UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)

 

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2026

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _____ to _____

COMMISSION FILE NUMBER: 814-01471

Oaktree Strategic Credit Fund

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

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

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE:

(213) 830-6300

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

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

Large accelerated filer  o	Accelerated filer  o	Non-accelerated filer  þ	Smaller reporting company  o
Emerging growth company  o

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

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

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

Class	Outstanding at May 12, 2026*
Class I shares of beneficial interest, $0.01 par value	143,136,940
Class S shares of beneficial interest, $0.01 par value	54,159,067
Class D shares of beneficial interest, $0.01 par value	400,771
Class T shares of beneficial interest, $0.01 par value	205,781

* Common shares outstanding exclude May 1, 2026 subscriptions because the issuance price is not yet finalized as of the date hereof.

As of March 31, 2026, there was no established public market for the registrant’s common shares of beneficial interest.

OAKTREE STRATEGIC CREDIT FUND

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS

	PART I
Item 1.	Consolidated Financial Statements:	2
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and September 30, 2025	2
	Consolidated Statements of Operations (unaudited) for the three and six months ended March 31, 2026 and 2025	4
	Consolidated Statements of Changes in Net Assets (unaudited) for the three and six months ended March 31, 2026 and 2025	5
	Consolidated Statements of Cash Flows (unaudited) for the six months ended March 31, 2026 and 2025	6
	Consolidated Schedule of Investments (unaudited) as of March 31, 2026	7
	Consolidated Schedule of Investments as of September 30, 2025	20
	Notes to Consolidated Financial Statements (unaudited)	33
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	73
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	94
Item 4.	Controls and Procedures	95
	PART II
Item 1.	Legal Proceedings	96
Item 1A.	Risk Factors	96
Item 2.	Unregistered Sales of Securities and Use of Proceeds	96
Item 3.	Defaults Upon Senior Securities	96
Item 4.	Mine Safety Disclosures	96
Item 5.	Other Information	96
Item 6.	Exhibits	97
Signatures		98

1

PART I

Item 1. Financial Statements and Supplementary Data

Oaktree Strategic Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)

	March 31, 2026 (unaudited)		September 30, 2025
ASSETS
Assets:
Investments – Non-control/Non-affiliate, at fair value (cost March 31, 2026: $7,114,591; cost September 30, 2025: $6,863,940)	$	7,019,058	$	6,899,031
Cash and cash equivalents	98,933		215,962
Restricted cash	50,384		44,444
Due from portfolio companies	534		1,997
Interest receivable	48,142		57,098
Receivables from unsettled transactions	159,559		16,342
Due from broker	5,960		1,970
Deferred financing costs	19,694		20,080
Deferred offering costs	252		720
Derivative assets at fair value	22,609		24,182
Other assets	328		608
Total assets	$	7,425,453	$	7,282,434
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	3,308	$	2,425
Dividends payable	32,509		34,937
Base management fee and incentive fee payable	19,129		20,280
Payable for share repurchases	310,398		61,018
Due to affiliates	4,354		4,960
Interest payable	31,327		31,772
Payables from unsettled transactions	12,854		80,601
Deferred tax liability	66		57
Credit facilities payable	1,463,000		1,349,400
Unsecured notes payable (net of $9,863 and $11,306 of unamortized financing costs as of March 31, 2026 and September 30, 2025, respectively)	1,145,839		1,155,179
Total liabilities	3,022,784		2,740,629
Commitments and contingencies (Note 12)
Net assets:
Common shares, $0.01 par value per share; unlimited shares authorized, 196,722 and 196,721 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively	1,967		1,967
Additional paid-in-capital	4,600,564		4,591,826
Accumulated overdistributed earnings	(199,862)		(51,988)
Total net assets (equivalent to $22.38 and $23.09 per common share as of March 31, 2026 and September 30, 2025, respectively) (Note 10)	4,402,669		4,541,805
Total liabilities and net assets	$	7,425,453	$	7,282,434

See notes to Consolidated Financial Statements.

2

Oaktree Strategic Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)

NET ASSET VALUE PER SHARE	March 31, 2026 (unaudited)		September 30, 2025
Class I Shares:
Net assets	$	3,185,463	$	3,225,643
Common shares outstanding ($0.01 par value, unlimited shares authorized)	142,336		139,709
Net asset value per share	$	22.38	$	23.09
Class S Shares:
Net assets	$	1,204,239	$	1,310,917
Common shares outstanding ($0.01 par value, unlimited shares authorized)	53,807		56,785
Net asset value per share	$	22.38	$	23.09
Class D Shares:
Net assets	$	8,959	$	4,028
Common shares outstanding ($0.01 par value, unlimited shares authorized)	400		174
Net asset value per share	$	22.38	$	23.09
Class T Shares:
Net assets	$	4,008	$	1,217
Common shares outstanding ($0.01 par value, unlimited shares authorized)	179		53
Net asset value per share	$	22.38	$	23.09

See notes to Consolidated Financial Statements.

3

Oaktree Strategic Credit Fund

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

	Three months ended March 31, 2026		Three months ended March 31, 2025		Six months ended March 31, 2026		Six months ended March 31, 2025
Interest income:
Non-control/Non-affiliate investments	$	170,380	$	136,049	$	344,336	$	270,111
Interest on cash and cash equivalents	2,413		3,686		4,645		7,619
Total interest income	172,793		139,735		348,981		277,730
PIK interest income:
Non-control/Non-affiliate investments	2,113		2,499		3,949		5,194
Total PIK interest income	2,113		2,499		3,949		5,194
Fee income:
Non-control/Non-affiliate investments	5,107		2,367		11,247		3,313
Total fee income	5,107		2,367		11,247		3,313
Dividend income:
Non-control/Non-affiliate investments - PIK	95		—		318		—
Total dividend income	95		—		318		—
Total investment income	180,108		144,601		364,495		286,237
Expenses:
Base management fee	14,876		11,471		29,798		21,933
Investment income incentive fee	14,162		10,942		29,021		21,691
Capital gains incentive fee	—		(3,044)		(1,211)		(2,472)
Professional fees	1,914		1,389		3,454		2,430
Class S, Class T and Class D distribution and shareholder servicing fees	2,812		2,513		5,736		4,865
Board of trustees fees	116		116		232		232
Organization expenses	—		1		—		2
Amortization of continuous offering costs	295		552		769		919
Interest expense	47,123		41,977		93,576		84,397
Administrator expense	933		358		1,510		606
General and administrative expenses	1,110		658		2,226		1,496
Total expenses	83,341		66,933		165,111		136,099
Net investment income before taxes	96,767		77,668		199,384		150,138
(Provision) benefit for taxes on net investment income	(455)		(414)		(779)		(679)
Net investment income	96,312		77,254		198,605		149,459
Unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	(92,114)		(3,861)		(119,787)		(34,201)
Foreign currency forward contracts	14,099		(27,052)		9,631		4,251
Net unrealized appreciation (depreciation)	(78,015)		(30,913)		(110,156)		(29,950)
Realized gains (losses):
Non-control/Non-affiliate investments	(35,589)		(1,601)		(38,462)		2,444
Foreign currency forward contracts	7,149		8,141		16,975		7,773
Net realized gains (losses)	(28,440)		6,540		(21,487)		10,217
Provision for income tax (expense) benefit	78		19		(9)		(46)
Net realized and unrealized gains (losses), net of taxes	(106,377)		(24,354)		(131,652)		(19,779)
Net increase (decrease) in net assets resulting from operations	$	(10,065)	$	52,900	$	66,953	$	129,680

See notes to Consolidated Financial Statements.

4

Oaktree Strategic Credit Fund

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(unaudited)

	Three months ended March 31, 2026		Three months ended March 31, 2025		Six months ended March 31, 2026		Six months ended March 31, 2025
Operations:
Net investment income	$	96,312	$	77,254	$	198,605	$	149,459
Net unrealized appreciation (depreciation)	(78,015)		(30,913)		(110,156)		(29,950)
Net realized gains (losses)	(28,440)		6,540		(21,487)		10,217
Provision for income tax (expense) benefit	78		19		(9)		(46)
Net increase (decrease) in net assets resulting from operations	(10,065)		52,900		66,953		129,680
Distributions to common shareholders:
Class I	(77,832)		(63,188)		(157,994)		(120,178)
Class S	(27,520)		(27,847)		(56,311)		(53,710)
Class D	(205)		(77)		(378)		(136)
Class T	(79)		—		(144)		—
Net decrease in net assets resulting from distributions	(105,636)		(91,112)		(214,827)		(174,024)
Share transactions:
Class I:
Issuance of Common shares in private and public offering	108,165		300,563		368,934		474,548
Share transfers between classes	1,651		—		3,022		1,056
Issuance of Common shares under distribution reinvestment plan	10,947		11,063		25,933		21,528
Repurchased shares, net of early repurchase deduction	(193,369)		(10,271)		(332,019)		(23,233)
Net increase (decrease) from share transactions	(72,606)		301,355		65,870		473,899
Class S:
Issuance of Common shares in public offering	30,608		97,928		77,966		174,781
Share transfers between classes	(1,568)		—		(2,939)		(1,056)
Issuance of Common shares under distribution reinvestment plan	14,589		14,113		29,130		27,146
Repurchased shares, net of early repurchase deduction	(116,933)		(11,652)		(169,360)		(19,522)
Net increase (decrease) from share transactions	(73,304)		100,389		(65,203)		181,349
Class D:
Issuance of Common shares in public offering	9		1,138		5,336		1,793
Share transfers between classes	(83)		—		(83)		—
Issuance of Common shares under distribution reinvestment plan	31		28		40		54
Repurchased shares, net of early repurchase deduction	(96)		—		(120)		(77)
Net increase (decrease) from share transactions	(139)		1,166		5,173		1,770
Class T:
Issuance of Common shares in public offering	823		—		2,851		—
Issuance of Common shares under distribution reinvestment plan	33		—		47		—
Net increase (decrease) from share transactions	856		—		2,898		—
Total increase (decrease) in net assets	(260,894)		364,698		(139,136)		612,674
Net assets at beginning of period	4,663,563		3,412,316		4,541,805		3,164,340
Net assets at end of period	$	4,402,669	$	3,777,014	$	4,402,669	$	3,777,014
Net asset value per common share	$	22.38	$	23.28	$	22.38	$	23.28
Common shares outstanding at end of period	196,722		162,226		196,722		162,226

See notes to Consolidated Financial Statements.

5

Oaktree Strategic Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Six months ended March 31, 2026		Six months ended March 31, 2025
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	66,953	$	129,680
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net unrealized (appreciation) depreciation	110,156		29,950
Net realized (gains) losses	21,487		(10,217)
PIK interest income	(3,949)		(5,194)
PIK dividend income	(318)		—
Accretion of original issue discount on investments	(17,336)		(17,018)
Accretion of original issue discount on unsecured notes payable	422		413
Amortization of deferred financing costs	4,141		3,854
Amortization of deferred offering costs	770		919
Deferred taxes	9		25
Purchases of investments	(1,498,361)		(2,040,284)
Proceeds from the sales and repayments of investments	1,259,724		793,883
Changes in operating assets and liabilities:
(Increase) decrease in due from Portfolio Companies	1,463		—
(Increase) decrease in interest receivable	8,956		673
(Increase) decrease in receivables from unsettled transactions	(143,217)		40,203
(Increase) decrease in due from broker	(3,990)		(7,040)
(Increase) decrease in other assets	280		208
Increase (decrease) in accounts payable, accrued expenses and other liabilities	783		(1)
Increase (decrease) in base management fee and incentive fees payable	(1,151)		(1,714)
Increase (decrease) in due to broker	—		(4,040)
Increase (decrease) in due to affiliates	(625)		(1,157)
Increase (decrease) in interest payable	(445)		242
Increase (decrease) in payables from unsettled transactions	(67,747)		126,907
Increase (decrease) in director fees payable	—		(116)
Net cash used in operating activities	(261,995)		(959,824)
Financing activities:
Distributions paid in cash	(162,105)		(119,953)
Borrowings under credit facilities	990,600		410,000
Repayments of borrowings under credit facilities	(877,000)		(214,500)
Proceeds from issuance of common shares	455,087		651,122
Deferred financing costs paid	(2,312)		(62)
Deferred offering costs paid	(169)		(1,194)
Share repurchases paid	(252,120)		(35,866)
Subscription received in advance	—		35,000
Net cash provided by financing activities	151,981		724,547
Effect of exchange rate changes on foreign currency	(1,075)		(714)
Net increase (decrease) in cash and cash equivalents and restricted cash	(111,089)		(235,991)
Cash and cash equivalents and restricted cash, beginning of period	260,406		524,164
Cash and cash equivalents and restricted cash, end of period	$	149,317	$	288,173
Supplemental information:
Cash paid for interest	$	89,458	$	79,888
Non-cash financing activities:
Deferred offering costs incurred	120		408
Distribution payable	32,509		31,581
Reinvestment of dividends during the period	55,150		48,728
Shares repurchases accrued but not yet paid	310,398		21,603
Reconciliation to the Statements of Assets and Liabilities	March 31, 2026		September 30, 2025
Cash and cash equivalents	$	98,933	$	215,962
Restricted cash	50,384		44,444
Total cash and cash equivalents and restricted cash	$	149,317	$	260,406

See notes to Consolidated Financial Statements.

6

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal  (6)		Cost		Fair Value		Notes
Non-Control/Non-Affiliate Investments															(7)
107-109 Beech OAK22 LLC	Real Estate Development	First Lien Revolver			11.00%		5/27/2026		$	9,600	$	9,593	$	9,600	(8)(9)
1261229 BC LTD	Pharmaceuticals	Fixed Rate Bond			10.00%		4/15/2032		22,200		22,200		22,748		(10)
1261229 BC LTD	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%	9.92%		10/8/2030		27,492		26,926		26,606		(5)(10)
1440 Foods Topco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.00%	8.67%		10/31/2031		61,636		58,888		51,157		(5)
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.00%	7.70%		8/19/2030		65,089		64,763		59,177		(5)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%	8.25%		9/27/2031		€	8,508	9,822		9,702		(5)(8)(10)
ACESO Holding 4 S.a.r.l.	Health Care Services	First Lien Term Loan	E+	5.75%	8.25%		9/30/2031		39,777		45,890		45,359		(5)(8)(10)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%	8.25%		9/27/2031		34,034		37,492		38,810		(5)(8)(10)
ACP Falcon Buyer Inc	Systems Software	First Lien Term Loan	SOFR+	5.50%	9.16%		8/1/2029		$	33,887	33,322		33,802		(5)(8)
ACP Falcon Buyer Inc	Systems Software	First Lien Revolver	SOFR+	5.50%			8/1/2029		—		(89)		(13)		(5)(8)(9)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	8.80%		10/30/2026		11,166		11,120		10,974		(5)(8)
ADC Therapeutics SA	Biotechnology	First Lien Term Loan	SOFR+	7.50%	11.35%		8/15/2029		10,406		10,148		10,351		(5)(8)(10)
ADC Therapeutics SA	Biotechnology	Warrants						45,727			275		32		(8)(10)(14)
AIP RD Buyer Corp.	Distributors	Common Stock						4,560			428		736		(8)(14)
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.50%	9.17%		12/6/2027		92,319		91,728		92,319		(5)(8)
Artera Services, LLC	Construction & Engineering	Fixed Rate Bond			8.50%		2/15/2031		25,234		23,338		21,629
Artera Services, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.17%		2/15/2031		53,261		52,833		45,694		(5)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%			3/6/2032		—		(51)		(294)		(5)(8)(9)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	8.67%		3/6/2032		47,382		46,780		45,634		(5)(8)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Revolver	PRIME+	4.00%	10.75%		3/6/2031		6,083		5,972		5,752		(5)(8)(9)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	9.67%		12/29/2027		983		977		972		(5)(8)(10)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	9.93%		12/29/2027		4,738		4,711		4,685		(5)(8)(10)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	9.78%		12/29/2027		552		549		546		(5)(8)(9)(10)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	3.75%	7.42%		2/23/2033		21,836		21,502		21,140		(5)
athenahealth Group Inc.	Health Care Technology	Fixed Rate Bond			6.50%		2/15/2030		10,357		10,030		9,732
athenahealth Group Inc.	Health Care Technology	Preferred Equity						1,524			1,706		2,308		(8)(13)(14)
Atlas Borrower, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.50%	8.20%		9/4/2032		57,995		57,415		57,456		(5)(8)
Atlas Borrower, LLC	Health Care Services	First Lien Revolver	SOFR+	4.50%			9/4/2032		—		(99)		(92)		(5)(8)(9)
Aurelia Netherlands B.V.	Interactive Media & Services	First Lien Term Loan	E+	4.75%	6.77%		5/29/2031		€	99,155	110,901		112,247		(5)(8)(10)
Aurora Lux Finco S.A.R.L	Application Software	First Lien Term Loan	SOFR+	5.25%	8.95%		9/26/2032		$	39,900	39,155		36,758		(5)(10)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%	8.67%		12/5/2031		120,710		118,751		118,610		(5)(8)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%	8.67%		12/5/2029		2,348		2,156		2,142		(5)(8)(9)
Ballyrock CLO 19	Multi-Sector Holdings	CLO Notes	SOFR+	7.11%	10.78%		4/20/2035		2,220		2,223		2,029		(5)(10)
Bamboo Ide8 Insurance Services, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	5.00%	8.70%		1/24/2031		47,816		47,457		47,481		(5)(8)
Bamboo Ide8 Insurance Services, LLC	Property & Casualty Insurance	First Lien Revolver	SOFR+	5.00%			1/24/2031		—		(36)		(34)		(5)(8)(9)

7

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.67%		9/30/2030		$	3,234	$	3,209	$	3,201	(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.67%		9/30/2030		3,250		3,237		3,218		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.67%		9/30/2030		3,865		3,805		3,826		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.67%		9/30/2030		25,263		24,793		25,010		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Revolver	SOFR+	5.25%			10/1/2029		—		(91)		(52)		(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	E+	5.00%	7.03%		9/30/2030		€	15,718	16,351		17,929		(5)(8)
Barracuda Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	6.50%	10.17%		8/15/2029		$	48,886	47,764		40,087		(5)(8)
Bayou Intermediate II, LLC	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	8.45%		9/30/2032		5,849		5,767		5,753		(5)(8)(9)
Bayou Intermediate II, LLC	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	8.45%		9/30/2032		38,756		38,368		38,403		(5)(8)
Bayou Intermediate II, LLC	Health Care Supplies	First Lien Revolver	SOFR+	4.75%	8.45%		9/30/2032		2,396		2,340		2,345		(5)(8)(9)
Beach Acquisition Bidco LLC	Footwear	Fixed Rate Bond				10.75%	7/15/2033		18,443		18,443		19,656
BG MS US Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.75%	8.45%		10/17/2032		11,500		11,290		11,443		(5)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			13.00%		4/19/2027		3,289		3,263		2,876		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			13.00%		4/19/2027		1,363		1,363		1,192		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Common Stock						12,702			—		17		(10)(14)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						279			—		—		(8)(10)(14)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						975			74		—		(8)(10)(14)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%			2/27/2031		—		(37)		—		(5)(8)(9)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.45%		2/27/2031		32,618		32,367		32,618		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.45%		2/27/2031		60,536		60,020		60,536		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			2/27/2031		—		(158)		—		(5)(8)(9)
Blazing Star Parent, LLC	Drug Retail	First Lien Term Loan	SOFR+	7.00%	10.67%		8/28/2030		85,328		83,447		83,664		(5)(8)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	5.00%	8.73%		6/14/2032		3,678		3,745		3,637		(5)(8)(9)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	5.00%	8.68%		6/14/2032		1,644		1,630		1,603		(5)(8)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SONIA+	5.00%	8.73%		6/14/2032		£	8,475	11,418		10,896		(5)(8)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	E+	5.00%	7.17%		6/14/2032		€	5,593	6,420		6,283		(5)(8)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	3.75%	5.89%		10/31/2029		8,632		8,552		9,672		(5)(8)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.25%	6.39%		10/31/2030		36,081		35,651		39,598		(5)(8)(10)
Buttercup 2023-1 LLC	Specialized Finance	CLO Notes	SOFR+	6.50%	10.13%		9/30/2030		$	30,824	30,901		30,855		(5)(8)(10)
CCO Holdings LLC	Cable & Satellite	Fixed Rate Bond			7.00%		2/1/2033		36,000		36,000		36,135		(10)
Centralsquare Technologies, LLC	Application Software	First Lien Term Loan	SOFR+	5.75%	9.42%		4/12/2030		30,890		30,398		30,544		(5)(8)
Centralsquare Technologies, LLC	Application Software	First Lien Revolver	SOFR+	5.75%			4/12/2030		—		(57)		(36)		(5)(8)(9)
Cielo Bidco Limited	Building Products	First Lien Term Loan	E+	4.75%	6.64%		3/31/2032		€	2,675	$	3,068	$	3,023	(5)(8)(9)(10)
Cielo Bidco Limited	Building Products	First Lien Term Loan	E+	4.75%	6.64%		3/31/2032		9,166		10,599		10,455		(5)(8)(10)
Cielo Bidco Limited	Building Products	First Lien Term Loan	SONIA+	4.75%	8.48%		3/31/2032		£	39,461	52,954		51,517		(5)(8)(10)
Connect Holding II LLC	Alternative Carriers	Fixed Rate Bond			10.50%		4/3/2031		$	10,108	9,833		10,056

8

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Connect Holding II LLC	Alternative Carriers	First Lien Term Loan	SOFR+	4.25%	7.93%		4/3/2031		$	34,261	$	31,891	$	31,979	(5)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%			2/27/2030		—		(8)		(48)		(5)(8)(9)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%	8.92%		2/27/2030		13,228		13,043		12,699		(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Revolver	SOFR+	5.25%			2/27/2029		—		(11)		(37)		(5)(8)(9)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	5.00%	8.67%		12/18/2031		105,414		103,728		103,770		(5)(8)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Revolver	SOFR+	5.00%			12/18/2031		—		(218)		(236)		(5)(8)(9)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	10.42%		11/8/2030		3,080		3,021		2,926		(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	10.42%		11/8/2030		43,911		43,189		41,715		(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Revolver	SOFR+	6.75%			11/8/2030		—		(75)		(229)		(5)(8)(9)
Dealer Tire Financial, LLC	Distributors	Fixed Rate Bond			8.00%		2/1/2028		32,113		31,882		31,419
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			8.00%	3.00%	8/31/2029		40,060		40,060		40,060		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			3.00%	7.00%	8/31/2029		30,072		30,072		30,072		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Preferred Equity						330			330		332		(8)(10)(14)
Delta Leasing SPV II LLC	Specialized Finance	Warrants						25			—		—		(8)(10)(14)
Delta Leasing SPV II LLC	Specialized Finance	Common Stock						2			2		—		(8)(10)(14)
Digicel International Finance Ltd / Difl US LLC	Wireless Telecommunication Services	Fixed Rate Bond			8.63%		8/1/2032		4,757		4,757		4,844		(10)
DirecTV Financing, LLC	Cable & Satellite	Fixed Rate Bond			10.00%		2/15/2031		21,198		21,198		21,656
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.50%	9.18%		8/2/2029		15,749		15,507		15,814		(5)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.50%	9.17%		2/17/2031		17,291		17,070		17,338		(5)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%			5/19/2032		—		(194)		—		(5)(8)(9)(10)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	8.65%		5/19/2032		18,849		18,519		18,812		(5)(8)(10)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SONIA+	5.00%	8.73%		5/19/2032		£	59,320	77,904		78,069		(5)(8)(10)
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	7.67%		4/26/2029		$	19,238	18,692		16,657		(5)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.50%	9.32%		12/8/2028		1,034		1,028		1,034		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.50%	9.31%		12/8/2029		1,918		1,903		1,918		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.50%	9.32%		12/8/2028		17,035		16,887		17,035		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Revolver	SOFR+	5.50%			12/8/2028		—		(18)		—		(5)(8)(9)
Empire Bidco AB	Life Sciences Tools & Services	First Lien Term Loan	STIBOR+	5.25%			9/22/2032		—		(453)		(400)		(5)(8)(9)(10)
Empire Bidco AB	Life Sciences Tools & Services	First Lien Term Loan	STIBOR+	5.25%	7.27%		9/22/2032		kr	348,703	36,568		35,938		(5)(8)(10)
Empire Bidco AB	Life Sciences Tools & Services	First Lien Term Loan	SONIA+	5.25%	8.98%		9/22/2032		£	27,033	35,959		35,006		(5)(8)(10)
Engineering Research And Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	8.70%		8/29/2031		$	31,580	31,148		25,054		(5)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%			12/18/2032		—		(24)		(21)		(5)(8)(9)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	8.17%		12/18/2032		58,529		58,327		58,330		(5)(8)
Enverus Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	4.50%			12/18/2032		—		(19)		(17)		(5)(8)(9)
eShipping, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%			12/23/2032		—		(18)		(16)		(5)(8)(9)(10)
eShipping, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.20%		12/23/2032		18,955		18,960		18,867		(5)(8)(10)
eShipping, LLC	Diversified Support Services	First Lien Revolver	PRIME+	3.50%	10.25%		12/23/2032		224		206		207		(5)(8)(9)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		1,832		1,825		1,868		(8)(10)

9

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		$	1,689	$	1,682	$	1,722	(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		1,689		1,682		1,723		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		11,437		11,404		11,666		(8)(10)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	8.66%		7/2/2031		7,642		7,591		7,446		(5)(8)(9)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	8.66%		7/2/2031		77,969		77,677		77,190		(5)(8)
Everbridge, Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			7/2/2031		—		(30)		(79)		(5)(8)(9)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.45%		9/30/2030		8,961		8,895		8,890		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.45%		9/30/2030		35,489		34,919		35,212		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			9/29/2029		—		(58)		(29)		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.27%		10/5/2029		4,805		4,746		4,747		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.27%		10/5/2029		3,159		3,119		3,121		(5)(8)
Eyesouth Eye Care Holdco LLC	Health Care Services	Common Stock						885			885		1,140		(8)(14)
F&M BUYER LLC	Systems Software	First Lien Term Loan	SOFR+	4.50%			3/18/2032		—		(40)		(40)		(5)(8)(9)
F&M BUYER LLC	Systems Software	First Lien Term Loan	SOFR+	4.50%	8.20%		3/18/2032		23,866		23,627		23,377		(5)(8)
F&M BUYER LLC	Systems Software	First Lien Revolver	SOFR+	4.50%			3/18/2032		—		(35)		(71)		(5)(8)(9)
Flexera Software LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.20%		8/16/2032		11,678		11,593		11,211		(5)(8)
Flexera Software LLC	Application Software	First Lien Term Loan	E+	4.50%	6.45%		8/15/2032		€	12,305	14,376		13,646		(5)(8)
Flexera Software LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.15%		8/15/2032		$	40,774	40,672		39,143		(5)(8)
Flexera Software LLC	Application Software	First Lien Revolver	SOFR+	4.50%			8/13/2032		—		(8)		(125)		(5)(8)(9)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+	4.75%	8.42%		10/18/2033		5,000		5,000		4,925		(5)(10)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+	8.45%	12.12%		10/18/2033		6,000		6,035		5,626		(5)(10)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.12%		3/3/2033		25,406		25,025		24,953		(5)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+	4.50%	8.18%		10/15/2031		10,195		10,068		10,064		(5)(8)(9)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+	4.50%	8.17%		10/15/2031		56,177		55,732		55,823		(5)(8)
Geo Topco Corporation	Building Products	First Lien Revolver	SOFR+	4.50%	8.17%		10/15/2031		1,821		1,759		1,772		(5)(8)(9)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.67%		3/10/2031		30,022		29,775		29,367		(5)(8)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00%	8.71%		3/10/2031		2,309		2,233		2,108		(5)(8)(9)
Greenway Health, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.75%	10.45%		4/1/2029		24,500		24,082		24,206		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	11.77%		6/21/2027		3,537		3,519		3,417		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	11.77%		6/21/2027		17,065		16,982		16,488		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Revolver	SOFR+	8.00%	11.78%		6/21/2027		884		876		824		(5)(8)(9)
HAH Group Holding Co LLC	Health Care Services	Fixed Rate Bond			9.75%		10/1/2031		11,565		10,986		10,142
HAH Group Holding Co LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	8.67%		9/17/2031		9,354		8,558		8,039		(5)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.02%		4/9/2029		41,235		40,485		35,078		(5)
Hertz Vehicle Financing III	Specialized Finance	Subordinated Debt Revolver			9.28%		6/28/2028		85,710		85,710		85,496		(8)(10)
Hologic, Inc.	Health Care Equipment	Second Lien Term Loan	SOFR+	5.00%			4/7/2034		—		(624)		—		(5)(9)
Icefall Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	8.20%		1/25/2030		52,319		52,192		51,796		(5)(8)
Icefall Parent, Inc.	Application Software	First Lien Revolver	SOFR+	4.50%			1/25/2030		—		(34)		(51)		(5)(8)(9)

10

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75%	9.42%		8/18/2028		$	16,314	$	16,215	$	15,304	(5)(8)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25%	9.92%		8/18/2028		2,325		2,309		2,206		(5)(8)
iCIMs, Inc.	Application Software	First Lien Revolver	SOFR+	5.75%	9.42%		8/18/2028		202		192		112		(5)(8)(9)
Inmar Inc	Application Software	First Lien Term Loan	SOFR+	4.50%	8.20%		10/30/2031		55,216		54,971		53,180		(5)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%			8/25/2028		—		(97)		(19)		(5)(8)(9)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%	8.67%		8/25/2028		81,245		80,901		81,156		(5)(8)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	5.00%			8/25/2028		—		(46)		(8)		(5)(8)(9)
Intralot Capital Luxembourg S.A.	Casinos & Gaming	First Lien Term Loan	SONIA+	5.50%	9.23%		10/7/2031		£	41,506	54,726		53,070		(5)(8)(10)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	7.50%	11.28%		4/15/2026		$	42,668	42,668		42,608		(5)(8)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Revolver	SOFR+	7.50%			4/30/2026		—		(2)		(3)		(5)(8)(9)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	8.77%		6/28/2029		4,886		4,854		4,862		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	8.77%		6/28/2029		20,517		20,320		20,415		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	8.77%		6/28/2029		36,502		36,050		36,319		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Revolver	SOFR+	5.00%			6/28/2029		—		(119)		(48)		(5)(8)(9)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+	5.50%			4/25/2031		—		(141)		—		(5)(8)(9)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SOFR+	5.50%	9.13%		4/25/2031		46,882		46,028		46,882		(5)(8)(10)
Jeppesen Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		10/31/2032		49,624		49,376		48,339		(5)(8)(15)
Jeppesen Holdings, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			10/31/2032		—		(17)		(86)		(5)(8)(9)
JN Bidco LLC	Health Care Technology	Common Stock									3,338		7,587		(8)(14)
Jonah Energy South Texas LLC	Oil & Gas Exploration & Production	First Lien Term Loan	SOFR+	6.00%	9.65%		3/30/2030		68,480		67,796		67,795		(5)(8)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	E+	4.75%			4/22/2032		—		(20)		(19)		(5)(8)(9)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	E+	4.75%	6.85%		4/22/2032		€	20,027	23,241		22,909		(5)(8)(9)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	NIBOR+	4.75%	8.97%		4/22/2032		Nkr184,534		18,151		18,867		(5)(8)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	SONIA+	4.75%	8.48%		4/22/2032		£	13,129	17,620		17,242		(5)(8)(10)
Kaseya Inc.	Systems Software	Second Lien Term Loan	SOFR+	5.00%	8.67%		3/20/2033		$	43,764	43,687		35,193		(5)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.05%		10/29/2027		57,517		57,185		54,365		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.05%		10/29/2027		4,681		4,668		4,424		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.25%	11.00%		10/29/2027		5,985		5,943		5,519		(5)(8)(9)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.50%			11/25/2031		—		(58)		(69)		(5)(8)(9)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.50%	8.23%		11/25/2031		39,033		38,559		38,693		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	8.67%		2/9/2032		8,262		8,098		8,167		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	8.67%		2/9/2032		41,723		41,286		41,247		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%			2/9/2032		—		(81)		(124)		(5)(8)(9)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	8.67%		2/9/2032		4,203		4,173		4,156		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Revolver	SOFR+	5.00%			2/9/2032		—		(65)		(71)		(5)(8)(9)
Learfield Communications, LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.50%	8.17%		6/30/2028		45,220		45,136		45,385		(5)

11

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%	8.67%		8/22/2031		$	3,252	$	3,201	$	3,195	(5)(8)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.50%	6.42%	2.75%	8/22/2031		57,225		56,379		56,207		(5)(8)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%	8.67%		8/22/2030		3,437		3,341		3,340		(5)(8)(9)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.00%	8.67%		1/13/2030		58,995		58,325		57,338		(5)(8)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Revolver	SOFR+	5.00%			1/13/2030		—		(44)		(109)		(5)(8)(9)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	9.77%		1/31/2028		1,021		996		990		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	9.77%		1/31/2028		8,769		8,715		8,500		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Revolver	SOFR+	6.00%	9.77%		1/31/2028		528		522		496		(5)(8)(9)
M2S Group Intermediate Holdings Inc	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.75%	8.42%		8/25/2031		37,954		36,755		37,163		(5)
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	6.67%		3/1/2029		31,433		30,050		28,172		(5)
Mesoblast, Inc.	Biotechnology	Warrants						33,174			152		124		(8)(10)(14)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00%	9.82%		7/21/2027		5,152		5,127		5,095		(5)(8)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.25%	10.07%		7/21/2027		1,015		1,007		1,004		(5)(8)
Microf Funding V LLC	Consumer Finance	First Lien Term Loan	SOFR+	6.00%	9.66%		6/3/2027		19,966		19,787		19,550		(5)(8)(9)(10)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Term Loan	SOFR+	5.00%	8.67%		6/3/2030		6,958		6,861		6,892		(5)(8)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Term Loan	SOFR+	5.00%	8.67%		6/3/2030		6,590		6,498		6,528		(5)(8)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Term Loan	SOFR+	5.00%	8.67%		6/3/2030		16,559		16,406		16,404		(5)(8)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Term Loan	SOFR+	5.00%	8.67%		6/3/2030		41,008		40,437		40,622		(5)(8)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Revolver	SOFR+	5.00%			6/3/2030		—		(58)		(40)		(5)(8)(9)
Mitchell International Inc	Application Software	Second Lien Term Loan	SOFR+	5.25%	8.92%		6/17/2032		42,135		41,953		38,172		(5)
Modena Buyer LLC	Application Software	First Lien Term Loan	SOFR+	4.25%	7.92%		7/1/2031		36,368		35,821		32,767		(5)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.25%	8.92%		2/28/2031		1,538		1,523		1,476		(5)(8)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.25%	8.92%		2/28/2031		71,024		69,959		68,183		(5)(8)
Monotype Imaging Holdings Inc.	Application Software	First Lien Revolver	SOFR+	5.25%			2/28/2030		—		(88)		(320)		(5)(8)(9)
Monroe Engineering Group LLC	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.75%			12/20/2028		—		(22)		(28)		(5)(8)(9)
Monroe Engineering Group LLC	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.75%			12/20/2028		—		(22)		(28)		(5)(8)(9)
MP Midco Holdings LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	6.50%	10.17%		3/29/2030		12,897		12,975		12,951		(5)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.45%		2/10/2028		4,773		4,749		4,655		(5)(8)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.47%		2/10/2028		3,181		3,152		2,977		(5)(8)(9)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.45%		2/10/2028		57,343		56,998		55,926		(5)(8)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.45%		2/10/2028		7,016		7,012		6,843		(5)(8)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	4.75%	8.45%		2/10/2028		1,750		1,731		1,577		(5)(8)(9)
MRO Florida, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.19%		10/2/2032		3,300		3,268		3,264		(5)(8)(9)(10)
MRO Florida, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.16%		10/2/2032		51,433		51,047		51,078		(5)(8)(10)
National Mentor Holdings	Health Care Services	Fixed Rate Bond			10.50%		12/15/2030		18,855		18,516		19,476
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%			4/17/2031		—		(28)		(25)		(5)(8)(9)(10)

12

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%	9.45%		4/17/2031		$	14,357	$	14,142	$	14,214	(5)(8)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%	9.45%		4/17/2031		48,363		47,753		47,880		(5)(8)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Revolver	PRIME+	4.75%	11.50%		4/17/2031		3,494		3,369		3,395		(5)(8)(9)(10)
Neptune Bidco US Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.75%	8.45%		1/19/2031		30,740		30,395		30,478		(5)(8)
Neptune Bidco US Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	10.50%		1/19/2031		707		697		648		(5)(8)(9)
New Blackboard, LLC	Application Software	Preferred Equity						88,532			930		841		(8)(14)
New Blackboard, LLC	Application Software	Common Stock						165,363			597		165		(8)(14)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	8.89%		11/9/2030		17,605		17,464		17,454		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	8.89%		11/12/2030		45,692		45,240		45,299		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Revolver	SOFR+	5.25%			11/8/2029		—		(40)		(36)		(5)(8)(9)
Nexus Buyer LLC	Specialized Finance	Second Lien Term Loan	SOFR+	5.75%	9.42%		2/16/2032		59,241		58,724		57,612		(5)
Nexus Buyer LLC	Specialized Finance	First Lien Term Loan	SOFR+	3.50%	7.17%		7/31/2031		10,843		10,517		10,456		(5)
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	9.52%		11/10/2029		1,365		1,356		1,337		(5)(8)
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	9.48%		11/10/2029		21,759		21,495		21,322		(5)(8)
NFM & J, L.P.	Diversified Support Services	First Lien Revolver	PRIME+	4.75%	11.50%		11/10/2029		2,149		2,089		2,050		(5)(8)(9)
NFO Orange Buyer LLC	Distributors	First Lien Term Loan	SOFR+	4.50%			1/13/2033		—		(20)		(20)		(5)(8)(9)
NFO Orange Buyer LLC	Distributors	First Lien Term Loan	SOFR+	4.50%	8.24%		1/13/2033		37,500		37,304		37,317		(5)(8)
NFO Orange Buyer LLC	Distributors	First Lien Revolver	PRIME+	3.50%	10.25%		1/13/2033		1,071		1,045		1,045		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SONIA+	4.50%	8.38%		5/29/2030		£	1,399	1,920		1,808		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.20%		5/29/2030		$	4,692	4,683		4,599		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.20%		5/3/2029		3,313		3,279		3,247		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	NIBOR+	4.50%	8.82%		5/3/2029		Nkr	68,811	6,196		6,923		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.20%		5/3/2029		$	27,846	27,760		27,289		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.20%		5/3/2029		36,168		35,796		35,445		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SONIA+	4.50%	8.23%		5/3/2029		£	3,140	3,917		4,058		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+	4.50%			4/29/2030		—		(21)		(124)		(5)(8)(9)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+	4.50%	8.20%		5/3/2029		$	2,651	2,606		2,563		(5)(8)(9)(10)
OFSI Fund Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	11.15%		4/20/2034		1,105		1,054		905		(5)(10)
Optimizely North America Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	8.67%		10/30/2031		47,296		46,919		44,898		(5)(8)(10)
Optimizely North America Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			10/30/2031		—		(57)		(308)		(5)(8)(9)(10)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	E+	5.25%	7.16%		10/30/2031		€	16,888	18,203		18,459		(5)(8)(10)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	SONIA+	5.50%	9.23%		10/30/2031		£	5,629	7,265		7,053		(5)(8)(10)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	4.50%	8.17%		2/13/2032		$	73,929	72,999		72,902		(5)(8)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Revolver	SOFR+	4.50%	8.20%		2/13/2032		1,579		1,380		1,360		(5)(8)(9)
Paulus Holdings Public Limited Company	Health Care Technology	Preferred Equity						84,181			1,622		2,625		(8)(10)(14)
Paulus Holdings Public Limited Company	Health Care Technology	Warrants						18,492			356		576		(8)(10)(14)

13

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal  (6)		Cost		Fair Value		Notes
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%	9.67%		11/15/2030		$	71,990	$	71,039	$	64,791	(5)(8)
PetVet Care Centers, LLC	Health Care Services	First Lien Revolver	SOFR+	6.00%	9.68%		11/15/2029		1,921		1,805		961		(5)(8)(9)
PetVet Care Centers, LLC	Health Care Services	Preferred Equity						6,338			6,211		7,197		(8)(14)
Pike Corporation	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%			12/20/2032		—		40		—		(5)(8)(9)(10)
Pike Corporation	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.18%		12/20/2032		76,438		76,438		76,438		(5)(8)(10)
Pike Corporation	Construction & Engineering	First Lien Revolver	SOFR+	4.50%			12/20/2032		—		—		(91)		(5)(8)(9)(10)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%			8/22/2029		—		—		(38)		(5)(8)(9)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	6.67%	1.50%	8/22/2029		1,948		1,948		1,917		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	6.67%	1.50%	8/22/2029		3,374		3,374		3,320		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%			8/22/2029		6,018		5,563		301		(5)(8)(11)
Pluralsight, LLC	Application Software	First Lien Revolver	SOFR+	4.50%			8/22/2029		—		—		(15)		(5)(8)(9)
Pluralsight, LLC	Application Software	Common Stock						1,658,698			5,540		—		(8)(14)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	SOFR+	5.25%	8.89%		9/17/2031		23,063		22,890		23,063		(5)(8)(9)(10)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.00%	6.85%		9/17/2031		€	20,514	23,518		23,223		(5)(8)(9)(10)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.50%	7.67%		9/17/2031		50,768		55,355		58,495		(5)(8)(10)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	8.70%		9/30/2031		$	10,297	10,194		10,297		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%			9/30/2031		—		(8)		—		(5)(8)(9)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	8.70%		9/30/2031		36,603		36,543		36,603		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	8.70%		9/30/2031		26,085		25,420		26,085		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%			9/30/2031		—		(18)		—		(5)(8)(9)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	8.70%		9/30/2031		18,480		18,472		18,480		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.00%	8.70%		9/30/2031		3,372		3,292		3,372		(5)(8)(9)
Premium Parent, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.50%	10.18%		11/25/2032		101,591		99,660		99,732		(5)(8)
Premium Parent, LLC	Health Care Services	First Lien Revolver	SOFR+	6.50%	10.17%		9/21/2032		3,815		3,582		3,590		(5)(8)(9)
Profrac Holdings II, LLC	Industrial Machinery & Supplies & Components	First Lien Floating Rate Bond	SOFR+	7.25%	10.93%		1/23/2029		54,664		54,117		53,964		(5)(8)(10)
Project Accelerate Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	5.25%	8.92%		2/24/2031		42,984		42,684		42,984		(5)(8)
Project Accelerate Parent, LLC	Systems Software	First Lien Revolver	SOFR+	5.25%			2/24/2031		—		(44)		—		(5)(8)(9)
Propio LS, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	8.42%		5/10/2030		10,138		10,036		9,682		(5)(8)
Propio LS, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	8.42%		5/10/2030		27,625		27,349		26,382		(5)(8)
Propio LS, LLC	Diversified Support Services	First Lien Revolver	SOFR+	4.75%	8.45%		5/10/2030		453		442		406		(5)(8)(9)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			7.15%		10/15/2034		5,240		5,228		5,245		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			10.05%		10/15/2034		5,471		5,394		5,449		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			14.64%		10/15/2034		7,289		7,289		7,288		(8)(10)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.25%	8.92%		9/20/2030		62,617		61,756		61,428		(5)(8)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.25%			9/20/2030		—		(91)		(126)		(5)(8)(9)
Quantum Bidco Limited	Food Distributors	First Lien Term Loan	SONIA+	5.50%	9.35%		1/31/2028		£	10,922	13,686		14,290		(5)(10)

14

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Recess Topco Partnership LP	Passenger Ground Transportation	Subordinated Debt Term Loan	SOFR+	6.00%	9.67%		1/26/2032		$	92,953	$	91,148	$	91,113	(5)(8)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	7.67%		4/5/2030		50,692		46,686		36,451		(5)
Resilience Parent LLC	Electrical Components & Equipment	Second Lien Term Loan	SOFR+	5.25%	8.92%		2/27/2034		33,068		32,741		32,734		(5)(8)
Resistance Holdings, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	5.00%	8.67%		3/16/2031		41,768		41,147		41,141		(5)(8)
Resistance Holdings, Inc.	Pharmaceuticals	First Lien Revolver	SOFR+	5.00%			3/16/2031		—		(52)		(52)		(5)(8)(9)
Rockford Tower CLO 2024-1	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	11.15%		4/20/2037		2,500		2,479		2,432		(5)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.75%	8.45%		7/1/2032		6,469		6,258		5,754		(5)(8)(9)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	E+	4.75%	6.88%		7/1/2032		€	17,268	20,073		19,498		(5)(8)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.75%	8.38%		7/1/2032		$	52,841	52,313		51,784		(5)(8)(10)
Saratoga	Diversified Financial Services	Credit Linked Note	SOFR+	5.33%	9.86%		12/31/2029		69,035		68,661		69,925		(5)(8)(10)(12)
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.45%		12/16/2028		10,516		10,499		10,529		(5)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	8.68%		3/27/2028		2,444		2,418		2,419		(5)(8)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	8.68%		3/27/2028		3,315		3,267		3,261		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	8.67%		3/27/2028		16,982		16,780		16,812		(5)(8)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%			3/27/2028		—		(24)		(85)		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Revolver	SOFR+	5.00%			3/27/2028		—		(30)		(38)		(5)(8)(9)
Seres Therapeutics, Inc.	Biotechnology	Warrants						4,674			293		7		(8)(10)(14)
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	5.75%	9.45%		5/20/2030		56,953		56,246		56,953		(5)(8)
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Revolver	SOFR+	5.75%			5/20/2030		—		(90)		—		(5)(8)(9)
Silk Holdings III LLC	Personal Care Products	First Lien Term Loan	SOFR+	4.50%	8.17%		12/1/2032		36,385		36,021		36,036		(5)(8)
Silk Holdings III LLC	Personal Care Products	First Lien Revolver	SOFR+	4.50%			12/1/2032		—		(24)		(24)		(5)(8)(9)
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	SOFR+	5.75%	9.42%		4/19/2029		78,551		77,593		77,428		(5)(8)
Sorenson Communications, LLC	Communications Equipment	First Lien Revolver	SOFR+	5.75%			4/19/2029		—		(124)		(140)		(5)(8)(9)
Sphynx UK Bidco Ltd	Packaged Foods & Meats	First Lien Term Loan	BBSW+	4.25%	7.99%		9/2/2032		A$	8,490	5,469		5,699		(5)(8)(10)
Sphynx UK Bidco Ltd	Packaged Foods & Meats	First Lien Term Loan	E+	4.25%	6.27%		9/2/2032		€	4,699	5,412		5,292		(5)(8)(10)
Sphynx UK Bidco Ltd	Packaged Foods & Meats	First Lien Term Loan	SONIA+	4.75%	8.23%		8/15/2032		£	18,960	25,086		24,503		(5)(8)(10)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	CORRA+	4.75%	7.00%		1/30/2032		C$	21,005	14,322		14,915		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	4.75%	8.45%		1/30/2032		$	116,019	114,568		114,975		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Revolver	SOFR+	4.75%	8.37%		1/30/2032		5,854		5,524		5,619		(5)(8)(9)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	TONA+	5.00%	5.75%		1/30/2032		¥	2,245,988	14,320		13,991		(5)(8)
Staples, Inc.	Office Services & Supplies	Fixed Rate Bond			10.75%		9/1/2029		$	26,481	25,656		24,511
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	9.41%		9/4/2029		17,479		16,828		15,930		(5)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	7.70%		9/27/2030		34,929		34,300		34,583		(5)
SumUp Holdings Luxembourg	Diversified Financial Services	First Lien Term Loan	E+	5.50%	7.51%		4/25/2031		€	47,274	50,889		53,653		(5)(8)(10)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%			11/22/2031		—		(44)		(33)		(5)(8)(9)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	8.42%		11/22/2031		$	56,173	55,775		55,330		(5)(8)

15

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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
TBRS, Inc.	Health Care Supplies	First Lien Revolver	SOFR+	4.75%			11/22/2030		—		$	(58)	$	(113)	(5)(8)(9)
Ten-X LLC	Interactive Media & Services	First Lien Term Loan	SOFR+	6.00%	9.63%		5/26/2028		$	24,208	23,684		21,036		(5)
Tequilas Premium, Inc.	Distillers & Vintners	First Lien Term Loan	SOFR+	1.00%	4.67%		3/6/2031		36,704		35,980		35,981		(5)(8)
Tequilas Premium, Inc.	Distillers & Vintners	First Lien Term Loan	SOFR+	9.50%	13.17%		3/6/2031		36,245		35,531		35,524		(5)(8)
Tequilas Premium, Inc.	Distillers & Vintners	First Lien Revolver	SOFR+	5.00%			3/6/2031		—		(241)		(241)		(5)(8)(9)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	8.42%		10/31/2031		4,322		4,259		4,225		(5)(8)(9)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	8.42%		10/31/2031		50,325		49,924		49,892		(5)(8)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	4.75%	8.42%		10/31/2031		1,393		1,347		1,344		(5)(8)(9)(10)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	8.42%		1/31/2029		720		709		710		(5)(8)(9)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	8.43%		1/31/2029		8,020		7,946		7,938		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	8.43%		1/31/2029		3,782		3,746		3,744		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	8.42%		1/31/2029		8,215		8,137		8,133		(5)(8)
Trident TPI Holdings, Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.45%		9/15/2028		10,014		10,014		9,508		(5)
Trinitas CLO VI Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+	7.08%	10.75%		1/25/2034		2,785		2,633		2,192		(5)(10)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%	8.44%		2/13/2032		1,643		1,621		1,628		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%	8.42%		2/13/2032		7,682		7,502		7,497		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%			2/13/2032		—		(64)		(92)		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%	8.42%		2/13/2032		2,009		1,991		1,990		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%	8.42%		2/13/2032		76,291		75,262		75,566		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Revolver	SOFR+	4.75%			2/13/2031		—		(100)		(72)		(5)(8)(9)
US WorldMeds Ventures, LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%			7/31/2030		—		—		—		(5)(8)(9)
US WorldMeds Ventures, LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%			7/31/2030		—		—		—		(5)(8)(9)
US WorldMeds Ventures, LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%	9.95%		7/31/2030		22,004		21,629		21,455		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.17%		9/10/2031		2,558		2,544		2,559		(5)(8)(9)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	6.30%	3.13%	9/10/2031		17,090		16,923		17,181		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.17%		9/10/2031		62,562		61,956		62,574		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Revolver	PRIME+	4.25%	11.00%		9/10/2031		5,121		5,075		5,121		(5)(8)(9)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+	5.25%			6/24/2031		—		(14)		—		(5)(8)(9)(10)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+	5.25%	8.97%		6/24/2031		£	40,334	50,796		53,023		(5)(8)(10)
Werner Finco LP	Building Products	First Lien Term Loan	SOFR+	5.50%	9.17%		6/16/2031		$	48,660	47,989		47,999		(5)(8)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.18%		5/20/2032		10,595		10,503		10,505		(5)(8)(9)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.17%		5/20/2032		65,815		65,321		65,387		(5)(8)

16

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Revolver	SOFR+	4.50%			5/20/2032		—		$	(69)	$	(60)	(5)(8)(9)
Whitney Merger Sub, Inc.	Application Software	First Lien Term Loan	SOFR+	4.75%	8.45%		7/3/2032		$	68,230	67,548		66,927		(5)(8)
Whitney Merger Sub, Inc.	Application Software	First Lien Revolver	SOFR+	4.75%			7/3/2032		—		(98)		(187)		(5)(8)(9)
Woodmont 2022-9 Trust	Multi-Sector Holdings	CLO Notes	SOFR+	7.77%	11.44%		10/25/2036		9,385		9,302		9,185		(5)(10)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.00%	6.04%	3.88%	11/29/2029		2,675		2,675		2,673		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.00%	6.04%	3.88%	11/28/2029		56,447		55,753		56,396		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Revolver	SOFR+	7.00%			11/28/2029		—		(89)		(14)		(5)(8)(9)
Zayo Group Holdings Inc	Alternative Carriers	First Lien Term Loan	SOFR+	3.50%	6.79%	0.50%	3/11/2030		18,834		17,959		18,527		(5)
Total Non-Control/Non-Affiliate Investments (159.4% of net assets)											$	7,114,591	$	7,019,058
BNY Mellon Short Term Investment Fund											75,445		75,445
Fidelity Investments Money Market Treasury Fund											10,245		10,245
Goldman Sachs FS Treasury Obligations Fund											24,900		24,900
Other cash accounts											38,727		38,727
Cash and Cash Equivalents and Restricted Cash (3.4% of net assets)											$	149,317	$	149,317

17

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(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	$	5,917	A$	8,393	6/11/2026	Wells Fargo Securities, LLC	$	174
Foreign currency forward contract	$	15,648	C$	21,147	6/11/2026	Wells Fargo Securities, LLC	449
Foreign currency forward contract	$	188,969	€	162,500	6/11/2026	Bank of New York Mellon	1,124
Foreign currency forward contract	$	346,858	€	298,196	6/11/2026	ING Capital LLC	2,152
Foreign currency forward contract	€	4,716	$	5,471	6/11/2026	Wells Fargo Securities, LLC	(19)
Foreign currency forward contract	$	193	€	165	6/11/2026	Wells Fargo Securities, LLC	2
Foreign currency forward contract	$	420,559	£	312,410	6/11/2026	Bank of New York Mellon	8,673
Foreign currency forward contract	$	14,259	¥	2,238,026	6/11/2026	Wells Fargo Securities, LLC	107
Foreign currency forward contract	$	26,880	Nkr	258,832	6/11/2026	Bank of New York Mellon	324
Foreign currency forward contract	Nkr	4,000	$	412	6/11/2026	Royal Bank of Canada	(2)
Foreign currency forward contract	$	37,156	kr	339,780	6/11/2026	Royal Bank of Canada	1,359
Foreign currency forward contract	kr	1,000	$	106	6/11/2026	Royal Bank of Canada	(1)
							$	14,342

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	$	5,361
Interest rate swap	Fixed 6.5%	Floating 3-month SOFR +2.5954%	Morgan Stanley Bank, N.A.	7/23/2029	$400,000	$	2,741
Interest rate swap	Fixed 6.19%	Floating 3-month SOFR +2.4926%	Royal Bank of Canada	7/15/2030	$400,000	$	165
						$	8,267

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

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

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

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

(5)The interest rate on the principal balance outstanding for most floating rate loans is indexed to the secured overnight financing rate (“SOFR”), the euro interbank offered rate (“EURIBOR” or “E”), the sterling overnight index average (“SONIA”), the Tokyo overnight average rate ("TONA"), the Canadian overnight repo rate average ("CORRA"), the bank bill swap rate ("BBSW"), the Norwegian interbank offered rate (“NIBOR”), the Stockholm interbank offered rate ("STIBOR"), 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. As of March 31, 2026, the reference rates for the Company’s variable rate loans were the 30-day SOFR at 3.66%, the 90-day SOFR at 3.68%, the 180-day SOFR at 3.70%, the PRIME at 6.75%, the SONIA at 3.73%, the TONA at 0.75%, the 30-day CORRA at 2.27%, the 90-day BBSW at 3.74%, the 90-day NIBOR at 4.32%, the180-day STIBOR at 2.43%, the 30-day EURIBOR at 1.89%, the 90-day EURIBOR at 2.03% and the 180-day EURIBOR at 2.11%. Most loans include an interest floor, which generally ranges from 0% to 3.00%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

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

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

(8)As of March 31, 2026, 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.

18

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(dollar amounts in thousands)

(unaudited)

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

(10)Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2026, qualifying assets represented 73.3% of the Company’s total assets and non-qualifying assets represented 26.7% of the Company’s total assets.

(11)This investment was on non-accrual status as of March 31, 2026.

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

(13)Income producing through payment of dividends or distributions.

(14)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted security” under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $23,687, or 0.5% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company	Type of Investment	Acquisition Date
ADC Therapeutics SA	Warrants	8/15/2022
AIP RD Buyer Corp.	Common Stock	12/23/2021
athenahealth Group Inc.	Preferred Equity	2/15/2022
BioXcel Therapeutics, Inc.	Common Stock	11/25/2024
BioXcel Therapeutics, Inc.	Warrants	4/28/2022
BioXcel Therapeutics, Inc.	Warrants	3/20/2024
Delta Leasing SPV II LLC	Preferred Equity	8/31/2022
Delta Leasing SPV II LLC	Common Stock	8/31/2022
Delta Leasing SPV II LLC	Warrants	8/31/2022
Eyesouth Eye Care Holdco LLC	Common Stock	10/7/2022
JN Bidco LLC	Common Stock	8/12/2024
Mesoblast, Inc.	Warrants	12/20/2021
New Blackboard, LLC	Preferred Equity	2/27/2026
New Blackboard, LLC	Common Stock	2/27/2026
Paulus Holdings Public Limited Company	Preferred Equity	10/14/2022
Paulus Holdings Public Limited Company	Warrants	10/14/2022
PetVet Care Centers, LLC	Preferred Equity	11/14/2023
Pluralsight, LLC	Common Stock	8/22/2024
Seres Therapeutics, Inc.	Warrants	4/27/2023

(15)In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other lenders to the extent an investment has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.

See notes to Consolidated Financial Statements.

19

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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		$	10,185	$	10,083	$	10,138	(8)(9)
1261229 BC LTD	Pharmaceuticals	Fixed Rate Bond			10.00%		4/15/2032		22,200		22,200		22,774		(10)
1261229 BC LTD	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%	10.41%		10/8/2030		47,681		46,591		47,099		(5)(10)
1440 Foods Topco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.00%	9.16%		10/31/2031		62,012		59,000		60,694		(5)
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.00%	8.03%		8/18/2030		46,235		45,897		46,431		(5)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%	7.87%		9/27/2031		€	8,508	9,794		9,814		(5)(8)(10)
ACESO Holding 4 S.a.r.l.	Health Care Services	First Lien Term Loan	E+	5.75%	7.87%		9/30/2031		39,777		45,718		45,883		(5)(8)(10)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%	7.87%		9/27/2031		34,034		37,338		39,258		(5)(8)(10)
ACP Falcon Buyer Inc	Systems Software	First Lien Term Loan	SOFR+	5.50%	9.79%		8/1/2029		$	34,060	33,407		34,060		(5)(8)
ACP Falcon Buyer Inc	Systems Software	First Lien Revolver	SOFR+	5.50%			8/1/2029		—		(102)		—		(5)(8)(9)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	6.00%	10.43%		10/30/2026		11,166		11,080		11,166		(5)(8)
ADC Therapeutics SA	Biotechnology	First Lien Term Loan	SOFR+	7.50%	11.65%		8/15/2029		10,406		10,110		10,251		(5)(8)(10)
ADC Therapeutics SA	Biotechnology	Warrants						45,727			275		54		(8)(10)(14)
AIP RD Buyer Corp.	Distributors	Common Stock						4,560			428		800		(8)(14)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.50%		5/28/2032		22,883		22,711		23,113		(5)
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.50%	9.66%		12/6/2027		92,790		92,020		92,790		(5)(8)
Artera Services, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.50%		2/15/2031		53,533		53,103		48,062		(5)
Artera Services, LLC	Construction & Engineering	Fixed Rate Bond			8.50%		2/15/2031		25,234		23,201		22,319
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%			3/6/2032		—		(55)		(251)		(5)(8)(9)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.13%		3/6/2032		47,622		46,966		46,126		(5)(8)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Revolver	PRIME+	4.00%	11.25%		3/6/2031		997		875		715		(5)(8)(9)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.31%		12/29/2027		988		981		974		(5)(8)(10)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.57%		12/29/2027		4,763		4,727		4,696		(5)(8)(10)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	10.28%		12/29/2027		435		430		427		(5)(8)(9)(10)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%			2/25/2028		7,337		6,453		2,935		(5)(8)(11)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028		8,316		6,324		—		(5)(8)(11)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	8.26%		8/19/2028		25,376		25,301		25,457		(5)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.51%		8/19/2028		33,694		33,196		33,839		(5)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.41%		9/19/2030		18,703		18,165		18,608		(5)
athenahealth Group Inc.	Health Care Technology	Preferred Equity						5,809			5,917		8,390		(8)(13)(14)
Atlas Borrower, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.50%	8.50%		9/4/2032		58,141		57,559		57,571		(5)(8)
Atlas Borrower, LLC	Health Care Services	First Lien Revolver	SOFR+	4.50%			9/4/2032		—		(99)		(97)		(5)(8)(9)
Aurelia Netherlands B.V.	Interactive Media & Services	First Lien Term Loan	E+	4.75%	6.78%		5/29/2031		€	99,155	110,787		116,216		(5)(8)(10)
Aurora Lux Finco S.A.R.L	Application Software	First Lien Term Loan	SOFR+	5.25%	9.42%		9/26/2032		$	40,000	39,200		39,400		(5)(10)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%	9.16%		12/5/2031		121,320		119,178		119,075		(5)(8)

20

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
AVSC Holding Corp.	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%			12/5/2029		—		$	(218)	$	(228)	(5)(8)(9)
Ballyrock CLO 19	Multi-Sector Holdings	CLO Notes	SOFR+	7.11%	11.44%		4/20/2035		$	2,220	2,223		2,230		(5)(10)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.25%	9.58%		9/30/2030		2,998		2,975		2,965		(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.25%			9/30/2030		—		—		(33)		(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.25%	9.56%		9/30/2030		3,884		3,814		3,845		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.25%	9.56%		9/30/2030		25,388		24,863		25,134		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	E+	5.25%	7.28%		9/30/2030		€	15,796	16,396		18,375		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Revolver	SOFR+	5.25%			10/1/2029		—		(104)		(52)		(5)(8)(9)
Barracuda Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	6.50%	10.81%		8/15/2029		$	48,886	47,598		46,808		(5)(8)
Bayou Intermediate II, LLC	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	8.91%		9/30/2032		38,756		38,368		38,368		(5)(8)
Bayou Intermediate II, LLC	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%			9/30/2032		—		(53)		(53)		(5)(8)(9)
Bayou Intermediate II, LLC	Health Care Supplies	First Lien Revolver	SOFR+	4.75%			9/30/2032		—		(56)		(56)		(5)(8)(9)
Beach Acquisition Bidco LLC	Footwear	Fixed Rate Bond			10.00%		7/15/2033		31,650		31,650		34,219
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			13.00%		4/19/2027		1,470		1,469		1,285		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			13.00%		4/19/2027		3,545		3,504		3,100		(8)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			13.00%		4/19/2027		—		—		—		(8)(9)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			13.00%		4/19/2027		—		—		—		(8)(9)(10)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Common Stock						12,702			—		33		(10)(14)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						975			74		1		(8)(10)(14)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						279			—		—		(8)(10)(14)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.75%		2/27/2031		479		406		479		(5)(8)(9)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.75%		2/27/2031		32,701		32,423		32,701		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.75%		2/27/2031		49,375		48,803		49,375		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			2/27/2031		—		(174)		—		(5)(8)(9)
Blazing Star Parent, LLC	Drug Retail	First Lien Term Loan	SOFR+	7.00%	11.20%		8/28/2030		86,408		84,288		84,282		(5)(8)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SONIA+	5.00%	9.16%		6/14/2032		£	3,381	3,337		3,355		(5)(8)(9)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	E+	5.00%	7.04%		6/14/2032		€	5,593	6,416		6,512		(5)(8)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	5.00%	9.26%		6/14/2032		$	1,644	1,629		1,629		(5)(8)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SONIA+	5.00%	8.97%		6/14/2032		£	8,475	11,411		11,305		(5)(8)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.00%	5.90%		10/31/2029		€	9,022	8,882		10,256		(5)(8)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.50%	6.41%		10/31/2030		36,081		35,467		40,275		(5)(8)(10)
CD&R Firefly Bidco Limited	Other Specialty Retail	First Lien Term Loan	SONIA+	4.75%	8.72%		4/29/2029		£	23,022	28,828		31,141		(5)(10)
Centralsquare Technologies, LLC	Application Software	First Lien Term Loan	SOFR+	6.25%	7.03%	3.38%	4/12/2030		$	30,946	30,391		30,906		(5)(8)
Centralsquare Technologies, LLC	Application Software	First Lien Revolver	SOFR+	5.75%			4/12/2030		—		(64)		(3)		(5)(8)(9)
Cielo Bidco Limited	Building Products	First Lien Term Loan	E+	4.75%			6/30/2032		—		(59)		(56)		(5)(8)(9)(10)
Cielo Bidco Limited	Building Products	First Lien Term Loan	SONIA+	4.75%	8.72%		6/30/2032		£	39,461	52,954		52,630		(5)(8)(10)
Cielo Bidco Limited	Building Products	First Lien Term Loan	E+	4.75%	6.65%		6/30/2032		€	9,166	$	10,599	$	10,670	(5)(8)(10)
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	7.25%		3/24/2031		$	13,930	13,844		13,998		(5)

21

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+	6.50%	10.80%		11/13/2026		3,861		3,836	3,796	(5)(8)
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+	6.50%	10.91%		11/13/2026		11,874		11,768	11,672	(5)(8)
Condor Merger Sub Inc.	Systems Software	Fixed Rate Bond			7.38%		2/15/2030		22,277		20,911	20,690
Connect Holding II LLC	Alternative Carriers	Fixed Rate Bond			10.50%		4/3/2031		12,030		11,675	12,030
Connect Holding II LLC	Alternative Carriers	First Lien Term Loan	SOFR+	4.25%	8.40%		4/3/2031		40,830		33,477	33,571	(5)
CoreRx, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	11.50%		4/6/2029		18,328		18,006	18,282	(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%			2/27/2030		—		(15)	—	(5)(8)(9)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%	9.56%		2/27/2030		13,296		13,086	13,296	(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Revolver	SOFR+	5.25%			2/27/2029		—		(13)	—	(5)(8)(9)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	5.00%	9.14%		12/18/2031		105,947		104,190	103,944	(5)(8)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Revolver	SOFR+	5.00%			12/18/2031		—		(237)	(290)	(5)(8)(9)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	10.91%		11/8/2030		3,080		3,015	3,049	(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	10.91%		11/8/2030		43,911		43,111	43,472	(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Revolver	SOFR+	6.75%			11/8/2030		—		(83)	(46)	(5)(8)(9)
Dealer Tire Financial, LLC	Distributors	Fixed Rate Bond			8.00%		2/1/2028		41,354		40,944	40,936
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			3.00%	7.00%	8/31/2029		29,046		29,046	29,046	(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			8.00%	3.00%	8/31/2029		39,466		39,466	39,466	(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Preferred Equity						330			330	468	(8)(10)(14)
Delta Leasing SPV II LLC	Specialized Finance	Common Stock						2			2	2	(8)(10)(14)
Delta Leasing SPV II LLC	Specialized Finance	Warrants						25			—	—	(8)(10)(14)
Digicel International Finance Ltd / Difl US LLC	Wireless Telecommunication Services	Fixed Rate Bond			8.63%		8/1/2032		4,757		4,757	4,894	(10)
DirecTV Financing, LLC	Cable & Satellite	Fixed Rate Bond			10.00%		2/15/2031		21,198		21,198	21,183
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.00%	9.57%		8/2/2027		200		199	201	(5)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	9.82%		8/2/2029		26,912		26,545	26,992	(5)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.50%	9.81%		2/17/2031		20,162		19,792	19,759
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%			5/19/2032		—		(210)	(202)	(5)(8)(9)(10)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%	9.69%		5/19/2032		18,849		18,492	18,506	(5)(8)(10)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SONIA+	5.50%	9.47%		5/19/2032		£	59,320	77,795	78,390	(5)(8)(10)
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	8.16%		4/26/2029		$	56,583	55,512	50,572	(5)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.50%	9.96%		12/8/2028		1,039		1,030	1,032	(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.50%	9.94%		12/8/2029		1,927		1,913	1,915	(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.50%	9.85%		12/8/2028		17,121		16,944	17,011	(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Revolver	SOFR+	5.50%	9.82%		12/8/2028		184		162	171	(5)(8)(9)
Empire Bidco AB	Life Sciences Tools & Services	First Lien Term Loan	SONIA+	5.25%	9.22%		9/22/2032		£	27,033	35,755	35,665	(5)(8)(10)

22

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
Empire Bidco AB	Life Sciences Tools & Services	First Lien Term Loan	STIBOR+	5.25%	7.38%		9/22/2032		kr	348,703	$	36,443	$	36,334	(5)(8)(10)
Empire Bidco AB	Life Sciences Tools & Services	First Lien Term Loan	STIBOR+	5.25%			9/22/2032		—		(452)		(450)		(5)(8)(9)(10)
Engineering Research And Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	9.29%		8/29/2031		$	31,740	31,275		30,867		(5)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%			12/24/2029		—		(14)		—		(5)(8)(9)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.82%		12/24/2029		55,339		54,613		55,339		(5)(8)
Enverus Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	5.50%	9.64%		12/24/2029		175		132		175		(5)(8)(9)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		1,832		1,821		1,842		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		1,689		1,656		1,723		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		1,689		1,656		1,723		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		11,437		11,389		11,501		(8)(10)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	9.29%		7/2/2031		7,681		7,621		7,681		(5)(8)(9)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	9.29%		7/2/2031		78,364		78,042		78,364		(5)(8)
Everbridge, Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			7/2/2031		—		(32)		—		(5)(8)(9)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.75%		9/30/2030		9,006		8,933		9,006		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.75%		9/30/2030		35,671		35,034		35,671		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			9/29/2029		—		(67)		—		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.88%		10/5/2029		3,175		3,129		3,134		(5)(8)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.76%		10/5/2029		2,759		2,696		2,696		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	Common Stock						885			885		1,019		(8)(14)
F&M BUYER LLC	Systems Software	First Lien Term Loan	SOFR+	4.50%			3/18/2032		—		(40)		(40)		(5)(8)(9)
F&M BUYER LLC	Systems Software	First Lien Term Loan	SOFR+	4.50%	8.50%		3/18/2032		23,866		23,627		23,627		(5)(8)
F&M BUYER LLC	Systems Software	First Lien Revolver	SOFR+	4.50%			3/18/2032		—		(35)		(35)		(5)(8)(9)
Finastra USA, Inc.	Application Software	First Lien Term Loan	SOFR+	7.25%	11.29%		9/13/2029		12,067		11,908		12,067		(5)(8)(10)
Flexera Software LLC	Application Software	First Lien Revolver	SOFR+	4.75%			8/13/2032		—		(8)		(7)		(5)(8)(9)
Flexera Software LLC	Application Software	First Lien Term Loan	E+	4.75%	6.63%		8/15/2032		€	12,305	14,376		14,425		(5)(8)
Flexera Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.08%		8/15/2032		$	40,774	40,672		40,680		(5)(8)
Formulations Parent Corp	Specialty Chemicals	First Lien Term Loan	SOFR+	4.00%	8.33%		4/9/2032		17,500		17,325		17,400		(5)(8)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+	4.75%	9.08%		10/18/2033		5,000		5,000		4,997		(5)(10)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+	8.45%	12.78%		10/18/2033		6,000		6,035		5,933		(5)(10)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.75%	9.75%		5/3/2030		82,981		82,590		82,566		(5)(8)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.75%	9.75%		5/3/2029		8,656		8,634		8,580		(5)(8)(9)
Gallatin CLO X 2023-1	Multi-Sector Holdings	CLO Notes	SOFR+	5.41%	9.73%		10/14/2035		5,000		4,913		5,021		(5)(10)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+	4.50%	8.83%		10/15/2031		10,195		10,051		10,056		(5)(8)(9)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+	4.50%	8.60%		10/15/2031		56,177		55,692		55,801		(5)(8)
Geo Topco Corporation	Building Products	First Lien Revolver	SOFR+	4.50%	8.70%		10/15/2031		1,821		1,753		1,768		(5)(8)(9)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	9.07%		3/10/2031		30,022		29,750		29,713		(5)(8)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00%			3/10/2031		—		(84)		(95)		(5)(8)(9)
Greenway Health, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.75%	10.75%		4/1/2029		24,625		24,136		24,625		(5)(8)

23

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	12.26%		6/21/2027		$	3,537	$	3,512	$	3,443	(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	12.26%		6/21/2027		17,153		17,035		16,699		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Revolver	SOFR+	8.00%			6/21/2027		—		(12)		(47)		(5)(8)(9)
HAH Group Holding Co LLC	Health Care Services	Fixed Rate Bond			9.75%		10/1/2031		6,640		6,276		6,314
HAH Group Holding Co LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.16%		9/17/2031		9,401		8,532		8,496
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.51%		4/9/2029		39,798		39,191		35,765		(5)
Harrow Health, Inc.	Pharmaceuticals	Fixed Rate Bond			8.63%		9/15/2030		7,700		7,700		8,013		(10)
Hertz Vehicle Financing III	Specialized Finance	Subordinated Debt Revolver			9.28%		6/28/2028		85,710		85,710		85,710		(8)(10)
IAMGOLD Corporation	Gold	Second Lien Term Loan	SOFR+	8.25%	12.39%		5/16/2028		21,296		20,961		22,105		(5)(8)(10)
Icefall Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	8.81%		1/25/2030		52,319		52,176		52,843		(5)(8)
Icefall Parent, Inc.	Application Software	First Lien Revolver	SOFR+	4.50%			1/25/2030		—		(38)		—		(5)(8)(9)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25%	10.57%		8/18/2028		2,305		2,305		2,297		(5)(8)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75%	10.07%		8/18/2028		16,054		16,054		15,911		(5)(8)
iCIMs, Inc.	Application Software	First Lien Revolver	SOFR+	5.75%	10.08%		8/18/2028		392		392		369		(5)(8)(9)
Inmar Inc	Application Software	First Lien Term Loan	SOFR+	4.50%	8.66%		10/30/2031		60,508		60,236		60,527		(5)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%			8/25/2028		—		(153)		(25)		(5)(8)(9)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%	9.20%		8/25/2028		79,758		79,340		79,654		(5)(8)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	5.00%			8/25/2028		—		(56)		(9)		(5)(8)(9)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	7.50%	11.78%		1/15/2026		42,887		42,958		42,488		(5)(8)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Revolver	SOFR+	7.50%	11.87%		1/15/2026		1,159		1,142		1,113		(5)(8)(9)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	9.26%		6/28/2029		4,886		4,849		4,843		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	9.26%		6/28/2029		18,867		18,678		18,699		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	9.26%		6/28/2029		28,428		27,939		28,175		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Revolver	SOFR+	5.00%	9.25%		6/28/2029		1,072		944		1,005		(5)(8)(9)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+	5.50%			4/25/2031		—		(155)		—		(5)(8)(9)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SOFR+	5.50%	9.98%		4/25/2031		51,970		50,930		51,970		(5)(8)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+	5.50%	9.47%		4/25/2031		£	1,742	2,145		2,345		(5)(8)(10)
JN Bidco LLC	Health Care Technology	Common Stock						3,595,500			3,338		7,173		(8)(14)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	E+	4.75%			4/22/2032		—		(23)		—		(5)(8)(9)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	E+	4.75%	6.78%		4/22/2032		€	20,027	23,225		23,416		(5)(8)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	NIBOR+	4.75%	9.05%		4/22/2032		Nkr184,534		18,138		18,404		(5)(8)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	SONIA+	4.75%	8.72%		4/22/2032		£	13,129	17,609		17,588		(5)(8)(10)
Kaseya Inc.	Systems Software	Second Lien Term Loan	SOFR+	5.00%	9.16%		3/20/2033		$	43,764	43,691		43,901		(5)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.35%		10/29/2027		57,812		57,372		55,286		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.25%		10/29/2027		4,705		4,688		4,499		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.25%	11.50%		10/29/2027		2,535		2,452		2,164		(5)(8)(9)

24

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.50%			11/25/2031		—		$	(63)	$	(72)	(5)(8)(9)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.50%	8.77%		11/25/2031		$	39,033	38,518		38,490		(5)(8)
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.26%		10/30/2028		28,076		27,681		23,135		(5)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	9.16%		2/9/2032		8,303		8,111		8,231		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	9.16%		2/9/2032		1,864		1,845		1,848		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	9.16%		2/9/2032		41,933		41,457		41,568		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%			2/9/2032		—		(93)		(91)		(5)(8)(9)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Revolver	SOFR+	5.00%			2/9/2032		—		(71)		(54)		(5)(8)(9)
Learfield Communications, LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.50%	8.66%		6/30/2028		45,449		45,345		45,965		(5)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%	9.17%		8/22/2031		2,024		1,976		1,968		(5)(8)(9)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.50%	6.96%	2.75%	8/22/2031		56,798		55,869		55,833		(5)(8)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%	9.16%		8/22/2030		655		548		549		(5)(8)(9)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.25%	9.25%		1/13/2030		59,293		58,531		58,695		(5)(8)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Revolver	SOFR+	5.25%			1/13/2030		—		(49)		(39)		(5)(8)(9)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	10.26%		1/31/2028		1,026		994		988		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	10.26%		1/31/2028		8,814		8,746		8,480		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Revolver	SOFR+	6.00%	10.26%		1/31/2028		690		682		651		(5)(8)(9)
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75%	9.06%		8/25/2031		52,570		50,430		52,281		(5)
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.22%		3/1/2029		19,850		19,074		19,019		(5)
Mesoblast, Inc.	Biotechnology	First Lien Term Loan			9.75%		11/19/2026		1,565		1,531		1,597		(8)(10)
Mesoblast, Inc.	Biotechnology	Warrants						33,174			152		212		(8)(10)(14)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00%	10.46%		7/21/2027		5,179		5,108		5,102		(5)(8)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.25%	10.71%		7/21/2027		1,015		1,004		1,000		(5)(8)
Microf Funding V LLC	Consumer Finance	First Lien Term Loan	SOFR+	6.00%	10.13%		6/3/2027		19,966		19,701		19,912		(5)(8)(9)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%			6/3/2030		—		(70)		(26)		(5)(8)(9)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%	9.16%		6/3/2030		6,729		6,595		6,704		(5)(8)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%	9.16%		6/3/2030		41,217		40,575		41,060		(5)(8)(10)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Revolver	SOFR+	5.00%			6/3/2030		—		(65)		(15)		(5)(8)(9)(10)
Mitchell International Inc	Application Software	Second Lien Term Loan	SOFR+	5.25%	9.41%		6/17/2032		42,135		41,953		41,851		(5)
Mitchell International Inc	Application Software	First Lien Term Loan	SOFR+	3.25%	7.41%		6/17/2031		16,929		16,772		16,933		(5)
Modena Buyer LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.81%		7/1/2031		38,169		37,540		37,747		(5)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.66%		2/28/2031		1,546		1,489		1,544		(5)(8)(9)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.66%		2/28/2031		71,385		70,315		71,371		(5)(8)
Monotype Imaging Holdings Inc.	Application Software	First Lien Revolver	SOFR+	5.50%			2/28/2030		—		(100)		(11)		(5)(8)(9)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.75%		2/10/2028		4,797		4,748		4,769		(5)(8)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.75%		2/10/2028		7,053		7,050		7,011		(5)(8)

25

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.75%		2/10/2028		$	57,647	$	57,161	$	57,307	(5)(8)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	4.75%	8.75%		2/10/2028		590		570		556		(5)(8)(9)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%			4/17/2031		—		(28)		(25)		(5)(8)(9)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%	9.75%		4/17/2031		48,606		47,877		47,960		(5)(8)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%	9.75%		4/17/2031		14,429		14,229		14,237		(5)(8)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.75%	9.75%		4/17/2031		1,367		1,230		1,236		(5)(8)(9)(10)
Neptune Bidco US Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.75%	8.75%		1/19/2031		30,740		30,359		30,740		(5)(8)
Neptune Bidco US Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.25%			1/19/2031		—		(13)		—		(5)(8)(9)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%			11/12/2030		—		(65)		(74)		(5)(8)(9)
Next Holdco, LLC	Health Care Technology	First Lien Revolver	SOFR+	5.25%			11/8/2029		—		(46)		(40)		(5)(8)(9)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	9.48%		11/9/2030		17,650		17,493		17,486		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	9.48%		11/12/2030		45,925		45,422		45,498		(5)(8)
Nexus Buyer LLC	Specialized Finance	Second Lien Term Loan	SOFR+	5.75%	9.91%		2/16/2032		70,644		70,013		70,653
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	10.05%		11/10/2029		1,372		1,238		1,284		(5)(8)(9)
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	10.08%		11/10/2029		21,884		21,504		21,728		(5)(8)
NFM & J, L.P.	Diversified Support Services	First Lien Revolver	PRIME+	4.75%	12.00%		11/10/2029		785		702		751		(5)(8)(9)
Nidda BondCo GmbH	Health Care Services	First Lien Term Loan	SONIA+	4.75%	8.72%		5/28/2032		£	29,750	39,635		40,256		(5)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.72%		5/3/2029		$	5,729	6,137		6,214		(5)(8)(9)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.50%		5/3/2029		3,313		3,274		3,313		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SONIA+	4.50%	8.47%		5/3/2029		£	3,140	3,913		4,227		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.50%		5/3/2029		$	36,168	35,736		36,168		(5)(8)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	NIBOR+	4.50%	8.64%		5/3/2029		Nkr	68,811	6,192		6,896		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.50%		5/3/2029		$	27,846	27,746		27,846		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+	4.50%			5/3/2029		—		(24)		—		(5)(8)(9)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+	4.50%	8.82%		5/3/2029		1,657		1,604		1,657		(5)(8)(9)
OFSI Fund Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	11.81%		4/20/2034		1,105		1,052		1,089		(5)(10)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.00%		6/10/2030		17,008		16,838		17,008		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.75%	8.75%		6/10/2030		8,475		8,263		8,475		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.75%	8.75%		6/10/2030		50,432		49,898		49,807		(5)(8)(9)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.00%		6/10/2030		22,764		22,536		22,764		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.75%	8.75%		6/10/2030		22,427		22,052		22,203		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Revolver	SOFR+	4.75%			6/11/2029		—		(203)		(179)		(5)(8)(9)
Optimizely North America Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	9.16%		10/30/2031		47,535		47,122		47,103		(5)(8)(10)
Optimizely North America Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			10/30/2031		—		(62)		(65)		(5)(8)(9)(10)

26

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	E+	5.25%	7.15%		10/30/2031		€	16,974	$	18,281	$	19,765	(5)(8)(10)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	SONIA+	5.50%	9.47%		10/30/2031		£	5,658	7,297		7,547		(5)(8)(10)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	4.50%	8.50%		2/13/2032		$	74,255	73,241		73,141		(5)(8)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Revolver	SOFR+	4.50%			2/13/2032		—		(216)		(237)		(5)(8)(9)
Paratek Pharmaceuticals Inc	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	10.50%		11/21/2028		18,387		18,222		18,295		(5)(8)
Paulus Holdings Public Limited Company	Health Care Technology	Preferred Equity						84,181			1,622		2,625		(8)(10)(14)
Paulus Holdings Public Limited Company	Health Care Technology	Warrants						18,492			356		576		(8)(10)(14)
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	8.01%		2/1/2028		7,374		7,340		6,238		(5)
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	4.00%	8.14%		8/1/2032		40,642		40,245		40,083		(5)(10)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%	10.16%		11/15/2030		72,358		71,299		66,562		(5)(8)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%			11/15/2030		—		(96)		(697)		(5)(8)(9)
PetVet Care Centers, LLC	Health Care Services	First Lien Revolver	SOFR+	6.00%			11/15/2029		—		(132)		(678)		(5)(8)(9)
PetVet Care Centers, LLC	Health Care Services	Preferred Equity						6,338			6,211		7,175		(8)(14)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.20%	1.50%	8/22/2029		3,361		3,361		3,361		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.20%	1.50%	8/22/2029		1,940		1,940		1,940		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		11.70%	8/22/2029		5,623		5,623		5,623		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%			8/22/2029		—		—		—		(5)(8)(9)
Pluralsight, LLC	Application Software	First Lien Revolver	SOFR+	4.50%			8/22/2029		—		—		—		(5)(8)(9)
Pluralsight, LLC	Application Software	Common Stock						1,658,698			5,540		3,085		(8)(14)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	SOFR+	5.50%	9.75%		9/17/2031		23,063		22,832		23,063		(5)(8)(9)(10)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.00%			9/17/2031		—		(194)		(202)		(5)(8)(9)(10)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.25%	7.31%		9/17/2031		€	50,768	55,252		59,652		(5)(8)(10)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%			9/30/2031		—		(18)		(18)		(5)(8)(9)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.00%			9/30/2031		—		(87)		(7)		(5)(8)(9)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	9.00%		9/30/2031		$	18,573	18,565		18,565		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	9.00%		9/30/2031		10,349		10,245		10,349		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%			9/30/2031		—		(11)		—		(5)(8)(9)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	9.00%		9/30/2031		36,789		36,716		36,789
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	9.00%		9/30/2031		26,220		25,490		26,220
Profrac Holdings II, LLC	Industrial Machinery & Supplies & Components	First Lien Floating Rate Bond	SOFR+	7.25%	11.23%		1/23/2029		58,690		58,103		58,068		(5)(8)(10)
Project Accelerate Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	5.25%	9.41%		2/24/2031		43,203		42,870		43,203		(5)(8)
Project Accelerate Parent, LLC	Systems Software	First Lien Revolver	SOFR+	5.25%			2/22/2031		—		(48)		—		(5)(8)(9)
Propio LS, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	8.75%		5/10/2030		10,189		10,087		10,097
Propio LS, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	9.05%		5/10/2030		27,834		27,555		27,583		(5)(8)

27

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
Propio LS, LLC	Diversified Support Services	First Lien Revolver	SOFR+	4.75%			5/10/2030		—		$	(10)	$	(9)	(5)(8)(9)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			7.15%		10/15/2034		$	5,240	5,227		5,260		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			10.05%		10/15/2034		5,471		5,391		5,450		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			14.64%		10/15/2034		7,289		7,289		7,314		(8)(10)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.25%	9.41%		9/20/2030		62,936		61,973		61,633		(5)(8)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.25%	9.41%		9/20/2030		1,793		1,691		1,655		(5)(8)(9)
Quantum Bidco Limited	Food Distributors	First Lien Term Loan	SONIA+	5.50%	9.74%		1/31/2028		£	27,922	35,193		37,590		(5)(8)(10)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	8.16%		4/5/2030		$	38,792	35,989		33,720		(5)
Rockford Tower CLO 2024-1	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	11.81%		4/20/2037		2,500		2,478		2,538		(5)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.75%			7/1/2032		—		(179)		(165)		(5)(8)(9)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.75%	8.91%		7/1/2032		70,109		72,380		72,445		(5)(8)(10)
Saratoga	Diversified Financial Services	Credit Linked Note	SOFR+	5.33%	9.86%		12/31/2029		91,668		91,282		93,043		(5)(8)(10)(12)
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.75%		12/16/2028		31,622		31,565		31,760		(5)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	9.18%		3/27/2028		2,456		2,423		2,419		(5)(8)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	9.25%		3/27/2028		3,332		3,269		3,251		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Revolver	SOFR+	5.00%			3/27/2028		—		(38)		(57)		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%			3/27/2028		—		(29)		(128)		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	9.16%		3/27/2028		17,070		16,815		16,813		(5)(8)
Seres Therapeutics, Inc.	Biotechnology	Warrants						4,674			293		40		(8)(10)(14)
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	6.00%	10.00%		5/20/2030		57,240		56,444		56,484		(5)(8)
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Revolver	SOFR+	6.00%			5/20/2030		—		(101)		(96)		(5)(8)(9)
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	SOFR+	5.75%	9.91%		4/19/2029		82,936		81,759		81,609		(5)(8)
Sorenson Communications, LLC	Communications Equipment	First Lien Revolver	SOFR+	5.75%			4/19/2029		—		(144)		(159)		(5)(8)(9)
Sphynx UK Bidco Ltd	Packaged Foods & Meats	First Lien Term Loan	BBSW+	4.75%	8.35%		9/2/2032		A$	8,490	5,469		5,557
Sphynx UK Bidco Ltd	Packaged Foods & Meats	First Lien Term Loan	E+	4.75%	6.82%		9/2/2032		€	4,699	5,412		5,452
Sphynx UK Bidco Ltd	Packaged Foods & Meats	First Lien Term Loan	SONIA+	4.75%	8.72%		8/15/2032		£	18,960	25,086		25,206
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	TONA+	5.25%	6.00%		1/30/2032		¥	2,257,303	14,379		15,068		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	CORRA+	5.00%	7.72%		1/30/2032		C$	21,111	14,378		14,957		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	9.13%		1/30/2032		$	116,604	115,021		114,948		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00%			1/30/2032		—		(358)		(377)		(5)(8)(9)
Staples, Inc.	Office Services & Supplies	Fixed Rate Bond			10.75%		9/1/2029		26,481		25,576		26,316
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.05%		9/4/2029		23,649		22,784		22,485		(5)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	8.00%		9/27/2030		65,183		64,063		65,265		(5)
SumUp Holdings Luxembourg	Diversified Financial Services	First Lien Term Loan	E+	6.50%	8.52%		4/25/2031		€	48,203	$	50,670	$	55,547	(5)(8)(9)(10)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	8.75%		11/22/2031		$	56,457	56,023		55,892		(5)(8)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%			11/22/2031		—		(52)		(33)		(5)(8)(9)

28

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
TBRS, Inc.	Health Care Supplies	First Lien Revolver	SOFR+	4.75%	8.95%		11/22/2030		$	468	$	403	$	392	(5)(8)(9)
Ten-X LLC	Interactive Media & Services	First Lien Term Loan	SOFR+	6.00%	10.04%		5/26/2028		24,340		23,691		21,359		(5)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	8.91%		10/31/2031		1,838		1,780		1,814		(5)(8)(9)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	8.91%		10/31/2031		50,579		50,140		50,469		(5)(8)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	4.75%	8.91%		10/31/2031		421		372		410		(5)(8)(9)(10)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%			1/31/2029		—		(9)		(12)		(5)(8)(9)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.03%		1/31/2029		8,060		7,956		8,012		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.03%		1/31/2029		3,801		3,759		3,778		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.00%		1/31/2029		8,257		8,165		8,208		(5)(8)
Trident TPI Holdings Inc	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	3.75%	7.75%		9/15/2028		12,251		12,251		12,053		(5)
Trinitas CLO VI Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+	7.08%	11.40%		1/25/2034		2,785		2,627		2,746		(5)(10)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.00%	8.89%		2/13/2032		2,019		2,000		1,999		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.00%	8.89%		2/13/2032		7,720		7,523		7,530		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.00%	8.89%		2/13/2032		76,676		75,554		75,925		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.00%			2/13/2032		—		(41)		(28)		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.00%			2/13/2032		—		(69)		(95)		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Revolver	SOFR+	5.00%			2/13/2031		—		(110)		(76)		(5)(8)(9)
US WorldMeds Ventures, LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%			7/31/2030		—		—		—		(5)(8)(9)
US WorldMeds Ventures, LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%			7/31/2030		—		—		—		(5)(8)(9)
US WorldMeds Ventures, LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%	10.25%		7/31/2030		22,004		21,579		21,608
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.70%		9/10/2031		1,240		1,240		1,241		(5)(8)(9)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	6.82%	3.13%	9/10/2031		16,907		16,738		16,910		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Revolver	SOFR+	5.25%	9.48%		9/10/2031		2,055		2,005		2,055		(5)(8)(9)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.70%		9/10/2031		45,964		45,573		45,973
Verde Purchaser, LLC	Trading Companies & Distributors	First Lien Term Loan	SOFR+	4.00%	8.00%		11/30/2030		16,191		16,121		16,051		(5)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			9.70%		5/9/2029		6,308		6,182		6,529		(8)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			9.70%		5/9/2029		6,758		6,623		6,995		(8)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			9.70%		5/9/2029		4,956		4,885		5,129		(8)(10)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00%		5/9/2029		—		—		—		(8)(9)(10)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+	5.25%			6/24/2031		—		(16)		—		(5)(8)(9)(10)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+	5.25%	9.22%		6/24/2031		£	40,334	50,761		54,300		(5)(8)(10)
Werner Finco LP	Building Products	First Lien Term Loan	SOFR+	5.50%	9.52%		6/16/2031		$	48,905	48,208		48,245		(5)(8)

29

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(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
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%			5/20/2032		—		$	(52)	—		(5)(8)(9)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.66%		5/20/2032		$	66,145	65,649		$	66,040	(5)(8)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Revolver	SOFR+	4.50%	8.67%		5/20/2032		1,850		1,781		1,835		(5)(8)(9)
Whitney Merger Sub, Inc.	Application Software	First Lien Term Loan	SOFR+	4.75%	8.75%		7/3/2032		68,401		67,717		67,765		(5)(8)
Whitney Merger Sub, Inc.	Application Software	First Lien Revolver	SOFR+	4.75%			7/3/2032		—		(98)		(91)		(5)(8)(9)
Woodmont 2022-9 Trust	Multi-Sector Holdings	CLO Notes	SOFR+	7.77%	12.09%		10/25/2036		9,385		9,298		9,282		(5)(10)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.00%	7.29%	3.88%	11/29/2029		2,636		2,636		2,639		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.00%	7.29%	3.88%	11/28/2029		55,625		54,718		55,653		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Revolver	SOFR+	7.00%			11/28/2029		—		(101)		(17)		(5)(8)(9)
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan	SOFR+	6.50%	10.96%		10/26/2029		23,535		23,486		23,119		(5)
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan			9.50%		10/26/2029		10,000		9,751		10,045
Total Non-Control/Non-Affiliate Investments (151.9% of net assets)											$	6,863,940	$	6,899,031
BNY Mellon Short Term Investment Fund											144,271		144,271
Goldman Sachs FS Treasury Obligations Fund											55,166		55,166
Dreyfus Treasury Cash Management Fund											415		415
Fidelity Investments Money Market Treasury Fund											10,735		10,735
Other cash accounts											49,819		49,819
Cash and Cash Equivalents and Restricted Cash (5.7% of net assets)											$	260,406	$	260,406

Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract	$	5,807	A$	8,803	3/12/2026	ING Capital LLC	$	(35)
Foreign currency forward contract	$	37,756	£	27,817	12/11/2025	ING Capital LLC	303
Foreign currency forward contract	$	15,567	¥	2,257,924	3/12/2026	ING Capital LLC	38
Foreign currency forward contract	$	25,380	Nkr	253,837	3/12/2026	ING Capital LLC	(55)
Foreign currency forward contract	$	38,208	kr	354,368	12/11/2025	ING Capital LLC	360
Foreign currency forward contract	$	15,362	C$	21,051	3/12/2026	Wells Fargo Securities, LLC	124
Foreign currency forward contract	$	514,722	€	433,136	3/12/2026	Wells Fargo Securities, LLC	1,318
Foreign currency forward contract	$	391,119	£	288,518	12/11/2025	Wells Fargo Securities, LLC	2,658
							$	4,711

Derivative Instrument	Company Receives	Company Pays	Counterparty	Maturity Date	Notional Amount	Fair Value
Interest rate swap	Fixed 8.4%	Floating 3-month SOFR +4.0405%	BNP Paribas	11/14/2028	$350,000	$	8,940
Interest rate swap	Fixed 6.5%	Floating 3-month SOFR +2.5954%	Morgan Stanley Bank, N.A.	7/23/2029	$400,000	$	6,493
Interest rate swap	Fixed 6.19%	Floating 3-month SOFR +2.4926%	Royal Bank of Canada	7/15/2030	$400,000	$	4,038
						$	19,471

30

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(dollar amounts in thousands)

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

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

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

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

(5)The interest rate on the principal balance outstanding for most floating rate loans is indexed to SOFR, EURIBOR, SONIA, TONA, CORRA, BBSW, NIBOR, STIBOR, 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. As of September 30, 2025, the reference rates for the Company’s variable rate loans were the 30-day SOFR at 4.13%, the 90-day SOFR at 3.98%, the 180-day SOFR at 3.85%, the PRIME at 7.25%, the SONIA at 4.19%, the TONA at 0.75%, the 90-day CORRA at 2.54%, the 90-day BBSW at 3.58%, the 90-day NIBOR at 4.13%, the 90-day STIBOR at 1.89%, the 30-day EURIBOR at 1.93%, the 90-day EURIBOR at 2.03% and the 180-day EURIBOR at 2.10%. Most loans include an interest floor, which generally ranges from 0% to 3.00%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

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

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

(8)As of September 30, 2025, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820 and were valued using significant unobservable inputs.

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

(10)Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2025, qualifying assets represented 72.1% of the Company’s total assets and non-qualifying assets represented 27.9% of the Company’s total assets.

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

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

(13)Income producing through payment of dividends or distributions.

(14)Security acquired in transaction exempt from registration under the Securities Act and may be deemed to be “restricted security” under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities is $31,652, or 0.7% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

31

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(dollar amounts in thousands)

Portfolio Company	Type of Investment	Acquisition Date
ADC Therapeutics SA	Warrants	8/15/2022
AIP RD Buyer Corp.	Common Stock	12/23/2021
athenahealth Group Inc.	Preferred Equity	2/15/2022
BioXcel Therapeutics, Inc.	Common Stock	11/25/2024
BioXcel Therapeutics, Inc.	Warrants	4/28/2022
BioXcel Therapeutics, Inc.	Warrants	3/20/2024
Delta Leasing SPV II LLC	Preferred Equity	8/31/2022
Delta Leasing SPV II LLC	Common Stock	8/31/2022
Delta Leasing SPV II LLC	Warrants	8/31/2022
Eyesouth Eye Care Holdco LLC	Common Stock	10/7/2022
JN Bidco LLC	Common Stock	8/12/2024
Mesoblast, Inc.	Warrants	12/20/2021
Paulus Holdings Public Limited Company	Preferred Equity	10/14/2022
Paulus Holdings Public Limited Company	Warrants	10/14/2022
PetVet Care Centers, LLC	Preferred Equity	11/14/2023
Pluralsight, LLC	Common Stock	8/22/2024
Seres Therapeutics, Inc.	Warrants	4/27/2023

See notes to Consolidated Financial Statements.

32

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Note 1. Organization

Oaktree Strategic Credit Fund (the “Company”) is a Delaware statutory trust formed on November 24, 2021 and is structured as a non-diversified, closed-end management investment company. On February 3, 2022, the Company elected to be regulated as a business development company (a “BDC”) under the Investment Company Act. The Company has elected to be treated, and intends to qualify annually to be treated, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). Effective as of February 3, 2022, the Company is externally managed by Oaktree Fund Advisors, LLC (the “Adviser”) pursuant to an investment advisory agreement (as amended and restated, the “Investment Advisory Agreement”), between the Company and the Adviser.

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

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

As of March 31, 2026, the Company has issued and sold 163,333,575 Class I shares for an aggregate purchase price of $3,832.0 million of which $100.0 million was purchased by an affiliate of the Adviser, 59,000,774 Class S shares for an aggregate purchase price of $1,384.9 million, 399,103 Class D shares for an aggregate purchase price of $9.3 million and 176,683 Class T shares for an aggregate purchase price of $4.1 million.

Note 2. Significant Accounting Policies

Basis of Presentation:

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the consolidated financial statements have been made. All intercompany balances and transactions have been eliminated. Interim results may not be reflective of results of operations for the full year. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2025, as filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company is an investment company following the accounting and reporting guidance in FASB ASC Topic 946, Financial Services - Investment Companies (“ASC 946”).

Use of Estimates:

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

Consolidation:

The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The consolidated subsidiaries are wholly-owned and, as such, consolidated into the consolidated financial statements. The assets of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of the Company. As an investment company, portfolio investments held by the Company are not consolidated into the consolidated

33

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

financial statements but rather are included on the Consolidated Statements of Assets and Liabilities as investments at fair value.

Fair Value Measurements:

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

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

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

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

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

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

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

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

If the quotations obtained from pricing vendors or brokers are determined not to be reliable or are not readily available, the Adviser values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, the Adviser analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. The Adviser also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii)

34

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company’s assets and (vii) offers from third parties to buy the portfolio company. The Adviser may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Adviser considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Adviser depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

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

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

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

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

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

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

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

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

The fair value of the Company’s investments as of March 31, 2026 and September 30, 2025 was determined by the Adviser, as the Board’s valuation designee. The Company has and will continue to engage independent valuation firms each quarter to provide assistance regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment.

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

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

35

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

investment without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm.

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

Foreign Currency Translation:

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

Derivative Instruments:

Foreign Currency Forward Contracts

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

Interest Rate Swaps

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

Restricted Securities:

The Company may invest in securities that may be deemed “restricted securities” for purposes of Regulation S-X. Disposal of these restricted securities, which are valued in accordance with the Company’s valuation policy as described under “—Fair Value Measurements”, may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult due to legal and/or contractual restrictions. Information regarding restricted securities is included in the Schedules of Investments.

Investment Income:

Interest Income

Interest income, adjusted for accretion of original issue discount (“OID”), is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest

36

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of March 31, 2026, there was one investment on non-accrual status that represented less than 0.1% of total debt investments at cost and fair value. As of September 30, 2025, there was one investment on non-accrual status that represented 0.2% and less than 0.1% of total debt investments at cost and fair value, respectively.

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

PIK Interest Income

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

Fee Income

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

Dividend Income

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

Cash and Cash Equivalents and Restricted Cash:

Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less when acquired. The Company places its cash and cash equivalents and restricted cash with financial institutions and, at times, cash held in bank accounts exceeds the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash equivalents invested in money market mutual funds are measured at fair value using the market approach based on observable transactions or quoted prices in active markets, which represent the daily net asset value (“NAV”) of the funds, and are classified as Level 1 assets within the fair value hierarchy. Cash and cash equivalents are included in the Company’s Consolidated Schedule of Investments.

As of March 31, 2026, included in restricted cash was $50.4 million that was held at various collateral custodians in connection with the Company’s SPV credit facilities (See Note 6. Borrowings). Pursuant to the terms of the SPV credit facilities, the Company was restricted in terms of access to the $50.4 million until the occurrence of the periodic distribution

37

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

dates and, in connection therewith, the Company’s submission of its required periodic reporting schedules and verifications of the Company’s compliance with the terms of the SPV credit facilities. As of September 30, 2025, included in restricted cash was $44.4 million that was held at various collateral custodians in connection with the Company’s SPV credit facilities.

Receivables/Payables from Unsettled Transactions:

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

Deferred Financing Costs:

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

Segment Reporting:

The Company operates as a single reportable segment and derives revenues from investing primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and manages the business on a consolidated basis.

The chief operating decision maker (“CODM”) is composed of the Company’s chief executive officer and chief financial officer. The primary performance metric provided to the CODM to assess performance and make operating decisions is "Net increase (decrease) in net assets resulting from operations" which is reported on the Consolidated Statement of Operations.

Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. These key metrics, in addition to other factors, are utilized by the CODM to determine allocation of profits, such as for investment or the amount recommended to the Board for distribution to the Company’s shareholders. As the Company operates as a single reporting segment, the segment net assets are reported on the Consolidated Statements of Assets and Liabilities and the significant segment expenses are listed on the Consolidated Statement of Operations.

Organization and Offering Costs:

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

For the three and six months ended March 31, 2026, the Company did not expense any organization costs. For the three and six months ended March 31, 2025, the Company expensed organization costs of less than $0.01 million. As of March 31, 2026 and September 30, 2025, $0.3 million and $0.7 million, respectively, of offering costs were capitalized on the Consolidated Statements of Assets and Liabilities. For the three and six months ended March 31, 2026, the Company amortized offering costs of $0.3 million and $0.8 million, respectively. For the three and six months ended March 31, 2025, the Company amortized offering costs of $0.6 million and $0.9 million, respectively.

Allocation of Income, Expenses, Gains and Losses:

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

Distributions:

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

Income Taxes:

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

38

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

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

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

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company did not incur a U.S. federal excise tax for calendar years 2025 and 2024. The Company does not expect to incur a U.S. federal excise tax for calendar year 2026.

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

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. The guidance is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. ASU 2023-09 is effective for the fiscal year beginning October 1, 2025 and the Company is evaluating the effect of adoption on its annual financial statements for the year ending September 30, 2026.

39

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Note 3. Portfolio Investments

Portfolio Composition

As of March 31, 2026, the fair value of the Company’s investment portfolio was $7,019.1 million and was composed of investments in 160 portfolio companies. As of September 30, 2025, the fair value of the Company’s investment portfolio was $6,899.0 million and was composed of investments in 158 portfolio companies.

As of March 31, 2026 and September 30, 2025, the Company’s investment portfolio consisted of the following:

	March 31, 2026				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
Senior Secured Debt	$	6,602,308	92.80	%	$	6,414,699	93.45	%
Subordinated Debt	489,544		6.88	%	423,818		6.17	%
Common Equity and Warrants	11,940		0.17	%	11,343		0.17	%
Preferred Equity	10,799		0.15	%	14,080		0.21	%
Total	$	7,114,591	100.00	%	$	6,863,940	100.00	%

	March 31, 2026						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior Secured Debt	$	6,505,632	92.68	%	147.78	%	$	6,438,079	93.32	%	141.75	%
Subordinated Debt	489,739		6.98	%	11.12	%	429,299		6.22	%	9.45	%
Preferred Equity	13,303		0.19	%	0.30	%	18,658		0.27	%	0.41	%
Common Equity and Warrants	10,384		0.15	%	0.24	%	12,995		0.19	%	0.29	%
Total	$	7,019,058	100.00	%	159.44	%	$	6,899,031	100.00	%	151.90	%

The composition of the Company’s debt investments as of March 31, 2026 and September 30, 2025 by floating rates and fixed rates was as follows:

	March 31, 2026				September 30, 2025
	Fair Value		% of Debt Investments		Fair Value		% of Debt Investments
Floating rate	$	6,559,110	93.76	%	$	6,413,837	93.40	%
Fixed rate	436,261		6.24	%	453,541		6.60	%
Total	$	6,995,371	100.00	%	$	6,867,378	100.00	%

40

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

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

	March 31, 2026				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
United States	$	5,984,523	84.11	%	$	5,722,070	83.37	%
Sweden	336,941		4.74	%	306,364		4.46	%
United Kingdom	332,385		4.67	%	403,707		5.88	%
Germany	137,407		1.93	%	176,834		2.58	%
Netherlands	110,901		1.56	%	110,787		1.61	%
Luxembourg	90,044		1.27	%	89,870		1.31	%
Greece	54,726		0.77	%	—		—	%
Mexico	35,739		0.50	%	—		—	%
Costa Rica	16,593		0.23	%	16,522		0.24	%
Switzerland	10,423		0.15	%	10,385		0.15	%
Jamaica	4,757		0.07	%	4,757		0.07	%
Australia	152		0.00	%	1,683		0.02	%
Canada	—		—	%	20,961		0.31	%
Total	$	7,114,591	100.00	%	$	6,863,940	100.00	%

	March 31, 2026						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
United States	$	5,881,263	83.78	%	133.59	%	$	5,718,209	82.89	%	125.89	%
Sweden	336,872		4.80	%	7.65	%	313,062		4.54	%	6.89	%
United Kingdom	333,984		4.76	%	7.59	%	414,953		6.01	%	9.14	%
Germany	143,141		2.04	%	3.25	%	185,742		2.69	%	4.09	%
Netherlands	112,247		1.60	%	2.55	%	116,216		1.68	%	2.56	%
Luxembourg	90,411		1.29	%	2.05	%	94,947		1.38	%	2.09	%
Greece	53,070		0.76	%	1.21	%	—		—	%	—	%
Mexico	35,740		0.51	%	0.81	%	—		—	%	—	%
Costa Rica	16,979		0.24	%	0.39	%	16,789		0.24	%	0.37	%
Switzerland	10,383		0.15	%	0.24	%	10,305		0.15	%	0.23	%
Jamaica	4,844		0.07	%	0.11	%	4,894		0.07	%	0.11	%
Australia	124		0.00	%	—	%	1,809		0.03	%	0.04	%
Canada	—		—	%	—	%	22,105		0.32	%	0.49	%
Total	$	7,019,058	100.00	%	159.44	%	$	6,899,031	100.00	%	151.90	%

41

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

The composition of the Company’s portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of March 31, 2026 and September 30, 2025 was as follows:

	March 31, 2026				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
Application Software	$	1,087,511	15.32	%	$	1,077,261	15.67	%
Aerospace & Defense	445,940		6.27	%	440,518		6.42	%
Health Care Services	379,627		5.34	%	408,129		5.95	%
Diversified Support Services	312,549		4.39	%	269,009		3.92	%
Pharmaceuticals	292,692		4.11	%	307,950		4.49	%
Life Sciences Tools & Services	288,528		4.06	%	311,963		4.54	%
Specialized Finance	274,227		3.85	%	242,474		3.53	%
Packaged Foods & Meats	234,731		3.30	%	221,939		3.23	%
Health Care Equipment	231,422		3.25	%	221,030		3.22	%
Interactive Media & Services	226,313		3.18	%	259,735		3.78	%
Systems Software	220,926		3.11	%	230,953		3.36	%
Diversified Financial Services	189,694		2.67	%	141,952		2.07	%
Specialized Consumer Services	183,828		2.58	%	177,353		2.58	%
Construction & Engineering	183,797		2.58	%	107,579		1.57	%
Building Products	182,169		2.56	%	179,198		2.61	%
Education Services	173,307		2.44	%	159,758		2.33	%
Health Care Supplies	161,140		2.26	%	153,582		2.24	%
Electrical Components & Equipment	136,512		1.92	%	96,510		1.41	%
Insurance Brokers	136,288		1.92	%	131,423		1.91	%
Health Care Technology	120,391		1.69	%	114,695		1.67	%
Passenger Ground Transportation	91,148		1.28	%	—		—	%
Cable & Satellite	89,775		1.26	%	67,734		0.99	%
Environmental & Facilities Services	87,596		1.23	%	84,561		1.23	%
Construction Machinery & Heavy Transportation Equipment	86,212		1.21	%	84,857		1.24	%
Drug Retail	83,447		1.17	%	84,288		1.23	%
Communications Equipment	77,469		1.09	%	81,615		1.19	%
Distillers & Vintners	71,270		1.00	%	—		—	%
Distributors	70,639		0.99	%	56,976		0.83	%
Property & Casualty Insurance	68,923		0.97	%	76,662		1.12	%
Oil & Gas Exploration & Production	67,796		0.95	%	—		—	%
Paper & Plastic Packaging Products & Materials	63,505		0.89	%	37,703		0.55	%
Alternative Carriers	59,683		0.84	%	45,152		0.66	%
Real Estate Services	58,281		0.82	%	58,482		0.85	%
Research & Consulting Services	57,193		0.80	%	93,967		1.37	%
Soft Drinks & Non-alcoholic Beverages	56,156		0.79	%	56,343		0.82	%
Casinos & Gaming	54,726		0.77	%	—		—	%
Industrial Machinery & Supplies & Components	54,073		0.76	%	58,103		0.85	%
Air Freight & Logistics	53,411		0.75	%	51,249		0.75	%
Asset Management & Custody Banks	50,782		0.71	%	50,745		0.74	%
Movies & Entertainment	45,136		0.63	%	45,345		0.66	%
Diversified Chemicals	44,203		0.62	%	44,349		0.65	%
Office Services & Supplies	42,484		0.60	%	76,041		1.11	%
Personal Care Products	35,997		0.51	%	—		—	%
Multi-Sector Holdings	28,726		0.40	%	84,056		1.22	%
Wireless Telecommunication Services	27,970		0.39	%	27,550		0.40	%
Trading Companies & Distributors	22,411		0.32	%	38,561		0.56	%
Hotels, Resorts & Cruise Lines	21,377		0.30	%	20,535		0.30	%
Consumer Finance	19,787		0.28	%	19,701		0.29	%
Footwear	18,443		0.26	%	31,650		0.46	%
Food Distributors	13,686		0.19	%	35,193		0.51	%
Biotechnology	10,868		0.15	%	12,361		0.18	%
Health Care Distributors	10,233		0.14	%	10,422		0.15	%
Real Estate Development	9,593		0.13	%	10,083		0.15	%
Other Specialty Retail	—		—	%	69,073		1.01	%
Financial Exchanges & Data	—		—	%	47,035		0.69	%
Gold	—		—	%	20,961		0.31	%
Specialty Chemicals	—		—	%	17,325		0.25	%
Metal, Glass & Plastic Containers	—		—	%	12,251		0.18	%
Total	$	7,114,591	100.00	%	$	6,863,940	100.00	%

42

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

	March 31, 2026						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	1,052,488	14.97	%	23.90	%	$	1,075,502	15.57	%	23.69	%
Aerospace & Defense	448,469		6.39	%	10.19	%	442,866		6.42	%	9.75	%
Health Care Services	374,171		5.33	%	8.50	%	406,784		5.90	%	8.96	%
Diversified Support Services	304,565		4.34	%	6.92	%	269,835		3.91	%	5.94	%
Pharmaceuticals	295,026		4.20	%	6.70	%	314,560		4.56	%	6.93	%
Life Sciences Tools & Services	285,697		4.07	%	6.49	%	312,748		4.53	%	6.89	%
Specialized Finance	272,865		3.89	%	6.20	%	243,369		3.53	%	5.36	%
Health Care Equipment	234,107		3.34	%	5.32	%	224,448		3.25	%	4.94	%
Packaged Foods & Meats	226,368		3.23	%	5.14	%	223,605		3.24	%	4.92	%
Interactive Media & Services	225,602		3.21	%	5.12	%	263,529		3.82	%	5.80	%
Systems Software	203,491		2.90	%	4.62	%	231,233		3.35	%	5.09	%
Diversified Financial Services	193,984		2.76	%	4.41	%	148,590		2.15	%	3.27	%
Specialized Consumer Services	183,494		2.61	%	4.17	%	177,197		2.57	%	3.90	%
Building Products	180,653		2.57	%	4.10	%	179,114		2.60	%	3.94	%
Construction & Engineering	168,724		2.40	%	3.83	%	101,248		1.47	%	2.23	%
Health Care Supplies	160,684		2.29	%	3.65	%	153,918		2.23	%	3.39	%
Education Services	157,337		2.24	%	3.57	%	155,806		2.26	%	3.43	%
Electrical Components & Equipment	136,887		1.95	%	3.11	%	96,323		1.40	%	2.12	%
Insurance Brokers	136,590		1.95	%	3.10	%	132,313		1.92	%	2.91	%
Health Care Technology	126,730		1.81	%	2.88	%	123,048		1.78	%	2.71	%
Passenger Ground Transportation	91,113		1.30	%	2.07	%	—		—	%	—	%
Cable & Satellite	90,943		1.30	%	2.07	%	68,135		0.99	%	1.50	%
Construction Machinery & Heavy Transportation Equipment	86,517		1.23	%	1.97	%	85,255		1.24	%	1.88	%
Environmental & Facilities Services	84,295		1.20	%	1.91	%	82,078		1.19	%	1.81	%
Drug Retail	83,664		1.19	%	1.90	%	84,282		1.22	%	1.86	%
Communications Equipment	77,288		1.10	%	1.76	%	81,450		1.18	%	1.79	%
Distillers & Vintners	71,264		1.02	%	1.62	%	—		—	%	—	%
Distributors	70,497		1.00	%	1.60	%	57,204		0.83	%	1.26	%
Property & Casualty Insurance	68,587		0.98	%	1.56	%	77,904		1.13	%	1.72	%
Oil & Gas Exploration & Production	67,795		0.97	%	1.54	%	—		—	%	—	%
Paper & Plastic Packaging Products & Materials	63,403		0.90	%	1.44	%	37,857		0.55	%	0.83	%
Alternative Carriers	60,562		0.86	%	1.38	%	45,601		0.66	%	1.00	%
Real Estate Services	57,229		0.82	%	1.30	%	58,656		0.85	%	1.29	%
Soft Drinks & Non-alcoholic Beverages	56,953		0.81	%	1.29	%	56,388		0.82	%	1.24	%
Research & Consulting Services	55,281		0.79	%	1.26	%	88,990		1.29	%	1.96	%
Industrial Machinery & Supplies & Components	53,908		0.77	%	1.22	%	58,068		0.84	%	1.28	%
Air Freight & Logistics	53,375		0.76	%	1.21	%	51,502		0.75	%	1.13	%
Casinos & Gaming	53,070		0.76	%	1.21	%	—		—	%	—	%
Asset Management & Custody Banks	53,023		0.76	%	1.20	%	54,300		0.79	%	1.20	%
Diversified Chemicals	49,270		0.70	%	1.12	%	50,531		0.73	%	1.11	%
Movies & Entertainment	45,385		0.65	%	1.03	%	45,965		0.67	%	1.01	%
Office Services & Supplies	40,441		0.58	%	0.92	%	71,936		1.04	%	1.58	%
Personal Care Products	36,012		0.51	%	0.82	%	—		—	%	—	%
Multi-Sector Holdings	27,294		0.39	%	0.62	%	86,117		1.25	%	1.90	%
Wireless Telecommunication Services	27,263		0.39	%	0.62	%	27,695		0.40	%	0.61	%
Trading Companies & Distributors	22,369		0.32	%	0.51	%	38,349		0.56	%	0.84	%
Hotels, Resorts & Cruise Lines	20,729		0.30	%	0.47	%	20,095		0.29	%	0.44	%
Footwear	19,656		0.28	%	0.45	%	34,219		0.50	%	0.75	%
Consumer Finance	19,550		0.28	%	0.44	%	19,912		0.29	%	0.44	%
Food Distributors	14,290		0.20	%	0.32	%	37,590		0.54	%	0.83	%
Biotechnology	10,514		0.15	%	0.24	%	12,154		0.18	%	0.27	%
Health Care Distributors	9,986		0.14	%	0.23	%	10,119		0.15	%	0.22	%
Real Estate Development	9,600		0.14	%	0.22	%	10,138		0.15	%	0.22	%
Other Specialty Retail	—		—	%	—	%	71,224		1.03	%	1.57	%
Financial Exchanges & Data	—		—	%	—	%	47,723		0.69	%	1.05	%
Gold	—		—	%	—	%	22,105		0.32	%	0.49	%
Specialty Chemicals	—		—	%	—	%	17,400		0.25	%	0.38	%
Metal, Glass & Plastic Containers	—		—	%	—	%	12,053		0.17	%	0.27	%
Total	$	7,019,058