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Fair Street LLC, First Lien Term Loan2025-03-310001872371107-109 Beech OAK22 LLC, First Lien Revolver2025-03-310001872371112-126 Van Houten Real22 LLC, First Lien Term Loan2025-03-3100018723711261229 BC LTD, Fixed Rate Bond2025-03-3100018723711261229 BC LTD, First Lien Term Loan2025-03-3100018723711440 Foods Topco, LLC, First Lien Term Loan2025-03-310001872371AB BSL CLO4, CLO Notes 2025-03-310001872371Access CIG, LLC, First Lien Term Loan2025-03-310001872371Accession Risk Management Group, Inc., First Lien Term Loan 12025-03-310001872371Accession Risk Management Group, Inc., First Lien Term Loan 22025-03-310001872371Accession Risk Management Group, Inc., First Lien Revolver2025-03-310001872371ACESO Holding 4 S.A.R.L, First Lien Term Loan 12025-03-310001872371ACESO Holding 4 S.A.R.L, First Lien Term Loan 22025-03-310001872371ACP Falcon Buyer Inc, First Lien Term Loan2025-03-310001872371ACP Falcon Buyer Inc, First Lien Revolver2025-03-310001872371Acquia Inc, First Lien Term Loan2025-03-310001872371ADC Therapeutics SA, First Lien Term Loan 2025-03-310001872371ADC Therapeutics SA, Warrants 2025-03-310001872371AIP RD Buyer Corp, Common Stock2025-03-310001872371Allegro CLO XII, CLO Notes2025-03-310001872371Alto Pharmacy Holdings, Inc, First Lien Term Loan2025-03-310001872371Alto Pharmacy Holdings, Inc, Preferred Equity2025-03-310001872371Alto Pharmacy Holdings, Inc, Warrants 2025-03-310001872371American Auto Auction Group, LLC, Second Lien Term Loan 2025-03-310001872371Arches Buyer Inc, First Lien Term Loan2025-03-310001872371Ares LXVIII CLO, CLO Notes2025-03-310001872371Ares XLIV CLO, CLO Notes2025-03-310001872371Artera Services, LLC, First Lien Term Loan 2025-03-310001872371Artera Services, LLC, Fixed Rate Bond2025-03-310001872371ASP Integrity Acquisition Co LLC, First Lien Term Loan 12025-03-310001872371ASP Integrity Acquisition Co LLC, First Lien Term Loan 22025-03-310001872371ASP Integrity Acquisition Co LLC, First Lien Revolver2025-03-310001872371ASP-R-PAC Acquisition Co LLC, First Lien Term Loan 12025-03-310001872371ASP-R-PAC Acquisition Co LLC, First Lien Term Loan 22025-03-310001872371ASP-R-PAC Acquisition Co LLC, First Lien Revolver2025-03-310001872371Astra Acquisition Corp, First Lien Term Loan 12025-03-310001872371Astra Acquisition Corp, First Lien Term Loan 22025-03-310001872371Asurion, LLC, First Lien Term Loan 12025-03-310001872371Asurion, LLC, First Lien Term Loan 22025-03-310001872371athenahealth Group Inc, First Lien Term Loan2025-03-310001872371athenahealth Group Inc, Fixed Rate Bond2025-03-310001872371athenahealth Group Inc, Preferred Equity2025-03-310001872371Aurelia Netherlands Midco 2 B.V, First Lien Term Loan2025-03-310001872371AVSC Holding Corp., First Lien Term Loan2025-03-310001872371AVSC Holding Corp., First Lien Revolver2025-03-310001872371Bain Capital Credit CLO 2022-3, CLO Notes2025-03-310001872371Bain Capital Credit CLO, Limited, CLO Notes2025-03-310001872371Bain Capital Euro CLO 2021-2, CLO Notes2025-03-310001872371Ballyrock CLO 19, CLO Notes2025-03-310001872371Bamboo US Bidco LLC, First Lien Term Loan 12025-03-310001872371Bamboo US Bidco LLC, First Lien Term Loan 22025-03-310001872371Bamboo US Bidco LLC, First Lien Term Loan 32025-03-310001872371Bamboo US Bidco LLC, First Lien Term Loan 42025-03-310001872371Bamboo US Bidco LLC, First Lien Term Loan 52025-03-310001872371Bamboo US Bidco LLC , First Lien Revolver2025-03-310001872371Barracuda Parent, LLC, First Lien Term Loan 2025-03-310001872371BioXcel Therapeutics, Inc, First Lien Term Loan 12025-03-310001872371BioXcel Therapeutics, Inc, First Lien Term Loan 22025-03-310001872371BioXcel Therapeutics, Inc, First Lien Term Loan 32025-03-310001872371BioXcel Therapeutics, Inc, First Lien Term Loan 42025-03-310001872371BioXcel Therapeutics, Inc, Warrants 12025-03-310001872371BioXcel Therapeutics, Inc, Warrants 22025-03-310001872371BioXcel Therapeutics, Inc, Warrants 32025-03-310001872371Biscuit Parent, LLC, First Lien Term Loan 12025-03-310001872371Biscuit Parent, LLC, First Lien Term Loan 22025-03-310001872371Biscuit Parent, LLC, First Lien Term Loan 32025-03-310001872371Biscuit Parent, LLC, First Lien Revolver 2025-03-310001872371Blackhawk Network Holdings, Inc, First Lien Term Loan2025-03-310001872371BOTA BIDCO GMBH, First Lien Term Loan 12025-03-310001872371BOTA BIDCO GMBH, First Lien Term Loan 22025-03-310001872371Canyon CLO 2020-3, CLO Notes2025-03-310001872371Carlyle Euro CLO 2021-2, CLO Notes2025-03-310001872371CBAM 2017-2, LTD., CLO Notes2025-03-310001872371CD&R Firefly Bidco Limited, First Lien Term Loan 12025-03-310001872371CD&R Firefly Bidco Limited, First Lien Term Loan 22025-03-310001872371Centralsquare Technologies, LLC, First Lien Term Loan 2025-03-310001872371Centralsquare Technologies, LLC , First Lien Revolver2025-03-310001872371CIFC European Funding VI, CLO Notes2025-03-310001872371Clear Channel Outdoor Holdings Inc, First Lien Term Loan 2025-03-310001872371Cloud Software Group, Inc., First Lien Term Loan2025-03-310001872371Colony Holding Corporation, First Lien Term Loan 12025-03-310001872371Colony Holding Corporation, First Lien Term Loan 22025-03-310001872371Condor Merger Sub Inc., Fixed Rate Bond2025-03-310001872371Connect Finco SARL, First Lien Term Loan 2025-03-310001872371CoreRx, Inc., First Lien Term Loan2025-03-310001872371Coupa Holdings, LLC, First Lien Term Loan 12025-03-310001872371Coupa Holdings, LLC, First Lien Term Loan 22025-03-310001872371Coupa Holdings, LLC, First Lien Revolver2025-03-310001872371Creek Parent, Inc., First Lien Term Loan2025-03-310001872371Creek Parent, Inc., First Lien Revolver 2025-03-310001872371Crewline Buyer, Inc., First Lien Term Loan 12025-03-310001872371Crewline Buyer, Inc., First Lien Term Loan 22025-03-310001872371Crewline Buyer, Inc., First Lien Revolver2025-03-310001872371CVC Cordatus Loan Fund XXXI, CLO Notes2025-03-310001872371Dealer Tire Financial, LLC, Fixed Rate Bond2025-03-310001872371Delta Leasing SPV II LLC, Subordinated Debt Term Loan 12025-03-310001872371Delta Leasing SPV II LLC, Subordinated Debt Term Loan 22025-03-310001872371Delta Leasing SPV II LLC, Preferred Equity2025-03-310001872371Delta Leasing SPV II LLC, Common Stock2025-03-310001872371Delta Leasing SPV II LLC, Warrants2025-03-310001872371DirecTV Financing, LLC, Fixed Rate Bond2025-03-310001872371DirecTV Financing, LLC, First Lien Term Loan 12025-03-310001872371DirecTV Financing, LLC, First Lien Term Loan 22025-03-310001872371DirecTV Financing, LLC, First Lien Term Loan 32025-03-310001872371DTI Holdco, Inc., First Lien Term Loan2025-03-310001872371Dukes Root Control Inc., First Lien Term Loan 12025-03-310001872371Dukes Root Control Inc., First Lien Term Loan 22025-03-310001872371Dukes Root Control Inc., First Lien Revolver2025-03-310001872371Eagle Parent Corp., First Lien Term Loan2025-03-310001872371Engineering Research And Consulting LLC, First Lien Term Loan2025-03-310001872371Entrata, Inc., First Lien Term Loan2025-03-310001872371Entrata, Inc., First Lien Revolver2025-03-310001872371Enverus Holdings, Inc., First Lien Term Loan 12025-03-310001872371Enverus Holdings, Inc., First Lien Term Loan 22025-03-310001872371Enverus Holdings, Inc., First Lien Revolver2025-03-310001872371Establishment Labs Holdings Inc., First Lien Term Loan 12025-03-310001872371Establishment Labs Holdings Inc., First Lien Term Loan 22025-03-310001872371Establishment Labs Holdings Inc., First Lien Term Loan 32025-03-310001872371Establishment Labs Holdings Inc., First Lien Term Loan 42025-03-310001872371Everbridge, Inc., First Lien Term Loan 12025-03-310001872371Everbridge, Inc., First Lien Term Loan 22025-03-310001872371Everbridge, Inc., First Lien Revolver2025-03-310001872371Evergreen IX Borrower 2023, LLC, First Lien Term Loan 12025-03-310001872371Evergreen IX Borrower 2023, LLC, First Lien Term Loan 22025-03-310001872371Evergreen IX Borrower 2023, LLC, First Lien Revolver2025-03-310001872371Eyesouth Eye Care Holdco LLC, First Lien Term Loan 12025-03-310001872371Eyesouth Eye Care Holdco LLC, First Lien Term Loan 22025-03-310001872371Eyesouth Eye Care Holdco LLC, Common Stock 2025-03-310001872371F&M BUYER LLC, First Lien Term Loan 12025-03-310001872371F&M BUYER LLC, First Lien Term Loan 22025-03-310001872371F&M BUYER LLC, First Lien Revolver2025-03-310001872371Finastra USA, Inc., First Lien Term Loan2025-03-310001872371Finastra USA, Inc., First Lien Revolver2025-03-310001872371Fortress Credit BSL XIX, CLO Notes2025-03-310001872371Fortress Credit BSL XV, CLO Notes 12025-03-310001872371Fortress Credit BSL XV, CLO Notes 22025-03-310001872371Fortress Credit BSL XX, CLO Notes2025-03-310001872371Fortress Credit BSL XXV, CLO Notes2025-03-310001872371Galileo Parent, Inc., First Lien Term Loan2025-03-310001872371Galileo Parent, Inc., First Lien Revolver2025-03-310001872371Gallatin CLO X 2023-1, CLO Notes2025-03-310001872371Geo Topco Corporation, First Lien Term Loan 12025-03-310001872371Geo Topco Corporation, First Lien Term Loan 22025-03-310001872371Geo Topco Corporation, First Lien Revolver2025-03-310001872371Global Aircraft Leasing Co Ltd, Fixed Rate Bond2025-03-310001872371Grand River Aseptic Manufacturing, Inc., First Lien Term Loan2025-03-310001872371Grand River Aseptic Manufacturing, Inc., First Lien Revolver2025-03-310001872371Greenway Health, LLC, First Lien Term Loan2025-03-310001872371Grove Hotel Parcel Owner, LLC, First Lien Term Loan 12025-03-310001872371Grove Hotel Parcel Owner, LLC, First Lien Term Loan 22025-03-310001872371Grove Hotel Parcel Owner, LLC, First Lien Revolver2025-03-310001872371Harbor Purchaser Inc., First Lien Term Loan2025-03-310001872371Harrow, Inc, First Lien Term Loan 12025-03-310001872371Harrow, Inc, First Lien Term Loan 22025-03-310001872371Harrow, Inc, First Lien Term Loan 32025-03-310001872371Henley CLO II, CLO Notes2025-03-310001872371Husky Injection Molding Systems Ltd., Fixed Rate Bond2025-03-310001872371Husky Injection Molding Systems Ltd., First Lien Term Loan2025-03-310001872371IAMGOLD Corporation, Second Lien Term Loan2025-03-310001872371Icefall Parent, Inc., First Lien Term Loan2025-03-310001872371Icefall Parent, Inc., First Lien Revolver2025-03-310001872371iCIMs, Inc., First Lien Term Loan 12025-03-310001872371iCIMs, Inc, First Lien Term Loan 22025-03-310001872371iCIMs, Inc., First Lien Term Loan 32025-03-310001872371iCIMs, Inc., First Lien Revolver2025-03-310001872371Inmar Inc, First Lien Term Loan2025-03-310001872371Integrity Marketing Acquisition, LLC, First Lien Term Loan 12025-03-310001872371Integrity Marketing Acquisition, LLC, First Lien Term Loan 22025-03-310001872371Integrity Marketing Acquisition, LLC, First Lien Revolver2025-03-310001872371Inventus Power, Inc., First Lien Revolver2025-03-310001872371Inventus Power, Inc, First Lien Term Loan2025-03-310001872371IW Buyer LLC, First Lien Term Loan 12025-03-310001872371IW Buyer LLC, First Lien Revolver2025-03-310001872371IW Buyer LLC, First Lien Term Loan 22025-03-310001872371Janus Bidco Limited, First Lien Term Loan 12025-03-310001872371Janus Bidco Limited, First Lien Term Loan 22025-03-310001872371Janus Bidco Limited, First Lien Term Loan 32025-03-310001872371JN Bidco LLC, Common Stock2025-03-310001872371Kaseya Inc., Second Lien Term Loan2025-03-310001872371Keel Platform LLC, First Lien Term Loan 12025-03-310001872371Kings Buyer, LLC, First Lien Term Loan 12025-03-310001872371Kings Buyer, LLC, First Lien Term Loan 22025-03-310001872371Kings Buyer, LLC, First Lien Revolver 2025-03-310001872371Kite Midco II Inc., First Lien Term Loan 12025-03-310001872371Kite Midco II Inc., First Lien Term Loan 22025-03-310001872371LABL, Inc., First Lien Term Loan2025-03-310001872371Latam Airlines Group S.A., Fixed Rate Bond2025-03-310001872371LDS Buyer, LLC, First Lien Term Loan 12025-03-310001872371LDS Buyer, LLC, First Lien Term Loan 22025-03-310001872371LDS Buyer, LLC, First Lien Revolver2025-03-310001872371Learfield Communications, LLC, First Lien Term Loan2025-03-310001872371Legends Hospitality Holding Company, LLC, First Lien Term Loan 12025-03-310001872371Legends Hospitality Holding Company, LLC, First Lien Term Loan 22025-03-310001872371Legends Hospitality Holding Company, LLC, First Lien Revolver2025-03-310001872371Lightbox Intermediate, L.P., First Lien Term Loan2025-03-310001872371Lightbox Intermediate, L.P., First Lien Revolver2025-03-310001872371Lsf12 Crown US Commercial Bidco LLC, First Lien Term Loan2025-03-310001872371LSL Holdco, LLC , First Lien Term Loan 12025-03-310001872371LSL Holdco, LLC, First Lien Term Loan 22025-03-310001872371LSL Holdco, LLC, First Lien Revolver2025-03-310001872371LTI Holdings Inc, First Lien Term Loan2025-03-310001872371M2S Group Intermediate Holdings Inc, First Lien Term Loan2025-03-310001872371Madison Park Euro Funding XIV, CLO Notes2025-03-310001872371Madison Park Funding LXIII, CLO Notes2025-03-310001872371Marble Point CLO XVII, CLO Notes2025-03-310001872371McAfee Corp., First Lien Term Loan2025-03-310001872371Mesoblast, Inc., First Lien Term Loan2025-03-310001872371Mesoblast, Inc., Warrants2025-03-310001872371MHE Intermediate Holdings, LLC, First Lien Term Loan 12025-03-310001872371MHE Intermediate Holdings, LLC, First Lien Term Loan 22025-03-310001872371Microf Funding V LL, First Lien Term Loan2025-03-310001872371Minotaur Acquisition, Inc, First Lien Term Loan 12025-03-310001872371Minotaur Acquisition, Inc., First Lien Term Loan 22025-03-310001872371Minotaur Acquisition, Inc., First Lien Term Loan 32025-03-310001872371Minotaur Acquisition, Inc., First Lien Revolver2025-03-310001872371Mitchell International Inc, Second Lien Term Loan2025-03-310001872371Mitchell International Inc, First Lien Term Loan2025-03-310001872371Modena Buyer LLC, First Lien Term Loan2025-03-310001872371Monotype Imaging Holdings Inc, First Lien Term Loan 12025-03-310001872371Monotype Imaging Holdings Inc, First Lien Term Loan 22025-03-310001872371Monotype Imaging Holdings Inc., First Lien Revolver2025-03-310001872371MRI Software LLC, First Lien Term Loan 12025-03-310001872371MRI Software LLC, First Lien Term Loan 22025-03-310001872371MRI Software LLC, First Lien Term Loan 32025-03-310001872371MRI Software LLC, First Lien Revolver2025-03-310001872371Neptune Platform Buyer, LLC, First Lien Term Loan 12025-03-310001872371Next Holdco, LLC, First Lien Term Loan 12025-03-310001872371Next Holdco, LLC, First Lien Term Loan 22025-03-310001872371Next Holdco, LLC, First Lien Term Loan 32025-03-310001872371Next Holdco, LLC, First Lien Revolver2025-03-310001872371NFM & J, L.P, First Lien Term Loan 12025-03-310001872371NFM & J, L.P. First Lien Term Loan 22025-03-310001872371NFM & J, L.P., First Lien Revolver2025-03-310001872371North Star Acquisitionco, LLC, First Lien Term Loan 12025-03-310001872371North Star Acquisitionco, LLC, First Lien Term Loan 22025-03-310001872371North Star Acquisitionco, LLC, First Lien Term Loan 32025-03-310001872371North Star Acquisitionco, LLC, First Lien Term Loan 42025-03-310001872371North Star Acquisitionco, LLC, First Lien Term Loan 52025-03-310001872371North Star Acquisitionco, LLC , First Lien Term Loan 62025-03-310001872371North Star Acquisitionco, LLC , First Lien Revolver 12025-03-310001872371North Star Acquisitionco, LLC , First Lien Revolver 22025-03-310001872371Northwoods Capital 25 Ltd, CLO Notes2025-03-310001872371Octagon 66, CLO Notes2025-03-310001872371OFSI BSL XIII CLO, CLO Notes2025-03-310001872371OFSI Fund Ltd, CLO Notes2025-03-310001872371OneOncology, LLC, First Lien Term Loan 12025-03-310001872371OneOncology, LLC, First Lien Term Loan 22025-03-310001872371OneOncology, LLC, First Lien Term Loan 32025-03-310001872371OneOncology, LLC, First Lien Term Loan 42025-03-310001872371OneOncology, LLC , First Lien Revolver2025-03-310001872371Optimizely North America Inc., First Lien Term Loan2025-03-310001872371Optimizely North America Inc., First Lien Revolver2025-03-310001872371Optimizely Sweden Holdings AB, First Lien Term Loan 12025-03-310001872371Optimizely Sweden Holdings AB, First Lien Term Loan 22025-03-310001872371Oranje Holdco, Inc, First Lien Term Loan 12025-03-310001872371Oranje Holdco, Inc, First Lien Term Loan 22025-03-310001872371Oranje Holdco, Inc., First Lien Revolver2025-03-310001872371PAI Financing Merger Sub LLC, First Lien Term Loan 2025-03-310001872371PAI Financing Merger Sub LLC, First Lien Revolver2025-03-310001872371Peraton Corp., First Lien Term Loan2025-03-310001872371PetSmart LLC, First Lien Term Loan2025-03-310001872371PetVet Care Centers, LLC, First Lien Term Loan 12025-03-310001872371PetVet Care Centers, LLC, First Lien Term Loan 22025-03-310001872371PetVet Care Centers, LLC, First Lien Revolver 2025-03-310001872371PetVet Care Centers, LLC, Preferred Equity2025-03-310001872371Pluralsight, LLC, First Lien Term Loan 12025-03-310001872371Pluralsight, LLC, First Lien Term Loan 22025-03-310001872371Pluralsight, LLC, First Lien Term Loan 32025-03-310001872371Pluralsight, LLC, First Lien Term Loan 42025-03-310001872371Pluralsight, LLC, First Lien Revolver2025-03-310001872371Pluralsight, LLC, Common Stock2025-03-310001872371Poseidon Midco AB, First Lien Term Loan 12025-03-310001872371Poseidon Midco AB, First Lien Term Loan 22025-03-310001872371Poseidon Midco AB, First Lien Term Loan 32025-03-310001872371PPW Aero Buyer, Inc, First Lien Term Loan 12025-03-310001872371PPW Aero Buyer, Inc, First Lien Term Loan 22025-03-310001872371PPW Aero Buyer, Inc, First Lien Term Loan 32025-03-310001872371PPW Aero Buyer, Inc. , First Lien Revolver2025-03-310001872371Profrac Holdings II, LLC, First Lien Floating Rate Bond2025-03-310001872371Project Accelerate Parent, LLC, First Lien Term Loan2025-03-310001872371Project Accelerate Parent, LLC, First Lien Revolver2025-03-310001872371Prosper Credit Card 2024-1, CLO Notes 12025-03-310001872371Prosper Credit Card 2024-1, CLO Notes 22025-03-310001872371Prosper Credit Card 2024-1, CLO Notes 32025-03-310001872371Protein for Pets Opco, LLC, First Lien Term Loan2025-03-310001872371Protein for Pets Opco, LLC, First Lien Revolver2025-03-310001872371Quantum Bidco Limited, First Lien Term Loan2025-03-310001872371Renaissance Holding Corp., First Lien Term Loan2025-03-310001872371Resistance Acquisition, Inc., First Lien Term Loan2025-03-310001872371Rockford Tower CLO 2024-1, CLO Notes2025-03-310001872371Salus Workers' Compensation, LLC, Warrants2025-03-310001872371Salus Workers' Compensation, LLC, First Lien Term Loan2025-03-310001872371Salus Workers' Compensation, LLC, First Lien Revolver2025-03-310001872371Saratoga, Credit Linked Note2025-03-310001872371scPharmaceuticals Inc., Warrants2025-03-310001872371Secure Acquisition Inc., First Lien Term Loan2025-03-310001872371SEI Holding I Corporation, First Lien Term Loan 12025-03-310001872371SEI Holding I Corporation, First Lien Term Loan 22025-03-310001872371SEI Holding I Corporation, First Lien Term Loan 32025-03-310001872371SEI Holding I Corporation, First Lien Term Loan 42025-03-310001872371SEI Holding I Corporation, First Lien Revolver2025-03-310001872371Seres Therapeutics, Inc., Warrants2025-03-310001872371Sorenson Communications, LLC , First Lien Term Loan2025-03-310001872371Sorenson Communications, LLC , First Lien Revolver2025-03-310001872371Spruce Bidco I Inc., First Lien Term Loan 12025-03-310001872371Spruce Bidco I Inc., First Lien Term Loan 22025-03-310001872371Spruce Bidco I Inc., First Lien Term Loan 32025-03-310001872371Spruce Bidco I Inc., First Lien Revolver2025-03-310001872371Staples, Inc., First Lien Term Loan2025-03-310001872371Staples, Inc., Fixed Rate Bond2025-03-310001872371Star Parent, Inc., First Lien Term Loan2025-03-310001872371SumUp Holdings Luxembourg, First Lien Term Loan2025-03-310001872371Supreme Fitness Group NY Holdings, LLC, First Lien Term Loan 12025-03-310001872371Supreme Fitness Group NY Holdings, LLC, First Lien Term Loan 22025-03-310001872371Supreme Fitness Group NY Holdings, LLC, First Lien Term Loan 32025-03-310001872371Supreme Fitness Group NY Holdings, LLC , First Lien Revolver2025-03-310001872371TBRS, Inc., First Lien Term Loan 12025-03-310001872371TBRS, Inc., First Lien Term Loan 22025-03-310001872371TBRS, Inc., First Lien Revolver2025-03-310001872371Telephone and Data Systems, Inc, Subordinated Debt Term Loan 12025-03-310001872371Telephone and Data Systems, Inc, Subordinated Debt Term Loan 22025-03-310001872371Ten-X LLC, First Lien Term Loan2025-03-310001872371THG Acquisition, LLC, First Lien Term Loan 12025-03-310001872371THG Acquisition, LLC, First Lien Term Loan 22025-03-310001872371THG Acquisition, LLC, First Lien Revolver2025-03-310001872371Transit Buyer LLC, First Lien Term Loan 12025-03-310001872371Transit Buyer LLC, First Lien Term Loan 22025-03-310001872371Transit Buyer LLC, First Lien Term Loan 32025-03-310001872371Trident TPI Holdings Inc, First Lien Term Loan2025-03-310001872371Trinitas CLO VI Ltd., CLO Notes2025-03-310001872371Trinitas CLO XII, CLO Notes2025-03-310001872371Trinitas CLO XV DAC, CLO Notes2025-03-310001872371Truck-Lite Co., LLC, First Lien Term Loan 12025-03-310001872371Truck-Lite Co., LLC, First Lien Term Loan 22025-03-310001872371Truck-Lite Co., LLC, First Lien Revolver2025-03-310001872371Usalco LLC, First Lien Term Loan 12025-03-310001872371Usalco LLC, First Lien Term Loan 22025-03-310001872371USIC Holdings, Inc., First Lien Term Loan 12025-03-310001872371USIC Holdings, Inc., First Lien Term Loan 22025-03-310001872371USIC Holdings, Inc., First Lien Revolver2025-03-310001872371Venture 41 CLO, CLO Notes2025-03-310001872371Verde Purchaser, LLC, First Lien Term Loan2025-03-310001872371Verona Pharma, Inc., First Lien Term Loan 12025-03-310001872371Verona Pharma, Inc., First Lien Term Loan 22025-03-310001872371Verona Pharma, Inc., First Lien Term Loan 32025-03-310001872371Verona Pharma, Inc., First Lien Term Loan 42025-03-310001872371Verona Pharma, Inc., First Lien Term Loan 52025-03-310001872371Violin Finco Guernsey Limited, First Lien Term Loan 12025-03-310001872371Violin Finco Guernsey Limited, First Lien Term Loan 22025-03-310001872371WAVE 2019-1, CLO Notes2025-03-310001872371Wind River 2020-1 CLO, CLO Notes2025-03-310001872371Wind River 2024-1 CLO, CLO Notes2025-03-310001872371Woodmont 2022-9 Trust, CLO Notes2025-03-310001872371WP CPP Holdings, LLC, First Lien Term Loan 12025-03-310001872371WP CPP Holdings, LLC, First Lien Term Loan 22025-03-310001872371WP CPP Holdings, LLC, First Lien Revolver2025-03-310001872371X Holdings Corp., First Lien Term Loan 12025-03-310001872371X Holdings Corp., LLC, First Lien Term Loan 22025-03-310001872371BNY Mellon U.S. Treasury Fund, Investor Shares2025-03-310001872371Other cash accounts2025-03-310001872371CAD Foreign Currency Forward Contract, Maturing May 8, 20252025-03-310001872371EUR Foreign Currency Forward Contract, Maturing May 8, 20252025-03-310001872371GBP Foreign Currency Forward Contract, Maturing May 8, 20252025-03-310001872371CNY Foreign Currency Forward Contract, Maturing May 8, 20252025-03-310001872371DKK Foreign Currency Forward Contract, Maturing February 6, 20252025-03-310001872371us-gaap:ForeignExchangeForwardMember2025-03-310001872371oscf:InterestRateSwapMaturingNovember2028Member2025-03-310001872371oscf:InterestRateSwapMaturingJuly2029Member2025-03-310001872371us-gaap:InterestRateSwapMember2025-03-310001872371srt:MinimumMember2025-03-310001872371srt:MaximumMember2025-03-310001872371107 Fair Street LLC, First Lien Term Loan2024-09-300001872371107-109 Beech OAK22 LLC, First Lien Revolver2024-09-300001872371112-126 Van Houten Real22 LLC, First Lien Term Loan2024-09-30000187237137 Capital CLO 4, CLO Notes2024-09-300001872371AB BSL CLO4, CLO Notes 2024-09-300001872371Access CIG, LLC, First Lien Term Loan2024-09-300001872371Accession Risk Management Group, Inc., First Lien Term Loan2024-09-300001872371Accession Risk Management Group, Inc., First Lien Revolver2024-09-300001872371ACESO Holding 4 S.A.R.L, First Lien Term Loan 12024-09-300001872371ACESO Holding 4 S.A.R.L, First Lien Term Loan 22024-09-300001872371ACP Falcon Buyer Inc, First Lien Term Loan2024-09-300001872371ACP Falcon Buyer Inc, First Lien Revolver2024-09-300001872371Acquia Inc, First Lien Term Loan2024-09-300001872371ADC Therapeutics SA, First Lien Term Loan 2024-09-300001872371ADC Therapeutics SA, Warrants 2024-09-300001872371AIMCO CLO12, CLO Notes 2024-09-300001872371AIP RD Buyer Corp., Common Stock2024-09-300001872371Allegro CLO XII, CLO Notes2024-09-300001872371Alto Pharmacy Holdings, Inc, First Lien Term Loan2024-09-300001872371Alto Pharmacy Holdings, Inc, Warrants 2024-09-300001872371American Auto Auction Group, LLC, First Lien Term Loan 2024-09-300001872371American Auto Auction Group, LLC, Second Lien Term Loan 2024-09-300001872371AmSpec Parent LLC, First Lien Term Loan 12024-09-300001872371AmSpec Parent LLC, First Lien Term Loan 22024-09-300001872371AmSpec Parent LLC, First Lien Revolver2024-09-300001872371Anchorage Capital CLO 16, LTD, CLO Notes2024-09-300001872371Anchorage Capital CLO 20, LTD., CLO Notes2024-09-300001872371Arches Buyer Inc, First Lien Term Loan2024-09-300001872371Ardonagh Midco 3 PLC, First Lien Term Loan2024-09-300001872371Ares LXVIII CLO, CLO Notes2024-09-300001872371Ares XLIV CLO, CLO Notes2024-09-300001872371Artera Services, LLC, First Lien Term Loan 2024-09-300001872371Artera Services, LLC, Fixed Rate Bond2024-09-300001872371ASP-R-PAC Acquisition Co LLC, First Lien Term Loan2024-09-300001872371ASP-R-PAC Acquisition Co LLC, First Lien Revolver2024-09-300001872371Astra Acquisition Corp, First Lien Term Loan. 12024-09-300001872371Astra Acquisition Corp, First Lien Term Loan. 22024-09-300001872371Asurion, LLC, First Lien Term Loan 12024-09-300001872371Asurion, LLC, First Lien Term Loan 22024-09-300001872371athenahealth Group Inc, First Lien Term Loan2024-09-300001872371athenahealth Group Inc, Fixed Rate Bond2024-09-300001872371athenahealth Group Inc, Preferred Equity2024-09-300001872371Aurelia Netherlands Midco 2 B.V, First Lien Term Loan2024-09-300001872371Avalara, Inc, First Lien Term Loan2024-09-300001872371Avalara, Inc, First Lien Revolver2024-09-300001872371Bain Capital Credit CLO 2022-3, CLO Notes2024-09-300001872371Bain Capital Credit CLO, Limited, CLO Notes2024-09-300001872371Bain Capital Euro CLO 2021-2, CLO Notes2024-09-300001872371Ballyrock CLO 19, CLO Notes2024-09-300001872371Bamboo US Bidco LLC, First Lien Term Loan 12024-09-300001872371Bamboo US Bidco LLC, First Lien Term Loan 22024-09-300001872371Bamboo US Bidco LLC, First Lien Term Loan 32024-09-300001872371Bamboo US Bidco LLC , First Lien Revolver2024-09-300001872371Bausch + Lomb Corporation, First Lien Term Loan2024-09-300001872371BioXcel Therapeutics, Inc, First Lien Term Loan 12024-09-300001872371BioXcel Therapeutics, Inc, First Lien Term Loan 22024-09-300001872371BioXcel Therapeutics, Inc, First Lien Term Loan 32024-09-300001872371BioXcel Therapeutics, Inc, First Lien Term Loan 42024-09-300001872371BioXcel Therapeutics, Inc, First Lien Term Loan 52024-09-300001872371BioXcel Therapeutics, Inc, Warrants 12024-09-300001872371BioXcel Therapeutics, Inc, Warrants 22024-09-300001872371Biscuit Parent, LLC, First Lien Term Loan 2024-09-300001872371Biscuit Parent, LLC, First Lien Revolver 2024-09-300001872371Blackhawk Network Holdings, Inc, First Lien Term Loan2024-09-300001872371BMC Software Inc, First Lien Term Loan2024-09-300001872371Canyon CLO 2020-3, CLO Notes2024-09-300001872371Carlyle Euro CLO 2021-2, CLO Notes2024-09-300001872371CBAM 2017-2, LTD., CLO Notes2024-09-300001872371CD&R Firefly Bidco Limited, First Lien Term Loan 12024-09-300001872371CD&R Firefly Bidco Limited, First Lien Term Loan 22024-09-300001872371Centralsquare Technologies, LLC, First Lien Term Loan 2024-09-300001872371Centralsquare Technologies, LLC , First Lien Revolver2024-09-300001872371CIFC European Funding VI, CLO Notes2024-09-300001872371Clear Channel Outdoor Holdings, Inc, First Lien Term Loan2024-09-300001872371Cloud Software Group, Inc., First Lien Term Loan 12024-09-300001872371Cloud Software Group, Inc., First Lien Term Loan 22024-09-300001872371Cloud Software Group, Inc., Fixed Rate Bond2024-09-300001872371Colony Holding Corporation, First Lien Term Loan 12024-09-300001872371Colony Holding Corporation, First Lien Term Loan 22024-09-300001872371Condor Merger Sub Inc., Fixed Rate Bond2024-09-300001872371CoreRx, Inc., First Lien Term Loan2024-09-300001872371Coupa Holdings, LLC, First Lien Term Loan 12024-09-300001872371Coupa Holdings, LLC, First Lien Term Loan 22024-09-300001872371Coupa Holdings, LLC, First Lien Revolver2024-09-300001872371Covetrus, Inc., First Lien Term Loan2024-09-300001872371Crewline Buyer, Inc., First Lien Term Loan2024-09-300001872371Crewline Buyer, Inc., First Lien Revolver2024-09-300001872371Curium Bidco S.à.r.l., First Lien Term Loan2024-09-300001872371CVAUSA Management, LLC, First Lien Term Loan 12024-09-300001872371CVAUSA Management, LLC, First Lien Term Loan 22024-09-300001872371CVAUSA Management, LLC, First Lien Term Loan 32024-09-300001872371CVAUSA Management, LLC, First Lien Revolver2024-09-300001872371CVC Cordatus Loan Fund XXXI, CLO Notes2024-09-300001872371Dealer Tire Financial, LLC, Fixed Rate Bond2024-09-300001872371Delta Leasing SPV II LLC, Subordinated Debt Term Loan 12024-09-300001872371Delta Leasing SPV II LLC, Subordinated Debt Term Loan 22024-09-300001872371Delta Leasing SPV II LLC, Preferred Equity2024-09-300001872371Delta Leasing SPV II LLC, Common Stock2024-09-300001872371Delta Leasing SPV II LLC, Warrants2024-09-300001872371DirecTV Financing, LLC, First Lien Term Loan 12024-09-300001872371DirecTV Financing, LLC, First Lien Term Loan 22024-09-300001872371DTI Holdco, Inc., First Lien Term Loan2024-09-300001872371Dukes Root Control Inc., First Lien Term Loan 12024-09-300001872371Dukes Root Control Inc., First Lien Term Loan 22024-09-300001872371Dukes Root Control Inc., First Lien Revolver2024-09-300001872371Eagle Parent Corp., First Lien Term Loan2024-09-300001872371Engineering Research And Consulting LLC First Lien Term Loan2024-09-300001872371Entrata, Inc., First Lien Term Loan2024-09-300001872371Entrata, Inc., First Lien Revolver2024-09-300001872371Enverus Holdings, Inc., First Lien Term Loan 12024-09-300001872371Enverus Holdings, Inc., First Lien Term Loan 22024-09-300001872371Enverus Holdings, Inc., First Lien Revolver2024-09-300001872371Establishment Labs Holdings Inc., First Lien Term Loan 12024-09-300001872371Establishment Labs Holdings Inc., First Lien Term Loan 22024-09-300001872371Establishment Labs Holdings Inc., First Lien Term Loan 32024-09-300001872371Establishment Labs Holdings Inc., First Lien Term Loan 42024-09-300001872371Everbridge, Inc., First Lien Term Loan 12024-09-300001872371Everbridge, Inc., First Lien Term Loan 22024-09-300001872371Everbridge, Inc., First Lien Revolver2024-09-300001872371Evergreen IX Borrower 2023, LLC, First Lien Term Loan 12024-09-300001872371Evergreen IX Borrower 2023, LLC, First Lien Term Loan 22024-09-300001872371Evergreen IX Borrower 2023, LLC, First Lien Revolver2024-09-300001872371Eyesouth Eye Care Holdco LLC, First Lien Term Loan 12024-09-300001872371Eyesouth Eye Care Holdco LLC, First Lien Term Loan 22024-09-300001872371Eyesouth Eye Care Holdco LLC, Common Stock 2024-09-300001872371Fiesta Purchaser, Inc., First Lien Term Loan2024-09-300001872371Fiesta Purchaser, Inc., Fixed Rate Bond2024-09-300001872371Finastra USA, Inc., First Lien Term Loan2024-09-300001872371Finastra USA, Inc., First Lien Revolver2024-09-300001872371Fortress Credit BSL XIV, CLO Notes2024-09-300001872371Fortress Credit BSL XIX, CLO Notes2024-09-300001872371Fortress Credit BSL XV, CLO Notes2024-09-300001872371Fortress Credit BSL XX, CLO Notes2024-09-300001872371Fortress Credit BSL XXV, CLO Notes2024-09-300001872371Galileo Parent, Inc., First Lien Term Loan2024-09-300001872371Galileo Parent, Inc., First Lien Revolver2024-09-300001872371Gallatin CLO X 2023-1, CLO Notes2024-09-300001872371Global Aircraft Leasing Co Ltd, Fixed Rate Bond2024-09-300001872371Greenway Health, LLC, First Lien Term Loan2024-09-300001872371Grove Hotel Parcel Owner, LLC, First Lien Term Loan 12024-09-300001872371Grove Hotel Parcel Owner, LLC, First Lien Term Loan 22024-09-300001872371Grove Hotel Parcel Owner, LLC, First Lien Revolver2024-09-300001872371Harbor Purchaser Inc., First Lien Term Loan2024-09-300001872371Harrow, Inc., First Lien Term Loan 12024-09-300001872371Harrow, Inc., First Lien Term Loan 22024-09-300001872371Harrow, Inc., First Lien Term Loan 32024-09-300001872371Henley CLO II, CLO Notes2024-09-300001872371HPS Loan Management 10-2016, CLO Notes2024-09-300001872371Husky Injection Molding Systems Ltd., Fixed Rate Bond2024-09-300001872371Husky Injection Molding Systems Ltd., First Lien Term Loan2024-09-300001872371IAMGOLD Corporation, Second Lien Term Loan2024-09-300001872371Icefall Parent, Inc., First Lien Term Loan2024-09-300001872371Icefall Parent, Inc., First Lien Revolver2024-09-300001872371iCIMs, Inc, First Lien Term Loan 12024-09-300001872371iCIMs, Inc, First Lien Term Loan 22024-09-300001872371iCIMs, Inc., First Lien Term Loan 32024-09-300001872371iCIMs, Inc., First Lien Revolver2024-09-300001872371Innocoll Pharmaceuticals Limited, Warrants2024-09-300001872371Integrity Marketing Acquisition, LLC, First Lien Term Loan 12024-09-300001872371Integrity Marketing Acquisition, LLC, First Lien Term Loan 22024-09-300001872371Integrity Marketing Acquisition, LLC, First Lien Revolver2024-09-300001872371Inventus Power, Inc., First Lien Term Loan2024-09-300001872371Inventus Power, Inc, First Lien Revolver2024-09-300001872371IW Buyer LLC, First Lien Term Loan 12024-09-300001872371IW Buyer LLC, First Lien Term Loan 22024-09-300001872371IW Buyer LLC, First Lien Revolver2024-09-300001872371Janus Bidco Limited, First Lien Term Loan 12024-09-300001872371Janus Bidco Limited, First Lien Term Loan 22024-09-300001872371Janus Bidco Limited, First Lien Term Loan 32024-09-300001872371JN Bidco LLC, Common Stock2024-09-300001872371Kings Buyer, LLC, First Lien Term Loan 12024-09-300001872371Kings Buyer, LLC, First Lien Term Loan 22024-09-300001872371Kings Buyer, LLC, First Lien Revolver 12024-09-300001872371Kings Buyer, LLC, First Lien Revolver 22024-09-300001872371LABL, Inc., First Lien Term Loan2024-09-300001872371Latam Airlines Group S.A., First Lien Term Loan2024-09-300001872371Learfield Communications, LLC, First Lien Term Loan2024-09-300001872371Legends Hospitality Holding Company, LLC, First Lien Term Loan 12024-09-300001872371Legends Hospitality Holding Company, LLC, First Lien Term Loan 22024-09-300001872371Legends Hospitality Holding Company, LLC , First Lien Revolver2024-09-300001872371LSL Holdco, LLC , First Lien Term Loan 12024-09-300001872371LSL Holdco, LLC, First Lien Term Loan 22024-09-300001872371LSL Holdco, LLC, First Lien Revolver2024-09-300001872371LTI Holdings Inc, First Lien Term Loan2024-09-300001872371M2S Group Intermediate Holdings Inc, First Lien Term Loan2024-09-300001872371Madison Park Euro Funding XIV, CLO Notes2024-09-300001872371Madison Park Funding LXIII, CLO Notes2024-09-300001872371Marble Point CLO XVII, CLO Notes2024-09-300001872371Mauser Packaging Solutions Holding Co, Fixed Rate Bond2024-09-300001872371Mesoblast, Inc., First Lien Term Loan2024-09-300001872371Mesoblast, Inc., Warrants 12024-09-300001872371Mesoblast, Inc., Warrants 22024-09-300001872371MHE Intermediate Holdings, LLC, First Lien Term Loan 12024-09-300001872371MHE Intermediate Holdings, LLC, First Lien Term Loan 22024-09-300001872371Microf Funding V LL, First Lien Term Loan2024-09-300001872371Minotaur Acquisition, Inc, First Lien Term Loan 12024-09-300001872371Minotaur Acquisition, Inc., First Lien Term Loan 22024-09-300001872371Minotaur Acquisition, Inc., First Lien Term Loan 32024-09-300001872371Minotaur Acquisition, Inc., First Lien Revolver2024-09-300001872371Mitchell International Inc, Second Lien Term Loan2024-09-300001872371Mitchell International Inc, First Lien Term Loan2024-09-300001872371Modena Buyer LLC, First Lien Term Loan2024-09-300001872371Monotype Imaging Holdings Inc, First Lien Term Loan 12024-09-300001872371Monotype Imaging Holdings Inc, First Lien Term Loan 22024-09-300001872371Monotype Imaging Holdings Inc., First Lien Revolver2024-09-300001872371MRI Software LLC, First Lien Term Loan 12024-09-300001872371MRI Software LLC, First Lien Term Loan 22024-09-300001872371MRI Software LLC, First Lien Term Loan 32024-09-300001872371MRI Software LLC, First Lien Term Loan 42024-09-300001872371MRI Software LLC, First Lien Revolver2024-09-300001872371Neptune Platform Buyer, LLC, First Lien Term Loan 12024-09-300001872371Neptune Platform Buyer, LLC, First Lien Term Loan 22024-09-300001872371Next Holdco, LLC, First Lien Term Loan 12024-09-300001872371Next Holdco, LLC, First Lien Term Loan 22024-09-300001872371Next Holdco, LLC, First Lien Revolver2024-09-300001872371NFM & J, L.P, First Lien Term Loan 12024-09-300001872371NFM & J, L.P. First Lien Term Loan 22024-09-300001872371NFM & J, L.P., First Lien Revolver2024-09-300001872371North Star Acquisitionco, LLC, First Lien Term Loan 12024-09-300001872371North Star Acquisitionco, LLC, First Lien Term Loan 22024-09-300001872371North Star Acquisitionco, LLC, First Lien Term Loan 32024-09-300001872371North Star Acquisitionco, LLC, First Lien Term Loan 42024-09-300001872371North Star Acquisitionco, LLC, First Lien Term Loan 52024-09-300001872371North Star Acquisitionco, LLC , First Lien Term Loan 62024-09-300001872371North Star Acquisitionco, LLC , First Lien Revolver 12024-09-300001872371North Star Acquisitionco, LLC , First Lien Revolver 22024-09-300001872371Northwoods Capital 25 Ltd, CLO Notes2024-09-300001872371Northwoods Capital XV, CLO Notes2024-09-300001872371Ocean Trails CLO XIV, CLO Notes2024-09-300001872371Octagon 66, CLO Notes2024-09-300001872371OFSI BSL XIII CLO, CLO Notes2024-09-300001872371OFSI Fund Ltd, CLO Notes2024-09-300001872371OneOncology, LLC, First Lien Term Loan 12024-09-300001872371OneOncology, LLC, First Lien Term Loan 22024-09-300001872371OneOncology, LLC, First Lien Term Loan 32024-09-300001872371OneOncology, LLC , First Lien Revolver2024-09-300001872371Oranje Holdco, Inc, First Lien Term Loan 12024-09-300001872371Oranje Holdco, Inc, First Lien Term Loan 22024-09-300001872371Oranje Holdco, Inc., First Lien Revolver2024-09-300001872371OZLM XXIII Ltd, CLO Notes2024-09-300001872371Peraton Corp., First Lien Term Loan2024-09-300001872371PetSmart LLC, First Lien Term Loan2024-09-300001872371PetVet Care Centers, LLC, First Lien Term Loan 12024-09-300001872371PetVet Care Centers, LLC, First Lien Term Loan 22024-09-300001872371PetVet Care Centers, LLC, First Lien Revolver 2024-09-300001872371PetVet Care Centers, LLC, Preferred Equity2024-09-300001872371Pluralsight, LLC, First Lien Term Loan 12024-09-300001872371Pluralsight, LLC, First Lien Term Loan 22024-09-300001872371Pluralsight, LLC, First Lien Term Loan 32024-09-300001872371Pluralsight, LLC, First Lien Term Loan 42024-09-300001872371Pluralsight, LLC, First Lien Revolver2024-09-300001872371Pluralsight, LLC, Common Stock2024-09-300001872371Poseidon Midco AB, First Lien Term Loan 12024-09-300001872371Poseidon Midco AB , First Lien Term Loan 22024-09-300001872371PPW Aero Buyer, Inc, First Lien Term Loan 12024-09-300001872371PPW Aero Buyer, Inc, First Lien Term Loan 22024-09-300001872371PPW Aero Buyer, Inc, First Lien Term Loan 32024-09-300001872371PPW Aero Buyer, Inc. , First Lien Revolver2024-09-300001872371Profrac Holdings II, LLC, First Lien Floating Rate Bond2024-09-300001872371Project Accelerate Parent, LLC, First Lien Term Loan2024-09-300001872371Project Accelerate Parent, LLC, First Lien Revolver2024-09-300001872371Protein for Pets Opco, LLC, First Lien Term Loan2024-09-300001872371Protein for Pets Opco, LLC, First Lien Revolver2024-09-300001872371Quantum Bidco Limited, First Lien Term Loan 12024-09-300001872371Quantum Bidco Limited, First Lien Term Loan 22024-09-300001872371Renaissance Holding Corp., First Lien Term Loan2024-09-300001872371Resistance Acquisition, Inc., First Lien Term Loan2024-09-300001872371Rockford Tower CLO 2024-1, CLO Notes2024-09-300001872371RR 24, CLO Notes2024-09-300001872371Salus Workers' Compensation, LLC, First Lien Term Loan2024-09-300001872371Salus Workers' Compensation, LLC, First Lien Revolver2024-09-300001872371Salus Workers' Compensation, LLC, Warrants2024-09-300001872371Saratoga, Credit Linked Note2024-09-300001872371SCIH Salt Holdings Inc., First Lien Term Loan2024-09-300001872371SCIH Salt Holdings Inc., Fixed Rate Bond2024-09-300001872371scPharmaceuticals Inc., Warrants2024-09-300001872371Secure Acquisition Inc., First Lien Term Loan2024-09-300001872371SEI Holding I Corporation, First Lien Term Loan 12024-09-300001872371SEI Holding I Corporation, First Lien Term Loan 22024-09-300001872371SEI Holding I Corporation, First Lien Term Loan 32024-09-300001872371SEI Holding I 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22024-09-300001872371Truck-Lite Co., LLC, First Lien Revolver2024-09-300001872371Usalco LLC , First Lien Term Loan 12024-09-300001872371Usalco LLC, First Lien Term Loan 22024-09-300001872371USIC Holdings, Inc., First Lien Term Loan 12024-09-300001872371USIC Holdings, Inc., First Lien Term Loan 22024-09-300001872371USIC Holdings, Inc., First Lien Revolver2024-09-300001872371Venture 41 CLO, CLO Notes2024-09-300001872371Verona Pharma, Inc., First Lien Term Loan 12024-09-300001872371Verona Pharma, Inc., First Lien Term Loan 22024-09-300001872371Verona Pharma, Inc., First Lien Term Loan 32024-09-300001872371Verona Pharma, Inc., First Lien Term Loan 42024-09-300001872371Verona Pharma, Inc., First Lien Term Loan 52024-09-300001872371Verona Pharma, Inc., First Lien Term Loan 62024-09-300001872371Violin Finco Guernsey Limited, First Lien Term Loan 12024-09-300001872371Violin Finco Guernsey Limited, First Lien Term Loan 22024-09-300001872371WAVE 2019-1, CLO Notes2024-09-300001872371Wellfleet CLO 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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
(Mark One)
 
xQUARTERLY 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
(State or jurisdiction of
incorporation or organization)
 
87-6827742
(I.R.S. Employer
Identification No.)
333 South Grand Avenue, 28th Floor
Los Angeles, CA
(Address of principal executive office)
 
90071
(Zip Code)
REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE:
(213) 830-6300
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x     No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   x   No   ¨

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

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

Securities registered pursuant to Section 12(b) of the Act
Title of Each ClassTrading Symbol(s)Name of Exchange on Which Registered
N/AN/AN/A
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.





ClassOutstanding 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.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



1



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 equivalents247,367 480,836 
Restricted cash40,806 43,328 
Interest receivable33,876 34,549 
Due from broker7,040  
Receivables from unsettled transactions5,528 45,731 
Deferred financing costs17,275 20,150 
Deferred offering costs1,237 554 
Derivative assets at fair value 8,610 21,546 
Other assets231 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 payable15,681 17,395 
Subscription received in advance 35,000  
Payable for share repurchases21,603 14,635 
Due to broker  4,040 
Due to affiliates2,737 3,727 
Interest payable26,612 26,370 
Payables from unsettled transactions224,303 97,396 
Director fees payable  116 
Derivative liabilities at fair value 7,676 11,927 
Deferred tax liability33 8 
Credit facilities payable1,290,500 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 liabilities2,406,539 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-capital3,827,485 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.
2


Oaktree Strategic Credit Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except per share amounts)

NET ASSET VALUE PER SHAREMarch 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.
3

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 income139,735 93,761 277,730 164,333 
PIK interest income:
Non-control/Non-affiliate investments2,499 2,045 5,194 2,666 
Total PIK interest income2,499 2,045 5,194 2,666 
Fee income:
   Non-control/Non-affiliate investments
2,367 1,250 3,313 1,651 
   Total fee income2,367 1,250 3,313 1,651 
Total investment income144,601 97,056 286,237 168,650 
Expenses:
Base management fee11,471 7,242 21,933 12,998 
Investment income incentive fee10,942 7,980 21,691 13,734 
Capital gains incentive fee(3,044)319 (2,472)2,460 
Professional fees1,389 613 2,430 1,448 
Class S and Class D distribution and shareholder servicing fees2,513 1,614 4,865 2,895 
Board of trustees fees116 116 232 207 
Organization expenses1 4 2 4 
Amortization of continuous offering costs552 211 919 433 
Interest expense41,977 24,180 84,397 41,920 
Administrator expense358 417 606 719 
General and administrative expenses658 431 1,496 1,055 
Total expenses66,933 43,127 136,099 77,873 
Expense reimbursements (support) (Note 9)   1,045 
Net expenses66,933 43,127 136,099 78,918 
Net investment income before taxes77,668 53,929 150,138 89,732 
(Provision) benefit for taxes on net investment income(414) (679) 
Net investment income77,254 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 contracts8,141 (442)7,773 1,089 
Net realized gains (losses)6,540 3,347 10,217 3,800 
Provision for income tax (expense) benefit19 (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.
4

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) benefit19 (144)(46)(385)
Net increase (decrease) in net assets resulting from operations52,900 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 offering300,563 301,199 474,548 610,377 
Share transfers between classes 252 1,056 252 
Issuance of Common shares under distribution reinvestment plan11,063 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 transactions301,355 303,651 473,899 609,239 
Class S:
Issuance of Common shares in public offering97,928 155,916 174,781 315,146 
Share transfers between classes (252)(1,056)(252)
Issuance of Common shares under distribution reinvestment plan14,113 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 transactions100,389 161,295 181,349 325,234 
Class D:
Issuance of Common shares in public offering1,138 715 1,793 1,094 
Issuance of Common shares under distribution reinvestment plan28 9 54 11 
Repurchased shares, net of early repurchase deduction  (77) 
Net increase from share transactions1,166 724 1,770 1,105 
Total increase (decrease) in net assets364,698 465,575 612,674 941,541 
Net assets at beginning of period3,412,316 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 period162,226 104,627 162,226 104,627 

See notes to Consolidated Financial Statements.
5

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) depreciation29,950 (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 payable413 133 
Amortization of deferred financing costs3,854 2,263 
Amortization of deferred offering costs919 433 
Deferred taxes25  
Purchases of investments(2,040,284)(1,961,240)
Proceeds from the sales and repayments of investments793,883 406,530 
Changes in operating assets and liabilities:
(Increase) decrease in due from affiliates  861 
(Increase) decrease in interest receivable673 (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 payable242 7,362 
Increase (decrease) in payables from unsettled transactions126,907 100,627 
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 facilities410,000 400,000 
Repayments of borrowings under credit facilities(214,500) 
Issuance of unsecured notes 348,236 
Proceeds from issuance of common shares651,122 926,617 
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 activities724,547 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 period524,164 151,136 
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 paid21,603 7,901 
Reconciliation to the Statements of Assets and LiabilitiesMarch 31, 2025September 30, 2024
Cash and cash equivalents$247,367 $480,836 
Restricted cash40,806 43,328 
Total cash and cash equivalents and restricted cash$288,173 $524,164 
See notes to Consolidated Financial Statements.
6

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Non-Control/Non-Affiliate Investments (7)
107 Fair Street LLCReal Estate DevelopmentFirst Lien Term Loan13.00%4/17/2025$2,869 $2,868 $2,824 (8)(9)(11)
107-109 Beech OAK22 LLCReal Estate DevelopmentFirst Lien Revolver11.00%2/27/202618,624 18,495 18,488 (8)(9)
112-126 Van Houten Real22 LLCReal Estate DevelopmentFirst Lien Term Loan13.00%5/19/20254,633 4,629 4,581 (8)(9)(11)
1261229 BC LTDPharmaceuticalsFixed Rate Bond10.00%4/15/203222,200 22,200 22,088 (10)
1261229 BC LTDPharmaceuticalsFirst Lien Term LoanSOFR+6.25%10.57%9/25/203047,800 46,605 46,067 (5)(10)
1440 Foods Topco, LLCPackaged Foods & MeatsFirst Lien Term LoanSOFR+5.00%9.32%10/31/203162,388 59,109 60,263 (5)
AB BSL CLO 4Multi-Sector HoldingsCLO NotesSOFR+5.50%9.79%4/20/20363,800 3,800 3,805 (5)(10)
Access CIG, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+4.25%8.54%8/18/202848,206 47,791 48,280 (5)
Accession Risk Management Group, Inc.Insurance BrokersFirst Lien Term LoanSOFR+4.75%9.05%11/1/2029725 651 725 (5)(8)(9)
Accession Risk Management Group, Inc.Insurance BrokersFirst Lien Term LoanSOFR+4.75%9.05%11/1/20299,420 9,420 9,420 (5)(8)
Accession Risk Management Group, Inc.Insurance BrokersFirst Lien RevolverSOFR+4.75%10/30/2029 (13) (5)(8)(9)
ACESO Holding 4 S.A.R.L.Health Care ServicesFirst Lien Term LoanE+5.75%9/27/2031 (88)(85)(5)(8)(9)(10)
ACESO Holding 4 S.A.R.L.Health Care ServicesFirst Lien Term LoanE+5.75%8.13%9/27/203134,034 37,276 36,083 (5)(8)(10)
ACP Falcon Buyer IncSystems SoftwareFirst Lien Term LoanSOFR+5.50%9.81%8/1/2029$34,233 33,492 34,203 (5)(8)
ACP Falcon Buyer IncSystems SoftwareFirst Lien RevolverSOFR+5.50%8/1/2029 (116)(5)(5)(8)(9)
Acquia Inc.Application SoftwareFirst Lien Term LoanSOFR+7.00%11.44%10/30/202611,166 11,040 11,166 (5)(8)
ADC Therapeutics SABiotechnologyFirst Lien Term LoanSOFR+7.50%11.94%8/15/202910,406 10,072 10,146 (5)(8)(10)
ADC Therapeutics SABiotechnologyWarrants45,727  275 9 (8)(10)
AIP RD Buyer Corp.DistributorsCommon Stock4,560  428 573 (8)
Allegro CLO XIIMulti-Sector HoldingsCLO NotesSOFR+7.40%11.69%7/21/20374,400 4,400 4,408 (5)(10)
Alto Pharmacy Holdings, Inc.Health Care TechnologyFirst Lien Term Loan5.50%5.50%10/14/202712,782 12,220 12,175 (8)
Alto Pharmacy Holdings, Inc.Health Care TechnologyPreferred Equity899,513 — 949 935 (8)
Alto Pharmacy Holdings, Inc.Health Care TechnologyWarrants878,545 — 943 676 (8)
American Auto Auction Group, LLCDiversified Support ServicesSecond Lien Term LoanSOFR+8.75%13.20%1/2/20296,901 6,826 6,832 (5)(8)
Arches Buyer Inc.Interactive Media & ServicesFirst Lien Term LoanSOFR+5.50%9.82%12/6/202793,261 92,309 93,261 (5)(8)
Ares LXVIII CLOMulti-Sector HoldingsCLO NotesSOFR+5.75%10.05%4/25/20355,000 5,000 5,006 (5)(10)
Ares XLIV CLOMulti-Sector HoldingsCLO NotesSOFR+7.13%11.43%4/15/20343,500 3,402 3,495 (5)(10)
Artera Services, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+4.50%8.80%2/15/203153,805 53,372 51,167 (5)
Artera Services, LLCConstruction & EngineeringFixed Rate Bond8.50%2/15/203112,660 12,660 11,826 
ASP Integrity Acquisition Co LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%3/6/2032 (59)(117)(5)(8)(9)
ASP Integrity Acquisition Co LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%9.30%3/6/203247,861 47,150 47,157 (5)(8)
ASP Integrity Acquisition Co LLCDiversified Support ServicesFirst Lien RevolverSOFR+5.00%3/6/2032 (133)(132)(5)(8)(9)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+6.00%10.29%12/29/2027993 984 965 (5)(8)(10)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+6.00%10.55%12/29/20274,788 4,744 4,654 (5)(8)(10)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien RevolverSOFR+6.00%10.44%12/29/2027270 265 254 (5)(8)(9)(10)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+6.75%2/25/20287,355 6,469 4,487 (5)(8)(12)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+5.25%10/25/20288,316 6,305  (5)(8)(12)
7

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.00%8.42%8/19/2028$25,507 $25,431 $25,282 (5)
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.25%8.67%8/19/202833,867 33,283 33,606 (5)
athenahealth Group Inc.Health Care TechnologyFirst Lien Term LoanSOFR+3.25%2/15/2029   (5)
athenahealth Group Inc.Health Care TechnologyFixed Rate Bond6.50%2/15/203030,000 28,468 28,167 
athenahealth Group Inc.Health Care TechnologyPreferred Equity5,809  5,693 7,901 (8)
Aurelia Netherlands Midco 2 B.V.Interactive Media & ServicesFirst Lien Term LoanE+5.75%8.54%5/29/203149,005 52,062 52,803 (5)(8)(10)
AVSC Holding Corp.Specialized Consumer ServicesFirst Lien Term LoanSOFR+5.00%9.32%12/5/2031$121,929 119,602 119,674 (5)(8)
AVSC Holding Corp.Specialized Consumer ServicesFirst Lien RevolverSOFR+5.00%9.32%12/5/20291,044 800 810 (5)(8)(9)
Bain Capital Credit CLO 2022-3Multi-Sector HoldingsCLO NotesSOFR+3.70%8.00%7/17/20353,500 3,379 3,498 (5)(10)
Bain Capital Credit CLO, LimitedMulti-Sector HoldingsCLO NotesSOFR+7.54%11.83%4/20/20341,750 1,733 1,756 (5)(10)
Bain Capital Euro CLO 2021-2Multi-Sector HoldingsCLO NotesE+3.40%6.15%7/17/20341,210 1,252 1,303 (5)(10)
Ballyrock CLO 19Multi-Sector HoldingsCLO NotesSOFR+7.11%11.40%4/20/2035$2,220 2,223 2,229 (5)(10)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien Term LoanSOFR+5.25%9/30/2030 (15)(33)(5)(8)(9)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien Term LoanSOFR+5.25%9/30/2030  (33)(5)(8)(9)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien Term LoanSOFR+5.25%9.58%9/30/20303,904 3,829 3,865 (5)(8)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien Term LoanSOFR+5.25%9.54%9/30/203025,574 24,992 25,318 (5)(8)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien Term LoanE+5.25%7.86%9/30/203015,873 16,435 16,975 (5)(8)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien RevolverSOFR+5.25%10/1/2029 (117)(52)(5)(8)(9)
Barracuda Parent, LLCSystems SoftwareFirst Lien Term LoanSOFR+6.50%10.83%8/15/2029$48,886 47,430 47,419 (5)(8)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan3.00%10.00%4/19/20273,458 3,403 3,026 (8)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan3.00%10.00%4/19/20271,433 1,432 1,254 (8)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan3.00%10.00%4/19/2027   (8)(9)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan3.00%10.00%4/19/2027   (8)(9)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsWarrants13,971   26 (10)
BioXcel Therapeutics, Inc.PharmaceuticalsWarrants972  74 1 (8)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsWarrants279    (8)(10)
Biscuit Parent, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%2/27/2031 (77) (5)(8)(9)
Biscuit Parent, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.05%2/27/203132,866 32,562 32,866 (5)(8)
Biscuit Parent, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.05%2/27/203149,625 48,997 49,625 (5)(8)
Biscuit Parent, LLCApplication SoftwareFirst Lien RevolverSOFR+4.75%2/27/2031 (190) (5)(8)(9)
Blackhawk Network Holdings, Inc.Data Processing & Outsourced ServicesFirst Lien Term LoanSOFR+4.00%8.32%3/12/202940,187 39,505 40,079 (5)(10)
BOTA BIDCO GMBHDiversified ChemicalsFirst Lien Term LoanE+4.00%6.38%10/31/203012,027 11,755 12,326 (5)(8)(10)
BOTA BIDCO GMBHDiversified ChemicalsFirst Lien Term LoanE+4.50%6.88%10/31/203036,081 35,265 36,979 (5)(8)(10)
Canyon CLO 2020-3Multi-Sector HoldingsCLO NotesSOFR+7.15%11.45%10/15/2037$5,490 5,490 5,513 (5)(10)
Carlyle Euro CLO 2021-2Multi-Sector HoldingsCLO NotesE+3.30%6.09%10/15/20351,400 1,385 1,508 (5)(10)
CBAM 2017-2, LTD.Multi-Sector HoldingsCLO NotesSOFR+7.36%11.66%7/17/2034$488 458 475 (5)(10)
CD&R Firefly Bidco LimitedOther Specialty RetailFirst Lien Term LoanSONIA+5.50%9.96%6/21/2028£26,657 32,641 34,482 (5)(10)
CD&R Firefly Bidco LimitedOther Specialty RetailFirst Lien Term LoanSONIA+5.25%9.71%6/21/202818,365 22,964 23,723 (5)(10)
8

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Centralsquare Technologies, LLCApplication SoftwareFirst Lien Term LoanSOFR+6.25%7.20%3.38%4/12/2030$30,562 $29,943 $30,517 (5)(8)
Centralsquare Technologies, LLCApplication SoftwareFirst Lien RevolverSOFR+5.75%4/12/2030 (71)(5)(5)(8)(9)
CIFC European Funding VIMulti-Sector HoldingsCLO NotesE+5.96%9.38%10/15/20372,500 2,726 2,685 (5)(10)
Clear Channel Outdoor Holdings IncAdvertisingFirst Lien Term LoanSOFR+4.00%8.44%8/21/2028$13,716 13,707 13,649 (5)(10)
Cloud Software Group, Inc.Application SoftwareFirst Lien Term LoanSOFR+3.75%8.05%3/21/203113,965 13,871 13,848 (5)
Colony Holding CorporationDistributorsFirst Lien Term LoanSOFR+6.50%10.91%5/13/20263,881 3,852 3,845 (5)(8)
Colony Holding CorporationDistributorsFirst Lien Term LoanSOFR+6.50%10.89%5/13/202611,934 11,812 11,825 (5)(8)
Condor Merger Sub Inc.Systems SoftwareFixed Rate Bond7.38%2/15/203032,277 30,218 28,595 
Connect Finco SARLAlternative CarriersFirst Lien Term LoanSOFR+4.50%8.82%9/27/202956,292 49,876 49,757 (5)(10)
CoreRx, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%11.80%4/6/202918,328 17,960 17,932 (5)(8)
Coupa Holdings, LLCApplication SoftwareFirst Lien Term LoanSOFR+5.25%2/27/2030 (11) (5)(8)(9)
Coupa Holdings, LLCApplication SoftwareFirst Lien Term LoanSOFR+5.25%9.54%2/27/203013,363 13,128 13,363 (5)(8)
Coupa Holdings, LLCApplication SoftwareFirst Lien RevolverSOFR+5.25%2/27/2029 (15) (5)(8)(9)
Creek Parent, Inc.Life Sciences Tools & ServicesFirst Lien Term LoanSOFR+5.25%9.57%12/18/2031106,479 104,691 104,743 (5)(8)
Creek Parent, Inc.Life Sciences Tools & ServicesFirst Lien RevolverSOFR+5.25%12/18/2031 (256)(249)(5)(8)(9)
Crewline Buyer, Inc.Application SoftwareFirst Lien Term LoanSOFR+6.75%11.07%11/8/20303,080 3,008 3,046 (5)(8)
Crewline Buyer, Inc.Application SoftwareFirst Lien Term LoanSOFR+6.75%11.07%11/8/203043,911 43,032 43,424 (5)(8)
Crewline Buyer, Inc.Application SoftwareFirst Lien RevolverSOFR+6.75%11/8/2030 (92)(51)(5)(8)(9)
CVC Cordatus Loan Fund XXXIMulti-Sector HoldingsCLO NotesE+6.64%9.14%6/15/20375,000 5,303 5,455 (5)(10)
Dealer Tire Financial, LLCDistributorsFixed Rate Bond8.00%2/1/2028$41,354 40,864 40,349 
Delta Leasing SPV II LLCSpecialized FinanceSubordinated Debt Term Loan3.00%7.00%8/31/202928,056 28,056 28,056 (8)(10)
Delta Leasing SPV II LLCSpecialized FinanceSubordinated Debt Term Loan8.00%3.00%8/31/202938,881 38,881 38,881 (8)(10)
Delta Leasing SPV II LLCSpecialized FinancePreferred Equity330  330 442 (8)(10)
Delta Leasing SPV II LLCSpecialized FinanceCommon Stock2  2 2 (8)(10)
Delta Leasing SPV II LLCSpecialized FinanceWarrants25    (8)(10)
DirecTV Financing, LLCCable & SatelliteFixed Rate Bond10.00%2/15/203121,198 21,198 20,372 
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.00%9.55%8/2/2027571 567 573 (5)
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.25%9.80%8/2/202928,350 27,924 27,988 (5)
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.50%9.82%2/17/203121,491 21,061 20,568 (5)
DTI Holdco, Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+4.00%8.32%4/26/202957,795 56,830 57,404 (5)
Dukes Root Control Inc.Environmental & Facilities ServicesFirst Lien Term LoanSOFR+6.50%10.96%12/8/20281,044 1,034 1,039 (5)(8)(9)
Dukes Root Control Inc.Environmental & Facilities ServicesFirst Lien Term LoanSOFR+6.50%10.96%12/8/202811,626 11,465 11,564 (5)(8)
Dukes Root Control Inc.Environmental & Facilities ServicesFirst Lien RevolverSOFR+6.50%10.97%12/8/2028690 670 685 (5)(8)(9)
Eagle Parent Corp.Diversified Support ServicesFirst Lien Term LoanSOFR+4.25%8.55%4/2/20295,198 5,167 4,958 (5)
9

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Engineering Research And Consulting LLCConstruction & EngineeringFirst Lien Term LoanSOFR+5.00%9.31%8/29/2031$31,900 $31,402 $31,820 (5)(8)
Entrata, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.75%10.07%7/10/203045,033 44,185 45,033 (5)(8)
Entrata, Inc.Application SoftwareFirst Lien RevolverSOFR+5.75%7/10/2028 (85) (5)(8)(9)
Enverus Holdings, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%9.82%12/24/202955,307 54,503 55,307 (5)(8)
Enverus Holdings, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%12/24/2029 (19) (5)(8)(9)
Enverus Holdings, Inc.Application SoftwareFirst Lien RevolverSOFR+5.50%12/24/2029 (49) (5)(8)(9)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan9.00%4/21/20271,832 1,818 1,832 (8)(10)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan10.00%4/21/20271,689 1,656 1,723 (8)(10)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan10.00%4/21/2027   (8)(9)(10)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan9.00%4/21/202711,437 11,373 11,437 (8)(10)
Everbridge, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.00%9.31%7/2/20317,719 7,656 7,719 (5)(8)(9)
Everbridge, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.00%9.31%7/2/203178,759 78,407 78,759 (5)(8)
Everbridge, Inc.Application SoftwareFirst Lien RevolverSOFR+5.00%7/2/2031 (35) (5)(8)(9)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.05%9/30/20309,052 8,971 9,052 (5)(8)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.05%9/30/203035,852 35,149 35,852 (5)(8)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien RevolverSOFR+4.75%10/1/2029 (75) (5)(8)(9)
Eyesouth Eye Care Holdco LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.50%9.92%10/5/20293,199 3,147 3,154 (5)(8)
Eyesouth Eye Care Holdco LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.50%9.92%10/5/202949 9 (19)(5)(8)(9)
Eyesouth Eye Care Holdco LLCHealth Care ServicesCommon Stock885  885 928 (8)
F&M BUYER LLCSystems SoftwareFirst Lien Term LoanSOFR+4.75%3/18/2032 (40)(40)(5)(8)(9)
F&M BUYER LLCSystems SoftwareFirst Lien Term LoanSOFR+4.75%9.05%3/18/203223,866 23,627 23,627 (5)(8)
F&M BUYER LLCSystems SoftwareFirst Lien RevolverSOFR+4.75%3/18/2032 (35)(35)(5)(8)(9)
Finastra USA, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%11.43%9/13/202943,294 42,652 43,294 (5)(8)(10)
Finastra USA, Inc.Application SoftwareFirst Lien RevolverSOFR+7.25%11.43%9/13/20291,141 1,074 1,141 (5)(8)(9)(10)
Fortress Credit BSL XIXMulti-Sector HoldingsCLO NotesSOFR+8.37%12.67%7/24/20366,750 6,855 6,878 (5)(10)
Fortress Credit BSL XVMulti-Sector HoldingsCLO NotesSOFR+4.75%9.04%10/18/20335,000 5,000 5,006 (5)(10)
Fortress Credit BSL XVMulti-Sector HoldingsCLO NotesSOFR+8.45%12.74%10/18/20336,000 6,038 5,982 (5)(10)
Fortress Credit BSL XXMulti-Sector HoldingsCLO NotesSOFR+8.51%12.80%1/23/20375,250 5,356 5,365 (5)(10)
Fortress Credit BSL XXVMulti-Sector HoldingsCLO NotesSOFR+4.30%8.60%7/24/20372,250 2,250 2,280 (5)(10)
Galileo Parent, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+5.75%10.05%5/3/203083,404 82,969 83,404 (5)(8)
Galileo Parent, Inc.Aerospace & DefenseFirst Lien RevolverSOFR+5.75%10.05%5/3/20297,151 7,126 7,151 (5)(8)(9)
Gallatin CLO X 2023-1Multi-Sector HoldingsCLO NotesSOFR+5.41%9.70%10/14/20355,000 4,913 5,010 (5)(10)
Geo Topco CorporationBuilding ProductsFirst Lien Term LoanSOFR+4.75%9.04%10/15/20313,121 3,005 2,927 (5)(8)(9)
Geo Topco CorporationBuilding ProductsFirst Lien Term LoanSOFR+4.75%9.05%10/15/203156,177 55,652 55,655 (5)(8)
10

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Geo Topco CorporationBuilding ProductsFirst Lien RevolverSOFR+4.75%9.07%10/15/2031$2,601 $2,528 $2,528 (5)(8)(9)
Global Aircraft Leasing Co LtdTrading Companies & DistributorsFixed Rate Bond8.75%9/1/202750,841 50,841 51,740 (10)
Grand River Aseptic Manufacturing, Inc.Health Care EquipmentFirst Lien Term LoanSOFR+5.00%9.29%3/10/203130,022 29,725 29,728 (5)(8)
Grand River Aseptic Manufacturing, Inc.Health Care EquipmentFirst Lien RevolverSOFR+5.00%3/10/2031 (91)(91)(5)(8)(9)
Greenway Health, LLCHealth Care TechnologyFirst Lien Term LoanSOFR+6.75%11.05%4/1/202924,750 24,188 24,750 (5)(8)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien Term LoanSOFR+8.00%12.42%6/21/20273,537 3,505 3,473 (5)(8)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien Term LoanSOFR+8.00%12.42%6/21/202717,242 17,089 16,931 (5)(8)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien RevolverSOFR+8.00%12.42%6/21/20271,238 1,222 1,206 (5)(8)(9)
Harbor Purchaser Inc.Education ServicesFirst Lien Term LoanSOFR+5.25%9.67%4/9/202940,003 39,307 39,607 (5)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%10.95%1/19/20264,301 4,270 4,366 (5)(8)(10)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%10.95%1/19/20261,792 1,778 1,819 (5)(8)(10)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%10.95%1/19/20269,319 9,253 9,459 (5)(8)(10)
Henley CLO IIMulti-Sector HoldingsCLO NotesE+5.71%8.38%1/25/20343,200 3,495 3,462 (5)(10)
Husky Injection Molding Systems Ltd.Industrial Machinery & Supplies & ComponentsFixed Rate Bond9.00%2/15/2029$6,142 6,142 6,161 (10)
Husky Injection Molding Systems Ltd.Industrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+4.50%8.78%2/15/202932,931 32,653 32,832 (5)(10)
IAMGOLD CorporationGoldSecond Lien Term LoanSOFR+8.25%12.57%5/16/202828,394 27,862 29,530 (5)(8)(10)
Icefall Parent, Inc.Application SoftwareFirst Lien Term LoanSOFR+6.50%10.79%1/25/203027,948 27,499 27,948 (5)(8)
Icefall Parent, Inc.Application SoftwareFirst Lien RevolverSOFR+6.50%1/25/2030 (43) (5)(8)(9)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+6.25%10.54%8/18/20282,325 2,302 2,294 (5)(8)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+6.25%8/18/2028   (5)(8)(9)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.75%10.04%8/18/202816,314 16,173 15,855 (5)(8)
iCIMs, Inc.Application SoftwareFirst Lien RevolverSOFR+5.75%10.04%8/18/2028159 145 118 (5)(8)(9)
Inmar IncApplication SoftwareFirst Lien Term LoanSOFR+5.00%9.32%10/30/203148,280 48,039 48,326 (5)
Integrity Marketing Acquisition, LLCInsurance BrokersFirst Lien Term LoanSOFR+5.00%8/25/2028 (177) (5)(8)(9)
Integrity Marketing Acquisition, LLCInsurance BrokersFirst Lien Term LoanSOFR+5.00%9.31%8/25/202861,315 60,822 61,315 (5)(8)
Integrity Marketing Acquisition, LLCInsurance BrokersFirst Lien RevolverSOFR+5.00%8/25/2028 (66) (5)(8)(9)
Inventus Power, Inc.Electrical Components & EquipmentFirst Lien RevolverSOFR+7.50%1/15/2026 (46)(74)(5)(8)(9)
Inventus Power, Inc.Electrical Components & EquipmentFirst Lien Term LoanSOFR+7.50%11.94%1/15/202643,107 42,922 42,460 (5)(8)
IW Buyer LLCElectrical Components & EquipmentFirst Lien Term LoanSOFR+5.00%9.40%6/28/20295,394 5,348 5,381 (5)(8)
IW Buyer LLCElectrical Components & EquipmentFirst Lien RevolverSOFR+5.00%6/28/2029 (144)(19)(5)(8)(9)
IW Buyer LLCElectrical Components & EquipmentFirst Lien Term LoanSOFR+5.00%9.40%6/28/202931,384 30,778 31,305 (5)(8)
Janus Bidco LimitedApplication SoftwareFirst Lien Term LoanSONIA+6.00%4/25/2031 (171) (5)(8)(9)(10)
Janus Bidco LimitedApplication SoftwareFirst Lien Term LoanSOFR+6.00%10.32%4/25/203154,214 53,031 53,992 (5)(8)(10)
Janus Bidco LimitedApplication SoftwareFirst Lien Term LoanSONIA+6.00%10.46%4/25/2031£2,439 2,997 3,135 (5)(8)(10)
JN Bidco LLCHealth Care TechnologyCommon Stock3,595,500  3,596 5,753 (8)
Kaseya Inc.Systems SoftwareSecond Lien Term LoanSOFR+5.00%9.32%3/21/2033$24,319 24,198 24,365 (5)
11

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Keel Platform LLCAerospace & DefenseFirst Lien Term LoanSOFR+4.75%9.05%1/19/2031$30,740 $30,292 $30,740 (5)(8)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien Term LoanSOFR+5.25%9.65%10/29/202758,107 57,558 56,364 (5)(8)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien Term LoanSOFR+5.25%9.65%10/29/20274,729 4,708 4,588 (5)(8)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien RevolverPRIME+4.25%11.75%10/29/20272,676 2,583 2,422 (5)(8)(9)
Kite Midco II Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+5.00%11/28/2031 (69)(70)(5)(8)(9)
Kite Midco II Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+5.00%9.43%11/28/203139,033 38,476 38,463 (5)(8)
LABL, Inc.Office Services & SuppliesFirst Lien Term LoanSOFR+5.00%9.42%10/30/202842,079 41,438 35,101 (5)
Latam Airlines Group S.A.Passenger AirlinesFixed Rate Bond7.88%4/15/20307,775 7,775 7,718 (10)
LDS Buyer, LLCAir Freight & LogisticsFirst Lien Term LoanSOFR+5.00%2/7/2032 (51)(50)(5)(8)(9)
LDS Buyer, LLCAir Freight & LogisticsFirst Lien Term LoanSOFR+5.00%9.32%2/7/203242,038 41,523 41,534 (5)(8)
LDS Buyer, LLCAir Freight & LogisticsFirst Lien RevolverSOFR+5.00%9.32%2/7/2032832 756 757 (5)(8)(9)
Learfield Communications, LLCMovies & EntertainmentFirst Lien Term LoanSOFR+4.50%8.82%6/30/202847,383 47,251 47,531 (5)
Legends Hospitality Holding Company, LLCSpecialized Consumer ServicesFirst Lien Term LoanSOFR+5.50%8/22/2031 (30) (5)(8)(9)
Legends Hospitality Holding Company, LLCSpecialized Consumer ServicesFirst Lien Term LoanSOFR+5.50%7.08%2.75%8/22/203156,296 55,282 55,288 (5)(8)
Legends Hospitality Holding Company, LLCSpecialized Consumer ServicesFirst Lien RevolverSOFR+5.00%9.32%8/22/20303,044 2,927 2,927 (5)(8)(9)
Lightbox Intermediate, L.P.Real Estate ServicesFirst Lien Term LoanSOFR+5.50%9.79%1/13/203059,591 58,736 58,721 (5)(8)
Lightbox Intermediate, L.P.Real Estate ServicesFirst Lien RevolverSOFR+5.50%1/13/2030 (55)(56)(5)(8)(9)
Lsf12 Crown US Commercial Bidco LLCBuilding ProductsFirst Lien Term LoanSOFR+4.25%8.57%12/2/203131,566 31,250 31,066 (5)
LSL Holdco, LLCHealth Care DistributorsFirst Lien Term LoanSOFR+6.00%10.42%1/31/20281,032 992 985 (5)(8)
LSL Holdco, LLCHealth Care DistributorsFirst Lien Term LoanSOFR+6.00%10.42%1/31/20288,860 8,776 8,461 (5)(8)
LSL Holdco, LLCHealth Care DistributorsFirst Lien RevolverSOFR+6.00%10.42%1/31/2028812 802 766 (5)(8)(9)
LTI Holdings IncElectronic ComponentsFirst Lien Term LoanSOFR+4.25%8.57%7/29/202929,123 28,761 29,080 (5)(10)
M2S Group Intermediate Holdings IncMulti-Sector HoldingsFirst Lien Term LoanSOFR+4.75%9.05%8/25/203147,608 45,264 45,868 (5)
Madison Park Euro Funding XIVMulti-Sector HoldingsCLO NotesE+3.60%6.39%7/15/20326,450 6,792 6,979 (5)(10)
Madison Park Funding LXIIIMulti-Sector HoldingsCLO NotesSOFR+5.50%9.79%4/21/2035$5,000 5,000 5,007 (5)(10)
Marble Point CLO XVIIMulti-Sector HoldingsCLO NotesSOFR+3.65%7.94%7/20/20373,000 3,000 3,014 (5)(10)
McAfee Corp.Systems SoftwareFirst Lien Term LoanSOFR+3.00%7.32%3/1/202919,950 19,077 19,092 (5)
Mesoblast, Inc.BiotechnologyFirst Lien Term Loan9.75%11/19/20261,760 1,707 1,760 (8)(10)
Mesoblast, Inc.BiotechnologyWarrants33,174  152 181 (8)(10)
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+6.00%10.44%7/21/20275,206 5,130 5,146 (5)(8)
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+6.25%10.69%7/21/20271,015 1,001 1,004 (5)(8)
Microf Funding V LLCConsumer FinanceFirst Lien Term LoanSOFR+6.58%10.90%6/3/202715,825 15,586 16,056 (5)(8)(9)(10)
Minotaur Acquisition, Inc.Financial Exchanges & DataFirst Lien Term LoanSOFR+5.00%6/3/2030 (70)(35)(5)(8)(9)(10)
Minotaur Acquisition, Inc.Financial Exchanges & DataFirst Lien Term LoanSOFR+5.00%9.32%6/3/20306,888 6,750 6,854 (5)(8)(10)
Minotaur Acquisition, Inc.Financial Exchanges & DataFirst Lien Term LoanSOFR+5.00%9.32%6/3/203041,545 40,829 41,337 (5)(8)(10)
Minotaur Acquisition, Inc.Financial Exchanges & DataFirst Lien RevolverSOFR+5.00%6/3/2030 (72)(21)(5)(8)(9)(10)
12

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Mitchell International IncApplication SoftwareSecond Lien Term LoanSOFR+5.25%9.57%6/17/2032$42,135 $41,953 $41,134 (5)
Mitchell International IncApplication SoftwareFirst Lien Term LoanSOFR+3.25%7.57%6/17/203117,015 16,929 16,836 (5)
Modena Buyer LLCApplication SoftwareFirst Lien Term LoanSOFR+4.50%8.79%7/1/203142,544 41,781 41,290 (5)
Monotype Imaging Holdings Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%9.82%2/28/20311,397 1,341 1,397 (5)(8)(9)
Monotype Imaging Holdings Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%9.82%2/28/203171,747 70,671 71,747 (5)(8)
Monotype Imaging Holdings Inc.Application SoftwareFirst Lien RevolverSOFR+5.50%2/28/2030 (111) (5)(8)(9)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.05%2/10/20271,479 1,440 1,442 (5)(8)(9)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.05%2/10/20277,090 7,086 7,035 (5)(8)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.05%2/10/202757,952 57,391 57,500 (5)(8)
MRI Software LLCApplication SoftwareFirst Lien RevolverSOFR+4.75%9.05%2/10/2027328 300 282 (5)(8)(9)
Neptune Platform Buyer, LLCAerospace & DefenseFirst Lien Term LoanSOFR+5.25%1/19/2031 (13) (5)(8)(9)
Next Holdco, LLC Health Care TechnologyFirst Lien Term LoanSOFR+5.25%11/12/2030 (72) (5)(8)(9)
Next Holdco, LLC Health Care TechnologyFirst Lien Term LoanSOFR+5.25%9.55%11/12/203046,158 45,603 46,158 (5)(8)
Next Holdco, LLC Health Care TechnologyFirst Lien Term LoanSOFR+5.25%9.61%11/9/203017,740 17,567 17,740 (5)(8)
Next Holdco, LLC Health Care TechnologyFirst Lien RevolverSOFR+5.25%11/9/2029 (52) (5)(8)(9)
NFM & J, L.P.Diversified Support ServicesFirst Lien Term LoanSOFR+5.75%10.16%11/10/20291,379 1,245 1,255 (5)(8)(9)
NFM & J, L.P.Diversified Support ServicesFirst Lien Term LoanSOFR+5.75%10.13%11/10/202922,009 21,611 21,789 (5)(8)
NFM & J, L.P.Diversified Support ServicesFirst Lien RevolverPRIME+4.75%12.25%11/10/20291,116 1,028 1,066 (5)(8)(9)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSOFR+4.75%9.70%5/3/20295,729 6,132 6,136 (5)(8)(9)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSOFR+4.75%9.05%5/3/20293,313 3,268 3,313 (5)(8)(9)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSOFR+4.75%9.05%5/3/202936,168 35,675 36,168 (5)(8)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSONIA+4.75%9.21%5/3/2029£3,140 3,911 4,053 (5)(8)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanNIBOR+4.75%9.31%5/3/2029kr68,811 6,189 6,532 (5)(8)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSOFR+4.75%9.05%5/3/2029$27,846 27,733 27,846 (5)(8)
North Star Acquisitionco, LLCEducation ServicesFirst Lien RevolverSONIA+4.75%5/3/2029 (25) (5)(8)(9)
North Star Acquisitionco, LLCEducation ServicesFirst Lien RevolverSOFR+4.75%9.05%5/3/20291,326 1,266 1,326 (5)(8)(9)
Northwoods Capital 25 LtdMulti-Sector HoldingsCLO NotesSOFR+7.40%11.69%7/20/2034700 683 657 (5)(10)
Octagon 66Multi-Sector HoldingsCLO NotesSOFR+5.09%9.41%11/16/20363,000 2,972 3,023 (5)(10)
OFSI BSL XIII CLOMulti-Sector HoldingsCLO NotesSOFR+4.50%8.79%4/20/20375,000 5,000 5,063 (5)(10)
OFSI Fund LtdMulti-Sector HoldingsCLO NotesSOFR+7.48%11.77%4/20/20341,105 1,050 1,070 (5)(10)
OneOncology, LLCHealth Care ServicesFirst Lien Term LoanSOFR+4.75%9.33%6/10/203017,079 16,908 16,994 (5)(8)
OneOncology, LLCHealth Care ServicesFirst Lien Term LoanSOFR+6.25%10.55%6/10/20308,518 8,305 8,518 (5)(8)
OneOncology, LLCHealth Care ServicesFirst Lien Term LoanSOFR+4.75%9.33%6/10/203014,332 14,146 14,218 (5)(8)(9)
OneOncology, LLCHealth Care ServicesFirst Lien Term LoanSOFR+4.75%9.05%6/10/203022,542 22,124 22,542 (5)(8)
OneOncology, LLCHealth Care ServicesFirst Lien RevolverSOFR+6.25%6/11/2029 (80) (5)(8)(9)
Optimizely North America Inc.Application SoftwareFirst Lien Term LoanSOFR+5.00%9.32%10/30/203147,774 47,325 47,320 (5)(8)(10)
13

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Optimizely North America Inc.Application SoftwareFirst Lien RevolverSOFR+5.00%10/30/2031 $(67)$(68)(5)(8)(9)(10)
Optimizely Sweden Holdings ABApplication SoftwareFirst Lien Term LoanE+5.25%7.61%10/30/203117,059 18,358 18,252 (5)(8)(10)
Optimizely Sweden Holdings ABApplication SoftwareFirst Lien Term LoanSONIA+5.50%9.96%10/30/2031£5,686 7,328 7,269 (5)(8)(10)
Oranje Holdco, Inc.Systems SoftwareFirst Lien Term LoanSOFR+7.25%11.55%2/1/2029$16,868 16,597 16,868 (5)(8)
Oranje Holdco, Inc.Systems SoftwareFirst Lien Term LoanSOFR+7.75%12.04%2/1/202915,746 15,494 15,746 (5)(8)
Oranje Holdco, Inc.Systems SoftwareFirst Lien RevolverSOFR+7.75%2/1/2029 (31) (5)(8)(9)
PAI Financing Merger Sub LLCPharmaceuticalsFirst Lien Term LoanSOFR+4.75%9.07%2/13/203274,441 73,345 73,324 (5)(8)
PAI Financing Merger Sub LLCPharmaceuticalsFirst Lien RevolverSOFR+4.75%2/13/2032 (232)(236)(5)(8)(9)
Peraton Corp.Aerospace & DefenseFirst Lien Term LoanSOFR+3.75%8.17%2/1/20287,414 7,379 6,616 (5)
PetSmart LLCOther Specialty RetailFirst Lien Term LoanSOFR+3.75%8.17%2/11/202821,749 21,508 21,454 (5)
PetVet Care Centers, LLC Health Care ServicesFirst Lien Term LoanSOFR+6.00%10.32%11/15/203072,727 71,736 69,636 (5)(8)
PetVet Care Centers, LLC Health Care ServicesFirst Lien Term LoanSOFR+6.00%11/15/2030 (96)(312)(5)(8)(9)
PetVet Care Centers, LLC Health Care ServicesFirst Lien RevolverSOFR+6.00%11/15/2029 (148)(408)(5)(8)(9)
PetVet Care Centers, LLC Health Care ServicesPreferred Equity6,338  6,211 7,304 (8)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.50%7.33%1.50%8/22/20291,930 1,930 1,930 (5)(8)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.50%7.33%1.50%8/22/20293,343 3,343 3,343 (5)(8)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+7.50%11.83%8/22/20295,298 5,298 5,298 (5)(8)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.50%8/22/2029   (5)(8)(9)
Pluralsight, LLCApplication SoftwareFirst Lien RevolverSOFR+4.50%8/22/2029   (5)(8)(9)
Pluralsight, LLCApplication SoftwareCommon Stock1,658,698  5,540 4,064 (8)
Poseidon Midco ABPharmaceuticalsFirst Lien Term LoanSOFR+5.50%9.80%5/16/203121,032 20,822 20,484 (5)(8)(9)(10)
Poseidon Midco ABPharmaceuticalsFirst Lien Term LoanE+5.00%9/17/2031 (194)(194)(5)(8)(9)(10)
Poseidon Midco ABPharmaceuticalsFirst Lien Term LoanE+5.50%8.00%5/16/203150,768 55,138 53,880 (5)(8)(10)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+5.50%2/15/2029$ (94)(138)(5)(8)(9)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+5.50%9.80%2/15/202924,482 24,408 24,238 (5)(8)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+6.50%10.81%2/15/202926,354 25,673 26,354 (5)(8)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien RevolverPRIME+5.50%13.00%2/15/20292,397 2,304 2,397 (5)(8)(9)
Profrac Holdings II, LLCIndustrial Machinery & Supplies & ComponentsFirst Lien Floating Rate BondSOFR+7.25%11.54%1/23/202962,638 62,012 62,638 (5)(8)(10)
Project Accelerate Parent, LLCSystems SoftwareFirst Lien Term LoanSOFR+5.25%9.57%2/24/203143,422 43,056 43,422 (5)(8)
Project Accelerate Parent, LLCSystems SoftwareFirst Lien RevolverSOFR+5.25%2/24/2031 (53) (5)(8)(9)
Prosper Credit Card 2024-1Specialized FinanceCLO Notes7.15%10/15/20345,240 5,227 5,274 (8)(10)
Prosper Credit Card 2024-1Specialized FinanceCLO Notes10.05%10/15/20345,471 5,389 5,453 (8)(10)
Prosper Credit Card 2024-1Specialized FinanceCLO Notes14.64%10/15/20347,289 7,289 7,398 (8)(10)
Protein for Pets Opco, LLCPackaged Foods & MeatsFirst Lien Term LoanSOFR+5.25%9.57%9/20/203063,255 62,189 62,129 (5)(8)
14

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Protein for Pets Opco, LLCPackaged Foods & MeatsFirst Lien RevolverSOFR+5.25%9/20/2030 $(112)$(118)(5)(8)(9)
Quantum Bidco LimitedFood DistributorsFirst Lien Term LoanSONIA+5.50%10.23%1/31/2028£27,922 35,300 35,828 (5)(8)(10)
Renaissance Holding Corp.Education ServicesFirst Lien Term LoanSOFR+4.00%8.32%4/5/2030$19,955 19,573 19,618 (5)
Resistance Acquisition, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%11.80%9/21/202818,387 18,068 18,387 (5)(8)
Rockford Tower CLO 2024-1Multi-Sector HoldingsCLO NotesSOFR+7.48%11.77%4/20/20372,500 2,478 2,549 (5)(10)
Salus Workers' Compensation, LLCDiversified Financial ServicesWarrants606,357  200  (8)
Salus Workers' Compensation, LLCDiversified Financial ServicesFirst Lien Term LoanSOFR+10.50%14.81%10/7/202613,484 13,277 12,810 (5)(8)
Salus Workers' Compensation, LLCDiversified Financial ServicesFirst Lien RevolverSOFR+10.50%14.83%10/7/20261,367 1,337 1,272 (5)(8)(9)
SaratogaDiversified Financial ServicesCredit Linked NoteSOFR+5.33%9.86%12/31/202998,000 97,754 98,000 (5)(8)(10)(14)
scPharmaceuticals Inc.PharmaceuticalsWarrants79,075  258 67 (8)
Secure Acquisition Inc.Paper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+3.75%8.05%12/16/202834,485 34,413 34,485 (5)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien Term LoanSOFR+5.00%9.32%3/27/20282,469 2,429 2,450 (5)(8)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien Term LoanSOFR+5.00%9.32%3/27/20283,071 2,999 3,030 (5)(8)(9)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien Term LoanSOFR+5.00%9.32%3/27/202817,157 16,850 17,028 (5)(8)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien Term LoanSOFR+5.00%3/27/2028 (35)(64)(5)(8)(9)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien RevolverSOFR+5.00%3/27/2028 (46)(28)(5)(8)(9)
Seres Therapeutics, Inc.BiotechnologyWarrants93,470  293 33 (8)(10)
Sorenson Communications, LLCCommunications EquipmentFirst Lien Term LoanSOFR+5.75%10.07%4/19/202986,368 84,969 84,960 (5)(8)
Sorenson Communications, LLCCommunications EquipmentFirst Lien RevolverSOFR+5.75%4/19/2029 (165)(166)(5)(8)(9)
Spruce Bidco I Inc.Health Care EquipmentFirst Lien Term LoanTONA+5.25%6.06%2/2/2032¥2,262,960 14,398 14,916 (5)(8)
Spruce Bidco I Inc.Health Care EquipmentFirst Lien Term LoanCORRA+5.00%7.72%1/30/2032C$21,111 14,362 14,458 (5)(8)
Spruce Bidco I Inc.Health Care EquipmentFirst Lien Term LoanSOFR+5.00%9.32%1/30/2032$116,896 115,184 115,224 (5)(8)
Spruce Bidco I Inc.Health Care EquipmentFirst Lien RevolverSOFR+5.00%1/30/2032 (386)(377)(5)(8)(9)
Staples, Inc.Office Services & SuppliesFirst Lien Term LoanSOFR+5.75%10.04%9/4/202923,768 22,788 21,177 (5)
Staples, Inc.Office Services & SuppliesFixed Rate Bond10.75%9/1/202923,481 22,613 21,243 
Star Parent, Inc.Life Sciences Tools & ServicesFirst Lien Term LoanSOFR+4.00%8.30%9/27/203065,514 64,330 62,730 (5)
SumUp Holdings LuxembourgDiversified Financial ServicesFirst Lien Term LoanE+6.50%9.03%4/25/203147,274 50,670 50,510 (5)(8)(9)(10)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%11.57%12/31/2026$691 686 672 (5)(8)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%11.57%12/31/2026831 804 809 (5)(8)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%11.57%12/31/20268,071 8,015 7,849 (5)(8)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien RevolverSOFR+7.00%12/31/2026 (3)(11)(5)(8)(9)
TBRS, Inc.Health Care SuppliesFirst Lien Term LoanSOFR+4.75%11/22/2031 (65)(63)(5)(8)(9)
15

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
TBRS, Inc.Health Care SuppliesFirst Lien Term LoanSOFR+4.75%9.08%11/22/2031$49,735 $49,263 $49,273 (5)(8)
TBRS, Inc.Health Care SuppliesFirst Lien RevolverSOFR+4.75%9.08%11/22/2030453 382 384 (5)(8)(9)
Telephone and Data Systems, Inc.Wireless Telecommunication ServicesSubordinated Debt Term LoanSOFR+7.00%5/1/2029 (227) (5)(8)(9)(10)
Telephone and Data Systems, Inc.Wireless Telecommunication ServicesSubordinated Debt Term LoanSOFR+7.00%11.29%5/1/202973,728 71,922 73,175 (5)(8)(10)
Ten-X LLCInteractive Media & ServicesFirst Lien Term LoanSOFR+6.00%10.25%5/26/202824,472 23,696 22,484 (5)
THG Acquisition, LLCInsurance BrokersFirst Lien Term LoanSOFR+4.75%9.07%10/31/2031201 146 116 (5)(8)(9)(10)
THG Acquisition, LLCInsurance BrokersFirst Lien Term LoanSOFR+4.75%9.07%10/31/203150,833 50,355 50,452 (5)(8)(10)
THG Acquisition, LLCInsurance BrokersFirst Lien RevolverSOFR+4.75%9.07%10/31/2031259 206 217 (5)(8)(9)(10)
Transit Buyer LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%9.32%1/31/20298,101 7,990 8,014 (5)(8)
Transit Buyer LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%9.32%1/31/20293,300 3,251 3,259 (5)(8)(9)
Transit Buyer LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%9.32%1/31/20298,300 8,193 8,210 (5)(8)
Trident TPI Holdings IncMetal, Glass & Plastic ContainersFirst Lien Term LoanSOFR+3.75%8.05%9/15/202812,312 12,312 11,920 (5)
Trinitas CLO VI Ltd.Multi-Sector HoldingsCLO NotesSOFR+7.08%11.38%1/25/20342,785 2,623 2,525 (5)(10)
Trinitas CLO XIIMulti-Sector HoldingsCLO NotesSOFR+4.26%8.56%4/25/20334,500 4,405 4,513 (5)(10)
Trinitas CLO XV DACMulti-Sector HoldingsCLO NotesSOFR+7.71%12.00%4/22/20346,500 5,848 6,046 (5)(10)
Truck-Lite Co., LLCConstruction Machinery & Heavy Transportation EquipmentFirst Lien Term LoanSOFR+5.75%10.04%2/13/20314,316 4,203 4,316 (5)(8)(9)
Truck-Lite Co., LLCConstruction Machinery & Heavy Transportation EquipmentFirst Lien Term LoanSOFR+5.75%10.07%2/13/203161,911 60,872 61,911 (5)(8)
Truck-Lite Co., LLCConstruction Machinery & Heavy Transportation EquipmentFirst Lien RevolverSOFR+5.75%10.05%2/13/2030451 341 451 (5)(8)(9)
Usalco LLCCommodity ChemicalsFirst Lien Term LoanSOFR+4.00%9/30/2031 (16)(16)(5)(8)(9)
Usalco LLCCommodity ChemicalsFirst Lien Term LoanSOFR+4.00%8.30%9/30/203131,651 31,493 31,493 (5)(8)
USIC Holdings, Inc.Diversified Support ServicesFirst Lien Term LoanSOFR+5.50%9.81%9/10/2031603 603 603 (5)(8)(9)
USIC Holdings, Inc.Diversified Support ServicesFirst Lien Term LoanSOFR+5.50%9.81%9/10/203146,195 45,770 46,195 (5)(8)
USIC Holdings, Inc.Diversified Support ServicesFirst Lien RevolverSOFR+5.25%9.56%9/10/20313,201 3,147 3,201 (5)(8)(9)
Venture 41 CLOMulti-Sector HoldingsCLO NotesSOFR+4.13%8.42%1/20/20341,500 1,480 1,502 (5)(10)
Verde Purchaser, LLCTrading Companies & DistributorsFirst Lien Term LoanSOFR+4.00%8.30%11/30/203021,001 20,901 20,916 (5)(10)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan11.00%5/9/20294,956 4,875 4,944 (8)(10)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan11.00%5/9/20296,758 6,623 6,623 (8)(10)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan11.00%5/9/20296,308 6,182 6,292 (8)(10)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan11.00%5/9/2029   (8)(9)(10)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan9/30/2025   (8)(9)(10)(13)
Violin Finco Guernsey LimitedAsset Management & Custody BanksFirst Lien Term LoanSONIA+5.50%6/6/2031£ (17) (5)(8)(9)(10)
Violin Finco Guernsey LimitedAsset Management & Custody BanksFirst Lien Term LoanSONIA+5.50%9.71%6/6/203146,900 58,976 60,537 (5)(8)(10)
WAVE 2019-1Specialized FinanceCLO Notes3.60%9/15/2044$3,885 3,238 3,637 (10)
Wind River 2020-1 CLOMulti-Sector HoldingsCLO NotesSOFR+7.42%11.71%7/20/20372,000 1,961 1,965 (5)(10)
Wind River 2024-1 CLOMulti-Sector HoldingsCLO NotesSOFR+4.25%8.54%4/20/20373,250 3,250 3,289 (5)(10)
Woodmont 2022-9 TrustMulti-Sector HoldingsCLO NotesSOFR+7.77%12.07%10/25/20369,385 9,300 9,283 (5)(10)
16

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
WP CPP Holdings, LLCAerospace & DefenseFirst Lien Term LoanSOFR+6.75%6.94%4.13%11/29/2029$2,623 $2,623 $2,623 (5)(8)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien Term LoanSOFR+6.75%6.94%4.13%11/28/202955,335 54,314 55,335 (5)(8)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien RevolverSOFR+6.75%11/28/2029 (113) (5)(8)(9)
X Holdings Corp.Interactive Media & ServicesFirst Lien Term Loan9.50%10/26/202919,889 19,889 20,429 
X Holdings Corp.Interactive Media & ServicesFirst Lien Term LoanSOFR+6.50%10.95%10/26/202923,656 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 Fund61,575 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 
17

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)








Derivative InstrumentNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateCounterpartyCumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract$14,612 C$21,120 5/8/2025Bank of New York Mellon$(89)
Foreign currency forward contract$332,010 306,801 5/8/2025Bank of New York Mellon(79)
Foreign currency forward contract$164,596 £132,557 5/8/2025Bank of New York Mellon(6,490)
Foreign currency forward contract$14,612 ¥2,243,692 5/8/2025Bank of New York Mellon(455)
Foreign currency forward contract$6,716 kr76,683 5/8/2025Bank of New York Mellon(563)
$(7,676)

Derivative InstrumentCompany ReceivesCompany PaysCounterpartyMaturity DateNotional AmountFair 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 
18

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
March 31, 2025
(dollar amounts in thousands)
(unaudited)







(1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
(2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
(3)Each of the Company’s investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(4)Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents.
(5)The interest rate on the principal balance outstanding for most floating rate loans is indexed to the secured overnight financing rate (“SOFR”), the euro interbank offered rate (“EURIBOR” or “E”), the sterling overnight index average (“SONIA”)and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All SOFR shown above is in U.S. dollars unless otherwise noted. As of 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 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.
19

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Non-Control/Non-Affiliate Investments (7)
107 Fair Street LLCReal Estate DevelopmentFirst Lien Term Loan13.00%11/17/2024$1,616 $1,613 $1,572 (8)(9)(11)
107-109 Beech OAK22 LLCReal Estate DevelopmentFirst Lien Revolver11.00%2/27/202619,667 19,472 19,531 (8)(9)
112-126 Van Houten Real22 LLCReal Estate DevelopmentFirst Lien Term Loan13.00%11/4/20244,309 4,306 4,271 (8)(9)(11)
37 Capital CLO 4Multi-Sector HoldingsCLO NotesSOFR+5.50%10.80%1/15/20345,000 5,000 5,057 (5)(10)
AB BSL CLO 4Multi-Sector HoldingsCLO NotesSOFR+5.50%10.78%4/20/20363,800 3,800 3,882 (5)(10)
Access CIG, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%10.25%8/18/202839,127 38,636 39,344 (5)
Accession Risk Management Group, Inc.Insurance BrokersFirst Lien Term LoanSOFR+4.75%11/1/2029 (127)(117)(5)(8)(9)
Accession Risk Management Group, Inc.Insurance BrokersFirst Lien RevolverSOFR+4.75%10/30/2029 (14)(13)(5)(8)(9)
ACESO Holding 4 S.A.R.L.Health Care ServicesFirst Lien Term LoanE+5.75%9/27/2031 (95)(95)(5)(8)(9)(10)
ACESO Holding 4 S.A.R.L.Health Care ServicesFirst Lien Term LoanE+5.75%8.91%9/27/203134,034 37,287 37,224 (5)(8)(10)
ACP Falcon Buyer IncSystems SoftwareFirst Lien Term LoanSOFR+5.50%10.83%8/1/2029$34,407 33,576 34,407 (5)(8)
ACP Falcon Buyer IncSystems SoftwareFirst Lien RevolverSOFR+5.50%8/1/2029 (129) (5)(8)(9)
Acquia Inc.Application SoftwareFirst Lien Term LoanSOFR+7.00%12.46%10/31/202511,166 11,033 11,166 (5)(8)
ADC Therapeutics SABiotechnologyFirst Lien Term LoanSOFR+7.50%12.25%8/15/202910,406 10,034 10,146 (5)(8)(10)
ADC Therapeutics SABiotechnologyWarrants45,727 275 53 (8)(10)
AIMCO CLO 12Multi-Sector HoldingsCLO NotesSOFR+6.10%11.39%1/17/20321,400 1,392 1,405 (5)(10)
AIP RD Buyer Corp.DistributorsCommon Stock4,560 428 567 (8)
Allegro CLO XIIMulti-Sector HoldingsCLO NotesSOFR+7.40%12.68%7/21/20374,400 4,400 4,444 (5)(10)
Alto Pharmacy Holdings, Inc.Health Care TechnologyFirst Lien Term LoanSOFR+11.50%8.00%8.93%10/14/202714,881 14,194 13,393 (5)(8)
Alto Pharmacy Holdings, Inc.Health Care TechnologyWarrants878,545 943 1,177 (8)
American Auto Auction Group, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%9.75%12/30/20272,487 2,469 2,501 (5)
American Auto Auction Group, LLCDiversified Support ServicesSecond Lien Term LoanSOFR+8.75%13.50%1/2/20296,901 6,816 6,677 (5)(8)
AmSpec Parent LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.50%12/5/2030 (127) (5)(8)(9)
AmSpec Parent LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.50%10.10%12/5/203070,072 68,527 70,072 (5)(8)
AmSpec Parent LLCDiversified Support ServicesFirst Lien RevolverSOFR+5.50%12/5/2029 (205) (5)(8)(9)
Anchorage Capital CLO 16, LTDMulti-Sector HoldingsCLO NotesSOFR+7.61%12.89%1/19/20352,000 1,948 2,002 (5)(10)
Anchorage Capital CLO 20, LTD.Multi-Sector HoldingsCLO NotesSOFR+7.61%12.89%1/20/2035750 715 736 (5)(10)
Arches Buyer Inc.Interactive Media & ServicesFirst Lien Term LoanSOFR+5.50%10.35%12/6/202793,496 92,364 93,450 (5)(8)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanSOFR+4.75%9.90%2/17/203157,299 56,439 56,496 (5)(8)(10)
Ares LXVIII CLOMulti-Sector HoldingsCLO NotesSOFR+5.75%11.03%4/25/20355,000 5,000 5,079 (5)(10)
Ares XLIV CLOMulti-Sector HoldingsCLO NotesSOFR+7.13%12.43%4/15/20343,500 3,399 3,509 (5)(10)
Artera Services, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+4.50%9.10%2/15/203127,363 27,157 26,742 (5)
Artera Services, LLCConstruction & EngineeringFixed Rate Bond8.50%2/15/203112,660 12,660 12,545 
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+6.00%10.66%12/29/20274,812 4,760 4,581 (5)(8)(10)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien RevolverSOFR+6.00%11.29%12/29/2027341 334 313 (5)(8)(9)(10)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+6.75%11.35%2/25/20285,244 5,184 4,348 (5)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+5.25%10/25/20288,316 6,514 2,391 (5)(8)(12)
20

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.00%8.95%8/19/2028$24,599 $24,298 $24,235 (5)
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.25%9.20%8/19/202845,014 44,154 44,419 (5)
athenahealth Group Inc.Health Care TechnologyFirst Lien Term LoanSOFR+3.25%2/15/2029   (5)
athenahealth Group Inc.Health Care TechnologyFixed Rate Bond6.50%2/15/203022,979 20,693 22,092 
athenahealth Group Inc.Health Care TechnologyPreferred Equity5,809 5,693 6,565 (8)
Aurelia Netherlands Midco 2 B.V.Interactive Media & ServicesFirst Lien Term LoanE+5.75%9.55%5/29/203149,005 51,988 53,686 (5)(8)(10)
Avalara, Inc.Application SoftwareFirst Lien Term LoanSOFR+6.25%10.85%10/19/2028$19,029 18,708 19,029 (5)(8)
Avalara, Inc.Application SoftwareFirst Lien RevolverSOFR+6.25%10/19/2028 (32) (5)(8)(9)
Bain Capital Credit CLO 2022-3Multi-Sector HoldingsCLO NotesSOFR+3.70%8.99%7/17/20353,500 3,375 3,506 (5)(10)
Bain Capital Credit CLO, LimitedMulti-Sector HoldingsCLO NotesSOFR+7.54%12.82%4/20/20341,750 1,733 1,765 (5)(10)
Bain Capital Euro CLO 2021-2Multi-Sector HoldingsCLO NotesE+3.40%7.06%7/17/20341,210 1,250 1,343 (5)(10)
Ballyrock CLO 19Multi-Sector HoldingsCLO NotesSOFR+7.11%12.39%4/20/2035$2,220 2,223 2,196 (5)(10)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien Term LoanSOFR+6.75%8.63%3.38%9/30/20301,884 1,798 1,826 (5)(8)(9)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien Term LoanSOFR+6.75%8.63%3.38%9/30/203025,418 24,782 25,037 (5)(8)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien Term LoanE+6.75%7.01%3.38%9/30/203015,815 16,337 17,385 (5)(8)
Bamboo US Bidco LLCHealth Care EquipmentFirst Lien RevolverSOFR+6.75%10/1/2029$ (130)(78)(5)(8)(9)(10)
Bausch + Lomb CorporationHealth Care SuppliesFirst Lien Term LoanSOFR+3.25%8.27%5/10/202760,306 59,631 60,164 (5)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%4/19/2027   (5)(8)(9)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%4/19/2027   (5)(8)(9)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%4/19/2027   (5)(8)(9)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%8.00%4.10%4/19/20273,366 3,296 2,987 (5)(8)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%8.00%4.10%4/19/20271,396 1,395 1,239 (5)(8)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsWarrants15,566 74 5 (8)(10)
BioXcel Therapeutics, Inc.PharmaceuticalsWarrants4,471  1 (8)(10)
Biscuit Parent, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.35%2/27/203149,875 49,127 49,576 (5)(8)
Biscuit Parent, LLCApplication SoftwareFirst Lien RevolverSOFR+4.75%2/27/2031 (225)(90)(5)(8)(9)
Blackhawk Network Holdings, Inc.Data Processing & Outsourced ServicesFirst Lien Term LoanSOFR+5.00%9.85%3/12/202956,900 55,825 57,220 (5)
BMC Software IncSystems SoftwareFirst Lien Term LoanSOFR+3.75%9.01%7/30/203130,000 29,925 29,976 (5)
Canyon CLO 2020-3Multi-Sector HoldingsCLO NotesSOFR+7.15%12.39%10/15/20375,490 5,490 5,519 (5)(10)
Carlyle Euro CLO 2021-2Multi-Sector HoldingsCLO NotesE+3.30%6.99%10/15/20351,400 1,382 1,564 (5)(10)
CBAM 2017-2, LTD.Multi-Sector HoldingsCLO NotesSOFR+7.36%12.65%7/17/2034$488 457 462 (5)(10)
CD&R Firefly Bidco LimitedOther Specialty RetailFirst Lien Term LoanSONIA+5.50%10.45%6/21/2028£26,657 32,542 35,812 (5)(10)
CD&R Firefly Bidco LimitedOther Specialty RetailFirst Lien Term LoanSONIA+5.75%10.95%6/21/202818,365 22,921 24,655 (5)(10)
Centralsquare Technologies, LLCApplication SoftwareFirst Lien Term LoanSOFR+6.50%8.10%3.50%4/12/2030$30,173 29,489 29,854 (5)(8)
Centralsquare Technologies, LLCApplication SoftwareFirst Lien RevolverSOFR+6.00%4/12/2030 (78)(36)(5)(8)(9)
CIFC European Funding VIMulti-Sector HoldingsCLO NotesE+5.96%9.38%10/15/20372,500 2,726 2,740 (5)(10)
Clear Channel Outdoor Holdings, Inc.AdvertisingFirst Lien Term LoanSOFR+4.00%8.96%8/21/2028$14,000 13,983 13,988 (5)(10)
Cloud Software Group, Inc.Application SoftwareFirst Lien Term LoanSOFR+4.50%9.10%3/21/203120,000 19,850 20,078 (5)
21

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Cloud Software Group, Inc.Application SoftwareFirst Lien Term LoanSOFR+4.00%8.60%3/30/2029$28,488 $27,176 $28,405 (5)
Cloud Software Group, Inc.Application SoftwareFixed Rate Bond6.50%3/31/20298,874 8,141 8,837 
Colony Holding CorporationDistributorsFirst Lien Term LoanSOFR+6.60%11.66%5/13/20263,900 3,859 3,850 (5)(8)
Colony Holding CorporationDistributorsFirst Lien Term LoanSOFR+6.60%11.85%5/13/202611,995 11,817 11,841 (5)(8)
Condor Merger Sub Inc.Systems SoftwareFixed Rate Bond7.38%2/15/203032,277 30,055 31,513 
CoreRx, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%12.10%4/6/202918,328 17,914 17,916 (5)(8)
Coupa Holdings, LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.75%2/27/203013,430 13,170 13,430 (5)(8)
Coupa Holdings, LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%2/27/2030 (15) (5)(8)(9)
Coupa Holdings, LLCApplication SoftwareFirst Lien RevolverSOFR+5.50%2/27/2029 (17) (5)(8)(9)
Covetrus, Inc.Health Care DistributorsFirst Lien Term LoanSOFR+5.00%9.60%10/13/202922,830 21,866 21,703 (5)
Crewline Buyer, Inc.Systems SoftwareFirst Lien Term LoanSOFR+6.75%11.35%11/8/203043,911 42,954 43,287 (5)(8)
Crewline Buyer, Inc.Systems SoftwareFirst Lien RevolverSOFR+6.75%11/8/2030 (100)(65)(5)(8)(9)
Curium Bidco S.à.r.l.PharmaceuticalsFirst Lien Term LoanSOFR+4.00%7/31/2029   (5)(10)
CVAUSA Management, LLCHealth Care ServicesFirst Lien Term LoanSOFR+6.50%11.79%5/22/202921,651 21,337 21,597 (5)(8)
CVAUSA Management, LLCHealth Care ServicesFirst Lien Term LoanSOFR+6.50%5/22/2029 (100)(8)(5)(8)(9)
CVAUSA Management, LLCHealth Care ServicesFirst Lien Term LoanSOFR+6.50%5/22/2029 (154)(20)(5)(8)(9)
CVAUSA Management, LLCHealth Care ServicesFirst Lien RevolverSOFR+6.50%5/22/2029 (59)(6)(5)(8)(9)
CVC Cordatus Loan Fund XXXIMulti-Sector HoldingsCLO NotesE+6.64%10.25%6/15/20375,000 5,303 5,613 (5)(10)
Dealer Tire Financial, LLCDistributorsFixed Rate Bond8.00%2/1/2028$12,920 12,719 12,873 
Delta Leasing SPV II LLCSpecialized FinanceSubordinated Debt Term Loan8.00%3.00%8/31/202926,961 26,961 26,961 (8)(9)(10)
Delta Leasing SPV II LLCSpecialized FinanceSubordinated Debt Term Loan3.00%7.00%8/31/202927,099 27,099 27,099 (8)(10)
Delta Leasing SPV II LLCSpecialized FinancePreferred Equity330 330 418 (8)(10)
Delta Leasing SPV II LLCSpecialized FinanceCommon Stock2 2 2 (8)(10)
Delta Leasing SPV II LLCSpecialized FinanceWarrants25   (8)(10)
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.00%9.96%8/2/20271,831 1,815 1,834 (5)
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.25%10.21%8/2/202919,540 19,085 19,271 (5)
DTI Holdco, Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+4.75%9.60%4/26/202937,907 36,858 38,103 (5)
Dukes Root Control Inc.Environmental & Facilities ServicesFirst Lien Term LoanSOFR+6.50%11.93%12/8/20281,049 1,036 1,038 (5)(8)
Dukes Root Control Inc.Environmental & Facilities ServicesFirst Lien Term LoanSOFR+6.50%11.71%12/8/202811,685 11,502 11,561 (5)(8)
Dukes Root Control Inc.Environmental & Facilities ServicesFirst Lien RevolverSOFR+6.50%11.93%12/8/2028598 575 582 (5)(8)(9)
Eagle Parent Corp.Diversified Support ServicesFirst Lien Term LoanSOFR+4.25%9.55%4/2/20295,225 5,194 4,968 (5)
Engineering Research And Consulting LLCConstruction & EngineeringFirst Lien Term LoanSOFR+5.00%10.06%8/29/203131,980 31,450 31,780 (5)(8)
Entrata, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.75%10.67%7/10/203045,261 44,328 45,261 (5)(8)
Entrata, Inc.Application SoftwareFirst Lien RevolverSOFR+5.75%7/10/2028 (98) (5)(8)(9)
22

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Enverus Holdings, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%10.35%12/24/2029$53,899 $53,195 $53,899 (5)(8)
Enverus Holdings, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%12/24/2029 (35) (5)(8)(9)
Enverus Holdings, Inc.Application SoftwareFirst Lien RevolverSOFR+5.50%10.35%12/24/2029263 209 263 (5)(8)(9)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan9.00%4/21/20271,832 1,815 1,832 (8)(10)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan9.00%4/21/2027 1  (8)(9)(10)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan9.00%4/21/2027 1  (8)(9)(10)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan9.00%4/21/202711,437 11,357 11,437 (8)(10)
Everbridge, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.00%10.30%7/2/20317,739 7,670 7,693 (5)(8)(9)
Everbridge, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.00%10.33%7/2/203178,956 78,561 78,593 (5)(8)
Everbridge, Inc.Application SoftwareFirst Lien RevolverSOFR+5.00%7/2/2031 (39)(36)(5)(8)(9)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.35%9/30/203036,034 35,262 35,727 (5)(8)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.35%9/30/20309,097 9,006 9,020 (5)(8)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien RevolverSOFR+4.75%10/1/2029 (83)(34)(5)(8)(9)
Eyesouth Eye Care Holdco LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.50%10.80%10/5/20293,207 3,149 3,146 (5)(8)
Eyesouth Eye Care Holdco LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.50%10/5/2029 (48)(92)(5)(8)(9)
Eyesouth Eye Care Holdco LLCHealth Care ServicesCommon Stock885 885 830 (8)(14)
Fiesta Purchaser, Inc.Packaged Foods & MeatsFirst Lien Term LoanSOFR+4.00%8.85%2/12/20319,975 9,875 9,994 (5)
Fiesta Purchaser, Inc.Packaged Foods & MeatsFixed Rate Bond7.88%3/1/20317,940 7,940 8,431 
Finastra USA, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%12.18%9/13/202943,513 42,795 42,908 (5)(8)(10)
Finastra USA, Inc.Application SoftwareFirst Lien RevolverSOFR+7.25%12.18%9/13/20292,102 2,027 2,039 (5)(8)(9)(10)
Fortress Credit BSL XIVMulti-Sector HoldingsCLO NotesSOFR+7.65%12.93%10/23/20342,300 2,081 2,285 (5)(10)
Fortress Credit BSL XIXMulti-Sector HoldingsCLO NotesSOFR+8.37%13.65%7/24/20366,750 6,856 6,930 (5)(10)
Fortress Credit BSL XVMulti-Sector HoldingsCLO NotesSOFR+4.75%10.03%10/18/20335,000 5,000 4,989 (5)(10)
Fortress Credit BSL XXMulti-Sector HoldingsCLO NotesSOFR+8.51%13.79%1/23/20375,250 5,356 5,456 (5)(10)
Fortress Credit BSL XXVMulti-Sector HoldingsCLO NotesSOFR+4.30%9.62%7/24/20372,250 2,250 2,283 (5)(10)
Galileo Parent, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+7.25%11.85%5/3/202920,074 19,614 20,074 (5)(8)
Galileo Parent, Inc.Aerospace & DefenseFirst Lien RevolverSOFR+7.25%11.85%5/3/20292,195 2,090 2,163 (5)(8)(9)
Gallatin CLO X 2023-1Multi-Sector HoldingsCLO NotesSOFR+5.41%10.71%10/14/20355,000 4,913 5,094 (5)(10)
Global Aircraft Leasing Co LtdTrading Companies & DistributorsFixed Rate Bond8.75%9/1/202760,841 60,841 61,815 (10)
Greenway Health, LLCHealth Care TechnologyFirst Lien Term LoanSOFR+6.75%12.01%4/1/202924,875 24,239 24,875 (5)(8)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien Term LoanSOFR+8.00%12.95%6/21/20273,537 3,498 3,466 (5)(8)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien Term LoanSOFR+8.00%12.95%6/21/202717,330 17,142 16,984 (5)(8)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien RevolverSOFR+8.00%6/21/2027 (19)(35)(5)(8)(9)
Harbor Purchaser Inc.Education ServicesFirst Lien Term LoanSOFR+5.25%10.20%4/9/20296,170 5,971 6,017 (5)
23

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%1/19/2026$ $(50)$65 (5)(8)(9)(10)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%11.25%1/19/20261,792 1,769 1,819 (5)(8)(10)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%11.25%1/19/20269,319 9,211 9,459 (5)(8)(10)
Henley CLO IIMulti-Sector HoldingsCLO NotesE+5.71%9.40%1/25/20343,200 3,495 3,586 (5)(10)
HPS Loan Management 10-2016Multi-Sector HoldingsCLO NotesSOFR+6.67%11.95%4/20/2034$2,250 2,136 2,264 (5)(10)
Husky Injection Molding Systems Ltd.Industrial Machinery & Supplies & ComponentsFixed Rate Bond9.00%2/15/20296,142 6,142 6,417 (10)
Husky Injection Molding Systems Ltd.Industrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+5.00%10.33%2/15/202933,097 32,730 32,977 (5)(10)
IAMGOLD CorporationGoldSecond Lien Term LoanSOFR+8.25%13.37%5/16/202828,394 27,777 29,672 (5)(8)(10)
Icefall Parent, Inc.Application SoftwareFirst Lien Term LoanSOFR+6.50%11.35%1/25/203027,948 27,453 27,750 (5)(8)
Icefall Parent, Inc.Application SoftwareFirst Lien RevolverSOFR+6.50%1/25/2030 (47)(19)(5)(8)(9)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+6.25%8/18/2028   (5)(8)(9)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.75%10.67%8/18/202816,302 16,140 15,793 (5)(8)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+6.25%11.17%8/18/20282,325 2,298 2,290 (5)(8)
iCIMs, Inc.Application SoftwareFirst Lien RevolverSOFR+5.75%10.67%8/18/2028490 417 388 (5)(8)(9)
Innocoll Pharmaceuticals LimitedHealth Care TechnologyWarrants57,693 85  (8)(10)
Integrity Marketing Acquisition, LLCInsurance BrokersFirst Lien Term LoanSOFR+5.00%8/28/2028 (201)(198)(5)(8)(9)
Integrity Marketing Acquisition, LLCInsurance BrokersFirst Lien Term LoanSOFR+5.00%10.08%8/25/202858,184 57,616 57,602 (5)(8)
Integrity Marketing Acquisition, LLCInsurance BrokersFirst Lien RevolverSOFR+5.00%8/28/2028 (75)(77)(5)(8)(9)
Inventus Power, Inc.Electrical Components & EquipmentFirst Lien Term LoanSOFR+7.50%12.46%6/30/202543,326 43,060 42,347 (5)(8)
Inventus Power, Inc.Electrical Components & EquipmentFirst Lien RevolverSOFR+7.50%6/30/2025 (55)(112)(5)(8)(9)
IW Buyer LLCElectrical Components & EquipmentFirst Lien Term LoanSOFR+5.00%9.70%6/28/20296,118 6,057 6,061 (5)(8)
IW Buyer LLCElectrical Components & EquipmentFirst Lien Term LoanSOFR+5.00%9.70%6/28/202935,595 34,834 35,264 (5)(8)
IW Buyer LLCElectrical Components & EquipmentFirst Lien RevolverSOFR+5.00%6/28/2029 (160)(70)(5)(8)(9)
Janus Bidco LimitedApplication SoftwareFirst Lien Term LoanSONIA+6.00%4/25/2031 (197)(25)(5)(8)(9)(10)
Janus Bidco LimitedApplication SoftwareFirst Lien Term LoanSONIA+6.00%11.04%4/25/2031£2,439 2,998 3,226 (5)(8)(10)
Janus Bidco LimitedApplication SoftwareFirst Lien Term LoanSOFR+6.00%11.29%4/25/2031$54,214 52,936 53,450 (5)(8)(10)
JN Bidco LLCHealth Care TechnologyCommon Stock 3,596 3,596 (8)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien Term LoanSOFR+5.00%10.68%10/29/20274,754 4,706 4,689 (5)(8)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien Term LoanSOFR+5.00%9.95%10/29/202758,402 57,744 57,608 (5)(8)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien RevolverPRIME+4.00%12.00%10/29/2027266 259 257 (5)(8)(9)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien RevolverPRIME+4.00%12.50%10/29/20271,954 1,899 1,887 (5)(8)(9)
LABL, Inc.Office Services & SuppliesFirst Lien Term LoanSOFR+5.00%9.95%10/29/202842,297 41,568 41,427 (5)
Latam Airlines Group S.A.Passenger AirlinesFirst Lien Term LoanSOFR+9.50%14.95%10/12/202711,911 11,285 12,093 (5)(10)
Learfield Communications, LLCMovies & EntertainmentFirst Lien Term LoanSOFR+5.50%10.35%6/30/202840,002 39,844 40,011 (5)
Legends Hospitality Holding Company, LLCSpecialized Consumer ServicesFirst Lien Term LoanSOFR+5.00%8/22/2031 (32)(32)(5)(8)(9)
Legends Hospitality Holding Company, LLCSpecialized Consumer ServicesFirst Lien Term LoanSOFR+5.00%10.13%8/22/203155,650 54,555 54,570 (5)(8)
24

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Legends Hospitality Holding Company, LLCSpecialized Consumer ServicesFirst Lien RevolverSOFR+5.00%8/22/2030 $(128)$(127)(5)(8)(9)
LSL Holdco, LLCHealth Care DistributorsFirst Lien Term LoanSOFR+6.00%10.95%1/31/2028$1,037 990 972 (5)(8)
LSL Holdco, LLCHealth Care DistributorsFirst Lien Term LoanSOFR+6.00%10.95%1/31/20288,906 8,807 8,349 (5)(8)
LSL Holdco, LLCHealth Care DistributorsFirst Lien RevolverSOFR+6.00%10.95%1/31/2028771 760 708 (5)(8)(9)
LTI Holdings IncElectronic ComponentsFirst Lien Term LoanSOFR+4.75%9.60%7/29/202929,269 28,843 28,826 (5)(10)
M2S Group Intermediate Holdings IncMulti-Sector HoldingsFirst Lien Term LoanSOFR+4.75%9.85%8/25/203138,493 36,207 37,050 (5)
Madison Park Euro Funding XIVMulti-Sector HoldingsCLO NotesE+3.60%7.29%7/15/20326,450 6,780 7,209 (5)(10)
Madison Park Funding LXIIIMulti-Sector HoldingsCLO NotesSOFR+5.50%10.78%4/21/2035$5,000 5,000 5,088 (5)(10)
Marble Point CLO XVIIMulti-Sector HoldingsCLO NotesSOFR+3.65%10.53%7/20/20373,000 3,000 3,003 (5)(10)
Mauser Packaging Solutions Holding CoMetal, Glass & Plastic ContainersFixed Rate Bond7.88%4/15/202712,500 12,360 12,930 
Mesoblast, Inc.BiotechnologyFirst Lien Term Loan9.75%11/19/20261,956 1,878 1,882 (8)(10)
Mesoblast, Inc.BiotechnologyWarrants8,529  39 (8)(10)
Mesoblast, Inc.BiotechnologyWarrants33,174 152 106 (8)(10)
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+6.00%11.40%7/21/20275,232 5,128 5,161 (5)(8)
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+6.25%11.65%7/21/20271,015 998 1,002 (5)(8)
Microf Funding V LLCConsumer FinanceFirst Lien Term LoanSOFR+6.58%11.43%6/3/202714,239 14,086 13,952 (5)(8)(9)(10)
Minotaur Acquisition, Inc.Financial Exchanges & DataFirst Lien Term LoanSOFR+5.00%6/3/2030 (70)(64)(5)(8)(9)(10)
Minotaur Acquisition, Inc.Financial Exchanges & DataFirst Lien Term LoanSOFR+5.00%9.85%6/3/20306,958 6,819 6,841 (5)(8)(10)
Minotaur Acquisition, Inc.Financial Exchanges & DataFirst Lien Term LoanSOFR+5.00%9.85%6/3/203041,754 40,965 41,019 (5)(8)(10)
Minotaur Acquisition, Inc.Financial Exchanges & DataFirst Lien RevolverSOFR+5.00%6/3/2030 (79)(70)(5)(8)(9)(10)
Mitchell International IncApplication SoftwareSecond Lien Term LoanSOFR+5.25%10.10%6/17/203227,135 27,065 26,717 (5)
Mitchell International IncApplication SoftwareFirst Lien Term LoanSOFR+3.25%8.10%6/17/203117,100 17,015 16,870 (5)
Modena Buyer LLCApplication SoftwareFirst Lien Term LoanSOFR+4.50%9.10%7/1/203144,741 43,875 42,938 (5)
Monotype Imaging Holdings Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%2/28/2031 (45) (5)(8)(9)
Monotype Imaging Holdings Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%10.56%2/28/203172,108 71,027 72,108 (5)(8)
Monotype Imaging Holdings Inc.Application SoftwareFirst Lien RevolverSOFR+5.50%2/28/2030 (122) (5)(8)(9)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.35%2/10/202726,902 26,610 26,641 (5)(8)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.35%2/10/20271,570 1,530 1,508 (5)(8)(9)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.35%2/10/20277,127 7,122 7,058 (5)(8)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+4.75%9.35%2/10/202729,785 29,441 29,496 (5)(8)
MRI Software LLCApplication SoftwareFirst Lien RevolverSOFR+4.75%2/10/2027 (35)(57)(5)(8)(9)
Neptune Platform Buyer, LLCAerospace & DefenseFirst Lien Term LoanSOFR+5.25%1/19/2031 (13)(137)(5)(8)(9)
Neptune Platform Buyer, LLCAerospace & DefenseFirst Lien Term LoanSOFR+5.25%10.58%1/19/203130,823 30,360 30,206 (5)(8)
Next Holdco, LLC Health Care TechnologyFirst Lien Term LoanSOFR+6.00%11/12/2030 (90) (5)(8)(9)
Next Holdco, LLC Health Care TechnologyFirst Lien Term LoanSOFR+6.00%11.06%11/12/203046,391 45,695 46,391 (5)(8)
Next Holdco, LLC Health Care TechnologyFirst Lien RevolverSOFR+6.00%11/9/2029 (67) (5)(8)(9)
25

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
NFM & J, L.P.Diversified Support ServicesFirst Lien Term LoanSOFR+5.75%10.59%11/10/2029$410 $286 $187 (5)(8)(9)
NFM & J, L.P.Diversified Support ServicesFirst Lien Term LoanSOFR+5.75%10.96%11/10/202922,133 21,691 21,735 (5)(8)
NFM & J, L.P.Diversified Support ServicesFirst Lien RevolverSOFR+5.75%11/10/2029 (99)(89)(5)(8)(9)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSOFR+5.00%5/3/2029 (16)(15)(5)(8)(9)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSOFR+5.00%9.60%5/3/20293,330 3,279 3,314 (5)(8)(9)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSOFR+5.00%9.60%5/3/202936,350 35,795 36,187 (5)(8)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSONIA+5.00%9.95%5/3/2029£3,156 3,931 4,214 (5)(8)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanNIBOR+5.00%9.75%5/3/2029kr69,157 6,214 6,536 (5)(8)
North Star Acquisitionco, LLCEducation ServicesFirst Lien Term LoanSOFR+5.00%9.60%5/3/2029$27,986 27,847 27,861 (5)(8)
North Star Acquisitionco, LLCEducation ServicesFirst Lien RevolverSOFR+5.00%9.83%5/3/2029738 905 963 (5)(8)(9)
North Star Acquisitionco, LLCEducation ServicesFirst Lien RevolverSOFR+5.00%9.67%5/3/20292,386 2,319 2,366 (5)(8)(9)
Northwoods Capital 25 LtdMulti-Sector HoldingsCLO NotesSOFR+7.40%12.68%7/20/2034700 682 681 (5)(10)
Northwoods Capital XVMulti-Sector HoldingsCLO NotesSOFR+4.01%8.83%6/20/20344,000 3,920 4,011 (5)(10)
Ocean Trails CLO XIVMulti-Sector HoldingsCLO NotesSOFR+5.82%11.10%1/20/20351,000 1,000 1,015 (5)(10)
Octagon 66Multi-Sector HoldingsCLO NotesSOFR+5.09%10.19%11/16/20363,000 2,970 3,096 (5)(10)
OFSI BSL XIII CLOMulti-Sector HoldingsCLO NotesSOFR+4.50%9.82%4/20/20375,000 5,000 5,013 (5)(10)
OFSI Fund LtdMulti-Sector HoldingsCLO NotesSOFR+7.48%12.76%4/20/20341,105 1,048 1,079 (5)(10)
OneOncology, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.00%10.08%6/10/203011,272 11,130 11,100 (5)(8)(9)
OneOncology, LLCHealth Care ServicesFirst Lien Term LoanSOFR+6.25%10.85%6/10/20308,561 8,347 8,561 (5)(8)
OneOncology, LLCHealth Care ServicesFirst Lien Term LoanSOFR+6.25%10.85%6/10/203022,656 22,196 22,656 (5)(8)
OneOncology, LLCHealth Care ServicesFirst Lien RevolverSOFR+6.25%6/11/2029 (89) (5)(8)(9)
Oranje Holdco, Inc.Systems SoftwareFirst Lien Term LoanSOFR+7.25%12.50%2/1/202916,868 16,562 16,614 (5)(8)
Oranje Holdco, Inc.Systems SoftwareFirst Lien Term LoanSOFR+7.50%12.75%2/1/202915,746 15,462 15,746 (5)(8)
Oranje Holdco, Inc.Systems SoftwareFirst Lien RevolverSOFR+7.50%2/1/2029 (36) (5)(8)(9)
OZLM XXIII LtdMulti-Sector HoldingsCLO NotesSOFR+7.54%12.84%4/15/20341,000 967 1,000 (5)(10)
Peraton Corp.Aerospace & DefenseFirst Lien Term LoanSOFR+3.75%8.70%2/1/202818,666 18,572 18,003 (5)
PetSmart LLCOther Specialty RetailFirst Lien Term LoanSOFR+3.75%8.70%2/11/202827,690 27,362 27,495 (5)
PetVet Care Centers, LLC Health Care ServicesFirst Lien Term LoanSOFR+6.00%10.85%11/15/203073,095 71,816 71,231 (5)(8)
PetVet Care Centers, LLC Health Care ServicesFirst Lien Term LoanSOFR+6.00%11/15/2030 (96)(149)(5)(8)(9)
PetVet Care Centers, LLC Health Care ServicesFirst Lien RevolverSOFR+6.00%11/15/2029 (164)(245)(5)(8)(9)
PetVet Care Centers, LLC Health Care ServicesPreferred Equity6,338 6,211 7,025 (8)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+7.50%12.62%8/22/20294,976 4,976 4,976 (5)(8)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.50%8/22/2029   (5)(8)(9)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.50%8.12%1.50%8/22/20291,915 1,915 1,915 (5)(8)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+4.50%8.12%1.50%8/22/20293,317 3,317 3,317 (5)(8)
Pluralsight, LLCApplication SoftwareFirst Lien RevolverSOFR+4.50%8/22/2029   (5)(8)(9)
Pluralsight, LLCApplication SoftwareCommon Stock1,658,698 5,540 5,540 (8)
Poseidon Midco ABPharmaceuticalsFirst Lien Term LoanE+5.50%5/16/2031   (5)(8)(9)(10)
26

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Poseidon Midco ABPharmaceuticalsFirst Lien Term LoanE+5.50%8.97%5/16/2031$50,768 $55,033 $55,211 (5)(8)(10)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+5.50%2/15/2029 (188)(336)(5)(8)(9)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+5.50%10.10%2/15/202913,382 13,301 13,202 (5)(8)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+6.50%11.35%2/15/202926,489 25,716 26,489 (5)(8)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien RevolverSOFR+5.50%11.35%2/15/20292,001 1,744 1,849 (5)(8)(9)
Profrac Holdings II, LLCIndustrial Machinery & Supplies & ComponentsFirst Lien Floating Rate BondSOFR+7.25%11.84%1/23/202965,934 65,275 65,360 (5)(8)(10)
Project Accelerate Parent, LLCSystems SoftwareFirst Lien Term LoanSOFR+5.25%10.54%2/24/203143,641 43,204 43,641 (5)(8)
Project Accelerate Parent, LLCSystems SoftwareFirst Lien RevolverSOFR+5.25%2/24/2031 (63) (5)(8)(9)
Protein for Pets Opco, LLCPackaged Foods & MeatsFirst Lien Term LoanSOFR+5.25%10.10%9/20/203063,573 62,405 62,359 (5)(8)
Protein for Pets Opco, LLCPackaged Foods & MeatsFirst Lien RevolverSOFR+5.25%9/20/2030 (122)(127)(5)(8)(9)
Quantum Bidco LimitedFood DistributorsFirst Lien Term LoanSONIA+5.50%10.73%1/31/2028£9,861 11,591 12,929 (5)(8)(10)
Quantum Bidco LimitedFood DistributorsFirst Lien Term LoanSONIA+5.50%10.70%1/31/20288,377 10,047 10,712 (5)(8)(9)(10)
Renaissance Holding Corp.Education ServicesFirst Lien Term LoanSOFR+4.25%9.10%4/5/2030$37,631 37,154 37,658 (5)
Resistance Acquisition, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.75%12.35%9/21/202818,387 18,022 18,203 (5)(8)
Rockford Tower CLO 2024-1Multi-Sector HoldingsCLO NotesSOFR+7.48%12.81%4/20/20372,500 2,476 2,564 (5)(10)
RR 24Multi-Sector HoldingsCLO NotesSOFR+8.30%13.60%1/15/20362,750 2,750 2,776 (5)(10)
Salus Workers' Compensation, LLCDiversified Financial ServicesFirst Lien Term LoanSOFR+10.00%14.85%10/7/202613,527 13,250 12,918 (5)(8)
Salus Workers' Compensation, LLCDiversified Financial ServicesFirst Lien RevolverSOFR+10.00%10/7/2026 (39)(85)(5)(8)(9)
Salus Workers' Compensation, LLCDiversified Financial ServicesWarrants606,357 200 55 (8)
SaratogaDiversified Financial ServicesCredit Linked NoteSOFR+5.33%10.18%12/31/202998,000 97,914 97,914 (5)(8)(10)(15)
SCIH Salt Holdings Inc.Diversified ChemicalsFirst Lien Term LoanSOFR+4.00%3/16/2027   (5)
SCIH Salt Holdings Inc.Diversified ChemicalsFixed Rate Bond4.88%5/1/202816,450 15,085 15,875 
scPharmaceuticals Inc.PharmaceuticalsWarrants79,075 258 178 (8)
Secure Acquisition Inc.Paper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+4.25%8.85%12/16/202834,658 34,573 34,766 (5)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien Term LoanSOFR+5.00%10.20%3/27/20282,481 2,435 2,458 (5)(8)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien Term LoanSOFR+5.00%10.20%3/27/20282,550 2,431 2,498 (5)(8)(9)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien Term LoanSOFR+5.00%9.85%3/27/202817,245 16,884 17,083 (5)(8)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien Term LoanSOFR+5.00%3/27/2028 (41)(80)(5)(8)(9)
SEI Holding I CorporationTrading Companies & DistributorsFirst Lien Term LoanPRIME+4.00%12.00%3/27/2028605 551 569 (5)(8)(9)
Seres Therapeutics, Inc.BiotechnologyWarrants93,470 293 47 (8)(10)
SM Wellness Holdings, Inc.Health Care ServicesFirst Lien Term LoanSOFR+4.50%10.01%4/17/202817,847 17,032 17,490 (5)(8)
Sorenson Communications, LLCCommunications EquipmentFirst Lien Term LoanSOFR+5.75%10.60%4/19/202989,800 88,166 88,327 (5)(8)
Sorenson Communications, LLCCommunications EquipmentFirst Lien RevolverSOFR+5.75%4/19/2029 (185)(167)(5)(8)(9)
Southern Veterinary Partners, LLCHealth Care FacilitiesFirst Lien Term LoanSOFR+3.75%8.00%10/5/202725,444 25,320 25,524 (5)
27

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Staples, Inc.Office Services & SuppliesFixed Rate Bond10.75%9/1/2029$13,481 $13,354 $13,097 
Staples, Inc.Office Services & SuppliesFirst Lien Term LoanSOFR+5.75%10.69%9/4/202932,181 30,770 29,319 (5)
Star Parent, Inc.Life Sciences Tools & ServicesFirst Lien Term LoanSOFR+3.75%8.35%9/27/203045,795 45,002 44,624 (5)
SumUp Holdings LuxembourgDiversified Financial ServicesFirst Lien Term LoanE+6.50%10.04%4/25/203147,274 50,670 52,141 (5)(8)(9)(10)
SupplyOne Inc.Paper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+4.25%9.10%4/19/2031$16,915 16,776 16,986 (5)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%12.58%12/31/2026695 689 667 (5)(8)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%12.58%12/31/2026836 807 802 (5)(8)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%12.58%12/31/20268,113 8,040 7,788 (5)(8)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien RevolverSOFR+7.00%12/31/2026 (4)(16)(5)(8)(9)
Telephone and Data Systems, Inc.Wireless Telecommunication ServicesSubordinated Debt Term LoanSOFR+7.00%5/1/2029 (255)(279)(5)(8)(9)(10)
Telephone and Data Systems, Inc.Wireless Telecommunication ServicesSubordinated Debt Term LoanSOFR+7.00%12.25%5/1/202974,099 72,063 72,247 (5)(8)(10)
Ten-X LLCInteractive Media & ServicesFirst Lien Term LoanSOFR+6.00%10.74%5/26/202824,604 23,700 23,546 (5)(8)
THL Zinc Ventures LtdDiversified Metals & MiningFirst Lien Term Loan13.00%5/23/202639,751 39,469 39,751 (8)(10)
Touchstone Acquisition, Inc.Health Care SuppliesFirst Lien Term LoanSOFR+6.00%10.95%12/29/20288,399 8,296 8,231 (5)(8)
Transit Buyer LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%10.31%1/31/20298,142 8,020 8,044 (5)(8)
Transit Buyer LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%10.31%1/31/20293,317 3,262 3,271 (5)(8)(9)
Transit Buyer LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%9.85%1/31/20298,342 8,221 8,242 (5)(8)
Trident TPI Holdings IncMetal, Glass & Plastic ContainersFirst Lien Term LoanSOFR+4.00%8.60%9/15/202812,343 12,343 12,377 (5)
Trinitas CLO VI Ltd.Multi-Sector HoldingsCLO NotesSOFR+7.08%12.36%1/25/20342,785 2,618 2,634 (5)(10)
Trinitas CLO XIIMulti-Sector HoldingsCLO NotesSOFR+4.26%9.55%4/25/20334,500 4,401 4,514 (5)(10)
Trinitas CLO XIXMulti-Sector HoldingsCLO NotesSOFR+8.06%13.34%10/23/20332,000 1,993 2,007 (5)(10)
Trinitas CLO XV DACMulti-Sector HoldingsCLO NotesSOFR+7.71%12.99%4/22/20346,500 5,831 6,359 (5)(10)
Truck-Lite Co., LLCConstruction Machinery & Heavy Transportation EquipmentFirst Lien Term LoanSOFR+5.75%2/13/2031 (123) (5)(8)(9)
Truck-Lite Co., LLCConstruction Machinery & Heavy Transportation EquipmentFirst Lien Term LoanSOFR+5.75%10.86%2/13/203162,223 61,091 62,223 (5)(8)
Truck-Lite Co., LLCConstruction Machinery & Heavy Transportation EquipmentFirst Lien RevolverSOFR+5.75%10.85%2/13/2030143 (53)68 (5)(8)(9)
Usalco LLCCommodity ChemicalsFirst Lien Term LoanSOFR+4.00%9/30/2031 (16)17 (5)(9)
Usalco LLCCommodity ChemicalsFirst Lien Term LoanSOFR+4.00%9.20%9/30/203131,731 31,572 31,899 (5)
USIC Holdings, Inc.Diversified Support ServicesFirst Lien Term LoanSOFR+5.50%10.35%9/10/203171 71 44 (5)(8)(9)
USIC Holdings, Inc.Diversified Support ServicesFirst Lien Term LoanSOFR+5.50%10.35%9/10/203146,311 45,852 45,857 (5)(8)
USIC Holdings, Inc.Diversified Support ServicesFirst Lien RevolverSOFR+5.25%10.10%9/10/20312,864 2,805 2,806 (5)(8)(9)
Venture 41 CLOMulti-Sector HoldingsCLO NotesSOFR+4.13%9.41%1/20/20341,500 1,479 1,505 (5)(10)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan11.00%5/9/20294,956 4,865 4,869 (8)(10)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan11.00%5/9/20296,308 6,182 6,198 (8)(10)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan9/30/2025   (8)(9)(10)(13)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan5/9/2029   (8)(9)(10)
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan5/9/2029   (8)(9)(10)
28

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
Portfolio CompanyIndustryType of Investment (1)(2)(3)IndexSpreadCash Interest Rate (4)(5)PIKMaturity DateSharesPrincipal (6)CostFair ValueNotes
Verona Pharma, Inc.PharmaceuticalsFirst Lien Term Loan5/9/2029$9,177 $9,177 $9,269 (8)(10)(13)
Violin Finco Guernsey LimitedAsset Management & Custody BanksFirst Lien Term LoanSONIA+5.50%6/6/2031£ (20)(21)(5)(8)(9)(10)
Violin Finco Guernsey LimitedAsset Management & Custody BanksFirst Lien Term LoanSONIA+5.50%10.45%6/6/203146,900 58,909 62,280 (5)(8)(10)
WAVE 2019-1Specialized FinanceCLO Notes3.60%9/15/2044$4,625 3,843 4,224 (10)
Wellfleet CLO 2022-2, Ltd.Multi-Sector HoldingsCLO NotesSOFR+8.56%13.84%10/18/20351,500 1,446 1,513 (5)(10)
Wind River 2020-1 CLOMulti-Sector HoldingsCLO NotesSOFR+7.42%12.70%7/20/20372,000 1,960 2,008 (5)(10)
Wind River 2024-1 CLOMulti-Sector HoldingsCLO NotesSOFR+4.25%9.55%4/20/20373,250 3,250 3,288 (5)(10)
Woodmont 2022-9 TrustMulti-Sector HoldingsCLO NotesSOFR+7.77%12.89%10/25/20369,385 9,292 9,432 (5)(10)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien Term LoanSOFR+7.50%8.39%4.13%11/29/20292,582 2,582 2,580 (5)(8)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien Term LoanSOFR+7.50%8.39%4.13%11/28/202954,466 53,382 54,145 (5)(8)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien RevolverSOFR+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 Cash43,328 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 InstrumentNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateCounterpartyCumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract$235,495 213,997 11/7/2024Bank of New York Mellon$(3,725)
Foreign currency forward contract$158,386 £123,967 11/7/2024Bank of New York Mellon(7,890)
Foreign currency forward contract$6,602 kr72,797 11/7/2024Bank of New York Mellon(312)
$(11,927)

Derivative InstrumentCompany ReceivesCompany PaysCounterpartyMaturity DateNotional AmountFair 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 
29

Oaktree Strategic Credit Fund
Consolidated Schedule of Investments
September 30, 2024
(dollar amounts in thousands)
(1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
(2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
(3)Each of the Companys 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.
(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.


30

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 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.
31

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
Consolidation:
The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The consolidated subsidiaries are wholly-owned and, as such, consolidated into the consolidated financial statements. The assets of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of the Company. As an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements but rather are included on the Consolidated Statements of Assets and Liabilities as investments at fair value.

Fair Value Measurements:

The Adviser, as the valuation designee of the Board pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of the Company’s assets on at least a quarterly basis in accordance with ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.
Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:
Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.
Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.
Level 3 — Unobservable inputs that reflect the Adviser’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment’s level is based on the lowest level of input that is significant to the fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using “bid” and “ask” prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions.
Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Adviser obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company’s investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.
The Adviser seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Adviser is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Adviser’s set threshold, the Adviser seeks to obtain a quote directly from a broker making a market for the asset. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. 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
32

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, the Adviser analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. The Adviser also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company’s assets and (vii) offers from third parties to buy the portfolio company. The Adviser may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Adviser considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Adviser depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.
The Adviser estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.
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.
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
33

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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 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
34

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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 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.
35

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.
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.
36

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company did not incur a U.S. federal excise tax for calendar years 2024 and 2023. The Company does not expect to incur a U.S. federal excise tax for calendar year 2025.
The Company holds certain portfolio investments through a taxable subsidiary. The purpose of the Company’s taxable subsidiary is to permit the Company to hold equity investments in portfolio companies which are “pass through” entities for U.S. federal income tax purposes in order to comply with the RIC tax requirements. The taxable subsidiary is consolidated for financial reporting purposes, and portfolio investments held by it are included in the Company’s consolidated financial statements as portfolio investments and recorded at fair value. The taxable subsidiary is not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. This income tax expense, if any, would be reflected in the Consolidated Statements of Operations. The Company uses the liability method to account for its taxable subsidiary’s income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences.
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company does not expect this guidance to materially impact its consolidated financial statements.

37

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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, 2025September 30, 2024
Cost: % of Total Investments% of Total Investments
Senior Secured Debt$5,227,427 89.92 %$4,037,376 89.12 %
Subordinated Debt559,532 9.63 %468,071 10.33 %
Preferred Equity13,183 0.23 %12,234 0.27 %
Common Equity and Warrants12,646 0.22 %12,731 0.28 %
Total$5,812,788 100.00 %$4,530,412 100.00 %

 March 31, 2025September 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 Debt558,453 9.59 %14.79 %476,093 10.40 %15.05 %
Preferred Equity16,582 0.28 %0.44 %14,008 0.31 %0.44 %
Common Equity and Warrants12,313 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, 2025September 30, 2024
 Fair Value% of Debt InvestmentsFair 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 %

38

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)

The geographic composition of the Company’s portfolio is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business. The following tables show the portfolio composition by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:
 March 31, 2025September 30, 2024
Cost:% of Total Investments% of Total Investments
United States$5,080,566 87.40 %$3,845,172 84.89 %
United Kingdom278,580 4.79 %273,693 6.04 %
Sweden101,452 1.75 %55,033 1.21 %
Germany84,208 1.45 %  %
Canada66,657 1.15 %66,649 1.47 %
Netherlands52,062 0.90 %51,988 1.15 %
Cayman Islands50,841 0.87 %60,841 1.34 %
Luxembourg50,670 0.87 %87,862 1.94 %
Costa Rica14,847 0.26 %13,174 0.29 %
France12,924 0.22 %12,907 0.28 %
Switzerland10,347 0.18 %10,309 0.23 %
Chile7,775 0.13 %11,285 0.25 %
Australia1,859 0.03 %2,030 0.04 %
India  %39,469 0.87 %
Total$5,812,788 100.00 %$4,530,412 100.00 %

 March 31, 2025September 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 Kingdom284,769 4.89 %7.54 %285,463 6.24 %9.02 %
Sweden99,691 1.71 %2.64 %55,211 1.21 %1.74 %
Germany85,303 1.47 %2.26 %  % %
Canada68,523 1.18 %1.81 %69,066 1.51 %2.18 %
Netherlands52,803 0.91 %1.40 %53,686 1.17 %1.70 %
Cayman Islands51,740 0.89 %1.37 %61,815 1.35 %1.95 %
Luxembourg50,510 0.87 %1.34 %89,270 1.95 %2.82 %
Costa Rica14,992 0.26 %0.40 %13,269 0.29 %0.42 %
France13,252 0.23 %0.35 %13,702 0.30 %0.43 %
Switzerland10,154 0.17 %0.27 %10,199 0.22 %0.32 %
Chile7,718 0.13 %0.20 %12,093 0.26 %0.38 %
Australia1,941 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 %
39

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, 2025September 30, 2024
Cost: % of Total Investments% of Total Investments
Application Software$958,041 16.47 %$802,052 17.68 %
Pharmaceuticals291,860 5.02 %127,146 2.81 %
Systems Software252,914 4.35 %211,410 4.67 %
Aerospace & Defense236,868 4.07 %167,035 3.69 %
Health Care Equipment218,316 3.76 %42,787 0.94 %
Interactive Media & Services211,557 3.64 %168,052 3.71 %
Diversified Support Services205,711 3.54 %217,545 4.80 %
Health Care Services180,335 3.10 %198,585 4.38 %
Specialized Consumer Services178,581 3.07 %54,395 1.20 %
Multi-Sector Holdings175,564 3.02 %185,750 4.10 %
Life Sciences Tools & Services168,765 2.90 %45,002 0.99 %
Diversified Financial Services163,238 2.81 %161,995 3.58 %
Health Care Technology153,950 2.65 %128,155 2.83 %
Education Services143,029 2.46 %123,399 2.72 %
Insurance Brokers121,344 2.09 %113,638 2.51 %
Packaged Foods & Meats121,186 2.08 %80,098 1.77 %
Industrial Machinery & Supplies & Components100,807 1.73 %104,147 2.30 %
Construction & Engineering97,434 1.68 %71,267 1.57 %
Research & Consulting Services95,237 1.64 %36,858 0.81 %
Trading Companies & Distributors93,939 1.62 %83,101 1.83 %
Building Products92,435 1.59 %  %
Specialized Finance88,412 1.52 %58,235 1.29 %
Office Services & Supplies86,839 1.49 %85,692 1.89 %
Communications Equipment84,804 1.46 %87,981 1.94 %
Electrical Components & Equipment78,858 1.36 %83,736 1.85 %
Environmental & Facilities Services78,018 1.34 %77,721 1.72 %
Other Specialty Retail77,113 1.33 %82,825 1.83 %
Wireless Telecommunication Services71,695 1.23 %71,808 1.59 %
Cable & Satellite70,750 1.22 %20,900 0.46 %
Construction Machinery & Heavy Transportation Equipment65,416 1.13 %60,915 1.34 %
Asset Management & Custody Banks58,959 1.01 %58,889 1.30 %
Property & Casualty Insurance58,714 1.01 %68,452 1.51 %
Real Estate Services58,681 1.01 %  %
Distributors56,956 0.98 %28,823 0.64 %
Alternative Carriers49,876 0.86 %  %
Health Care Supplies49,580 0.85 %67,927 1.50 %
Financial Exchanges & Data47,437 0.82 %47,635 1.05 %
Movies & Entertainment47,251 0.81 %39,844 0.88 %
Diversified Chemicals47,020 0.81 %15,085 0.33 %
Air Freight & Logistics42,228 0.73 %  %
Paper & Plastic Packaging Products & Materials40,406 0.70 %56,443 1.25 %
Data Processing & Outsourced Services39,505 0.68 %55,825 1.23 %
Food Distributors35,300 0.61 %21,638 0.48 %
Commodity Chemicals31,477 0.54 %31,556 0.70 %
Electronic Components28,761 0.49 %28,843 0.64 %
Gold27,862 0.48 %27,777 0.61 %
Real Estate Development25,992 0.45 %25,391 0.56 %
Hotels, Resorts & Cruise Lines21,816 0.38 %20,621 0.46 %
Consumer Finance15,586 0.27 %14,086 0.31 %
Advertising13,707 0.24 %13,983 0.31 %
Biotechnology12,499 0.22 %12,632 0.28 %
Metal, Glass & Plastic Containers12,312 0.21 %24,703 0.55 %
Health Care Distributors10,570 0.18 %32,423 0.72 %
Leisure Facilities9,502 0.16 %9,532 0.21 %
Passenger Airlines7,775 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 %
40

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
March 31, 2025September 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 %
Pharmaceuticals289,6104.97 %7.67 %127,4192.78 %4.03 %
Systems Software253,2574.35 %6.71 %215,1194.70 %6.80 %
Aerospace & Defense238,7204.10 %6.32 %168,2003.68 %5.32 %
Health Care Equipment219,8983.78 %5.82 %44,1700.97 %1.40 %
Interactive Media & Services212,5143.65 %5.63 %170,6823.73 %5.39 %
Diversified Support Services206,7203.55 %5.47 %219,8224.80 %6.95 %
Specialized Consumer Services178,6993.07 %4.73 %54,4111.19 %1.72 %
Health Care Services178,5543.07 %4.73 %200,2454.38 %6.33 %
Multi-Sector Holdings177,4723.05 %4.70 %190,5544.16 %6.02 %
Life Sciences Tools & Services167,2242.87 %4.43 %44,6240.98 %1.41 %
Diversified Financial Services162,5922.79 %4.30 %162,9433.56 %5.15 %
Health Care Technology159,2472.74 %4.22 %131,3582.87 %4.15 %
Education Services144,5992.48 %3.83 %125,1012.73 %3.95 %
Packaged Foods & Meats122,2732.10 %3.24 %80,6571.76 %2.55 %
Insurance Brokers122,2452.10 %3.24 %113,6932.48 %3.59 %
Industrial Machinery & Supplies & Components101,6311.75 %2.69 %104,7542.29 %3.31 %
Research & Consulting Services95,7971.65 %2.54 %38,1030.83 %1.20 %
Trading Companies & Distributors95,0721.63 %2.52 %84,3431.84 %2.67 %
Construction & Engineering94,8131.63 %2.51 %71,0671.55 %2.25 %
Building Products92,1761.58 %2.44 %  % %
Specialized Finance89,1431.53 %2.36 %58,7041.28 %1.86 %
Communications Equipment84,7941.46 %2.25 %88,1601.93 %2.79 %
Other Specialty Retail79,6591.37 %2.11 %87,9621.92 %2.78 %
Electrical Components & Equipment79,0531.36 %2.09 %83,4901.82 %2.64 %
Office Services & Supplies77,5211.33 %2.05 %83,8431.83 %2.65 %
Environmental & Facilities Services76,6621.32 %2.03 %77,6221.70 %2.45 %
Wireless Telecommunication Services73,1751.26 %1.94 %71,9681.57 %2.27 %
Cable & Satellite69,5011.19 %1.84 %21,1050.46 %0.67 %
Construction Machinery & Heavy Transportation Equipment66,6781.15 %1.77 %62,2911.36 %1.97 %
Asset Management & Custody Banks60,5371.04 %1.60 %62,2591.36 %1.97 %
Property & Casualty Insurance58,8881.01 %1.56 %68,6541.50 %2.17 %
Real Estate Services58,6651.01 %1.55 %  % %
Distributors56,5920.97 %1.50 %29,1310.64 %0.92 %
Alternative Carriers49,7570.85 %1.32 %  % %
Health Care Supplies49,5940.85 %1.31 %68,3951.49 %2.16 %
Diversified Chemicals49,3050.85 %1.31 %15,8750.35 %0.50 %
Financial Exchanges & Data48,1350.83 %1.27 %47,7261.04 %1.51 %
Movies & Entertainment47,5310.82 %1.26 %40,0110.87 %1.26 %
Air Freight & Logistics42,2410.73 %1.12 %  % %
Paper & Plastic Packaging Products & Materials40,3580.69 %1.07 %56,6461.24 %1.79 %
Data Processing & Outsourced Services40,0790.69 %1.06 %57,2201.25 %1.81 %
Food Distributors35,8280.62 %0.95 %23,6410.52 %0.75 %
Commodity Chemicals31,4770.54 %0.83 %31,9160.70 %1.01 %
Gold29,5300.51 %0.78 %29,6720.65 %0.94 %
Electronic Components29,0800.50 %0.77 %28,8260.63 %0.91 %
Real Estate Development25,8930.44 %0.69 %25,3740.55 %0.80 %
Hotels, Resorts & Cruise Lines21,6100.37 %0.57 %20,4150.45 %0.65 %
Consumer Finance16,0560.28 %0.43 %13,9520.30 %0.44 %
Advertising13,6490.23 %0.36 %13,9880.31 %0.44 %
Biotechnology12,1280.21 %0.32 %12,2730.27 %0.39 %
Metal, Glass & Plastic Containers11,9200.20 %0.32 %25,3070.55 %0.80 %
Health Care Distributors10,2120.18 %0.27 %31,7320.69 %1.00 %
Leisure Facilities9,3190.16 %0.25 %9,2410.20 %0.29 %
Passenger Airlines7,7180.13 %0.20 %12,0930.26 %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 %
41

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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 1Level 2Level 3Total
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 1Level 2Level 3Total
Senior secured debt $ $1,183,356 $2,890,580 $4,073,936 
Subordinated debt (including CLO notes and credit linked notes) 252,151 223,942 476,093 
Preferred equity  14,008 14,008 
Common equity and warrants  12,196 12,196 
Total investments at fair value 1,435,507 3,140,726 4,576,233 
Derivative assets 21,546  21,546 
Total assets at fair value
$ $1,457,053 $3,140,726 $4,597,779 
Derivative liabilities 11,927  11,927 
Total liabilities at fair value$ $11,927 $ $11,927 
When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. Transfers between levels are recognized at the beginning of the reporting period.
The principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. The Adviser used market quotes as of the valuation date to estimate the fair value of the Company’s 8.400% notes due 2028 and 6.500% notes due 2029, which are included in Level 2 of the hierarchy.

42

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, 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 EquityCommon Equity and WarrantsTotal
Fair value as of December 31, 2024$3,428,782 $255,274 $15,629 $10,377 $3,710,062 
Purchases631,705    631,705 
Sales and repayments(166,175)(344)  (166,519)
Transfers out (a)(22,084)   (22,084)
Capitalized PIK interest income1,727 772   2,499 
Accretion of OID5,309 129   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.
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 EquityCommon Equity and WarrantsTotal
Fair value as of December 31, 2023$1,621,228 $25,352 $12,091 $5,072 $1,663,743 
Purchases470,302 7,612   477,914 
Sales and repayments(92,492)   (92,492)
Transfers in (a)6,785    6,785 
Capitalized PIK interest income1,587 831   2,418 
Accretion of OID3,911    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.
43

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 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 EquityCommon Equity and WarrantsTotal
Fair value as of September 30, 2024$2,890,580 $223,942 $14,008 $12,196 $3,140,726 
Purchases1,306,732 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 income3,736 1,458   5,194 
Accretion of OID11,632 261   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.
(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 EquityCommon Equity and WarrantsTotal
Fair value as of September 30, 2023$1,063,761 $13,792 $5,748 $5,839 $1,089,140 
Purchases1,040,445 19,173 6,211  1,065,829 
Sales and repayments(111,892)   (111,892)
Transfers in (a)10,757    10,757 
Capitalized PIK interest income2,208 830   3,038 
Accretion of OID6,295    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.
44

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior secured debt$3,719,777 Market YieldMarket Yield(b)6.0%-23.0%10.0%
10,571Enterprise ValueRevenue Multiple(e)2.0x-2.2x2.1x
4,487Enterprise ValueEBITDA Multiple(e)7.0x-9.0x8.0x
70,971Transaction Precedent Transaction Price(c)N/A-N/AN/A
87,957Broker QuotationsBroker Quoted Price(d)N/A-N/AN/A
Subordinated debt238,112Market YieldMarket Yield(b)5.0%-11.0%8.4%
18,125Broker QuotationsBroker Quoted Price(d)N/A-N/AN/A
Common equity and warrants & preferred equity20,958Market YieldMarket Yield(b)11.0%-18.0%13.8%
4,799Enterprise ValueRevenue Multiple(e)2.1x-5.3x3.1x
3,112Enterprise ValueEBITDA Multiple(e)7.0x-11.5x9.8x
Total$4,178,869 
_____________________
(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.

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:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior secured debt$2,693,219 Market YieldMarket Yield(b)5.7%-22.0%10.1%
10,208Enterprise ValueRevenue Multiple(e)1.9x-2.1x2.0x
2,391Enterprise ValueEBITDA Multiple(e)6.5x-8.5x7.5x
92,340Transaction Precedent Transaction Price(c)N/A-N/AN/A
92,422Broker QuotationsBroker Quoted Price(d)N/A-N/AN/A
Subordinated debt223,942Market YieldMarket Yield(b)5.0%-12.0%8.6%
Common equity and warrants & preferred equity18,187Enterprise ValueRevenue Multiple(e)0.5x-7.2x2.0x
8,017Enterprise ValueEBITDA Multiple(e)7.3x-15.0x13.5x
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.
45

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company’s investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.
Under the EV technique, the significant unobservable input used in the fair value measurement of the Company’s investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization (“EBITDA”), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.
Note 4. Fee Income
For the three and 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)SharesPar ValueAdditional Paid-in-CapitalAccumulated Distributable Earnings (Loss)Total Net Assets
Balance at September 30, 2024134,288 $1,343 $3,170,746 $(7,749)$3,164,340 
Issuance of Common Shares in private and public offering10,676 107 251,386 — 251,493 
Issuance of Common Shares under distribution reinvestment plan999 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, 2024145,073 $1,451 $3,424,746 $(13,881)$3,412,316 
Issuance of Common Shares in private and public offering17,030 171 399,458 — 399,629 
Issuance of Common Shares under distribution reinvestment plan1,065 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, 2025162,226 $1,622 $3,827,485 $(52,093)$3,777,014 
46

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)SharesPar ValueAdditional Paid-in-CapitalAccumulated Distributable Earnings (Loss)Total Net Assets
Balance at September 30, 202364,896 $649 $1,536,305 $(7,749)$1,529,205 
Issuance of Common Shares in public offering19,952 199 468,588 — 468,787 
Issuance of Common Shares under dividend reinvestment plan496 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, 202384,898 $849 $2,006,013 $(1,691)$2,005,171 
Issuance of Common Shares in public offering19,399 194 457,636 — 457,830 
Issuance of Common Shares under dividend reinvestment plan679 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, 2024104,627 $1,046 $2,471,486 $(1,786)$2,470,746 

47

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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.
The following table summarizes transactions in Common Shares for the six months ended March 31, 2025:
SharesAmount
Class I
Issuance of Common Shares in private and public offering20,193,519 $474,548 
Share transfers between classes44,803 1,056 
Issuance of Common Shares under distribution reinvestment plan912,070 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 offering7,435,488 $174,781 
Share transfers between classes(44,803)(1,056)
Issuance of Common Shares under distribution reinvestment plan1,148,699 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 offering76,334 $1,793 
Issuance of Common Shares under distribution reinvestment plan2,270 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:
SharesAmount
Class I
Issuance of Common Shares in public offering25,921,513 $610,377 
Share transfers between classes10,652 252 
Issuance of Common Shares under dividend reinvestment plan554,879 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 offering13,384,213 $315,146 
Share transfers between classes(10,652)(252)
Issuance of Common Shares under dividend reinvestment plan617,672 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 offering46,430 $1,094 
Issuance of Common Shares under dividend reinvestment plan482 11 
Share repurchases, net of early repurchase deduction  
Net increase (decrease)46,912 $1,105 
Total net increase (decrease)39,730,156 $935,578 
48

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 SharesClass S SharesClass 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 SharesClass S SharesClass 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
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 24, 2024October 30, 2024November 26, 2024$0.2000 $18,473 
MonthlyNovember 26, 2024November 27, 2024December 27, 20240.2000 18,965 
MonthlyDecember 26, 2024December 27, 2024February 3, 20250.2000 19,552 
MonthlyJanuary 28, 2025January 29, 2025February 26, 20250.2000 20,068 
MonthlyFebruary 24, 2025February 26, 2025March 27, 20250.2000 21,111 
MonthlyMarch 24, 2025March 27, 2025April 28, 20250.2000 22,009 
$1.2000 $120,178 
Class S
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 24, 2024October 30, 2024November 26, 2024$0.1833 $8,415 
MonthlyNovember 26, 2024November 27, 2024December 27, 20240.1833 8,632 
MonthlyDecember 26, 2024December 27, 2024February 3, 20250.1833 8,816 
MonthlyJanuary 28, 2025January 29, 2025February 26, 20250.1833 9,026 
MonthlyFebruary 24, 2025February 26, 2025March 27, 20250.1834 9,278 
MonthlyMarch 24, 2025March 27, 2025April 28, 20250.1834 9,543 
$1.1000 $53,710 
49

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
Class D
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 24, 2024October 30, 2024November 26, 2024$0.1951 $16 
MonthlyNovember 26, 2024November 27, 2024December 27, 20240.1951 21 
MonthlyDecember 26, 2024December 27, 2024February 3, 20250.1951 22 
MonthlyJanuary 28, 2025January 29, 2025February 26, 20250.1951 22 
MonthlyFebruary 24, 2025February 26, 2025March 27, 20250.1951 24 
MonthlyMarch 24, 2025March 27, 2025April 28, 20250.1951 31 
$1.1706 $136 
The following table presents distributions that were declared during the six months ended March 31, 2024:
Class I
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 25, 2023October 31, 2023November 28, 2023$0.1900 $9,259 
MonthlyNovember 27, 2023November 30, 2023December 27, 20230.1900 9,916 
SpecialDecember 14, 2023December 15, 2023December 27, 20230.0400 2,296 
MonthlyDecember 20, 2023December 31, 2023February 1, 20240.1900 10,921 
MonthlyJanuary 24, 2024January 31, 2024February 27, 20240.1900 11,872 
MonthlyFebruary 27, 2024February 29, 2024March 27, 20240.2000 13,229 
MonthlyMarch 26, 2024March 27, 2024April 29, 20240.2000 14,041 
$1.2000 $71,534 
Class S
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 25, 2023October 31, 2023November 28, 2023$0.1733 $4,105 
MonthlyNovember 27, 2023November 30, 2023December 27, 20230.1734 4,436 
SpecialDecember 14, 2023December 15, 2023December 27, 20230.0400 1,109 
MonthlyDecember 20, 2023December 31, 2023February 1, 20240.1733 4,825 
MonthlyJanuary 24, 2024January 31, 2024February 27, 20240.1733 5,191 
MonthlyFebruary 27, 2024February 29, 2024March 27, 20240.1833 5,853 
MonthlyMarch 26, 2024March 27, 2024April 29, 20240.1833 6,361 
$1.0999 $31,880 
Class D
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 25, 2023October 31, 2023November 28, 2023$0.1851 $1 
MonthlyNovember 27, 2023November 30, 2023December 27, 20230.1851 3 
SpecialDecember 14, 2023December 15, 2023December 27, 20230.0400 1 
MonthlyDecember 20, 2023December 31, 2023February 1, 20240.1851 4 
MonthlyJanuary 24, 2024January 31, 2024February 27, 20240.1851 5 
MonthlyFebruary 27, 2024February 29, 2024March 27, 20240.1951 10 
MonthlyMarch 26, 2024March 27, 2024April 29, 20240.1951 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.
50

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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 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 IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.0356 $103,653 $0.9352 $45,691 $1.0078 $117 
Distributions in excess of net investment income0.1644 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 IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.0384 $62,260 $0.9391 $27,441 $1.0126 $30 
Distributions in excess of net investment income0.1616 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.
51

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 DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased (1)
Price Paid Per Share
Amount Repurchased (all classes)(2)
December 31, 2024889,569 0.66 %$23.52 $20,910 
March 31, 2025941,577 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 DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased (1)
Price Paid Per Share
Amount Repurchased (all classes)(2)
December 31, 2023446,089 0.69 %$23.62 $10,526 
March 31, 2024348,944 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.
52

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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 CommittedOutstanding PrincipalUnfunded CommitmentUnamortized Debt Financing CostsAvailability PeriodMaturity Date
ING Credit Agreement$1,185.0 $415.0 $770.0 $5.9 6/28/20276/28/2028
JPM SPV Facility500.0 375.0 125.0 4.7 5/29/20275/29/2029
SMBC SPV Facility150.0 75.5 74.5 1.4 9/29/20269/29/2028
CIBC SPV Facility350.0 225.0 125.0 0.7 11/21/202511/21/2025
DBNY SPV Facility300.0 100.0 200.0 2.7 2/15/20272/15/2029
MS SPV Facility200.0 100.0 100.0 1.9 2/23/20272/23/2029
Total$2,685.0 $1,290.5 $1,394.5 $17.3 

 September 30, 2024
($ in millions)Aggregate Principal CommittedOutstanding PrincipalUnfunded CommitmentUnamortized Debt Financing CostsAvailability PeriodMaturity Date
ING Credit Agreement$1,185.0 $415.0 $770.0 $6.8 6/28/20276/28/2028
JPM SPV Facility500.0 230.0 270.0 5.2 5/29/20275/29/2029
SMBC SPV Facility150.0 100.0 50.0 1.6 9/29/20269/29/2028
CIBC SPV Facility350.0 225.0 125.0 1.3 11/21/202511/21/2025
DBNY SPV Facility300.0 100.0 200.0 3.0 2/15/20272/15/2029
MS SPV Facility200.0 25.0 175.0 2.2 2/23/20272/23/2029
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 CostsUnaccreted DiscountSwap Fair Value AdjustmentCarrying ValueFair ValueMaturity Date
2028 Unsecured Notes$350.0 $(3.3)$(1.3)$6.5 $351.9 $379.0 11/14/2028
2029 Unsecured Notes400.0 (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 CostsUnaccreted DiscountSwap Fair Value AdjustmentCarrying ValueFair ValueMaturity Date
2028 Unsecured Notes$350.0 $(3.7)$(1.5)$12.4 $357.2 $378.6 11/14/2028
2029 Unsecured Notes400.0 (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 
53

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
The table below presents the components of interest expense for the following periods:
($ in millions, except percentage)Three Months Ended March 31, 2025Three Months Ended March 31, 2024Six Months Ended March 31, 2025Six Months Ended March 31, 2024
Stated interest expense$36.2 $20.6 $72.4 $35.2 
Credit facility fees3.2 1.3 5.6 2.8 
Amortization of debt financing costs2.1 1.4 4.3 2.4 
Effect of interest rate swaps0.5 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.

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 ½ of 1%, (c) the overnight bank funding rate plus ½ of 1%, (d) certain rates based on SOFR and (e) alternate base rate (“ABR”) plus 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.
54

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)

JPM SPV Facility

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

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

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

SMBC SPV Facility

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

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

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

CIBC SPV Facility

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

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

Borrowings under the CIBC Loan and Servicing Agreement bear interest at a rate per annum equal to, at the request of OSCF Lending V SPV, either (1) 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.

55

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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 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).

56

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
Unsecured Notes
2028 Unsecured Notes

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

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

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

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

2029 Unsecured Notes
On July 23, 2024, the Company issued $400 million aggregate principal amount of its 6.500% Notes due 2029 (the “2029 Unsecured Notes”) pursuant to the Base Indenture and a second supplemental indenture (the “Second Supplemental Indenture”) to the Base Indenture.
The 2029 Unsecured Notes bear interest at a rate of 6.500% per year payable semi-annually in arrears on January 23 and July 23 of each year. The 2029 Unsecured Notes are the Company’s direct, unsecured obligations and rank senior in right of payment to its future indebtedness that is expressly subordinated in right of payment to the 2029 Unsecured Notes; equal in right of payment to its existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by its subsidiaries, financing vehicles or similar facilities.
The Second Supplemental Indenture contains certain covenants, including a covenant requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to the Company by the SEC and to provide financial information to the holders of the 2029 Unsecured Notes and the trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the Second Supplemental Indenture.
In connection with the 2029 Unsecured Notes, the Company entered into an interest rate swap to more closely align the interest rate payable on the 2029 Unsecured Notes with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.500% and pays a floating interest rate of the three-month SOFR plus 2.5954% on a notional amount of $400 million.


57

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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) depreciation30,913 655 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.
(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 gains10,137 
Unrealized gains, net43,084 
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.

58

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
Note 9. Related Party Transactions
Investment Advisory Agreement
Effective as of February 3, 2022, the Company has entered into the Investment Advisory Agreement with the Adviser. The Company pays the Adviser a fee for its services consisting of two components: a management fee and an incentive fee.
Management Fee
Under the Investment Advisory Agreement, the management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of calculating the management fee, net assets means the Company’s total net assets determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as of June 1, 2022, the date on which the Company broke escrow. In addition, the Adviser waived its management fee through November 2022. For the three and 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

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.

59

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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 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.
60

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)

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 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”).
61

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 shares0.85 %
Class D shares0.25 %
Class T shares0.85 %

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.

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
62

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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.
63

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 IClass SClass DClass IClass SClass DClass IClass SClass DClass IClass SClass 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 period97,207 47,759 107 57,111 27,765 22 89,884 44,323 81 44,103 20,787 6 
Common shares outstanding at end of period110,042 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.
64

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.
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance 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 kr76,683 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.
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance 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 kr72,797 11/7/2024 312 Derivative liability
$ $11,927 
In connection with the issuance of the 2028 Unsecured Notes, the Company entered into interest rate swap agreements with the BNP Paribas pursuant to ISDA Master Agreements. In connection with the issuance of the 2029 Unsecured Notes, the Company entered into interest rate swap agreements with Morgan Stanley Bank, N.A. pursuant to ISDA Master Agreements.
Certain information related to the Company’s interest rate swaps is presented below as of March 31, 2025.
DescriptionNotional Amount Maturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Net Amounts
Interest rate swap$350,000 11/14/2028$6,451 $ Derivative asset
Interest rate swap$400,000 7/23/20292,159  Derivative asset
$8,610 $ 
65

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 September 30, 2024.
DescriptionNotional Amount Maturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Net Amounts
Interest rate swap$350,000 11/14/2028$12,357 $ Derivative asset
Interest rate swap$400,000 7/23/20299,189  Derivative asset
$21,546 $ 
66

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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, 2025September 30, 2024
OneOncology, LLC$88,986 $10,470 
Integrity Marketing Acquisition, LLC45,219 48,889 
Poseidon Midco AB34,745 32,272 
Biscuit Parent, LLC31,516 15,000 
Verona Pharma, Inc.29,285 29,285 
Spruce Bidco I Inc.26,341  
Geo Topco Corporation22,887  
TBRS, Inc.20,699  
Everbridge, Inc.19,899 19,899 
PetVet Care Centers, LLC 19,210 19,210 
Accession Risk Management Group, Inc.18,799 28,981 
Telephone and Data Systems, Inc.18,569 18,569 
ASP Integrity Acquisition Co LLC16,953  
THG Acquisition, LLC16,535  
Next Holdco, LLC 16,443 16,443 
PAI Financing Merger Sub LLC15,790  
Janus Bidco Limited15,760 15,793 
Creek Parent, Inc.15,225  
PPW Aero Buyer, Inc.14,899 26,797 
SEI Holding I Corporation14,678 14,608 
NFM & J, L.P.14,651 16,947 
LDS Buyer, LLC13,734  
Monotype Imaging Holdings Inc.13,657 15,061 
SumUp Holdings Luxembourg12,796 12,795 
Bamboo US Bidco LLC11,699 7,220 
F&M BUYER LLC11,435  
Minotaur Acquisition, Inc.11,132 11,132 
AVSC Holding Corp.10,973  
Sorenson Communications, LLC10,178 10,177 
North Star Acquisitionco, LLC9,887 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 LLC8,907 10,716 
Truck-Lite Co., LLC8,668 13,454 
107-109 Beech OAK22 LLC8,544 7,501 
67

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
March 31, 2025September 30, 2024
IW Buyer LLC$7,336 $7,504 
Optimizely North America Inc.7,109  
Microf Funding V LLC7,084 8,670 
Neptune Platform Buyer, LLC6,863 6,863 
Protein for Pets Opco, LLC6,639 6,639 
Project Accelerate Parent, LLC6,250 6,250 
WP CPP Holdings, LLC5,831 5,831 
Legends Hospitality Holding Company, LLC5,782 9,820 
Kings Buyer, LLC5,774 3,329 
Galileo Parent, Inc.5,566 991 
ACP Falcon Buyer Inc5,333 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 LLC4,786 4,835 
Crewline Buyer, Inc.4,573 4,573 
Evergreen IX Borrower 2023, LLC4,006 4,006 
Violin Finco Guernsey Limited3,933 3,933 
iCIMs, Inc.3,920 3,710 
Lightbox Intermediate, L.P.3,845  
BioXcel Therapeutics, Inc.3,577 4,471 
Finastra USA, Inc.3,396 2,436 
Pluralsight, LLC3,351 3,351 
Centralsquare Technologies, LLC3,302 3,378 
Usalco LLC3,269 3,269 
Icefall Parent, Inc.2,662 2,662 
Coupa Holdings, LLC2,122 2,122 
Oranje Holdco, Inc.1,968 1,968 
Establishment Labs Holdings Inc.1,689 3,378 
107 Fair Street LLC1,596 2,849 
Dukes Root Control Inc.763 853 
112-126 Van Houten Real22 LLC546 870 
Grove Hotel Parcel Owner, LLC531 1,768 
Salus Workers' Compensation, LLC531 1,898 
Transit Buyer LLC520 520 
Supreme Fitness Group NY Holdings, LLC396 396 
ASP-R-PAC Acquisition Co LLC317 247 
LSL Holdco, LLC203 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 

68

OAKTREE STRATEGIC CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
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.

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 DistributionShareholder Servicing and/or Distribution FeeNet 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.



69


Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the notes thereto included elsewhere in this quarterly report on Form 10-Q. All amounts are shown in thousands, except share and per share amounts, percentages and as otherwise indicated.
Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or the future performance or financial condition of Oaktree Strategic Credit Fund (the “Company”, which may also be referred to as “we,” “us” or “our”). The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:

our future operating results and distribution projections;
the ability of Oaktree Fund Advisors, LLC (our “Adviser” and, collectively with its affiliates, “Oaktree”) to implement its future plans with respect to our business and to achieve our investment objective;
the ability of Oaktree to attract and retain highly talented professionals;
our business prospects and the prospects of our portfolio companies;
the impact of the investments that we expect to make;
the ability of our portfolio companies to achieve their objectives;
our expected financings and investments and additional leverage we may seek to incur in the future;
the adequacy of our cash resources and working capital;
the timing of cash flows, if any, from the operations of our portfolio companies; and
the impact of current global economic conditions, including those caused by inflation, an elevated (but decreasing) interest rate environment and geopolitical events on all of the foregoing.
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2024 and elsewhere in this quarterly report on Form 10-Q.
Other factors that could cause actual results to differ materially include:
changes or potential disruptions in our operations, the economy, financial markets or political environment, including
those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate environment;
risks associated with possible disruption in our operations, the operations of our portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters or pandemics;
future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies (“BDCs”) or regulated investment companies (“RICs”); and
other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.
We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Business Overview
We are a Delaware statutory trust formed on November 24, 2021 and are structured as a non-diversified, closed-end management investment company. On February 3, 2022, we elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “Investment Company Act”). We have elected to be treated, and intend to qualify annually to be treated as a RIC under the Internal Revenue Code of 1986, as amended (the “Code”). Effective as of February 3, 2022, we are externally managed by the Adviser pursuant to an investment advisory agreement (as amended and restated, the “Investment Advisory Agreement”), between us and the Adviser. The Adviser is a subsidiary of Brookfield Oaktree Holdings, LLC ("BOH") (formerly known as Oaktree Capital Group, LLC). In 2019, Brookfield Asset Management Inc. (“Brookfield”) acquired a majority economic interest in BOH. BOH operates as an independent business within Brookfield, with its own product offerings and investment, marketing and support teams.
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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.


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

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

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

Our Adviser, as the valuation designee of our Board pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of our assets on at least a quarterly basis in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity.
Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:
 
Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.
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 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
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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 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.
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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.
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
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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, 2025September 30, 2024
Cost:
Senior Secured Debt89.92 %89.12 %
Subordinated Debt9.63 %10.33 %
Preferred Equity0.23 %0.27 %
Common Equity and Warrants0.22 %0.28 %
Total100.00 %100.00 %

 March 31, 2025September 30, 2024
Fair Value:
Senior Secured Debt89.92 %89.02 %
Subordinated Debt9.59 %10.40 %
Preferred Equity0.28 %0.31 %
Common Equity and Warrants0.21 %0.27 %
Total100.00 %100.00 %


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

March 31, 2025September 30, 2024
Fair Value:
Application Software16.41 %17.60 %
Pharmaceuticals4.97 %2.78 %
Systems Software4.35 %4.70 %
Aerospace & Defense4.10 %3.68 %
Health Care Equipment3.78 %0.97 %
Interactive Media & Services3.65 %3.73 %
Diversified Support Services3.55 %4.80 %
Specialized Consumer Services3.07 %1.19 %
Health Care Services3.07 %4.38 %
Multi-Sector Holdings3.05 %4.16 %
Life Sciences Tools & Services2.87 %0.98 %
Diversified Financial Services2.79 %3.56 %
Health Care Technology2.74 %2.87 %
Education Services2.48 %2.73 %
Packaged Foods & Meats2.10 %1.76 %
Insurance Brokers2.10 %2.48 %
Industrial Machinery & Supplies & Components1.75 %2.29 %
Research & Consulting Services1.65 %0.83 %
Trading Companies & Distributors1.63 %1.84 %
Construction & Engineering1.63 %1.55 %
Building Products1.58 %— %
Specialized Finance1.53 %1.28 %
Communications Equipment1.46 %1.93 %
Other Specialty Retail1.37 %1.92 %
Electrical Components & Equipment1.36 %1.82 %
Office Services & Supplies1.33 %1.83 %
Environmental & Facilities Services1.32 %1.70 %
Wireless Telecommunication Services1.26 %1.57 %
Cable & Satellite1.19 %0.46 %
Construction Machinery & Heavy Transportation Equipment1.15 %1.36 %
Asset Management & Custody Banks1.04 %1.36 %
Property & Casualty Insurance1.01 %1.50 %
Real Estate Services1.01 %— %
Distributors0.97 %0.64 %
Alternative Carriers0.85 %— %
Health Care Supplies0.85 %1.49 %
Diversified Chemicals0.85 %0.35 %
Financial Exchanges & Data0.83 %1.04 %
Movies & Entertainment0.82 %0.87 %
Air Freight & Logistics0.73 %— %
Paper & Plastic Packaging Products & Materials0.69 %1.24 %
Data Processing & Outsourced Services0.69 %1.25 %
Food Distributors0.62 %0.52 %
Commodity Chemicals0.54 %0.70 %
Gold0.51 %0.65 %
Electronic Components0.50 %0.63 %
Real Estate Development0.44 %0.55 %
Hotels, Resorts & Cruise Lines0.37 %0.45 %
Consumer Finance0.28 %0.30 %
Advertising0.23 %0.31 %
Biotechnology0.21 %0.27 %
Metal, Glass & Plastic Containers0.20 %0.55 %
Health Care Distributors0.18 %0.69 %
Leisure Facilities0.16 %0.20 %
Passenger Airlines0.13 %0.26 %
Diversified Metals & Mining— %0.87 %
Health Care Facilities— %0.56 %
Total100.00 %100.00 %
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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, 2025September 30, 2024
United States87.26 %84.59 %
United Kingdom4.89 %6.24 %
Sweden1.71 %1.21 %
Germany1.47 %— %
Canada1.18 %1.51 %
Netherlands0.91 %1.17 %
Cayman Islands0.89 %1.35 %
Luxembourg0.87 %1.95 %
Costa Rica0.26 %0.29 %
France0.23 %0.30 %
Switzerland0.17 %0.22 %
Chile0.13 %0.26 %
Australia0.03 %0.04 %
India— %0.87 %
Total100.00 %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 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.
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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, 2025For the three months ended March 31, 2024For the six months ended March 31, 2025For the six months ended March 31, 2024
Expenses:
Base management fee$11,471 $7,242 $21,933 $12,998 
Investment income incentive fee10,942 7,980 21,691 13,734 
Capital gains incentive fee(3,044)319 (2,472)2,460 
Professional fees1,389 613 2,430 1,448 
Class S and Class D distribution and shareholder servicing fees2,513 1,614 4,865 2,895 
Board of trustees fees116 116 232 207 
Organization expenses
Amortization of continuous offering costs552 211 919 433 
Interest expense41,977 24,180 84,397 41,920 
Administrator expense358 417 606 719 
General and administrative expenses658 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).
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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 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 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.
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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 Facility230,000 375,000 322,995 375,000 
SMBC SPV Facility100,000 75,500 94,912 100,000 
CIBC SPV Facility225,000 225,000 225,000 225,000 
DBNY SPV Facility100,000 100,000 100,000 100,000 
MS SPV Facility25,000 100,000 62,445 100,000 
2028 Unsecured Notes350,000 350,000 350,000 350,000 
2029 Unsecured Notes400,000 400,000 400,000 400,000 
Total debt$1,845,000 $2,040,500 $2,019,610 
 Payments due by period as of March 31, 2025
Total< 1 year1-3 years3-5 years
ING Credit Agreement$415,000 $— $— $415,000 
Interest due on ING Credit Agreement87,200 26,859 53,718 6,623 
JPM Loan and Security Agreement375,000 — — 375,000 
Interest due on JPM Loan and Security Agreement106,329 25,533 51,066 29,730 
SMBC Loan and Security Agreement75,500 — — 75,500 
Interest due on SMBC Loan and Security Agreement18,812 5,373 10,746 2,693 
CIBC Loan and Servicing Agreement225,000 225,000 — — 
Interest due on CIBC Loan and Servicing Agreement9,057 9,057 — — 
DBNY Loan Financing and Servicing Agreement100,000 — — 100,000 
Interest due on DBNY Loan Financing and Servicing Agreement26,122 6,729 13,458 5,935 
MS Loan and Servicing Agreement100,000 — — 100,000 
Interest due on MS Loan and Servicing Agreement26,003 6,660 13,320 6,023 
2028 Unsecured Notes350,000 — — 350,000 
Interest due on 2028 Unsecured Notes106,119 29,255 58,510 18,354 
2029 Unsecured Notes400,000 — — 400,000 
Interest due on 2029 Unsecured Notes118,850 27,543 55,086 36,221 
Total$2,538,992 $362,009 $255,904 $1,921,079 
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.
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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 offering20,193,519 $474,548 
Share transfers between classes44,803 1,056 
Issuance of Common Shares under distribution reinvestment plan912,070 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 offering7,435,488 $174,781 
Share transfers between classes(44,803)(1,056)
Issuance of Common Shares under distribution reinvestment plan1,148,699 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 offering76,334 $1,793 
Issuance of Common Shares under distribution reinvestment plan2,270 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 offering25,921,513 $610,377 
Share transfers between classes10,652 252 
Issuance of Common Shares under dividend reinvestment plan554,879 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 offering13,384,213 $315,146 
Share transfers between classes(10,652)(252)
Issuance of Common Shares under dividend reinvestment plan617,672 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 offering46,430 $1,094 
Issuance of Common Shares under dividend reinvestment plan482 11 
Share repurchases, net of early repurchase deduction— — 
Net increase (decrease)46,912 $1,105 
Total net increase (decrease)39,730,156 $935,578 




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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 SharesClass S SharesClass 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 SharesClass S SharesClass 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
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 24, 2024October 30, 2024November 26, 2024$0.2000 $18,473 
MonthlyNovember 26, 2024November 27, 2024December 27, 20240.2000 18,965 
MonthlyDecember 26, 2024December 27, 2024February 3, 20250.2000 19,552 
MonthlyJanuary 28, 2025January 29, 2025February 26, 20250.2000 20,068 
MonthlyFebruary 24, 2025February 26, 2025March 27, 20250.2000 21,111 
MonthlyMarch 24, 2025March 27, 2025April 28, 20250.2000 22,009 
$1.2000 $120,178 
Class S
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 24, 2024October 30, 2024November 26, 2024$0.1833 $8,415 
MonthlyNovember 26, 2024November 27, 2024December 27, 20240.1833 8,632 
MonthlyDecember 26, 2024December 27, 2024February 3, 20250.1833 8,816 
MonthlyJanuary 28, 2025January 29, 2025February 26, 20250.1833 9,026 
MonthlyFebruary 24, 2025February 26, 2025March 27, 20250.1834 9,278 
MonthlyMarch 24, 2025March 27, 2025April 28, 20250.1834 9,543 
$1.1000 $53,710 
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Class D
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 24, 2024October 30, 2024November 26, 2024$0.1951 $16 
MonthlyNovember 26, 2024November 27, 2024December 27, 20240.1951 21 
MonthlyDecember 26, 2024December 27, 2024February 3, 20250.1951 22 
MonthlyJanuary 28, 2025January 29, 2025February 26, 20250.1951 22 
MonthlyFebruary 24, 2025February 26, 2025March 27, 20250.1951 24 
MonthlyMarch 24, 2025March 27, 2025April 28, 20250.1951 31 
$1.1706 $136 

The following table presents distributions that were declared during the six months ended March 31, 2024:
Class I
DistributionDate DeclaredRecord DatePayment DateNet Distribution Per ShareDistribution Amount
MonthlyOctober 25, 2023October 31, 2023November 28, 2023$0.1900 $9,259 
MonthlyNovember 27, 2023November 30, 2023December 27, 20230.1900 9,916 
SpecialDecember 14, 2023December 15, 2023December 27, 20230.0400 2,296 
MonthlyDecember 20, 2023December 31, 2023February 1, 20240.1900 10,921 
MonthlyJanuary 24, 2024January 31, 2024February 27, 20240.1900 11,872 
MonthlyFebruary 27, 2024February 29, 2024March 27, 20240.2000 13,229 
MonthlyMarch 26, 2024March 27, 2024April 29, 20240.2000 14,041 
$1.2000 $71,534 
Class S
DistributionDate DeclaredRecord DatePayment DateNet Distribution Per ShareDistribution Amount
MonthlyOctober 25, 2023October 31, 2023November 28, 2023$0.1733 $4,105 
MonthlyNovember 27, 2023November 30, 2023December 27, 20230.1734 4,436 
SpecialDecember 14, 2023December 15, 2023December 27, 20230.0400 1,109 
MonthlyDecember 20, 2023December 31, 2023February 1, 20240.1733 4,825 
MonthlyJanuary 24, 2024January 31, 2024February 27, 20240.1733 5,191 
MonthlyFebruary 27, 2024February 29, 2024March 27, 20240.1833 5,853 
MonthlyMarch 26, 2024March 27, 2024April 29, 20240.1833 6,361 
$1.0999 $31,880 
Class D
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 25, 2023October 31, 2023November 28, 2023$0.1851 $
MonthlyNovember 27, 2023November 30, 2023December 27, 20230.1851 
SpecialDecember 14, 2023December 15, 2023December 27, 20230.0400 
MonthlyDecember 20, 2023December 31, 2023February 1, 20240.1851 
MonthlyJanuary 24, 2024January 31, 2024February 27, 20240.1851 
MonthlyFebruary 27, 2024February 29, 2024March 27, 20240.1951 10 
MonthlyMarch 26, 2024March 27, 2024April 29, 20240.1951 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.
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Share Repurchase Program
At the discretion of our Board, during the quarter ended September 30, 2022 we commenced a share repurchase program pursuant to which we intend to offer to repurchase up to 5% of our Common Shares outstanding (by number of shares or aggregate NAV) as of the close of the previous calendar quarter. 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 DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased (1)
Price Paid Per Share
Amount Repurchased (all classes)(2)
December 31, 2024889,569 0.66 %$23.52 $20,910 
March 31, 2025941,577 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 DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased (1)
Price Paid Per Share
Amount Repurchased (all classes)(2)
December 31, 2023446,089 0.69 %$23.62 $10,526 
March 31, 2024348,944 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.

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Leverage
To seek to enhance our returns, we use and expect to continue to use leverage as market conditions permit and at the discretion of the Adviser. However, as a BDC, subject to certain limited exceptions, we are currently only allowed to borrow amounts in accordance with the asset coverage requirements in the Investment Company Act. On December 17, 2021, our sole shareholder approved the adoption of the 150% asset coverage requirement pursuant to Section 61(a)(2) of the Investment Company Act and such election became effective the following day. We intend to use leverage in the form of borrowings, including loans from certain financial institutions, and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage is expected to be applied on a position-by-position basis, meaning little-to-no leverage may be applied to certain investments, while others may have more leverage applied. Any such leverage would also be expected to increase the total capital available for investment by the Company. We may also create leverage by securitizing our assets (including in CLOs) and retaining the equity portion of the securitized vehicle. As of 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 account bank, Virtus Group, LP, as collateral custodian, the lenders party thereto, and Sumitomo Mitsui Banking Corporation (“SMBC”), as administrative agent and
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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 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
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Bank Trust Company Americas, as trustee, and a first supplemental indenture (the “First Supplemental Indenture”) to the Base Indenture.

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

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

In connection with the 2028 Unsecured Notes, we entered into an interest rate swap to more closely align the interest rate payable on the 2028 Unsecured Notes with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 8.400% and pay a floating interest rate of the three-month SOFR plus 4.0405% on a notional amount of $350 million.
2029 Unsecured Notes
On July 23, 2024, we issued $400 million aggregate principal amount of our 6.500% Notes due 2029 (the “2029 Unsecured Notes”) pursuant to the Base Indenture and a second supplemental indenture (the “Second Supplemental Indenture”) to the Base Indenture.
The 2029 Unsecured Notes mature on July 23, 2029, unless previously redeemed or repurchased in accordance with their terms. The 2029 Unsecured Notes bear interest at a rate of 6.500% per year payable semi-annually in arrears on January 23 and July 23 of each year. The 2029 Unsecured Notes are our direct, unsecured obligations and rank senior in right of payment to our future indebtedness that is expressly subordinated in right of payment to the 2029 Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The Second Supplemental Indenture contains certain covenants, including a covenant requiring us to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC and to provide financial information to the holders of the 2029 Unsecured Notes and the Notes Trustee if we should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the Second Supplemental Indenture.
In connection with the 2029 Unsecured Notes, we entered into an interest rate swap to more closely align the interest rate payable on the 2029 Unsecured Notes with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 6.500% and pays a floating interest rate of the three-month SOFR plus 2.5954% on a notional amount of $400 million.
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Below is a summary of our credit facilities as of March 31, 2025 and September 30, 2024:
March 31, 2025
($ in millions)Aggregate Principal CommittedOutstanding PrincipalUnfunded CommitmentUnamortized Debt Financing CostsAvailability PeriodMaturity Date
ING Credit Agreement$1,185.0 $415.0 $770.0 $5.9 6/28/20276/28/2028
JPM SPV Facility500.0 375.0 125.0 4.7 5/29/20275/29/2029
SMBC SPV Facility150.0 75.5 74.5 1.4 9/29/20269/29/2028
CIBC SPV Facility350.0 225.0 125.0 0.7 11/21/202511/21/2025
DBNY SPV Facility300.0 100.0 200.0 2.7 2/15/20272/15/2029
MS SPV Facility200.0 100.0 100.0 1.9 2/23/20272/23/2029
Total$2,685.0 $1,290.5 $1,394.5 $17.3 

September 30, 2024
($ in millions)Aggregate Principal CommittedOutstanding PrincipalUnfunded CommitmentUnamortized Debt Financing CostsAvailability PeriodMaturity Date
ING Credit Agreement$1,185.0 $415.0 $770.0 $6.8 6/28/20276/28/2028
JPM SPV Facility500.0 230.0 270.0 5.2 5/29/20275/29/2029
SMBC SPV Facility150.0 100.0 50.0 1.6 9/29/20269/29/2028
CIBC SPV Facility350.0 225.0 125.0 1.3 11/21/202511/21/2025
DBNY SPV Facility300.0 100.0 200.0 3.0 2/15/20272/15/2029
MS SPV Facility200.0 25.0 175.0 2.2 2/23/20272/23/2029
Total$2,685.0 $1,095.0 $1,590.0 $20.1 

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 CostsUnaccreted DiscountSwap Fair Value AdjustmentCarrying ValueFair ValueMaturity Date
2028 Unsecured Notes$350.0 $(3.3)$(1.3)$6.5 $351.9 $379.0 11/14/2028
2029 Unsecured Notes400.0 (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 CostsUnaccreted DiscountSwap Fair Value AdjustmentCarrying ValueFair ValueMaturity Date
2028 Unsecured Notes$350.0 $(3.7)$(1.5)$12.4 $357.2 $378.6 11/14/2028
2029 Unsecured Notes400.0 (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 


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The table below presents the components of interest expense for the following periods:
($ in millions, except percentage)Three Months Ended March 31, 2025Three Months Ended March 31, 2024Six Months Ended March 31, 2025Six Months Ended March 31, 2024
Stated interest expense$36.2 $20.6 $72.4 $35.2 
Credit facility fees3.2 1.3 5.6 2.8 
Amortization of debt financing costs2.1 1.4 4.3 2.4 
Effect of interest rate swaps0.5 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 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.
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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 DistributionShareholder Servicing and/or Distribution FeeNet 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.




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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, 2025September 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 ExpenseNet increase in net assets resulting from operations
250$135,903 $(51,013)$84,890 
200108,722 (40,810)67,912 
15081,542 (30,608)50,934 
10054,361 (20,405)33,956 
5027,181 (10,203)16,978 
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Basis point decrease ($ in thousands)(Decrease) in Interest IncomeDecrease in Interest ExpenseNet (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, 2025September 30, 2024
($ in thousands)Debt InvestmentsBorrowingsDebt InvestmentsBorrowings
Prime rate$7,021 $— $4,826 $— 
CORRA
 30 dayC$21,111 — — — 
EURIBOR
30 day65,167 — — — 
90 day166,807 — 182,623 — 
180 day49,907 — 34,034 — 
NIBOR
90 daykr68,811 — kr69,157 — 
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 day161,739 — 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 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
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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”.

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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:
 
ExhibitDescription
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).
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).
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
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.
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.


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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


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