amortization of continuous offering costs		552			211		919			433
Interest expense		41,977			24,180		84,397			41,920
Administrator expense		358			417		606			719

90

	For the three months ended March 31, 2025		For the three months ended March 31, 2024		For the six months ended March 31, 2025		For the six months ended March 31, 2024
General and administrative expenses		658		431		1,496		1,055
Total expenses	$	66,933	$	43,127	$	136,099	$	77,873
Expense reimbursements (support)		—		—		—		1,045
Net expenses	$	66,933	$	43,127	$	136,099	$	78,918

For the six months ended March 31, 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 six months ended March 31, 2025, we did not make any reimbursement payments to the Adviser. For the six months ended March 31, 2024, the Company made reimbursement payments of $1,045 to the Adviser. As of March 31, 2025, there were no amounts due to the Adviser from us under the Expense Support Agreement.

For the three and six months ended March 31, 2025, base management fees were $11,471 and $21,933, respectively. For the three and six months ended March 31, 2024, base management fees were $7,242 and $12,998, respectively. For the three and six months ended March 31, 2025, investment income incentive fees were $10,942 and $21,691, respectively. For the three and six months ended March 31, 2024, investment income incentive fees were $7,980 and $13,734, 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 depreciation was $30,913 for the three months ended March 31, 2025. This consisted of $27.1 million of net unrealized depreciation of foreign currency forward contracts, $5.8 million of net unrealized depreciation on debt investments and $0.9 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains), partially offset by $2.8 million of net unrealized appreciation on equity investments.

Net unrealized depreciation was $655 for the three months ended March 31, 2024. This consisted of $9.2 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains) and $0.3 million of net unrealized depreciation on equity investments, partially offset by $6.3 million of net unrealized appreciation on debt investments and $2.6 million of net unrealized appreciation of foreign currency forward contracts.

Net unrealized depreciation was $29,950 for the six months ended March 31, 2025. This consisted of $20.5 million of net unrealized depreciation on debt investments and $15.5 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains), partially offset by $4.3 million of net unrealized appreciation of foreign currency forward contracts and $1.8 million of net unrealized appreciation on equity investments.

Net unrealized appreciation was $16,264 for the six months ended March 31, 2024. This consisted of $20.4 million of net unrealized appreciation on debt investments, partially offset by $2.3 million of net unrealized depreciation of foreign currency forward contracts, $1.0 million of net unrealized depreciation on equity investments and $0.8 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains).

Net Realized Gains (Losses)

Net realized gains were $6,540 and $10,217 for the three and six months ended March 31, 2025, respectively, which was primarily related to the exits of certain investments and foreign currency forward

91

contracts. Net realized gains were $3,347 and $3,800 for the three and six months ended March 31, 2024, respectively, 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 six months ended March 31, 2025, we experienced a net decrease in cash and cash equivalents of $236.0 million. During that period, $959.8 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 $724.5 million, due primarily from $651.1 million of proceeds from the issuance of common shares, $195.5 million of net borrowings under the credit facilities and $35.0 million of proceeds from subscription received in advance, partially offset by $120.0 million of distributions paid to shareholders, $35.9 million of shares repurchases paid and $1.3 million of deferred financing and offering costs paid.

For the six months ended March 31, 2024, we experienced a net increase in cash and cash equivalents of $195.2 million. During that period, $1,384.1 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 $1,580.0 million, due primarily from $926.6 million of proceeds from the issuance of common shares, $348.2 million of proceeds from the issuance of unsecured notes and $400.0 million of borrowings under the credit facilities, partially offset by $67.4 million of distributions paid to shareholders, $16.2 million of shares repurchases paid and $11.3 million of deferred financing and offering costs paid.

As of March 31, 2025, we had $288.2 million of cash and cash equivalents (including restricted cash of $40.8 million), portfolio investments (at fair value) of $5,821.6 million, $33.9 million of interest receivable, $1,394.5 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $218.8 million of net payables from unsettled transactions, $1,290.5 million of borrowings outstanding under our credit facilities and $747.7 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 March 31, 2025 and September 30, 2024, off-balance sheet arrangements consisted of $822,559 and $642,044, respectively, of unfunded commitments to provide debt

92

financing to certain of our portfolio companies. As of March 31, 2025, of the $822,559 of unfunded commitments, approximately $788,008 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 March 31, 2025		Weighted average debt outstanding for the six months ended March 31, 2025		Maximum debt outstanding for the six months ended March 31, 2025
ING Credit Agreement	$	415,000	$	415,000	$	464,258	$	605,000
JPM SPV Facility		230,000		375,000		322,995		375,000
SMBC SPV Facility		100,000		75,500		94,912		100,000
CIBC SPV Facility		225,000		225,000		225,000		225,000
DBNY SPV Facility		100,000		100,000		100,000		100,000
MS SPV Facility		25,000		100,000		62,445		100,000
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	$	2,040,500	$	2,019,610

	Payments due by period as of March 31, 2025
	Total		< 1 year		1-3 years		3-5 years
ING Credit Agreement	$	415,000	$	—	$	—	$	415,000
Interest due on ING Credit Agreement		87,200		26,859		53,718		6,623
JPM Loan and Security Agreement		375,000		—		—		375,000
Interest due on JPM Loan and Security Agreement		106,329		25,533		51,066		29,730
SMBC Loan and Security Agreement		75,500		—		—		75,500
Interest due on SMBC Loan and Security Agreement		18,812		5,373		10,746		2,693
CIBC Loan and Servicing Agreement		225,000		225,000		—		—
Interest due on CIBC Loan and Servicing Agreement		9,057		9,057		—		—
DBNY Loan Financing and Servicing Agreement		100,000		—		—		100,000
Interest due on DBNY Loan Financing and Servicing Agreement		26,122		6,729		13,458		5,935
MS Loan and Servicing Agreement		100,000		—		—		100,000
Interest due on MS Loan and Servicing Agreement		26,003		6,660		13,320		6,023
2028 Unsecured Notes		350,000		—		—		350,000
Interest due on 2028 Unsecured Notes		106,119		29,255		58,510		18,354
2029 Unsecured Notes		400,000		—		—		400,000
Interest due on 2029 Unsecured Notes		118,850		27,543		55,086		36,221
Total	$	2,538,992	$	362,009	$	255,904	$	1,921,079

93

Equity Activity

As of March 31, 2025, we have issued and sold 110,081,644 Class I shares for an aggregate purchase price of $2,601.1 million, 50,543,189 Class S shares for an aggregate purchase price of $1,189.7 million and 155,320 Class D shares for an aggregate purchase price of $3.7 million. As of March 31, 2025, we have issued 2,530,421 Class I shares, 3,090,040 Class S and 4,575 Class D shares pursuant to our distribution reinvestment plan. As of March 31, 2025, we have not issued any Class T shares.

The following table summarizes transactions in Common Shares for the six months ended March 31, 2025:

	Shares			Amount
Class I
Issuance of Common Shares in private and public offering		20,193,519		$	474,548
Share transfers between classes		44,803			1,056
Issuance of Common Shares under distribution reinvestment plan		912,070			21,528
Share repurchases, net of early repurchase deduction		(992,389	)		(23,233	)
Net increase (decrease)		20,158,003		$	473,899
Class S
Issuance of Common Shares in public offering		7,435,488		$	174,781
Share transfers between classes		(44,803	)		(1,056	)
Issuance of Common Shares under distribution reinvestment plan		1,148,699			27,146
Share repurchases, net of early repurchase deduction		(835,470	)		(19,522	)
Net increase (decrease)		7,703,914		$	181,349
Class D
Issuance of Common Shares in public offering		76,334		$	1,793
Issuance of Common Shares under distribution reinvestment plan		2,270			54
Share repurchases, net of early repurchase deduction		(3,287	)		(77	)
Net increase (decrease)		75,317		$	1,770
Total net increase (decrease)		27,937,234		$	657,018

94

The following table summarizes transactions in Common Shares for the six months ended March 31, 2024:

	Shares			Amount
Class I
Issuance of Common Shares in public offering		25,921,513		$	610,377
Share transfers between classes		10,652			252
Issuance of Common Shares under dividend reinvestment plan		554,879			13,152
Share repurchases, net of early repurchase deduction		(616,810	)		(14,542	)
Net increase (decrease)		25,870,234		$	609,239
Class S
Issuance of Common Shares in public offering		13,384,213		$	315,146
Share transfers between classes		(10,652	)		(252	)
Issuance of Common Shares under dividend reinvestment plan		617,672			14,541
Share repurchases, net of early repurchase deduction		(178,223	)		(4,201	)
Net increase (decrease)		13,813,010		$	325,234
Class D
Issuance of Common Shares in public offering		46,430		$	1,094
Issuance of Common Shares under dividend reinvestment plan		482			11
Share repurchases, net of early repurchase deduction		—			—
Net increase (decrease)		46,912		$	1,105
Total net increase (decrease)		39,730,156		$	935,578

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 six months ended March 31, 2025 and 2024. As of March 31, 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

95

	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

Distributions

The Board authorizes and declares monthly distribution amounts per outstanding Common Share. The following table presents distributions that were declared during the six months ended March 31, 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
				$	1.2000	$	120,178
				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
				$	1.1000	$	53,710
				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	$	16
Monthly	November 26, 2024	November 27, 2024	December 27, 2024		0.1951		21
Monthly	December 26, 2024	December 27, 2024	February 3, 2025		0.1951		22
Monthly	January 28, 2025	January 29, 2025	February 26, 2025		0.1951		22
Monthly	February 24, 2025	February 26, 2025	March 27, 2025		0.1951		24
Monthly	March 24, 2025	March 27, 2025	April 28, 2025		0.1951		31
				$	1.1706	$	136

96

The following table presents distributions that were declared during the six months ended March 31, 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
				$	1.2000	$	71,534
				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
				$	1.0999	$	31,880

				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	$	1
Monthly	November 27, 2023	November 30, 2023	December 27, 2023		0.1851		3
Special	December 14, 2023	December 15, 2023	December 27, 2023		0.0400		1
Monthly	December 20, 2023	December 31, 2023	February 1, 2024		0.1851		4
Monthly	January 24, 2024	January 31, 2024	February 27, 2024		0.1851		5
Monthly	February 27, 2024	February 29, 2024	March 27, 2024		0.1951		10
Monthly	March 26, 2024	March 27, 2024	April 29, 2024		0.1951		10
				$	1.1706	$	34

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

97

outstanding (by number of shares or aggregate NAV) as of the close of the previous calendar quarter. 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 six months ended March 31, 2025, we repurchased pursuant to such tender offers an aggregate of 992,389 Class I shares, 835,470 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the six months ended March 31, 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

(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 six months ended March 31, 2024, we repurchased pursuant to such tender offers an aggregate of 616,810 Class I shares and 178,223 Class S shares. The following table presents the share repurchases completed during the six months ended March 31, 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

(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

98

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 March 31, 2025, we had $2,048.2 million in senior securities and our asset coverage ratio was 284.30%.

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 March 31, 2025, the size of the ING Credit Agreement facility is $1,185 million (the “Maximum Commitment”), and the ING Credit Agreement facility has a four year availability period (the “Availability Period”) through June 28, 2027 during which loans may be made and a stated maturity date of June 28, 2028 (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 sole 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 March 31, 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

99

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.

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).

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

100

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

101

(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 March 31, 2025 and September 30, 2024:

	March 31, 2025
($ 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	$	5.9		6/28/2027		6/28/2028
JPM SPV Facility		500.0		375.0		125.0		4.7		5/29/2027		5/29/2029
SMBC SPV Facility		150.0		75.5		74.5		1.4		9/29/2026		9/29/2028
CIBC SPV Facility		350.0		225.0		125.0		0.7		11/21/2025		11/21/2025
DBNY SPV Facility		300.0		100.0		200.0		2.7		2/15/2027		2/15/2029
MS SPV Facility		200.0		100.0		100.0		1.9		2/23/2027		2/23/2029
Total	$	2,685.0	$	1,290.5	$	1,394.5	$	17.3

	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

102

Below is a summary of our unsecured notes as of March 31, 2025 and September 30, 2024:

	March 31, 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	$	(3.3	)	$	(1.3	)	$	6.5	$	351.9	$	379.0		11/14/2028
2029 Unsecured Notes		400.0		(4.3	)		(2.1	)		2.2		395.8		407.8		7/23/2029
Total	$	750.0	$	(7.6	)	$	(3.4	)	$	8.7	$	747.7	$	786.8
	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 March 31, 2025			Three Months Ended March 31, 2024			Six Months Ended March 31, 2025			Six Months Ended March 31, 2024
Stated interest expense	$	36.2		$	20.6		$	72.4		$	35.2
Credit facility fees		3.2			1.3			5.6			2.8
Amortization of debt financing costs		2.1			1.4			4.3			2.4
Effect of interest rate swaps		0.5			0.9			2.1			1.5
Total interest expense	$	42.0		$	24.2		$	84.4		$	41.9
Weighted average interest rate(1)		7.067	%		8.462	%		7.300	%		8.401	%
Weighted average outstanding balance	$	2,075.3		$	1,006.9		$	2,019.6		$	870.2

(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

103

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 April 1, 2025, we issued and sold pursuant to our continuous public offering 11,770,232 Class I shares for proceeds of $274.0 million and 1,251,267 Class S shares for proceeds of $29.1 million.

ING Credit Agreement Amendment

On April 11, 2025, we entered into an amendment to the Syndicated Facility to, among other things, (1) generally reduce interest rate margins from 2.15% to 1.875% plus a SOFR adjustment of 0.10% on SOFR loans and reduce the interest rate margin from 1.15% to 0.875% plus a SOFR adjustment of 0.10% on alternate base rate loans, (2) increase the facility size from $1.185 billion to $1.235 billion, (3) increase the “accordion” feature to allow expansion up to $1.75 billion, and (4) extend the reinvestment period and final maturity date to April 11, 2029 and April 11, 2030, respectively.

Distributions

On April 23, 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	$	0.0165	$	0.1835
Class D shares	$	0.2000	$	0.0048	$	0.1952

The distribution was payable to shareholders of record as of April 28, 2025 and will be paid on May 28, 2025. The distribution was paid in cash or reinvested in Common Shares for shareholders participating in our distribution reinvestment plan.

104

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 March 31, 2025, 92.7% 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 March 31, 2025 and September 30, 2024 was as follows:

	March 31, 2025					September 30, 2024
($ in thousands)	Fair Value		% of Floating Rate Portfolio			Fair Value		% of Floating Rate Portfolio
0%	$	1,151,280		21.45	%	$	1,213,996		29.01	%
>0% and <1%		2,689,443		50.10			1,605,162		38.36
1%		1,279,413		23.83			1,065,864		25.47
>1%		248,205		4.62			299,686		7.16
Total	$	5,368,341		100.00	%	$	4,184,708		100.00	%

Based on our Consolidated Statement of Assets and Liabilities as of March 31, 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	$	135,903	$	(51,013	)	$	84,890
200		108,722		(40,810	)		67,912
150		81,542		(30,608	)		50,934
100		54,361		(20,405	)		33,956
50		27,181		(10,203	)		16,978

105

Basis point decrease ($ in thousands)	(Decrease) in Interest Income			Decrease in Interest Expense		Net (decrease) in net assets resulting from operations
50	$	(27,116	)	$	10,203	$	(16,913	)
100		(54,137	)		20,405		(33,732	)
150		(80,891	)		30,608		(50,283	)
200		(107,103	)		40,810		(66,293	)
250		(132,679	)		51,013		(81,666	)

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 March 31, 2025 and September 30, 2024:

	March 31, 2025				September 30, 2024
($ in thousands)	Debt Investments		Borrowings		Debt Investments		Borrowings
Prime rate	$	7,021	$	—	$	4,826	$	—
CORRA
30 day	C$	21,111		—		—		—
EURIBOR
30 day	€	65,167		—	€	—		—
90 day		166,807		—		182,623		—
180 day		49,907		—		34,034		—
NIBOR
90 day	kr	68,811		—	kr	69,157		—
SOFR
30 day	$	2,183,469		490,500	$	1,333,464		515,000
90 day (a)		2,594,807		1,550,000		2,284,431		1,330,000
180 day		161,739		—		213,125		—
SONIA	£	131,109		—	£	116,493		—
TONA	¥	2,262,960		—		—		—
Fixed rate	$	435,178		—	$	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 March 31, 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

106

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 March 31, 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 March 31, 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 March 31, 2025.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended March 31, 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”.

107

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	Third Amended and Restated Declaration of Trust of the Registrant (incorporated by reference to Exhibit (a)(1) to Post-Effective Amendment No. 4 to the Company’s Post-Effective Registration Statement on Form N-2 (File No. 333-261775), filed on January 31, 2024).
3.2	Amended and Restated Bylaws of Registrant (incorporated by reference to Exhibit (b) to Post-Effective Amendment No. 4 to the Company’s Post-Effective Registration Statement on Form N-2 (File No. 333-261775), filed on January 31, 2024).
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.

108

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
Date: May 13, 2025

109