424B3 1 d790243d424b3.htm 424B3 424B3
Table of Contents

Filed pursuant to Rule 424(b)(3)
File No. 333-261775

OAKTREE STRATEGIC CREDIT FUND

SUPPLEMENT NO. 1 DATED FEBRUARY 13, 2024

TO THE PROSPECTUS DATED JANUARY 31, 2024

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Oaktree Strategic Credit Fund (“we,” “our” or the “Company”), dated January 31, 2024 (as supplemented to date, the “Prospectus”). The Prospectus has been filed with the U.S. Securities and Exchange Commission and is available free of charge at www.sec.gov. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purpose of this Supplement is to amend, supplement or modify certain information contained in the Prospectus by including our Quarterly Report on Form 10-Q for the quarter ended December 31, 2023.

Quarterly Report on Form 10-Q for the Quarter Ended December 31, 2023

On February 13, 2024, we filed our Quarterly Report on Form 10-Q for the quarter ended December 31, 2023 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.


Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

Form 10-Q

 

 

 

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

For the quarterly period ended December 31, 2023

OR

 

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

COMMISSION FILE NUMBER: 814-01471

 

 

Oaktree Strategic Credit Fund

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

 

 

Delaware   87-6827742
(State or jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)
333 South Grand Avenue, 28th Floor Los Angeles, CA   90071
(Address of principal executive office)   (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 periods as the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

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

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

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐

Emerging growth company ☒

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

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

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

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Exchange on Which Registered

N/A   N/A   N/A

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

 

Class

   Outstanding at
February 9, 2024*
 

Class I shares of beneficial interest, $0.01 par value

     61,686,655  

Class S shares of beneficial interest, $0.01 par value

     29,980,523  

Class D shares of beneficial interest, $0.01 par value

     27,978  

 

*

Common shares outstanding exclude February 1, 2024 subscriptions because the issuance price is not yet finalized as of the date hereof.

 

 

 


Table of Contents

OAKTREE STRATEGIC CREDIT FUND

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2023

TABLE OF CONTENTS

PART I

 

Item 1.  

Consolidated Financial Statements:

     1  
 

Consolidated Statements of Assets and Liabilities as of December 31, 2023 (unaudited) and September 30, 2023

     1  
 

Consolidated Statements of Operations (unaudited) for the three months ended December 31, 2023 and 2022

     3  
 

Consolidated Statements of Changes in Net Assets (unaudited) for the three months ended December 31, 2023 and 2022

     4  
 

Consolidated Statements of Cash Flows (unaudited) for the three months ended December 31, 2023 and 2022

     5  
 

Consolidated Schedule of Investments (unaudited) as of December  31, 2023

     7  
 

Consolidated Schedule of Investments as of September 30, 2023

     18  
 

Notes to Consolidated Financial Statements (unaudited)

     27  
Item 2.  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

     67  
Item 3.  

Quantitative and Qualitative Disclosures about Market Risk

     87  
Item 4.  

Controls and Procedures

     89  
  PART II   
Item 1.  

Legal Proceedings

     90  
Item 1A.  

Risk Factors

     90  
Item 2.  

Unregistered Sales of Securities and Use of Proceeds

     90  
Item 3.  

Defaults Upon Senior Securities

     90  
Item 4.  

Mine Safety Disclosures

     90  
Item 5.  

Other Information

     90  
Item 6.  

Exhibits

     91  
Signatures        92  


Table of Contents

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)

 

     December 31,
2023
(unaudited)
    September 30,

2023

 

ASSETS

    

Assets:

    

Investments – Non-control/Non-affiliate, at fair value (cost December 31, 2023: $2,831,026; cost September 30, 2023: $1,922,218)

   $ 2,857,808     $ 1,927,237  

Cash and cash equivalents

     93,049       145,499  

Restricted cash

     8,268       5,637  

Due from affiliates

     —        861  

Interest receivable

     21,297       12,591  

Receivables from unsettled transactions

     30,950       11,579  

Due from broker

     2,360       —   

Deferred financing costs

     13,981       13,887  

Deferred offering costs

     307       270  

Derivative asset at fair value

     10,566       2,041  

Other assets

     377       533  
  

 

 

   

 

 

 

Total assets

   $ 3,038,963     $ 2,120,135  
  

 

 

   

 

 

 

LIABILITIES AND NET ASSETS

    

Liabilities:

    

Accounts payable, accrued expenses and other liabilities

   $ 2,881     $ 2,291  

Dividends payable

     15,750       12,026  

Base management fee and incentive fee payable

     10,263       7,543  

Payable for share repurchases

     10,526       5,336  

Due to affiliates

     2,154       8,175  

Interest payable

     10,324       4,676  

Payables from unsettled transactions

     54,389       105,883  

Derivative liabilities at fair value

     2,817       —   

Credit facilities payable

     570,000       445,000  

Unsecured notes payable (net of $4,159 of unamortized financing costs as of December 31, 2023)

     354,688       —   
  

 

 

   

 

 

 

Total liabilities

     1,033,792       590,930  

Commitments and contingencies (Note 11)

    

Net assets:

    

Common shares, $0.01 par value per share; unlimited shares authorized, 84,898 and 64,896 shares issued and outstanding as of December 31, 2023 and September 30, 2023, respectively

     849       649  

Additional paid-in-capital

     2,006,013       1,536,305  

Accumulated distributable earnings (loss)

     (1,691     (7,749
  

 

 

   

 

 

 

Total net assets (equivalent to $23.62 and $23.56 per common share as of December 31, 2023 and September 30, 2023, respectively) (Note 10)

     2,005,171       1,529,205  
  

 

 

   

 

 

 

Total liabilities and net assets

   $ 3,038,963     $ 2,120,135  
  

 

 

   

 

 

 

See notes to Consolidated Financial Statements.

 

1


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)

 

     December 31,
2023
(unaudited)
     September 30,

2023

 

NET ASSET VALUE PER SHARE

     

Class I Shares:

     

Net assets

   $ 1,348,877      $ 1,039,238  

Common shares outstanding ($0.01 par value, unlimited shares authorized)

     57,111        44,103  

Net asset value per share

   $ 23.62      $ 23.56  

Class S Shares:

     

Net assets

   $ 655,764      $ 489,821  

Common shares outstanding ($0.01 par value, unlimited shares authorized)

     27,765        20,787  

Net asset value per share

   $ 23.62      $ 23.56  

Class D Shares:

     

Net assets

   $ 530      $ 146  

Common shares outstanding ($0.01 par value, unlimited shares authorized)

     22        6  

Net asset value per share

   $ 23.62      $ 23.56  

See notes to Consolidated Financial Statements.

 

2


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

     Three months ended
December 31, 2023
    Three months ended
December 31, 2022
 

Interest income:

    

Non-control/Non-affiliate investments

   $ 67,737     $ 14,095  

Interest on cash and cash equivalents

     2,835       173  
  

 

 

   

 

 

 

Total interest income

     70,572       14,268  

PIK interest income:

    

Non-control/Non-affiliate investments

     621       527  
  

 

 

   

 

 

 

Total PIK interest income

     621       527  

Fee income:

    

Non-control/Non-affiliate investments

     401       87  
  

 

 

   

 

 

 

Total fee income

     401       87  
  

 

 

   

 

 

 

Total investment income

     71,594       14,882  
  

 

 

   

 

 

 

Expenses:

    

Base management fee

     5,756       1,396  

Investment income incentive fee

     5,754       1,240  

Capital gains incentive fee

     2,141       —   

Professional fees

     835       398  

Class S and Class D distribution and shareholder servicing fees

     1,281       199  

Board of trustees fees

     91       66  

Organization expenses

     —        4  

Amortization of continuous offering costs

     222       848  

Interest expense

     17,740       2,806  

Administrator expense

     302       144  

General and administrative expenses

     624       178  
  

 

 

   

 

 

 

Total expenses

     34,746       7,279  

Management and incentive fees waived (Note 9)

     —        (1,642

Expense reimbursements (support) (Note 9)

     1,045       (852
  

 

 

   

 

 

 

Net expenses

     35,791       4,785  
  

 

 

   

 

 

 

Net investment income

     35,803       10,097  
  

 

 

   

 

 

 

Unrealized appreciation (depreciation):

    

Non-control/Non-affiliate investments

     21,777       (2,361

Foreign currency forward contracts

     (4,858     (481
  

 

 

   

 

 

 

Net unrealized appreciation (depreciation)

     16,919       (2,842

Realized gains (losses):

    

Non-control/Non-affiliate investments

     (1,078     (637

Foreign currency forward contracts

     1,531       (23
  

 

 

   

 

 

 

Net realized gains (losses)

     453       (660
  

 

 

   

 

 

 

Provision for income tax (expense) benefit

     (241     (51
  

 

 

   

 

 

 

Net realized and unrealized gains (losses), net of taxes

     17,131       (3,553
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

   $ 52,934     $ 6,544  
  

 

 

   

 

 

 

See notes to Consolidated Financial Statements.

 

3


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(unaudited)

 

     Three months ended
December 31, 2023
    Three months ended
December 31, 2022
 

Operations:

    

Net investment income

   $ 35,803     $ 10,097  

Net unrealized appreciation (depreciation)

     16,919       (2,842

Net realized gains (losses)

     453       (660

Provision for income tax (expense) benefit

     (241     (51
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     52,934       6,544  
  

 

 

   

 

 

 

Distributions to common shareholders:

    

Class I

     (32,392     (9,127

Class S

     (14,475     (2,229

Class D

     (9     —   
  

 

 

   

 

 

 

Net decrease in net assets resulting from distributions

     (46,876     (11,356
  

 

 

   

 

 

 

Share transactions:

    

Class I:

    

Issuance of Common shares in public offering

     309,178       84,482  

Issuance of Common shares under dividend reinvestment plan

     5,139       1,045  

Repurchased shares, net of early repurchase deduction

     (8,729     —   
  

 

 

   

 

 

 

Net increase from share transactions

     305,588       85,527  
  

 

 

   

 

 

 

Class S:

    

Issuance of Common shares in public offering

     159,230       45,226  

Issuance of Common shares under dividend reinvestment plan

     6,506       787  

Repurchased shares, net of early repurchase deduction

     (1,797     —   
  

 

 

   

 

 

 

Net increase from share transactions

     163,939       46,013  
  

 

 

   

 

 

 

Class D:

    

Issuance of Common shares in public offering

     379       —   

Issuance of Common shares under dividend reinvestment plan

     2       —   
  

 

 

   

 

 

 

Net increase from share transactions

     381       —   
  

 

 

   

 

 

 

Total increase (decrease) in net assets

     475,966       126,728  
  

 

 

   

 

 

 

Net assets at beginning of period

     1,529,205       366,727  
  

 

 

   

 

 

 

Net assets at end of period

   $ 2,005,171     $ 493,455  
  

 

 

   

 

 

 

Net asset value per common share

   $ 23.62     $ 23.23  
  

 

 

   

 

 

 

Common shares outstanding at end of period

     84,898       21,242  

See notes to Consolidated Financial Statements.

 

4


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

     Three months ended
December 31, 2023
    Three months ended
December 31, 2022
 

Operating activities:

    

Net increase (decrease) in net assets resulting from operations

   $ 52,934     $ 6,544  

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:

    

Net unrealized (appreciation) depreciation

     (16,919     2,842  

Net realized (gains) losses

     (453     660  

PIK interest income

     (621     (527

Accretion of original issue discount on investments

     (4,944     (1,391

Accretion of original issue discount on unsecured notes payable

     45       —   

Amortization of deferred financing costs

     933       199  

Amortization of deferred offering costs

     222       848  

Deferred taxes

     —        (4

Purchases of investments

     (988,824     (273,488

Proceeds from the sales and repayments of investments

     86,390       39,501  

Changes in operating assets and liabilities:

    

(Increase) decrease in due from affiliates

     861       (852

(Increase) decrease in interest receivable

     (8,706     (741

(Increase) decrease in receivables from unsettled transactions

     (19,371     (7,096

(Increase) decrease in due from broker

     (2,360     —   

(Increase) decrease in other assets

     156       184  

Increase (decrease) in accounts payable, accrued expenses and other liabilities

     (361     179  

Increase (decrease) in base management fee and incentive fees payable

     2,720       994  

Increase (decrease) in due to affiliates

     (6,093     632  

Increase (decrease) in interest payable

     5,648       374  

Increase (decrease) in payables from unsettled transactions

     (51,494     (6,334
  

 

 

   

 

 

 

Net cash used in operating activities

     (950,237     (237,476
  

 

 

   

 

 

 

Financing activities:

    

Distributions paid in cash

     (31,504     (8,368

Borrowings under credit facilities

     125,000       175,000  

Repayments of borrowings under credit facilities

     —        (80,000

Issuance of unsecured notes

     348,236       —   

Proceeds from issuance of common shares

     468,787       129,707  

Deferred financing costs paid

     (4,248     (215

Deferred offering costs paid

     (175     (50

Share repurchases paid

     (5,336     —   
  

 

 

   

 

 

 

Net cash provided by financing activities

     900,760       216,074  
  

 

 

   

 

 

 

Effect of exchange rate changes on foreign currency

     (342     (743
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents and restricted cash

     (49,819     (22,145

Cash and cash equivalents and restricted cash, beginning of period

     151,136       58,443  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash, end of period

   $ 101,317     $ 36,298  
  

 

 

   

 

 

 

 

5


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

     Three months ended
December 31, 2023
     Three months ended
December 31, 2022
 

Supplemental information:

     

Cash paid for interest

   $ 11,113      $ 2,233  

Non-cash financing activities:

     

Deferred financing costs incurred

   $ 939      $ —   

Deferred offering costs incurred

     84        293  

Distribution payable

     15,750        4,810  

Reinvestment of dividends during the period

     11,647        1,832  

Shares repurchases accrued but not yet paid

     10,526        —   

Reconciliation to the Statement of Assets and Liabilities

   December 31, 2023      September 30, 2023  

Cash and cash equivalents

   $ 93,049      $ 145,499  

Restricted cash

     8,268        5,637  
  

 

 

    

 

 

 

Total cash and cash equivalents and restricted cash

   $ 101,317      $ 151,136  
  

 

 

    

 

 

 

See notes to Consolidated Financial Statements.

 

6


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Portfolio Company

 

Industry

  

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair
Value
    Notes

Non-Control/Non-Affiliate Investments

                       (7)

37 Capital CLO 4

  Multi-Sector Holdings    CLO Notes   SOFR+     5.50     10.87     1/15/2034     $ 5,000     $ 5,000     $ 5,018     (5)(10)

107-109 Beech OAK22 LLC

  Real Estate Development    First Lien Revolver         11.00     2/27/2026       11,883       11,770       11,614     (8)(9)

107 Fair Street LLC

  Real Estate Development    First Lien Term Loan         12.50     5/31/2024       1,031       1,016       998     (8)(9)(11)

112-126 Van Houten Real22 LLC

  Real Estate Development    First Lien Term Loan         12.00     5/4/2024       3,451       3,437       3,400     (8)(9)(11)

AB BSL CLO 4

  Multi-Sector Holdings    CLO Notes   SOFR+     5.50     10.92     4/20/2036       3,800       3,800       3,835     (5)(10)

Access CIG, LLC

  Diversified Support Services    First Lien Term Loan   SOFR+     5.00     10.39     8/18/2028       30,424       29,909       30,512     (5)

ACP Falcon Buyer Inc

  Systems Software    First Lien Term Loan   SOFR+     6.50     11.85     8/1/2029       34,667       33,700       33,866     (5)(8)

ACP Falcon Buyer Inc

  Systems Software    First Lien Revolver   SOFR+     6.50       8/1/2029       —        (149     (123   (5)(8)(9)

ADC Therapeutics SA

  Biotechnology    First Lien Term Loan   SOFR+     7.50     13.00     8/15/2029       10,406       9,977       9,912     (5)(8)(10)

ADC Therapeutics SA

  Biotechnology    First Lien Term Loan   SOFR+     7.50       8/15/2029       —        (60     (60)     (5)(8)(9)(10)

ADC Therapeutics SA

  Biotechnology    Warrants               45,727         275       21     (8)(10)

AI Sirona (Luxembourg)

Acquisition S.a.r.l.

  Pharmaceuticals    First Lien Term Loan   E+     5.00     8.84     9/30/2028     21,000       23,002       23,279     (5)(10)

AIP RD Buyer Corp.

  Distributors    Second Lien Term Loan   SOFR+     7.75     13.21     12/21/2029     $ 4,093       4,032       4,019     (5)(8)

AIP RD Buyer Corp.

  Distributors    Common Stock               4,560         428       636     (8)

Altice France S.A.

  Integrated Telecommunication Services    First Lien Term Loan   L+     4.00     9.64     8/14/2026       3,093       3,028       2,892     (5)(10)

Altice France S.A.

  Integrated Telecommunication Services    Fixed Rate Bond         5.50     10/15/2029       7,200       6,046       5,655     (10)

Alto Pharmacy Holdings, Inc.

  Health Care Technology    First Lien Term Loan   SOFR+     11.50     5.00     11.95   10/14/2027       13,703       12,846       12,606     (5)(8)

Alto Pharmacy Holdings, Inc.

  Health Care Technology    Warrants               878,545         943       2,293     (8)

American Airlines Group Inc.

  Passenger Airlines    Fixed Rate Bond         8.50     5/15/2029       6,534       6,534       6,904     (10)

American Auto Auction Group, LLC

  Diversified Support Services    Second Lien Term Loan   SOFR+     8.75     14.25     1/2/2029       6,901       6,801       6,452     (5)(8)

American Rock Salt Company LLC

  Diversified Metals & Mining    First Lien Term Loan   SOFR+     4.00     9.47     6/9/2028       27,357       26,010       25,938     (5)

American Tire Distributors, Inc.

  Distributors    First Lien Term Loan   SOFR+     6.25     11.91     10/20/2028       17,627       15,784       14,838     (5)

AmSpec Parent LLC

  Diversified Support Services    First Lien Term Loan   SOFR+     5.75     11.10     12/5/2030       70,424       68,683       68,664     (5)(8)

AmSpec Parent LLC

  Diversified Support Services    First Lien Term Loan   SOFR+     5.75       12/5/2030       —        (127     (127   (5)(8)(9)

AmSpec Parent LLC

  Diversified Support Services    First Lien Revolver   SOFR+     5.75       12/5/2029       —        (235     (238   (5)(8)(9)

Amynta Agency Borrower Inc.

  Property & Casualty Insurance    First Lien Term Loan   SOFR+     5.00     10.45     2/28/2028       11,970       11,669       12,000     (5)

Amynta Agency Borrower Inc.

  Property & Casualty Insurance    First Lien Term Loan   SOFR+     4.25     9.61     2/28/2028       27,930       27,930       28,000     (5)

Anastasia Parent, LLC

  Personal Care Products    First Lien Term Loan   SOFR+     3.75     9.36     8/11/2025       6,822       5,727       4,173     (5)

Arches Buyer Inc.

  Interactive Media & Services    First Lien Term Loan   SOFR+     5.50     10.86     12/6/2027       94,203       92,794       92,790     (5)(8)

Ardonagh Midco 3 PLC

  Insurance Brokers    First Lien Term Loan   E+     6.75     10.70     7/14/2026     9,600       9,650       10,711     (5)(8)(10)

Ardonagh Midco 3 PLC

  Insurance Brokers    First Lien Term Loan   SOFR+     6.75     12.57     7/14/2026     $ 3,520       3,368       3,591     (5)(8)(9)(10)

 

7


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair
Value
    Notes

ARES LXIV CLO

  Multi-Sector Holdings   CLO Notes   SOFR+     3.75     9.14     4/15/2035     $ 2,200     $ 2,053     $ 2,212     (5)(10)

ARES LXVIII CLO

  Multi-Sector Holdings   CLO Notes   SOFR+     5.75     11.13     4/25/2035       5,000       5,000       5,121     (5)(10)

Arsenal AIC Parent LLC

  Diversified Metals & Mining   First Lien Term Loan   SOFR+     4.50     9.86     8/18/2030       9,975       9,875       10,031     (5)

ASP-R-PAC Acquisition Co LLC

  Paper & Plastic Packaging Products & Materials   First Lien Term Loan   SOFR+     6.00     11.64     12/29/2027       4,849       4,785       4,558     (5)(8)(10)

ASP-R-PAC Acquisition Co LLC

  Paper & Plastic Packaging Products & Materials   First Lien Revolver   SOFR+     6.00       12/29/2027       —        (8     (35   (5)(8)(9)(10)

Astra Acquisition Corp.

  Application Software   First Lien Term Loan   SOFR+     5.25     10.86     10/25/2028       10,405       8,425       6,785     (5)

Asurion, LLC

  Property & Casualty Insurance   First Lien Term Loan   SOFR+     4.00     9.46     8/19/2028       11,920       11,507       11,886     (5)

Asurion, LLC

  Property & Casualty Insurance   First Lien Term Loan   SOFR+     4.25     9.71     8/19/2028       24,882       24,025       24,829     (5)

athenahealth Group Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     3.25     8.61     2/15/2029       33,156       31,885       33,056     (5)

athenahealth Group Inc.

  Health Care Technology   Fixed Rate Bond         6.50     2/15/2030       15,040       13,097       13,664    

athenahealth Group Inc.

  Health Care Technology   Preferred Equity               5,809         5,693       5,544     (8)

Avalara, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25     12.60     10/19/2028       19,029       18,649       18,791     (5)(8)

Avalara, Inc.

  Application Software   First Lien Revolver   SOFR+     7.25       10/19/2028       —        (38     (24   (5)(8)(9)

Bain Capital Credit CLO 2022-3

  Multi-Sector Holdings   CLO Notes   SOFR+     3.70     9.10     7/17/2035       3,500       3,370       3,515     (5)

Bamboo US Bidco LLC

  Health Care Equipment   First Lien Term Loan   SOFR+     6.00     11.38     9/30/2030       24,960       24,239       24,211     (5)(8)

Bamboo US Bidco LLC

  Health Care Equipment   First Lien Term Loan   E+     6.00     9.95     9/30/2030     15,530       15,968       16,640     (5)(8)

Bamboo US Bidco LLC

  Health Care Equipment   First Lien Term Loan   SOFR+     6.00     11.36     9/30/2030     $ 268       205       209     (5)(8)(9)

Bamboo US Bidco LLC

  Health Care Equipment   First Lien Revolver   SOFR+     6.00       10/1/2029       —        (149     (156   (5)(8)(9)

Bausch + Lomb Corporation

  Health Care Supplies   First Lien Term Loan   SOFR+     3.25     8.71     5/10/2027       23,116       22,609       22,929     (5)(10)

Bausch + Lomb Corporation

  Health Care Supplies   Fixed Rate Bond         8.38     10/1/2028       9,000       8,982       9,506     (10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     7.50       4/19/2027       —        —        —      (5)(8)(9)(10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     7.50     12.89     4/19/2027       1,346       1,346       1,255     (5)(8)(10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan         8.00     2.25   4/19/2027       —        —        —      (8)(9)(10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan         8.00     2.25   4/19/2027       —        —        —      (8)(9)(10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan         8.00     2.25   4/19/2027       3,234       3,143       3,015     (8)(10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   Warrants               15,566         74       22     (8)(10)

Carlyle Euro CLO 2021-2

  Multi-Sector Holdings   CLO Notes   E+     3.30     7.27     10/15/2035     1,400       1,376       1,428     (5)(10)

CCO Holdings LLC

  Cable & Satellite   Fixed Rate Bond         4.50     5/1/2032     $ 18,281       14,765       15,681     (10)

CD&R Firefly Bidco Limited

  Other Specialty Retail   First Lien Term Loan   SONIA+     6.00     11.29     6/21/2028     £ 30,197       36,491       37,839     (5)(10)

Clear Channel Outdoor Holdings, Inc.

  Advertising   First Lien Term Loan   SOFR+     3.50     9.14     8/21/2026     $ 6,915       6,558       6,856     (5)(10)

Clear Channel Outdoor Holdings, Inc.

  Advertising   Fixed Rate Bond         5.13     8/15/2027       726       649       694     (10)

Clear Channel Outdoor Holdings, Inc.

  Advertising   Fixed Rate Bond         9.00     9/15/2028       4,000       4,000       4,177     (10)

 

8


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair
Value
    Notes

Cloud Software Group, Inc.

  Application Software   First Lien Term Loan   SOFR+     4.50     9.95     3/30/2029     $ 38,657     $ 36,637     $ 37,858     (5)

Cloud Software Group, Inc.

  Application Software   Fixed Rate Bond         6.50     3/31/2029       10,740       9,699       10,238    

Colony Holding Corporation

  Distributors   First Lien Term Loan   SOFR+     6.50     11.98     5/13/2026       12,087       11,824       11,869     (5)(8)

Colony Holding Corporation

  Distributors   First Lien Term Loan   SOFR+     6.50     11.99     5/13/2026       3,930       3,869       3,859     (5)(8)

Condor Merger Sub Inc.

  Systems Software   Fixed Rate Bond         7.38     2/15/2030       9,277       8,670       8,485    

Connect U.S. Finco LLC

  Alternative Carriers   Fixed Rate Bond         6.75     10/1/2026       22,510       21,327       22,395     (10)

Coupa Holdings, LLC

  Application Software   First Lien Term Loan   SOFR+     7.50     12.86     2/27/2030       13,464       13,167       13,184     (5)(8)

Coupa Holdings, LLC

  Application Software   First Lien Term Loan   SOFR+     7.50       2/27/2030       —        (15     (11   (5)(8)(9)

Coupa Holdings, LLC

  Application Software   First Lien Revolver   SOFR+     7.50       2/27/2029       —        (20     (19   (5)(8)(9)

Covetrus, Inc.

  Health Care Distributors   First Lien Term Loan   SOFR+     5.00     10.35     10/13/2029       30,879       29,591       30,903     (5)

Crewline Buyer, Inc.

  Systems Software   First Lien Term Loan   SOFR+     6.75     12.10     11/8/2030       43,911       42,837       42,857     (5)(8)

Crewline Buyer, Inc.

  Systems Software   First Lien Revolver   SOFR+     6.75       11/8/2030       —        (112     (110   (5)(8)(9)

Curium Bidco S.à.r.l.

  Pharmaceuticals   First Lien Term Loan   SOFR+     4.50     9.85     7/31/2029       8,425       8,299       8,430     (5)(10)

CVAUSA Management, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.50     11.87     5/22/2029       19,915       19,547       19,373     (5)(8)

CVAUSA Management, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.50     11.74     5/22/2029       1,343       1,205       1,094     (5)(8)(9)

CVAUSA Management, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.50     11.74     5/22/2029       562       446       458     (5)(8)(9)

CVAUSA Management, LLC

  Health Care Services   First Lien Revolver   SOFR+     6.50       5/22/2029       —        (69     (69   (5)(8)(9)

Dealer Tire Financial, LLC

  Distributors   First Lien Term Loan   SOFR+     4.50     9.86     12/14/2027       11,095       11,020       11,147     (5)

Dealer Tire Financial, LLC

  Distributors   Fixed Rate Bond         8.00     2/1/2028       920       884       912    

Delta Leasing SPV II LLC

  Specialized Finance   Subordinated Debt Term Loan         3.00     7.00   8/31/2029       25,352       25,352       25,352     (8)(10)

Delta Leasing SPV II LLC

  Specialized Finance   Preferred Equity               330         330       330     (8)(10)

Delta Leasing SPV II LLC

  Specialized Finance   Common Stock               2         2       2     (8)(10)

Delta Leasing SPV II LLC

  Specialized Finance   Warrants               25         —        —      (8)(10)

DirecTV Financing, LLC

  Cable & Satellite   First Lien Term Loan   SOFR+     5.00     10.65     8/2/2027       22,978       22,509       23,019     (5)

DirecTV Financing, LLC

  Cable & Satellite   Fixed Rate Bond         5.88     8/15/2027       6,070       5,383       5,708    

DTI Holdco, Inc.

  Research & Consulting Services   First Lien Term Loan   SOFR+     4.75     10.13     4/26/2029       28,651       27,453       28,390     (5)

Dukes Root Control Inc.

  Environmental & Facilities Services   First Lien Term Loan   SOFR+     6.50     12.14     12/8/2028       11,775       11,557       11,627     (5)(8)

Dukes Root Control Inc.

  Environmental & Facilities Services   First Lien Term Loan   SOFR+     6.50     12.04     12/8/2028       1,057       1,020       1,021     (5)(8)(9)

Dukes Root Control Inc.

  Environmental & Facilities Services   First Lien Revolver   SOFR+     6.50     12.22     12/8/2028       754       727       736     (5)(8)(9)

Eagle Parent Corp.

  Diversified Support Services   First Lien Term Loan   SOFR+     4.25     9.60     4/2/2029       14,908       14,795       14,803     (5)

Entrata, Inc.

  Application Software   First Lien Term Loan   SOFR+     6.00     11.36     7/10/2030       45,603       44,541       44,417     (5)(8)

 

9


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair
Value
    Notes

Entrata, Inc.

  Application Software   First Lien Revolver   SOFR+     6.00       7/10/2028     $ —      $ (118   $ (135   (5)(8)(9)

Enverus Holdings, Inc.

  Application Software   First Lien Term Loan   SOFR+     5.50     10.84     12/24/2029       54,170       53,357       53,357     (5)(8)

Enverus Holdings, Inc.

  Application Software   First Lien Term Loan   SOFR+     5.50       12/24/2029       —        (41     (41   (5)(8)(9)

Enverus Holdings, Inc.

  Application Software   First Lien Revolver   SOFR+     5.50       12/24/2029       —        (62     (62   (5)(8)(9)

Establishment Labs Holdings Inc.

  Health Care Technology   First Lien Term Loan         3.00     6.00   4/21/2027       11,216       11,112       10,711     (8)(10)

Establishment Labs Holdings Inc.

  Health Care Technology   First Lien Term Loan         3.00     6.00   4/21/2027       1,796       1,774       1,715     (8)(10)

Establishment Labs Holdings Inc.

  Health Care Technology   First Lien Term Loan         3.00     6.00   4/21/2027       —        1       —      (8)(9)(10)

Establishment Labs Holdings Inc.

  Health Care Technology   First Lien Term Loan         3.00     6.00   4/21/2027       —        1       —      (8)(9)(10)

Evergreen IX Borrower 2023, LLC

  Application Software   First Lien Term Loan   SOFR+     6.00     11.35     9/29/2030       36,306       35,432       35,464     (5)(8)

Evergreen IX Borrower 2023, LLC

  Application Software   First Lien Revolver   SOFR+     6.00       9/29/2029       —        (95     (92   (5)(8)(9)

Finastra USA, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25     12.71     9/13/2029       43,732       42,901       42,971     (5)(8)(10)

Finastra USA, Inc.

  Application Software   First Lien Revolver   SOFR+     7.25     12.61     9/13/2029       1,201       1,115       1,122     (5)(8)(9)(10)

Fortress Credit BSL XIV

  Multi-Sector Holdings   CLO Notes   SOFR+     7.65     13.06     10/23/2034       2,300       2,074       2,093     (5)(10)

Frontier Communications Holdings, LLC

  Integrated Telecommunication Services   First Lien Term Loan   SOFR+     3.75     9.22     10/8/2027       25,786       25,209       25,690     (5)(10)

Frontier Communications Holdings, LLC

  Integrated Telecommunication Services   Fixed Rate Bond         6.00     1/15/2030       7,517       6,346       6,421     (10)

Galileo Parent, Inc.

  Aerospace & Defense   First Lien Term Loan   SOFR+     7.25     12.60     5/3/2029       20,226       19,687       19,878     (5)(8)

Galileo Parent, Inc.

  Aerospace & Defense   First Lien Revolver   SOFR+     7.25     12.60     5/3/2029       1,036       952       982     (5)(8)(9)

Gallatin CLO X 2023-1

  Multi-Sector Holdings   CLO Notes   SOFR+     5.41     10.74     10/14/2035       5,000       4,913       4,912     (5)(10)

Gibson Brands, Inc.

  Leisure Products   First Lien Term Loan   SOFR+     5.00     10.66     8/11/2028       4,905       4,767       4,398     (5)(8)

GoldenTree Loan Management EUR CLO 2 DAC

  Multi-Sector Holdings   CLO Notes   E+     2.85     6.84     1/20/2032     1,000       880       1,033     (5)(10)

Greenway Health, LLC

  Health Care Technology   First Lien Term Loan   SOFR+     6.75     11.93     4/1/2029     $ 25,000       24,255       24,255     (5)(8)

Grove Hotel Parcel Owner, LLC

  Hotels, Resorts & Cruise Lines   First Lien Term Loan   SOFR+     8.00     13.46     6/21/2027       17,463       17,221       17,173     (5)(8)

Grove Hotel Parcel Owner, LLC

  Hotels, Resorts & Cruise Lines   First Lien Term Loan   SOFR+     8.00       6/21/2027       —        (49     (59   (5)(8)(9)

Grove Hotel Parcel Owner, LLC

  Hotels, Resorts & Cruise Lines   First Lien Revolver   SOFR+     8.00       6/21/2027       —        (25     (29   (5)(8)(9)

Harbor Purchaser Inc.

  Education Services   First Lien Term Loan   SOFR+     5.25     10.71     4/9/2029       6,217       5,984       6,114     (5)

Harrow, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     6.50     12.00     1/19/2026       9,319       9,150       9,203     (5)(8)(10)

Harrow, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     6.50     12.00     1/19/2026       1,792       1,755       1,770     (5)(8)(10)

Harrow, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     6.50       1/19/2026       —        (91     (63   (5)(8)(9)(10)

Hertz Vehicle Financing III

  Specialized Finance   CLO Notes         5.16     6/26/2028       7,500       6,540       6,675     (10)

Hertz Vehicle Financing III

  Specialized Finance   CLO Notes         6.78     9/25/2028       17,377       15,888       16,195     (10)

Horizon Aircraft Finance I Ltd.

  Specialized Finance   CLO Notes         4.46     12/15/2038       12,168       10,287       10,549     (10)

 

10


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair
Value
    Notes

Horizon Aircraft Finance II Ltd.

  Specialized Finance   CLO Notes         3.72     7/15/2039     $ 2,133     $ 1,829     $ 1,885     (10)

HUB Pen Company, LLC

  Other Specialty Retail   First Lien Term Loan   SOFR+     6.50     11.94     12/31/2027       27,267       26,627       26,596     (5)(8)

HUB Pen Company, LLC

  Other Specialty Retail   First Lien Revolver   SOFR+     6.50     11.94     12/31/2027       108       30       26     (5)(8)(9)

IAMGOLD Corporation

  Gold   Second Lien Term Loan   SOFR+     8.25     13.63     5/16/2028       28,394       27,650       27,855     (5)(8)(10)

iCIMs, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25     12.62     8/18/2028       15,621       15,424       15,048     (5)(8)

iCIMs, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25     12.62     8/18/2028       2,325       2,293       2,262     (5)(8)

iCIMs, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25       8/18/2028       —        —        —      (5)(8)(9)

iCIMs, Inc.

  Application Software   First Lien Revolver   SOFR+     6.75     12.10     8/18/2028       241       222       176     (5)(8)(9)

Impel Pharmaceuticals Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     10.75       3/17/2027       10,187       9,687       5,389     (5)(8)(12)

Impel Pharmaceuticals Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     10.75       3/17/2027       305       285       242     (5)(8)(12)

Impel Pharmaceuticals Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     10.75       3/17/2027       812       787       643     (5)(8)(12)

Impel Pharmaceuticals Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     10.75       3/17/2027       364       358       288     (5)(8)(12)

Impel Pharmaceuticals Inc.

  Health Care Technology   Warrants               127,376         —        —     

Innocoll Pharmaceuticals Limited

  Health Care Technology   Warrants               36,087         85       —      (8)(10)

Inventus Power, Inc.

  Electrical Components & Equipment   First Lien Term Loan   SOFR+     7.50     12.97     6/30/2025       43,655       42,679       42,669     (5)(8)

Inventus Power, Inc.

  Electrical Components & Equipment   First Lien Revolver   SOFR+     7.50       6/30/2025       —        (111     (112   (5)(8)(9)

IW Buyer LLC

  Electrical Components & Equipment   First Lien Term Loan   SOFR+     6.75     12.21     6/28/2029       34,288       33,348       33,345     (5)(8)

IW Buyer LLC

  Electrical Components & Equipment   First Lien Revolver   SOFR+     6.75       6/28/2029       —        (176     (177   (5)(8)(9)

KDC/ONE Development Corp Inc

  Personal Care Products   First Lien Term Loan   SOFR+     5.00     10.36     8/15/2028       23,750       23,088       23,590     (5)(10)

Kindercare Learning Centers Kindercare Portfolio

  Diversified Real Estate Activities   CLO Notes   SOFR+     2.41     7.78     8/15/2038       4,964       4,622       4,717     (5)(10)

Kings Buyer, LLC

  Environmental & Facilities Services   First Lien Term Loan   SOFR+     6.50     11.84     10/29/2027       4,803       4,755       4,731     (5)(8)

Kings Buyer, LLC

  Environmental & Facilities Services   First Lien Term Loan   SOFR+     6.50     11.99     10/29/2027       58,992       58,165       58,107     (5)(8)

Kings Buyer, LLC

  Environmental & Facilities Services   First Lien Revolver   SOFR+     6.50       10/29/2027       —        (7     (10   (5)(8)(9)

Kings Buyer, LLC

  Environmental & Facilities Services   First Lien Revolver   SOFR+     6.50       10/29/2027       —        (68     (73   (5)(8)(9)

LABL, Inc.

  Office Services & Supplies   First Lien Term Loan   SOFR+     5.00     10.46     10/29/2028       21,572       21,128       20,748     (5)

Latam Airlines Group S.A.

  Passenger Airlines   First Lien Term Loan   SOFR+     9.50     15.08     10/12/2027       12,002       11,216       12,370     (5)(10)

LSL Holdco, LLC

  Health Care Distributors   First Lien Term Loan   SOFR+     6.00     11.46     1/31/2028       8,974       8,852       8,301     (5)(8)

LSL Holdco, LLC

  Health Care Distributors   First Lien Term Loan   SOFR+     6.00     11.46     1/31/2028       1,045       987       967     (5)(8)

LSL Holdco, LLC

  Health Care Distributors   First Lien Revolver   SOFR+     6.00       1/31/2028       —        (14     (76   (5)(8)(9)

 

11


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair
Value
    Notes

Madison Park Funding LXIII

  Multi-Sector Holdings   CLO Notes   SOFR+     5.50     10.91     4/21/2035     $ 5,000     $ 5,000     $ 5,099     (5)(10)

Madison Park Euro Funding XIV

  Multi-Sector Holdings   CLO Notes   E+     3.60     7.57     7/15/2032     6,450       6,762       6,915     (5)(10)

Mauser Packaging Solutions Holding Company

  Metal, Glass & Plastic Containers   First Lien Term Loan   SOFR+     4.00     9.34     8/14/2026     $ 15,940       15,845       16,021     (5)

Mauser Packaging Solutions Holding Company

  Metal, Glass & Plastic Containers   Fixed Rate Bond         7.88     8/15/2026       12,500       12,348       12,732    

McAfee Corp.

  Systems Software   First Lien Term Loan   SOFR+     3.75     9.19     3/1/2029       23,797       23,007       23,762     (5)

Medline Borrower, LP

  Health Care Supplies   First Lien Term Loan   SOFR+     3.00     8.47     10/23/2028       26,818       26,332       26,984     (5)

Mesoblast, Inc.

  Biotechnology   First Lien Term Loan         8.00     1.75   11/19/2026       2,331       2,206       2,080     (8)(10)

Mesoblast, Inc.

  Biotechnology   Warrants               66,347         152       17     (8)(10)

Mesoblast, Inc.

  Biotechnology   Warrants               17,058         —        7     (8)(10)

MHE Intermediate Holdings, LLC

  Diversified Support Services   First Lien Term Loan   SOFR+     6.25     11.78     7/21/2027       1,659       1,623       1,646     (5)(8)

MHE Intermediate Holdings, LLC

  Diversified Support Services   First Lien Term Loan   SOFR+     6.00     11.53     7/21/2027       5,286       5,180       5,207     (5)(8)

Mitchell International, Inc.

  Application Software   First Lien Term Loan   SOFR+     3.75     9.40     10/15/2028       32,309       31,544       32,342     (5)

Mitchell International, Inc.

  Application Software   Second Lien Term Loan   SOFR+     6.50     12.15     10/15/2029       170       163       167     (5)

MND Holdings III Corp

  Other Specialty Retail   First Lien Term Loan   SOFR+     7.50     12.89     5/9/2028       41,483       40,840       41,897     (5)(8)

MND Holdings III Corp

  Other Specialty Retail   First Lien Revolver   SOFR+     7.50     12.86     5/9/2028       8,498       8,256       8,498     (5)(8)(9)

MRI Software LLC

  Application Software   First Lien Term Loan   SOFR+     5.50     10.95     2/10/2027       4,585       4,450       4,539     (5)(8)

MRI Software LLC

  Application Software   First Lien Term Loan   SOFR+     5.50     10.95     2/10/2027       7,185       7,178       7,113     (5)(8)

MRI Software LLC

  Application Software   First Lien Term Loan   SOFR+     5.50       2/10/2027       —        (136     —      (5)(8)(9)

MRI Software LLC

  Application Software   First Lien Revolver   SOFR+     5.50       2/10/2027       —        —        (23   (5)(8)(9)

New Enterprise Stone & Lime Co Inc

  Construction Materials   Fixed Rate Bond         5.25     7/15/2028       2,250       2,088       2,149    

Next Holdco, LLC

  Health Care Technology   First Lien Term Loan   SOFR+     6.00     11.37     11/12/2030       46,624       45,925       46,055     (5)(8)

Next Holdco, LLC

  Health Care Technology   First Lien Term Loan   SOFR+     6.00       11/12/2030       —        (90     (90   (5)(8)(9)

Next Holdco, LLC

  Health Care Technology   First Lien Revolver   SOFR+     6.00       11/9/2029       —        (67     (55   (5)(8)(9)

NFM & J, L.P.

  Diversified Support Services   First Lien Term Loan   SOFR+     5.75     11.22     11/10/2029       22,321       21,874       22,109     (5)(8)

NFM & J, L.P.

  Diversified Support Services   First Lien Term Loan   SOFR+     5.75       11/10/2029       —        (124     —      (5)(8)(9)

NFM & J, L.P.

  Diversified Support Services   First Lien Revolver   SOFR+     5.75       11/10/2029       —        (99     (47   (5)(8)(9)

NFP Corp.

  Diversified Financial Services   Fixed Rate Bond         4.88     8/15/2028       19,550       17,576       19,365    

NFP Corp.

  Diversified Financial Services   Fixed Rate Bond         6.88     8/15/2028       3,784       3,486       3,850    

NFP Corp.

  Diversified Financial Services   Fixed Rate Bond         8.50     10/1/2031       5,000       5,000       5,423    

NFP Corp.

  Diversified Financial Services   Fixed Rate Bond         7.50     10/1/2030       841       822       896    

North Star Acquisitionco, LLC

  Education Services   First Lien Term Loan   SOFR+     5.75     11.10     5/3/2029       36,533       35,884       35,861     (5)(8)

North Star Acquisitionco, LLC

  Education Services   First Lien Term Loan   SOFR+     5.75       5/3/2029       —        (33     (31   (5)(8)(9)

 

12


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair
Value
    Notes

North Star Acquisitionco, LLC

  Education Services   First Lien Revolver   SOFR+     5.75       5/3/2029     $ —        $(78)       $(81)     (5)(8)(9)

Ocean Trails CLO VIII

  Multi-Sector Holdings   CLO Notes   SOFR+     4.01     9.41     7/15/2034       5,000       4,658       4,854     (5)(10)

Ocean Trails CLO XIV

  Multi-Sector Holdings   CLO Notes   SOFR+     5.82     11.24     1/20/2035       1,000       1,000       1,007     (5)

Octagon 66

  Multi-Sector Holdings   CLO Notes   SOFR+     5.09     10.48     11/16/2036       3,000       2,970       3,035     (5)(10)

OEConnection LLC

  Application Software   Second Lien Term Loan   SOFR+     7.00     12.46     9/25/2027       5,355       5,286       5,275     (5)(8)

OneOncology, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.25     11.60     6/9/2030       22,828       22,303       22,298     (5)(8)

OneOncology, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.25       6/9/2030       —        (107     (100   (5)(8)(9)

OneOncology, LLC

  Health Care Services   First Lien Revolver   SOFR+     6.25       6/9/2030       —        (104     (106   (5)(8)(9)

Oranje Holdco, Inc.

  Systems Software   First Lien Term Loan   SOFR+     7.75     13.13     2/1/2029       15,746       15,413       15,510     (5)(8)

Oranje Holdco, Inc.

  Systems Software   First Lien Revolver   SOFR+     7.75       2/1/2029       —        (42     (30   (5)(8)(9)

Park Place Technologies, LLC

  Internet Services & Infrastructure   First Lien Term Loan   SOFR+     5.00     10.46     11/10/2027       14,880       14,541       14,848     (5)

Peraton Corp.

  Aerospace & Defense   First Lien Term Loan   SOFR+     3.75     9.21     2/1/2028       23,828       23,717       23,917     (5)

PetSmart LLC

  Other Specialty Retail   First Lien Term Loan   SOFR+     3.75     9.21     2/11/2028       15,874       15,619       15,723     (5)

PetVet Care Centers, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.00     11.36     11/15/2030       73,647       72,202       72,218     (5)(8)

PetVet Care Centers, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.00       11/15/2030       —        (96     (96   (5)(8)(9)

PetVet Care Centers, LLC

  Health Care Services   First Lien Revolver   SOFR+     6.00       11/15/2029       —        (188     (186   (5)(8)(9)

PetVet Care Centers, LLC

  Health Care Services   Preferred Equity               6,338,000         6,211       6,217     (8)

Pluralsight, LLC

  Application Software   First Lien Term Loan   SOFR+     8.00     13.56     4/6/2027       26,144       22,740       25,150     (5)(8)

Pluralsight, LLC

  Application Software   First Lien Revolver   SOFR+     8.00     13.56     4/6/2027       1,274       1,060       1,211     (5)(8)(9)

PPW Aero Buyer, Inc.

  Aerospace & Defense   First Lien Term Loan   SOFR+     7.00     12.36     2/15/2029       26,690       25,779       25,711     (5)(8)

PPW Aero Buyer, Inc.

  Aerospace & Defense   First Lien Revolver   SOFR+     7.00     12.35     2/15/2029       240       117       108     (5)(8)(9)

Profrac Holdings II, LLC

  Industrial Machinery & Supplies & Components   First Lien Floating Rate Bond   SOFR+     7.25     12.60     1/23/2029       71,316       70,603       70,603     (5)(8)(10)

Quantum Bidco Limited

  Food Distributors   First Lien Term Loan   SONIA+     5.50     10.96     1/31/2028     £ 5,470       6,123       6,555     (5)(8)(10)

Renaissance Holding Corp.

  Education Services   First Lien Term Loan   SOFR+     4.75     10.11     4/7/2030     $ 33,915       33,393       34,080     (5)

Resistance Acquisition, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     7.75     13.10     9/21/2028       18,387       17,953       17,973     (5)(8)

RR 24

  Multi-Sector Holdings   CLO Notes   SOFR+     8.30     13.65     1/15/2036       2,750       2,750       2,766     (5)(10)

Salus Workers’ Compensation, LLC

  Diversified Financial Services   First Lien Term Loan   SOFR+     10.00     15.36     10/7/2026       15,553       15,117       15,125     (5)(8)

Salus Workers’ Compensation, LLC

  Diversified Financial Services   First Lien Revolver   SOFR+     10.00       10/7/2026       —        (53     (52   (5)(8)(9)

Salus Workers’ Compensation, LLC

  Diversified Financial Services   Warrants               606,357         200       940     (8)

SCIH Salt Holdings Inc.

  Diversified Chemicals   First Lien Term Loan   SOFR+     4.00     9.47     3/16/2027     $ 26,820     $ 26,537     $ 26,897     (5)

SCIH Salt Holdings Inc.

  Diversified Chemicals   Fixed Rate Bond Second Lien Term         4.88     5/1/2028       14,450       13,010       13,533    

SCP Eye Care Services, LLC

  Health Care Services   Loan Second Lien Term   SOFR+     8.75     14.21     10/7/2030       5,881       5,732       5,710     (5)(8)

 

13


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair
Value
    Notes

SCP Eye Care Services, LLC

  Health Care Services   Loan   SOFR+     8.75     14.20     10/7/2030     $ 727     $ 691     $ 676     (5)(8)(9)

SCP Eye Care Services, LLC

  Health Care Services   Common Stock               761         761       752     (8)

scPharmaceuticals Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     8.75     11.75     10/13/2027       7,654       7,343       7,405     (5)(8)

scPharmaceuticals Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     8.75       10/13/2027       —        —        —      (5)(8)(9)

scPharmaceuticals Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     8.75       10/13/2027       —        —        —      (5)(8)(9)

scPharmaceuticals Inc.

  Pharmaceuticals   Warrants               79,075         258       312     (8)

Secure Acquisition Inc.

  Paper & Plastic Packaging Products & Materials   First Lien Term Loan   SOFR+     5.00     10.50     12/16/2028       1,754       1,751       1,756     (5)

SEI Holding I Corporation

  Trading Companies & Distributors   First Lien Term Loan   SOFR+     6.75     12.10     3/27/2028       17,376       16,935       17,289     (5)(8)

SEI Holding I Corporation

  Trading Companies & Distributors   First Lien Term Loan   SOFR+     6.75     12.13     3/27/2028       2,282       2,232       2,270     (5)(8)(9)

SEI Holding I Corporation

  Trading Companies & Distributors   First Lien Term Loan   SOFR+     6.25       3/27/2028       —        (53     (54   (5)(8)(9)

SEI Holding I Corporation

  Trading Companies & Distributors   First Lien Revolver   SOFR+     6.75       3/27/2028       —        (38     (8   (5)(8)(9)

Seres Therapeutics, Inc.

  Biotechnology   First Lien Term Loan   SOFR+     7.88     12.88     4/27/2029       11,547       11,154       11,048     (5)(8)(10)

Seres Therapeutics, Inc.

  Biotechnology   First Lien Term Loan   SOFR+     7.88     12.88     4/27/2029       4,330       4,183       4,143     (5)(8)(10)

Seres Therapeutics, Inc.

  Biotechnology   First Lien Term Loan   SOFR+     7.88       4/27/2029       —        —        —      (5)(8)(9)(10)

Seres Therapeutics, Inc.

  Biotechnology   First Lien Term Loan   SOFR+     7.88       4/27/2029       —        —        —      (5)(8)(9)(10)

Seres Therapeutics, Inc.

  Biotechnology   Warrants               93,470         293       70     (8)(10)

SM Wellness Holdings, Inc.

  Health Care Services   First Lien Term Loan   SOFR+     4.75     10.39     4/17/2028       12,786       11,995       12,402     (5)(8)

Southern Veterinary Partners, LLC

  Health Care Facilities   First Lien Term Loan   SOFR+     4.00     9.47     10/5/2027       30,587       30,342       30,529     (5)

SPX Flow, Inc.

  Industrial Machinery & Supplies & Components   First Lien Term Loan   SOFR+     4.50     9.96     4/5/2029       29,496       28,712       29,631     (5)

SPX Flow, Inc.

  Industrial Machinery & Supplies & Components   Fixed Rate Bond         8.75     4/1/2030       2,580       2,482       2,583    

Staples, Inc.

  Office Services & Supplies   Fixed Rate Bond         7.50     4/15/2026       7,870       6,973       7,329    

Star Parent, Inc.

  Life Sciences Tools & Services   First Lien Term Loan   SOFR+     4.00     9.35     9/28/2030       43,025       42,123       42,625     (5)

Sunshine Luxembourg VII Sarl

  Personal Care Products   First Lien Term Loan   SOFR+     3.50     8.95     10/1/2026       10,333       10,103       10,401     (5)(10)

Superior Industries International, Inc.

  Auto Parts & Equipment   First Lien Term Loan   SOFR+     8.00     13.36     12/16/2028       33,227       32,404       32,895     (5)(8)

Supreme Fitness Group NY Holdings, LLC

  Leisure Facilities   First Lien Term Loan   SOFR+     7.00     12.66     12/31/2026       8,175       8,078       7,776     (5)(8)

Supreme Fitness Group NY Holdings, LLC

  Leisure Facilities   First Lien Term Loan   SOFR+     7.00     12.66     12/31/2026       700       692       666     (5)(8)

Supreme Fitness Group NY Holdings, LLC

  Leisure Facilities   First Lien Term Loan   PRIME+     6.00     14.50     12/31/2026       842       811       801     (5)(8)

Supreme Fitness Group NY Holdings, LLC

  Leisure Facilities   First Lien Revolver   SOFR+     7.00     12.66     12/31/2026       396       392       377     (5)(8)

Tacala, LLC

  Restaurants   First Lien Term Loan   SOFR+     4.00     9.47     2/5/2027       11,913       11,689       11,977     (5)

Tacala, LLC

  Restaurants   Second Lien Term Loan   SOFR+     8.00     13.47     2/4/2028       7,310       7,140       7,312     (5)(8)

 

14


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
     Cost     Fair Value     Notes

Ten-X LLC

  Interactive Media & Services   First Lien Term Loan   SOFR+     6.00     11.36     5/26/2028     $ 24,868      $ 23,767     $ 24,013     (5)(8)

THL Zinc Ventures Ltd

  Diversified Metals & Mining   First Lien Term Loan         13.00     5/23/2026       39,751        39,340       39,318     (8)(10)

Touchstone Acquisition, Inc.

  Health Care Supplies   First Lien Term Loan   SOFR+     6.00     11.48     12/29/2028       8,463        8,342       8,231     (5)(8)

Transit Buyer LLC

  Diversified Support Services   First Lien Term Loan   SOFR+     6.25     11.70     1/31/2029       8,405        8,263       8,296     (5)(8)

Transit Buyer LLC

  Diversified Support Services   First Lien Term Loan   SOFR+     6.25     11.63     1/31/2029       1,636        1,571       1,586     (5)(8)(9)

Trident TPI Holdings, Inc.

  Metal, Glass & Plastic Containers   First Lien Term Loan   SOFR+     4.00     9.61     9/15/2028       8,965        8,955       8,952     (5)

Trident TPI Holdings, Inc.

  Metal, Glass & Plastic Containers   First Lien Term Loan   SOFR+     5.25     10.60     9/15/2028       7,847        7,691       7,884     (5)

Trinitas CLO XII

  Multi-Sector Holdings   CLO Notes   SOFR+     4.26     9.64     4/25/2033       4,500        4,396       4,522     (5)(10)

Trinitas CLO XV DAC

  Multi-Sector Holdings   CLO Notes   SOFR+     7.71     13.12     4/22/2034       6,500        5,807       6,047     (5)(10)

Uniti Group LP

  Other Specialized REITs   Fixed Rate Bond         6.50     2/15/2029       1,750        1,635       1,265     (10)

Uniti Group LP

  Other Specialized REITs   Fixed Rate Bond         4.75     4/15/2028       2,200        1,957       1,898     (10)

Venture Global LNG, Inc.

  Oil & Gas Refining & Marketing   Fixed Rate Bond         9.50     2/1/2029       5,620        5,620       5,950    

WAVE 2019-1

  Specialized Finance   CLO Notes         3.60     9/15/2044       5,102        4,221       4,300    

Wellfleet CLO 2022-2, Ltd.

  Multi-Sector Holdings   CLO Notes   SOFR+     8.56     13.96     10/18/2035       1,500        1,445       1,518     (5)(10)

WP CPP Holdings, LLC

  Aerospace & Defense   First Lien Term Loan   SOFR+     6.75     12.06     11/28/2029       53,163        51,858       51,837     (5)(8)

WP CPP Holdings, LLC

  Aerospace & Defense   First Lien Revolver   SOFR+     6.75       11/28/2029       —         (144     (146)     (5)(8)(9)
                        

Total Non-Control/Non- Affiliate Investments
(142.5% of net assets)

       $ 2,831,026     $ 2,857,808    
                    

 

 

   

 

 

   

Cash and Cash Equivalents and Restricted Cash
(5.1% of net assets)

       $ 101,317     $ 101,317    
                    

 

 

   

 

 

   

Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash
(147.6% of net assets)

       $ 2,932,343     $ 2,959,125    
                    

 

 

   

 

 

   

 

15


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

Derivative Instrument

   Notional Amount
to be Purchased
     Notional Amount
to be Sold
     Maturity
Date
    

Counterparty

   Cumulative
Unrealized
Appreciation /
(Depreciation)
 

Foreign currency forward contract

   $ 65,890      61,387        2/8/2024      Bank of New York Mellon    $ (2,019

Foreign currency forward contract

   $ 35,600      £ 28,547        2/8/2024      Bank of New York Mellon      (798
              

 

 

 
               $ (2,817 ) 
              

 

 

 

 

Derivative Instrument

  

Company Receives

  

Company Pays

  

Counterparty

   Maturity Date      Notional Amount      Fair Value  

Interest rate swap

   Fixed 8.4%    Floating 3-month SOFR +4.0405%    BNP Paribas      11/14/2028      $ 350,000      $ 10,566  
                 

 

 

 
                  $ 10,566  
                 

 

 

 

 

(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 London Interbank Offered Rate (“LIBOR” or “L”), 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 LIBOR shown above is in U.S. dollars unless otherwise noted. As of December 31, 2023, the reference rates for the Company’s variable rate loans were the 30-day SOFR at 5.36%, the 90-day SOFR at 5.35%, the 180-day SOFR at 5.18%, the 90-day LIBOR at 5.64%, the PRIME at 8.50%, the SONIA at 5.19%, the 30-day EURIBOR at 3.80%, the 90-day EURIBOR at 3.96% and the 180-day EURIBOR at 3.95%. Most loans include an interest floor, which generally ranges from 0% to 2.75%. 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. 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

 

16


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(dollar amounts in thousands)

(unaudited)

 

  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 December 31, 2023, 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 December 31, 2023, qualifying assets represented 78.9% of the Company’s total assets and non-qualifying assets represented 21.1% 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 December 31, 2023.

See notes to Consolidated Financial Statements.

 

17


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2023

(dollar amounts in thousands)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair Value     Notes

Non-Control/Non-Affiliate Investments

                        (7)

107-109 Beech OAK22 LLC

  Real Estate Development   First Lien Revolver         11.00     2/27/2026     $ 11,883     $ 11,768     $ 11,614     (8)(9)

107 Fair Street LLC

  Real Estate Development   First Lien Term Loan         12.50     5/31/2024       1,031       1,007       987     (8)(9)(11)

112-126 Van Houten Real22 LLC

  Real Estate Development   First Lien Term Loan         12.00     5/4/2024       3,287       3,261       3,248     (8)(9)(11)

AB BSL CLO 4

  Multi-Sector Holdings   CLO Notes   SOFR+     5.50     10.46     4/20/2036       3,800       3,800       3,815     (5)(10)

Access CIG, LLC

  Diversified Support Services   First Lien Term Loan   SOFR+     5.00     10.32     8/18/2028       24,500       23,956       24,224     (5)

ACP Falcon Buyer Inc

  Systems Software   First Lien Term Loan   SOFR+     6.50     11.80     8/1/2029       34,667       33,656       33,696     (5)(8)

ACP Falcon Buyer Inc

  Systems Software   First Lien Revolver   SOFR+     6.50       8/1/2029       —        (156     (149   (5)(8)(9)

ADC Therapeutics SA

  Biotechnology   First Lien Term Loan   SOFR+     7.50     13.04     8/15/2029       10,406       9,957       9,912     (5)(8)(10)

ADC Therapeutics SA

  Biotechnology   First Lien Term Loan   SOFR+     7.50       8/15/2029       —        (60     (60   (5)(8)(9)(10)

ADC Therapeutics SA

  Biotechnology   Warrants               45,727         275       9     (8)(10)

AI Sirona (Luxembourg)

    First Lien Term                    

Acquisition S.a.r.l.

  Pharmaceuticals   Loan   E+     5.00     8.86     9/30/2028     21,000       23,002       22,242     (5)(10)

AIP RD Buyer Corp.

  Distributors   Second Lien Term Loan   SOFR+     7.75     13.17     12/21/2029     $ 4,563       4,492       4,516     (5)(8)

AIP RD Buyer Corp.

  Distributors   Common Stock               4,560         428       721     (8)

Altice France S.A.

  Integrated Telecommunication Services   First Lien Term Loan   L+     4.00     9.63     8/14/2026       8,940       8,728       8,459     (5)(10)

Altice France S.A.

  Integrated Telecommunication Services   Fixed Rate Bond         5.50     10/15/2029       7,200       6,007       5,188     (10)

Alto Pharmacy Holdings, Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     11.50     5.00     11.99   10/14/2027       13,299       12,386       12,236     (5)(8)

Alto Pharmacy Holdings, Inc.

  Health Care Technology   Warrants               878,545         943       2,811     (8)

American Auto Auction Group, LLC

  Consumer Finance   Second Lien Term Loan   SOFR+     8.75     14.14     1/2/2029       6,901       6,796       6,107     (5)(8)

American Rock Salt Company LLC

  Diversified Metals & Mining   First Lien Term Loan   SOFR+     4.00     9.43     6/9/2028       20,324       19,504       18,918     (5)

American Tire Distributors, Inc.

  Distributors   First Lien Term Loan   SOFR+     6.25     11.81     10/20/2028       22,602       20,490       19,863     (5)

Amynta Agency Borrower Inc.

  Property & Casualty Insurance   First Lien Term Loan   SOFR+     5.00     10.42     2/28/2028       11,970       11,651       11,989     (5)

Anastasia Parent, LLC

  Personal Care Products   First Lien Term Loan   SOFR+     3.75     9.40     8/11/2025       6,840       5,742       4,934     (5)

Ardonagh Midco 3 PLC

  Insurance Brokers   First Lien Term Loan   E+     6.50     10.45     7/14/2026     9,600       9,626       10,266     (5)(8)(10)

Ardonagh Midco 3 PLC

  Insurance Brokers   First Lien Term Loan   SOFR+     6.75     12.57     7/14/2026     $ 3,520       3,353       3,591     (5)(8)(9)(10)

ARES LXIV CLO

  Multi-Sector Holdings   CLO Notes   SOFR+     3.75     9.06     4/15/2035       2,200       2,051       2,128     (5)(10)

ARES LXVIII CLO

  Multi-Sector Holdings   CLO Notes   SOFR+     5.75     10.83     4/25/2035       5,000       5,000       5,112     (5)(10)

Arsenal AIC Parent LLC

  Diversified Metals & Mining   First Lien Term Loan   SOFR+     4.50     9.88     8/18/2030       10,000       9,900       9,994     (5)

ASP-R-PAC Acquisition Co LLC

  Paper & Plastic Packaging Products & Materials   First Lien Term Loan   SOFR+     6.00     11.63     12/29/2027       4,862       4,793       4,577     (5)(8)(10)

ASP-R-PAC Acquisition Co LLC

  Paper & Plastic Packaging Products & Materials   First Lien Revolver   SOFR+     6.00       12/29/2027       —        (8     (34   (5)(8)(9)(10)

Astra Acquisition Corp.

  Application Software   First Lien Term Loan   SOFR+     5.25     10.90     10/25/2028       4,848       4,620       3,663     (5)

 

18


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2023

(dollar amounts in thousands)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
  Shares     Principal
(6)
    Cost     Fair Value     Notes

Asurion, LLC

  Property & Casualty Insurance   First Lien Term Loan   SOFR+     4.00     9.42     8/19/2028     $ 7,950     $ 7,673     $ 7,724     (5)

Asurion, LLC

  Property & Casualty Insurance   First Lien Term Loan   SOFR+     4.25     9.67     8/19/2028       15,945       15,192       15,518     (5)

Asurion, LLC

  Property & Casualty Insurance   Second Lien Term Loan   SOFR+     5.25     10.68     1/20/2029       7,500       6,883       6,680     (5)

athenahealth Group Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     3.25     8.57     2/15/2029       24,240       23,056       23,854     (5)

athenahealth Group Inc.

  Health Care Technology   Fixed Rate Bond         6.50     2/15/2030       3,000       2,597       2,513    

athenahealth Group Inc.

  Health Care Technology   Preferred Equity               5,809         5,693       5,418     (8)

Avalara, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25     12.64     10/19/2028       19,029       18,629       18,734     (5)(8)

Avalara, Inc.

  Application Software   First Lien Revolver   SOFR+     7.25       10/19/2028       —        (40     (29   (5)(8)(9)

Bamboo US Bidco LLC

  Health Care Equipment   First Lien Term Loan   SOFR+     6.00     11.32     9/30/2030       24,960       24,212       24,211     (5)(8)

Bamboo US Bidco LLC

  Health Care Equipment   First Lien Term Loan   E+     6.00     9.97     9/30/2030     15,530       15,949       15,949     (5)(8)

Bamboo US Bidco LLC

  Health Care Equipment   First Lien Term Loan   SOFR+     6.00       9/30/2030     $ —        (59     (59   (5)(8)(9)

Bamboo US Bidco LLC

  Health Care Equipment   First Lien Revolver   SOFR+     6.00       10/1/2029       —        (156     (156   (5)(8)(9)

Bausch + Lomb Corp

  Health Care Supplies   Fixed Rate Bond         8.38     10/1/2028       6,000       6,000       6,025     (10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan         8.00     2.25   4/19/2027       3,220       3,123       2,967     (8)(10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan           9/30/2032       1,580       1,580       1,510     (8)(9)(10)(12)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan         8.00     2.25   4/19/2027       —        —        —      (8)(9)(10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan           9/30/2032       —        —        —      (8)(9)(10)(12)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan         8.00     2.25   4/19/2027       —        —        —      (8)(9)(10)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   First Lien Term Loan           9/30/2032       —        —        —      (8)(9)(10)(12)

BioXcel Therapeutics, Inc.

  Pharmaceuticals   Warrants               12,453         74       1     (8)(10)

CCO Holdings LLC

  Cable & Satellite   Fixed Rate Bond         4.50     5/1/2032       12,281       10,034       9,651     (10)

CD&R Firefly Bidco Limited

  Other Specialty Retail   First Lien Term Loan   SONIA+     6.00     11.29     6/21/2028     £ 21,086       25,375       25,215     (5)(10)

Clear Channel Outdoor Holdings, Inc.

  Advertising   First Lien Term Loan   SOFR+     3.50     9.13     8/21/2026     $ 6,915       6,523       6,732     (5)(10)

Clear Channel Outdoor Holdings, Inc.

  Advertising   Fixed Rate Bond         5.13     8/15/2027       726       644       645     (10)

Clear Channel Outdoor Holdings, Inc.

  Advertising   Fixed Rate Bond         9.00     9/15/2028       4,000       4,000       3,966     (10)

Colony Holding Corporation

  Distributors   First Lien Term Loan   SOFR+     6.50     11.97     5/13/2026       12,117       11,825       11,834     (5)(8)

Colony Holding Corporation

  Distributors   First Lien Term Loan   SOFR+     6.50     11.97     5/13/2026       3,940       3,872       3,848     (5)(8)

Condor Merger Sub Inc.

  Systems Software   Fixed Rate Bond         7.38     2/15/2030       4,527       4,505       3,795    

Coupa Holdings, LLC

  Application Software   First Lien Term Loan   SOFR+     7.50     12.82     2/27/2030       13,464       13,155       13,158     (5)(8)

Coupa Holdings, LLC

  Application Software   First Lien Term Loan   SOFR+     7.50       2/27/2030       —        (15     (13   (5)(8)(9)

Coupa Holdings, LLC

  Application Software   First Lien Revolver   SOFR+     7.50       2/27/2029       —        (21     (21   (5)(8)(9)

 

19


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2023

(dollar amounts in thousands)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
    Shares     Principal
(6)
    Cost     Fair Value     Notes

Covetrus, Inc.

  Health Care Distributors   First Lien Term Loan   SOFR+     5.00     10.39       10/13/2029       $ 23,976     $ 22,737     $ 23,758     (5)

Cuppa Bidco BV

  Soft Drinks & Non- alcoholic Beverages   First Lien Term Loan   E+     4.75     8.68       7/30/2029       5,666       4,958       5,542     (5)(10)

Curium Bidco S.à.r.l.

  Biotechnology   First Lien Term Loan   SOFR+     4.50     9.89       7/31/2029       $ 8,446       8,316       8,446     (5)(10)

CVAUSA Management, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.50     11.93       5/22/2029         18,059       17,673       17,562     (5)(8)

CVAUSA Management, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.50         5/22/2029         —        (149     (152   (5)(8)(9)

CVAUSA Management, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.50         5/22/2029         —        (117     (63   (5)(8)(9)

CVAUSA Management, LLC

  Health Care Services   First Lien Revolver   SOFR+     6.50         5/22/2029         —        (72     (70   (5)(8)(9)

Dealer Tire Financial, LLC

  Distributors   First Lien Term Loan   SOFR+     4.50     9.82       12/14/2027         11,123       11,048       11,157     (5)

Delta Leasing SPV II LLC

  Specialized Finance   Subordinated Debt Term Loan         3.00     7.00     8/31/2029         13,792       13,792       13,792     (8)(9)(10)

Delta Leasing SPV II LLC

  Specialized Finance   Preferred Equity               330         330       330     (8)(10)

Delta Leasing SPV II LLC

  Specialized Finance   Common Stock               2         2       2     (8)(10)

Delta Leasing SPV II LLC

  Specialized Finance   Warrants               25         —        —      (8)(10)

DirecTV Financing, LLC

  Cable & Satellite   First Lien Term Loan   SOFR+     5.00     10.43       8/2/2027         13,433       13,051       13,159     (5)

DirecTV Financing, LLC

  Cable & Satellite   Fixed Rate Bond         5.88       8/15/2027         1,750       1,593       1,550    

DTI Holdco, Inc.

  Research & Consulting Services   First Lien Term Loan   SOFR+     4.75     10.12       4/26/2029         21,702       20,717       21,180     (5)

Dukes Root Control Inc.

  Environmental & Facilities Services   First Lien Term Loan   SOFR+     6.50     12.04       12/8/2028         11,804       11,575       11,705     (5)(8)

Dukes Root Control Inc.

  Environmental & Facilities Services   First Lien Term Loan   SOFR+     6.50     12.04       12/8/2028         666       633       641     (5)(8)(9)

Dukes Root Control Inc.

  Environmental & Facilities Services   First Lien Revolver   SOFR+     6.50     12.00       12/8/2028         580       552       568     (5)(8)(9)

Entrata, Inc.

  Application Software   First Lien Term Loan   SOFR+     6.00     11.33       7/10/2030         45,603       44,500       44,463     (5)(8)

Entrata, Inc.

  Application Software   First Lien Revolver   SOFR+     6.00         7/10/2028         —        (124     (130   (5)(8)(9)

Establishment Labs Holdings Inc.

  Health Care Technology   First Lien Term Loan         3.00     6.00     4/21/2027         11,048       10,937       10,662     (8)(10)

Establishment Labs Holdings Inc.

  Health Care Technology   First Lien Term Loan         3.00     6.00     4/21/2027         1,769       1,745       1,707     (8)(10)

Establishment Labs Holdings Inc.

  Health Care Technology   First Lien Term Loan         3.00     6.00     4/21/2027         —        1       —      (8)(9)(10)

Establishment Labs Holdings Inc.

  Health Care Technology   First Lien Term Loan         3.00     6.00     4/21/2027         —        1       —      (8)(9)(10)

Evergreen IX Borrower 2023, LLC

  Application Software   First Lien Term Loan   SOFR+     6.00     11.32       9/29/2030         36,306       35,399       35,398     (5)(8)

Evergreen IX Borrower 2023, LLC

  Application Software   First Lien Revolver   SOFR+     6.00         9/29/2029         —        (100     (100   (5)(8)(9)

Finastra USA, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25     12.55       9/13/2029         43,732       42,864       42,870     (5)(8)(10)

Finastra USA, Inc.

  Application Software   First Lien Revolver   SOFR+     7.25     12.55       9/13/2029         961       871       871     (5)(8)(9)(10)

Frontier Communications Holdings, LLC

  Integrated Telecommunication Services   First Lien Term Loan   SOFR+     3.75     9.18       10/8/2027         20,853       20,306       20,326     (5)(10)

Frontier Communications Holdings, LLC

  Integrated Telecommunication Services   Fixed Rate Bond         6.00       1/15/2030         7,517       6,311       5,508     (10)

 

20


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2023

(dollar amounts in thousands)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
    Shares     Principal
(6)
    Cost     Fair Value     Notes

Galileo Parent, Inc.

  Aerospace & Defense   First Lien Term Loan   SOFR+     7.25     12.64       5/3/2029       $ 20,277     $ 19,711     $ 19,711     (5)(8)

Galileo Parent, Inc.

  Aerospace & Defense   First Lien Revolver   SOFR+     7.25     12.64       5/3/2029         1,397       1,309       1,309     (5)(8)(9)

Gallatin CLO X 2023-1

  Multi-Sector Holdings   CLO Notes   SOFR+     5.41     10.74       10/14/2035         5,000       4,913       4,932     (5)(10)

Gibson Brands, Inc.

  Leisure Products   First Lien Term Loan   SOFR+     5.00     10.57       8/11/2028         4,917       4,772       4,131     (5)(8)

Global Aircraft Leasing Co Ltd

  Trading Companies & Distributors   Fixed Rate Bond         6.50       9/15/2024         7,645       7,088       7,294     (10)

GoldenTree Loan Management EUR CLO 2 DAC

  Multi-Sector Holdings   CLO Notes   E+     2.85     6.56       1/20/2032       1,000       875       963     (5)(10)

Grove Hotel Parcel Owner, LLC

  Hotels, Resorts & Cruise Lines   First Lien Term Loan   SOFR+     8.00     13.42       6/21/2027       $ 17,507       17,246       17,157     (5)(8)

Grove Hotel Parcel Owner, LLC

  Hotels, Resorts & Cruise Lines   First Lien Term Loan   SOFR+     8.00         6/21/2027         —        (53     (71   (5)(8)(9)

Grove Hotel Parcel Owner, LLC

  Hotels, Resorts & Cruise Lines   First Lien Revolver   SOFR+     8.00         6/21/2027         —        (26     (35   (5)(8)(9)

Harbor Purchaser Inc.

  Education Services   First Lien Term Loan   SOFR+     5.25     10.67       4/9/2029         10,445       10,057       9,914     (5)

Harrow, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     6.50     11.89       1/19/2026         9,319       9,129       9,135     (5)(8)(10)

Harrow, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     6.50     12.04       1/19/2026         1,792       1,750       1,757     (5)(8)(10)

Harrow, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     6.50         1/19/2026         —        (103     (99   (5)(8)(9)(10)

Hertz Vehicle Financing III

  Specialized Finance   CLO Notes         5.16       6/26/2028         7,500       6,496       6,583     (10)

Hertz Vehicle Financing III

  Specialized Finance   CLO Notes         6.78       9/25/2028         17,377       15,825       16,035     (10)

Horizon Aircraft Finance I Ltd.

  Specialized Finance   CLO Notes         4.46       12/15/2038         6,770       5,658       5,841     (10)

Horizon Aircraft Finance II Ltd.

  Specialized Finance   CLO Notes         3.72       7/15/2039         2,300       1,969       1,981     (10)

HUB Pen Company, LLC

  Other Specialty Retail   First Lien Term Loan   SOFR+     6.50     11.93       12/31/2027         27,335       26,653       26,663     (5)(8)

HUB Pen Company, LLC

  Other Specialty Retail   First Lien Revolver   SOFR+     6.50     6.50       12/31/2027         108       25       26     (5)(8)(9)

IAMGOLD Corporation

  Gold   Second Lien Term Loan   SOFR+     8.25     13.62       5/16/2028         28,394       27,607       27,627     (5)(8)(10)

iCIMs, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25     12.63       8/18/2028         15,621       15,411       15,059     (5)(8)

iCIMs, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25     12.63       8/18/2028         2,325       2,291       2,286     (5)(8)

iCIMs, Inc.

  Application Software   First Lien Term Loan   SOFR+     7.25         8/18/2028         —        —        —      (5)(8)(9)

iCIMs, Inc.

  Application Software   First Lien Revolver   SOFR+     6.75     12.14       8/18/2028         241       221       189     (5)(8)(9)

Impel Pharmaceuticals Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     10.75       16.06     3/17/2027         9,679       9,613       8,904     (5)(8)

Impel Pharmaceuticals Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     10.75       16.05     3/17/2027         286       281       286     (5)(8)

Impel Pharmaceuticals Inc.

  Health Care Technology   First Lien Term Loan   SOFR+     10.75       16.06     3/17/2027         250       250       250     (5)(8)(9)

Impel Pharmaceuticals Inc.

  Health Care Technology   Warrants               127,376         —        53    

Innocoll Pharmaceuticals Limited

  Health Care Technology   First Lien Term Loan   SOFR+     5.75     11.14     2.75     1/26/2027         3,665       3,557       3,354     (5)(8)(10)

Innocoll Pharmaceuticals Limited

  Health Care Technology   First Lien Term Loan   SOFR+     5.75         1/26/2027         —        —        —      (5)(8)(9)(10)

Innocoll Pharmaceuticals Limited

  Health Care Technology   First Lien Term Loan   SOFR+     5.75         1/26/2027         —        —        —      (5)(8)(9)(10)

 

21


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2023

(dollar amounts in thousands)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
    Shares     Principal
(6)
    Cost     Fair Value     Notes

Innocoll Pharmaceuticals Limited

  Health Care Technology   Warrants               36,087       $ 85     $ 54     (8)(10)

Inventus Power, Inc.

  Electrical Components & Equipment   First Lien Term Loan   SOFR+     7.50     12.93       6/30/2025       $ 43,765       42,619       42,776     (5)(8)

Inventus Power, Inc.

  Electrical Components & Equipment   First Lien Revolver   SOFR+     7.50         6/30/2025         —        (130     (112   (5)(8)(9)

IW Buyer LLC

  Electrical Components & Equipment   First Lien Term Loan   SOFR+     6.75     12.17       6/28/2029         34,375       33,388       33,429     (5)(8)

IW Buyer LLC

  Electrical Components & Equipment   First Lien Revolver   SOFR+     6.75         6/28/2029         —        (185     (177   (5)(8)(9)

KDC/ONE Development Corp Inc

  Personal Care Products   First Lien Term Loan   SOFR+     5.00     10.32       8/15/2028         30,000       29,118       28,995     (5)(10)

Kindercare Learning Centers Kindercare Portfolio

  Diversified Real Estate Activities   CLO Notes   SOFR+     2.41     7.75       8/15/2038         4,964       4,619       4,696     (5)(10)

Kings Buyer, LLC

  Environmental & Facilities Services   First Lien Term Loan   SOFR+     6.50     11.84       10/29/2027         4,811       4,763       4,739     (5)(8)

Kings Buyer, LLC

  Environmental & Facilities Services   First Lien Term Loan   SOFR+     6.50     11.80       10/29/2027         58,992       58,110       58,107     (5)(8)

Kings Buyer, LLC

  Environmental & Facilities Services   First Lien Revolver   SOFR+     6.50     11.84       10/29/2027         78       72       68     (5)(8)(9)

Kings Buyer, LLC

  Environmental & Facilities Services   First Lien Revolver   SOFR+     6.50         10/29/2027         —        (73     (73   (5)(8)(9)

LABL, Inc.

  Office Services & Supplies   First Lien Term Loan   SOFR+     5.00     10.42       10/29/2028         21,627       21,160       21,588     (5)

Latam Airlines Group S.A.

  Passenger Airlines   First Lien Term Loan   SOFR+     9.50     14.95       10/12/2027         12,032       11,191       12,529     (5)(10)

LSL Holdco, LLC

  Health Care Distributors   First Lien Term Loan   SOFR+     6.00     11.42       1/31/2028         8,997       8,867       8,412     (5)(8)

LSL Holdco, LLC

  Health Care Distributors   First Lien Term Loan   SOFR+     6.00     11.42       1/31/2028         1,048       986       979     (5)(8)

LSL Holdco, LLC

  Health Care Distributors   First Lien Revolver   SOFR+     6.00         1/31/2028         —        (15     (66   (5)(8)(9)

Madison Park Funding LXIII

  Multi-Sector Holdings   CLO Notes   SOFR+     5.50     10.58       4/21/2035         5,000       5,000       5,099     (5)(10)

Mauser Packaging Solutions Holding Company

  Metal, Glass & Plastic Containers   First Lien Term Loan   SOFR+     4.00     9.33       8/14/2026         15,980       15,876       15,992     (5)

Mauser Packaging Solutions Holding Company

  Metal, Glass & Plastic Containers   Fixed Rate Bond         7.88       8/15/2026         5,000       4,971       4,829    

McAfee Corp.

  Systems Software   First Lien Term Loan   SOFR+     3.75     9.18       3/1/2029         17,857       17,074       17,472     (5)

Medline Borrower, LP

  Health Care Supplies   First Lien Term Loan   SOFR+     3.25     8.68       10/23/2028         22,886       22,388       22,851     (5)

Mesoblast, Inc.

  Biotechnology   First Lien Term Loan         8.00     1.75     11/19/2026         2,325       2,189       2,046     (8)(10)

Mesoblast, Inc.

  Biotechnology   Warrants               66,347         152       20     (8)(10)

Mesoblast, Inc.

  Biotechnology   Warrants               17,058         —        9     (8)(10)

MHE Intermediate Holdings, LLC

  Diversified Support Services   First Lien Term Loan   SOFR+     6.25     11.77       7/21/2027         2,829       2,763       2,807     (5)(8)

MHE Intermediate Holdings, LLC

  Diversified Support Services   First Lien Term Loan   SOFR+     6.00     11.52       7/21/2027         5,286       5,180       5,207     (5)(8)

Mitchell International, Inc.

  Application Software   First Lien Term Loan   SOFR+     3.75     9.18       10/15/2028         23,392       22,759       23,048     (5)

Mitchell International, Inc.

  Application Software   Second Lien Term Loan   SOFR+     6.50     11.93       10/15/2029         4,000       3,816       3,696     (5)

MND Holdings III Corp

  Other Specialty Retail   First Lien Term Loan   SOFR+     7.50     12.89       5/9/2028         41,483       40,802       40,761     (5)(8)

 

22


Table of Contents

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2023

(dollar amounts in thousands)

 

Portfolio Company

 

Industry

 

Type of
Investment
(1)(2)(3)

 

Index

  Spread     Cash
Interest
Rate (4)(5)
    PIK     Maturity
Date
    Shares     Principal
(6)
    Cost     Fair Value     Notes

MND Holdings III Corp

  Other Specialty Retail   First Lien Revolver   SOFR+     7.50     12.83       5/9/2028       $ 1,500     $ 1,243     $ 1,311     (5)(8)(9)

MRI Software LLC

  Application Software   First Lien Term Loan   SOFR+     5.50     10.99       2/10/2026         4,597       4,462       4,502     (5)(8)

MRI Software LLC

  Application Software   First Lien Term Loan   SOFR+     5.50     10.99       2/10/2026         7,204       7,197       7,055     (5)(8)

New Enterprise Stone & Lime Co Inc

  Construction Materials   Fixed Rate Bond         5.25       7/15/2028         2,250       2,080       2,022    

NFP Corp.

  Diversified Financial Services   Fixed Rate Bond         4.88       8/15/2028         8,550       7,672       7,537    

NFP Corp.

  Diversified Financial Services   Fixed Rate Bond         6.88       8/15/2028         3,784       3,473       3,246    

NFP Corp.

  Diversified Financial Services   Fixed Rate Bond         8.50       10/1/2031         5,000       5,000       5,013    

North Star Acquisitionco, LLC

  Education Services   First Lien Term Loan   SOFR+     6.00     11.39       5/3/2029         36,625       35,943       35,951     (5)(8)

North Star Acquisitionco, LLC

  Education Services   First Lien Term Loan   SOFR+     6.00         5/3/2029         —        (33     (31   (5)(8)(9)

North Star Acquisitionco, LLC

  Education Services   First Lien Revolver   SOFR+     6.00         5/3/2029         —        (82     (81   (5)(8)(9)

OEConnection LLC

  Application Software   Second Lien Term Loan   SOFR+     7.00     12.49       9/25/2027         5,355       5,281       5,275     (5)(8)

OneOncology, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.25     11.64       6/9/2030         22,885       22,338       22,354     (5)(8)

OneOncology, LLC

  Health Care Services   First Lien Term Loan   SOFR+     6.25         6/9/2030         —        (107     (100   (5)(8)(9)

OneOncology, LLC

  Health Care Services   First Lien Revolver   SOFR+     6.25         6/9/2030         —        (108     (106   (5)(8)(9)

Oranje Holdco, Inc.

  Systems Software   First Lien Term Loan   SOFR+     7.75     13.12       2/1/2029         15,746       15,396       15,450     (5)(8)

Oranje Holdco, Inc.

  Systems Software   First Lien Revolver   SOFR+     7.75         2/1/2029         —        (44     (37   (5)(8)(9)

Park Place Technologies, LLC

  Internet Services & Infrastructure   First Lien Term Loan   SOFR+     5.00     10.42       11/10/2027         14,919       14,556       14,726     (5)

Peraton Corp.

  Aerospace & Defense   First Lien Term Loan   SOFR+     3.75     9.17       2/1/2028         19,890       19,794       19,874     (5)

PetSmart LLC

  Other Specialty Retail   First Lien Term Loan   SOFR+     3.75     9.17       2/11/2028         10,901       10,689       10,885     (5)

Pluralsight, LLC

  Application Software   First Lien Term Loan   SOFR+     8.00     13.45       4/6/2027         26,144       22,474       25,041     (5)(8)

Pluralsight, LLC

  Application Software   First Lien Revolver   SOFR+     8.00     13.45       4/6/2027         1,028       798       959     (5)(8)(9)

PPW Aero Buyer, Inc.

  Aerospace & Defense   First Lien Term Loan   SOFR+     7.00     12.32       2/15/2029         26,758       25,799       25,776     (5)(8)

PPW Aero Buyer, Inc.

  Aerospace & Defense   First Lien Revolver   SOFR+     7.00         2/15/2029         —        (129     (132   (5)(8)(9)

Profrac Holdings II, LLC

  Industrial Machinery & Supplies & Components   First Lien Term Loan   SOFR+     7.25     12.78       3/4/2025         5,449       5,372       5,355     (5)(8)

Profrac Holdings II, LLC

  Industrial Machinery & Supplies & Components   First Lien Term Loan   SOFR+     7.25     12.78       3/4/2025         627       620       616     (5)(8)

Quantum Bidco Limited

  Food Distributors   First Lien Term Loan   SONIA+     5.75     11.21       1/31/2028       £ 5,470     $ 6,111     $ 6,109     (5)(8)(10)

Renaissance Holding Corp.

  Education Services   First Lien Term Loan   SOFR+     4.75     10.07       4/7/2030         16,000       15,552       15,900     (5)

Resistance Acquisition, Inc.

  Pharmaceuticals   First Lien Term Loan   SOFR+     7.75     13.06       9/21/2028         18,387       17,930