oscf-20251231

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 December 31, 2025


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 February 10, 2026*
Class I shares of beneficial interest, $0.01 par value						148,124,805
Class S shares of beneficial interest, $0.01 par value						57,762,581
Class D shares of beneficial interest, $0.01 par value						406,986
Class T shares of beneficial interest, $0.01 par value						154,117

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

As of December 31, 2025, there was no established public market for the registrant’s common shares of beneficial interest.

OAKTREE STRATEGIC CREDIT FUND

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2025

TABLE OF CONTENTS



	PART I
Item 1.	Consolidated Financial Statements:	2
	Consolidated Statements of Assets and Liabilities as of December 31, 2025 (unaudited) and September 30, 2025	2
	Consolidated Statements of Operations (unaudited) for the three months ended December 31, 2025 and 2024	4
	Consolidated Statements of Changes in Net Assets (unaudited) for the three months ended December 31, 2025 and 2024	5
	Consolidated Statements of Cash Flows (unaudited) for the three months ended December 31, 2025 and 2024	6
	Consolidated Schedule of Investments (unaudited) as of December 31, 2025	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	69
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	89
Item 4.	Controls and Procedures	90
	PART II
Item 1.	Legal Proceedings	91
Item 1A.	Risk Factors	91
Item 2.	Unregistered Sales of Securities and Use of Proceeds	91
Item 3.	Defaults Upon Senior Securities	91
Item 4.	Mine Safety Disclosures	91
Item 5.	Other Information	91
Item 6.	Exhibits	92
Signatures		93

PART I

Item 1. Financial Statements and Supplementary Data

Oaktree Strategic Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)


	December 31, 2025 (unaudited)		September 30, 2025
ASSETS
Assets:
Investments – Non-control/Non-affiliate, at fair value (cost December 31, 2025: $7,429,166; cost September 30, 2025: $6,863,940)	$	7,433,861	$	6,899,031
Cash and cash equivalents	133,144		215,962
Restricted cash	48,212		44,444
Due from portfolio companies	37,449		1,997
Due from affiliates	1,029		—
Interest receivable	54,065		57,098
Receivables from unsettled transactions	3,469		16,342
Due from broker	—		1,970
Deferred financing costs	18,875		20,080
Deferred offering costs	443		720
Derivative assets at fair value	19,544		24,182
Other assets	261		608
Total assets	$	7,750,352	$	7,282,434
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	3,438	$	2,425
Dividends payable	37,135		34,937
Base management fee and incentive fee payable	19,920		20,280
Payable for share repurchases	191,101		61,018
Due to broker	4,030		—
Due to affiliates	2,932		4,960
Interest payable	32,690		31,772
Payables from unsettled transactions	35,058		80,601
Derivative liabilities at fair value	1,189		—
Deferred tax liability	144		57
Credit facilities payable	1,604,400		1,349,400
Unsecured notes payable (net of $10,585 and $11,306 of unamortized financing costs as of December 31, 2025 and September 30, 2025, respectively)	1,154,752		1,155,179
Total liabilities	3,086,789		2,740,629
Commitments and contingencies (Note 12)
Net assets:
Common shares, $0.01 par value per share; unlimited shares authorized, 203,377 and 196,721 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively	2,033		1,967
Additional paid-in-capital	4,745,691		4,591,826
Accumulated distributable earnings (loss)	(84,161)		(51,988)
Total net assets (equivalent to $22.93 and $23.09 per common share as of December 31, 2025 and September 30, 2025, respectively) (Note 10)	4,663,563		4,541,805
Total liabilities and net assets	$	7,750,352	$	7,282,434

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)


NET ASSET VALUE PER SHARE	December 31, 2025 (unaudited)		September 30, 2025
Class I Shares:
Net assets	$	3,341,128	$	3,225,643
Common shares outstanding ($0.01 par value, unlimited shares authorized)	145,699		139,709
Net asset value per share	$	22.93	$	23.09
Class S Shares:
Net assets	$	1,309,867	$	1,310,917
Common shares outstanding ($0.01 par value, unlimited shares authorized)	57,129		56,785
Net asset value per share	$	22.93	$	23.09
Class D Shares:
Net assets	$	9,321	$	4,028
Common shares outstanding ($0.01 par value, unlimited shares authorized)	407		174
Net asset value per share	$	22.93	$	23.09
Class T Shares:
Net assets	$	3,247	$	1,217
Common shares outstanding ($0.01 par value, unlimited shares authorized)	142		53
Net asset value per share	$	22.93	$	23.09

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)


	Three months ended December 31, 2025		Three months ended December 31, 2024
Interest income:
Non-control/Non-affiliate investments	$	173,956	$	134,062
Interest on cash and cash equivalents	2,232		3,933
Total interest income	176,188		137,995
PIK interest income:
Non-control/Non-affiliate investments	1,836		2,695
Total PIK interest income	1,836		2,695
Fee income:
Non-control/Non-affiliate investments	6,140		946
Total fee income	6,140		946
Dividend income:
Non-control/Non-affiliate investments - PIK	223		—
Total dividend income	223		—
Total investment income	184,387		141,636
Expenses:
Base management fee	14,922		10,462
Investment income incentive fee	14,859		10,749
Capital gains incentive fee	(1,211)		572
Professional fees	1,540		1,041
Class S, Class T and Class D distribution and shareholder servicing fees	2,924		2,352
Board of trustees fees	116		116
Organization expenses	—		1
Amortization of continuous offering costs	474		367
Interest expense	46,453		42,420
Administrator expense	577		248
General and administrative expenses	1,116		838
Total expenses	81,770		69,166
Net investment income before taxes	102,617		72,470
(Provision) benefit for taxes on net investment income	(324)		(265)
Net investment income	102,293		72,205
Unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	(27,673)		(30,340)
Foreign currency forward contracts	(4,468)		31,303
Net unrealized appreciation (depreciation)	(32,141)		963
Realized gains (losses):
Non-control/Non-affiliate investments	(2,873)		4,045
Foreign currency forward contracts	9,826		(368)
Net realized gains (losses)	6,953		3,677
Provision for income tax (expense) benefit	(87)		(65)
Net realized and unrealized gains (losses), net of taxes	(25,275)		4,575
Net increase (decrease) in net assets resulting from operations	$	77,018	$	76,780

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(unaudited)


	Three months ended December 31, 2025		Three months ended December 31, 2024
Operations:
Net investment income	$	102,293	$	72,205
Net unrealized appreciation (depreciation)	(32,141)		963
Net realized gains (losses)	6,953		3,677
Provision for income tax (expense) benefit	(87)		(65)
Net increase (decrease) in net assets resulting from operations	77,018		76,780
Distributions to common shareholders:
Class I	(80,162)		(56,990)
Class S	(28,791)		(25,863)
Class D	(173)		(59)
Class T	(65)		—
Net decrease in net assets resulting from distributions	(109,191)		(82,912)
Share transactions:
Class I:
Issuance of Common shares in private and public offering	260,769		173,985
Share transfers between classes	1,371		1,056
Issuance of Common shares under distribution reinvestment plan	14,986		10,465
Repurchased shares, net of early repurchase deduction	(138,650)		(12,962)
Net increase from share transactions	138,476		172,544
Class S:
Issuance of Common shares in public offering	47,358		76,853
Share transfers between classes	(1,371)		(1,056)
Issuance of Common shares under distribution reinvestment plan	14,541		13,033
Repurchased shares, net of early repurchase deduction	(52,427)		(7,870)
Net increase from share transactions	8,101		80,960
Class D:
Issuance of Common shares in public offering	5,327		655
Issuance of Common shares under distribution reinvestment plan	9		26
Repurchased shares, net of early repurchase deduction	(24)		(77)
Net increase from share transactions	5,312		604
Class T:
Issuance of Common shares in public offering	2,028		—
Issuance of Common shares under distribution reinvestment plan	14		—
Net increase from share transactions	2,042		—
Total increase (decrease) in net assets	121,758		247,976
Net assets at beginning of period	4,541,805		3,164,340
Net assets at end of period	$	4,663,563	$	3,412,316
Net asset value per common share	$	22.93	$	23.52
Common shares outstanding at end of period	203,377		145,073

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Three months ended December 31, 2025		Three months ended December 31, 2024
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	77,018	$	76,780
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net unrealized (appreciation) depreciation	32,141		(963)
Net realized (gains) losses	(6,953)		(3,677)
PIK interest income	(1,836)		(2,695)
PIK dividend income	(223)		—
Accretion of original issue discount on investments	(8,719)		(11,092)
Accretion of original issue discount on unsecured notes payable	211		207
Amortization of deferred financing costs	1,927		1,926
Amortization of deferred offering costs	474		367
Deferred taxes	87		45
Purchases of investments	(825,682)		(942,180)
Proceeds from the sales and repayments of investments	281,180		483,080
Changes in operating assets and liabilities:
(Increase) decrease in due from Portfolio Companies	(35,452)		—
(Increase) decrease in due from affiliates	(1,029)		—
(Increase) decrease in interest receivable	3,033		(2,865)
(Increase) decrease in receivables from unsettled transactions	12,873		(51,542)
(Increase) decrease in due from broker	1,970		(3,680)
(Increase) decrease in other assets	347		150
Increase (decrease) in accounts payable, accrued expenses and other liabilities	901		(363)
Increase (decrease) in base management fee and incentive fees payable	(360)		822
Increase (decrease) in due to broker	4,030		(4,040)
Increase (decrease) in due to affiliates	(2,047)		(334)
Increase (decrease) in interest payable	918		(20)
Increase (decrease) in payables from unsettled transactions	(45,543)		(67,029)
Increase (decrease) in director fees payable	—		(116)
Net cash used in operating activities	(510,734)		(527,219)
Financing activities:
Distributions paid in cash	(77,443)		(57,237)
Borrowings under credit facilities	525,000		345,000
Repayments of borrowings under credit facilities	(270,000)		(130,000)
Proceeds from issuance of common shares	315,482		251,493
Deferred financing costs paid	—		(92)
Deferred offering costs paid	(68)		(814)
Share repurchases paid	(61,018)		(14,635)
Net cash provided by financing activities	431,953		393,715
Effect of exchange rate changes on foreign currency	(269)		(1,238)
Net increase (decrease) in cash and cash equivalents and restricted cash	(79,050)		(134,742)
Cash and cash equivalents and restricted cash, beginning of period	260,406		524,164
Cash and cash equivalents and restricted cash, end of period	$	181,356	$	389,422
Supplemental information:
Cash paid for interest	$	43,397	$	40,307
Non-cash financing activities:
Deferred offering costs incurred	$	129	$	384
Distribution payable	37,135		28,389
Reinvestment of dividends during the period	29,550		23,524
Shares repurchases accrued but not yet paid	191,101		20,910
Reconciliation to the Statements of Assets and Liabilities	December 31, 2025		September 30, 2025
Cash and cash equivalents	$	133,144	$	215,962
Restricted cash	48,212		44,444
Total cash and cash equivalents and restricted cash	$	181,356	$	260,406

See notes to Consolidated Financial Statements.

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Non-Control/Non-Affiliate Investments															(7)
107-109 Beech OAK22 LLC	Real Estate Development	First Lien Revolver			11.00%		2/27/2026		$	9,600	$	9,593	$	9,600	(8)(9)
1261229 BC LTD	Pharmaceuticals	Fixed Rate Bond			10.00%		4/15/2032		22,200		22,200		23,105		(10)
1261229 BC LTD	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%	9.97%		10/8/2030		47,561		46,529		46,574		(5)(10)
1440 Foods Topco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.00%	8.72%		10/31/2031		61,824		58,946		58,887		(5)
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.00%	7.72%		8/19/2030		65,253		64,908		63,132		(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	9,816		9,877		(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		45,755		46,179		(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		37,367		39,512		(5)(8)(10)
ACP Falcon Buyer Inc	Systems Software	First Lien Term Loan	SOFR+	5.50%	9.49%		8/1/2029		$	33,973	33,365		33,973		(5)(8)
ACP Falcon Buyer Inc	Systems Software	First Lien Revolver	SOFR+	5.50%			8/1/2029		—		(95)		—		(5)(8)(9)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.59%		10/30/2026		11,166		11,100		11,166		(5)(8)
ADC Therapeutics SA	Biotechnology	First Lien Term Loan	SOFR+	7.50%	11.32%		8/15/2029		10,406		10,130		10,280		(5)(8)(10)
ADC Therapeutics SA	Biotechnology	Warrants						45,727			275		52		(8)(10)(14)
AIP RD Buyer Corp.	Distributors	Common Stock						4,560			428		654		(8)(14)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.17%		5/28/2032		22,825		22,654		22,479		(5)
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.50%	9.22%		12/6/2027		92,554		91,875		92,554		(5)(8)
Artera Services, LLC	Construction & Engineering	Fixed Rate Bond			8.50%		2/15/2031		25,234		23,269		20,972
Artera Services, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.17%		2/15/2031		53,397		52,968		43,474		(5)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%			3/6/2032		—		(53)		(280)		(5)(8)(9)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	8.74%		3/6/2032		47,502		46,873		45,835		(5)(8)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Revolver	PRIME+	4.00%	10.75%		3/6/2031		2,393		2,277		2,079		(5)(8)(9)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	9.84%		12/29/2027		985		979		972		(5)(8)(10)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.10%		12/29/2027		4,751		4,719		4,690		(5)(8)(10)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	9.83%		12/29/2027		458		454		451		(5)(8)(9)(10)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	8.75%		12.63%	3/31/2026		590		590		593		(5)(8)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	8.75%		12.74%	3/31/2026		274		209		275		(5)(8)
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%	7.82%		8/19/2028		25,311		25,235		25,371		(5)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.07%		8/19/2028		33,607		33,152		33,708		(5)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	7.97%		9/19/2030		18,656		18,147		18,672		(5)
athenahealth Group Inc.	Health Care Technology	Preferred Equity						5,809			6,140		8,613		(8)(13)(14)
Atlas Borrower, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.50%	8.17%		9/4/2032		58,141		57,559		57,600		(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%	6.76%		5/29/2031		€	99,155	110,705		116,453		(5)(8)(10)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Aurora Lux Finco S.A.R.L	Application Software	First Lien Term Loan	SOFR+	5.25%	8.92%		9/26/2032		$	40,000	39,225		39,875		(5)(10)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%	8.72%		12/5/2031		$	121,015	$	118,966	$	118,849	(5)(8)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%			12/5/2029		—		(205)		(217)		(5)(8)(9)
Ballyrock CLO 19	Multi-Sector Holdings	CLO Notes	SOFR+	7.11%	10.99%		4/20/2035		2,220		2,223		2,194		(5)(10)
Bamboo Ide8 Insurance Services, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	5.00%	8.82%		1/24/2031		20,000		19,850		19,850		(5)(8)
Bamboo Ide8 Insurance Services, LLC	Property & Casualty Insurance	First Lien Revolver	SOFR+	5.00%			1/24/2031		—		(36)		(36)		(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.84%		9/30/2030		3,242		3,216		3,209		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.98%		9/30/2030		2,704		2,693		2,672		(5)(8)(9)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.84%		9/30/2030		3,874		3,811		3,836		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	E+	5.00%	7.07%		9/30/2030		€	15,757	16,375		18,321		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.84%		9/30/2030		$	25,325	24,829		25,072		(5)(8)
Bamboo US Bidco LLC	Health Care Equipment	First Lien Revolver	SOFR+	5.00%			10/1/2029		—		(97)		(52)		(5)(8)(9)
Barracuda Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	6.50%	10.34%		8/15/2029		48,886		47,682		46,197		(5)(8)
Bayou Intermediate II, LLC	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	8.48%		9/30/2032		4,193		4,119		4,095		(5)(8)(9)
Bayou Intermediate II, LLC	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	8.42%		9/30/2032		38,756		38,368		38,396		(5)(8)
Bayou Intermediate II, LLC	Health Care Supplies	First Lien Revolver	SOFR+	4.75%			9/30/2032		—		(56)		(52)		(5)(8)(9)
Beach Acquisition Bidco LLC	Footwear	Fixed Rate Bond			10.00%		7/15/2033		31,650		31,650		34,962
BG MS US Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.75%	8.42%		10/17/2032		38,000		37,264		38,000		(5)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			13.00%		4/19/2027		3,545		3,511		3,100		(8)(10)
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	Common Stock						12,702			—		20		(10)(14)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						279			—		—		(8)(10)(14)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						975			74		1		(8)(10)(14)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		2/27/2031		8,203		8,103		8,203		(5)(8)(9)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		2/27/2031		32,701		32,436		32,701		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		2/27/2031		49,250		48,706		49,250		(5)(8)
Biscuit Parent, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			2/27/2031		—		(166)		—		(5)(8)(9)
Blazing Star Parent, LLC	Drug Retail	First Lien Term Loan	SOFR+	7.00%	10.82%		8/28/2030		85,868		83,869		83,970		(5)(8)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	5.00%	9.26%		6/14/2032		3,381		3,340		3,330		(5)(8)(9)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	E+	5.00%	7.17%		6/14/2032		€	5,593	6,418		6,509		(5)(8)(10)
Blue Bidco Ltd	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	5.00%	8.68%		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%	8.73%		6/14/2032		£	8,475	11,415		11,295		(5)(8)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.00%	5.90%		10/31/2029		€	9,022	8,912		10,272		(5)(8)(10)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.50%	6.38%		10/31/2030		36,081		35,564		40,290		(5)(8)(10)
CD&R Firefly Bidco Limited	Other Specialty Retail	First Lien Term Loan	SONIA+	4.75%	8.48%		4/29/2029		£	23,022	28,850		31,275		(5)(10)
Centralsquare Technologies, LLC	Application Software	First Lien Term Loan	SOFR+	5.75%	9.47%		4/12/2030		$	30,965	30,441		30,927		(5)(8)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Centralsquare Technologies, LLC	Application Software	First Lien Revolver	SOFR+	5.75%			4/12/2030		—		(60)		(2)		(5)(8)(9)
Cielo Bidco Limited	Building Products	First Lien Term Loan	E+	4.75%	6.65%		3/31/2032		€	2,509	$	2,878	$	2,892	(5)(8)(9)(10)
Cielo Bidco Limited	Building Products	First Lien Term Loan	SONIA+	4.75%	8.47%		3/31/2032		£	39,461	52,954		52,583		(5)(8)(10)
Cielo Bidco Limited	Building Products	First Lien Term Loan	E+	4.75%	6.65%		3/31/2032		€	9,166	10,599		10,665		(5)(8)(10)
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	6.92%		3/24/2031		$	13,895	13,813		13,929		(5)
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+	6.50%	10.42%		11/13/2026		3,851		3,832		3,799		(5)(8)
Colony Holding Corporation	Distributors	First Lien Term Loan	SOFR+	6.50%	10.44%		11/13/2026		11,843		11,761		11,684		(5)(8)
Condor Merger Sub Inc.	Systems Software	Fixed Rate Bond			7.38%		2/15/2030		22,277		20,976		19,451
Connect Holding II LLC	Alternative Carriers	Fixed Rate Bond			10.50%		4/3/2031		12,030		11,691		11,407
Connect Holding II LLC	Alternative Carriers	First Lien Term Loan	SOFR+	4.25%	7.99%		4/3/2031		40,830		37,866		35,688		(5)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%			2/27/2030		—		(9)		3		(5)(8)(9)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%	9.09%		2/27/2030		13,262		13,065		13,295		(5)(8)
Coupa Holdings, LLC	Application Software	First Lien Revolver	SOFR+	5.25%			2/27/2029		—		(12)		2		(5)(8)(9)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	5.00%	8.73%		12/18/2031		105,680		103,960		103,990		(5)(8)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Revolver	SOFR+	5.00%			12/18/2031		—		(227)		(244)		(5)(8)(9)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	10.59%		11/8/2030		3,080		3,018		3,057		(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	10.59%		11/8/2030		43,911		43,150		43,582		(5)(8)
Crewline Buyer, Inc.	Application Software	First Lien Revolver	SOFR+	6.75%			11/8/2030		—		(79)		(34)		(5)(8)(9)
Dealer Tire Financial, LLC	Distributors	Fixed Rate Bond			8.00%		2/1/2028		36,819		36,506		37,017
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			8.00%	3.00%	8/31/2029		39,762		39,466		39,762		(8)(10)
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			3.00%	7.00%	8/31/2029		29,554		29,554		29,554		(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		—		(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		4,939		(10)
DirecTV Financing, LLC	Cable & Satellite	Fixed Rate Bond			10.00%		2/15/2031		21,198		21,198		21,677
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.00%	9.10%		8/2/2027		200		199		201		(5)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	9.35%		8/2/2029		26,194		25,854		26,317		(5)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.50%	9.34%		2/17/2031		27,901		27,489		27,931		(5)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%			5/19/2032		—		(202)		—		(5)(8)(9)(10)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	8.87%		5/19/2032		18,849		18,506		18,934		(5)(8)(10)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SONIA+	5.00%	8.72%		5/19/2032		£	59,320	77,852		80,148		(5)(8)(10)
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	7.72%		4/26/2029		$	38,755	37,928		36,291		(5)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.50%	9.49%		12/8/2028		1,036		1,030		1,036		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.50%	9.63%		12/8/2029		1,922		1,908		1,922		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.50%	9.47%		12/8/2028		17,078		16,916		17,078		(5)(8)
Dukes Root Control Inc.	Environmental & Facilities Services	First Lien Revolver	SOFR+	5.50%	9.82%		12/8/2028		184		164		184		(5)(8)(9)
Empire Bidco AB	Life Sciences Tools & Services	First Lien Term Loan	STIBOR+	5.25%			9/22/2032		—		(452)		(423)		(5)(8)(9)(10)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Empire Bidco AB	Life Sciences Tools & Services	First Lien Term Loan	STIBOR+	5.25%	7.27%		9/22/2032		kr	348,703	36,470		37,122		(5)(8)(10)
Empire Bidco AB	Life Sciences Tools & Services	First Lien Term Loan	SONIA+	5.25%	8.98%		9/22/2032		£	27,033	$	35,781	$	35,688	(5)(8)(10)
Engineering Research And Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	8.67%		8/29/2031		$	31,660	31,212		23,191		(5)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%			12/18/2032		—		(25)		(25)		(5)(8)(9)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%			12/18/2032		—		(14)		(14)		(5)(8)(9)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	8.20%		12/18/2032		49,972		49,784		49,784		(5)(8)
Enverus Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	4.50%			12/18/2032		—		(19)		(19)		(5)(8)(9)
eShipping, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%			12/23/2032		—		(18)		(18)		(5)(8)(9)(10)
eShipping, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.19%		12/23/2032		18,955		18,860		18,860		(5)(8)(10)
eShipping, LLC	Diversified Support Services	First Lien Revolver	SOFR+	4.50%	8.19%		12/23/2032		447		429		429		(5)(8)(9)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		1,832		1,823		1,868		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		1,689		1,681		1,723		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		1,689		1,681		1,723		(8)(10)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		11,437		11,397		11,666		(8)(10)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	8.98%		7/2/2031		7,661		7,608		7,661		(5)(8)(9)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	8.98%		7/2/2031		78,167		77,860		78,167		(5)(8)
Everbridge, Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			7/2/2031		—		(31)		—		(5)(8)(9)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		9/30/2030		8,984		8,914		8,984		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		9/30/2030		35,580		34,977		35,580		(5)(8)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			9/29/2029		—		(62)		—		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.38%		10/5/2029		4,414		4,360		4,361		(5)(8)(9)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.47%		10/5/2029		3,167		3,124		3,129		(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%	8.17%		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%	10.97%		9/13/2029		11,958		11,810		11,958		(5)(8)(10)
Flexera Software LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.44%		8/16/2032		11,678		11,590		11,651		(5)(8)
Flexera Software LLC	Application Software	First Lien Term Loan	E+	4.50%	6.38%		8/15/2032		€	12,305	14,376		14,419		(5)(8)
Flexera Software LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.60%		8/15/2032		$	40,774	40,672		40,680		(5)(8)
Flexera Software LLC	Application Software	First Lien Revolver	SOFR+	4.50%			8/13/2032		—		(8)		(7)		(5)(8)(9)
Formulations Parent Corp	Specialty Chemicals	First Lien Term Loan	SOFR+	4.00%	7.93%		4/9/2032		17,456		17,282		17,456		(5)(8)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+	4.75%	8.63%		10/18/2033		5,000		5,000		4,959		(5)(10)
Fortress Credit BSL XV	Multi-Sector Holdings	CLO Notes	SOFR+	8.45%	12.33%		10/18/2033		6,000		6,035		5,844		(5)(10)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.75%	9.42%		5/3/2030		82,769		82,401		82,372		(5)(8)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.75%	9.42%		5/3/2029		8,656		8,636		8,584		(5)(8)(9)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+	4.50%	8.41%		10/15/2031		10,195		10,062		10,060		(5)(8)(9)
Geo Topco Corporation	Building Products	First Lien Term Loan	SOFR+	4.50%	8.40%		10/15/2031		56,177		55,713		55,812		(5)(8)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Geo Topco Corporation	Building Products	First Lien Revolver	SOFR+	4.50%	8.32%		10/15/2031		1,821		1,756		1,770		(5)(8)(9)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	8.74%		3/10/2031		$	30,022	$	29,762	$	29,713	(5)(8)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00%			3/10/2031		—		(80)		(95)		(5)(8)(9)
Greenway Health, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.75%	10.42%		4/1/2029		24,563		24,109		24,563		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	11.82%		6/21/2027		3,537		3,516		3,443		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	11.82%		6/21/2027		17,109		17,009		16,656		(5)(8)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Revolver	SOFR+	8.00%	11.83%		6/21/2027		884		874		837		(5)(8)(9)
HAH Group Holding Co LLC	Health Care Services	Fixed Rate Bond			9.75%		10/1/2031		11,565		10,967		10,884
HAH Group Holding Co LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	8.72%		9/17/2031		9,378		8,544		8,263		(5)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.07%		4/9/2029		41,342		40,541		36,592		(5)
Harrow Health, Inc.	Pharmaceuticals	Fixed Rate Bond			8.63%		9/15/2030		7,700		7,700		8,098		(10)
Hertz Vehicle Financing III	Specialized Finance	Subordinated Debt Revolver			9.28%		6/28/2028		85,710		85,710		85,736		(8)(10)
Icefall Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	8.17%		1/25/2030		52,319		52,184		52,843		(5)(8)
Icefall Parent, Inc.	Application Software	First Lien Revolver	SOFR+	4.50%			1/25/2030		—		(36)		—		(5)(8)(9)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75%	9.61%		8/18/2028		16,314		16,205		15,911		(5)(8)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25%	10.11%		8/18/2028		2,325		2,307		2,297		(5)(8)
iCIMs, Inc.	Application Software	First Lien Revolver	SOFR+	5.75%	9.61%		8/18/2028		477		466		441		(5)(8)(9)
Inmar Inc	Application Software	First Lien Term Loan	SOFR+	4.50%	8.34%		10/30/2031		60,356		60,085		59,752		(5)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%			8/25/2028		—		(107)		(20)		(5)(8)(9)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%	9.20%		8/25/2028		81,451		81,070		81,353		(5)(8)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	5.00%			8/25/2028		—		(51)		(8)		(5)(8)(9)
Intralot Capital Luxembourg S.A.	Casinos & Gaming	First Lien Term Loan	SONIA+	5.50%	9.22%		10/7/2031		£	41,506	54,682		54,800		(5)(8)(10)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	7.50%	11.33%		1/15/2026		$	42,778	42,762		42,722		(5)(8)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Revolver	SOFR+	7.50%			1/15/2026		—		(2)		(6)		(5)(8)(9)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	8.82%		6/28/2029		4,886		4,852		4,862		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	8.82%		6/28/2029		18,867		18,678		18,773		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Term Loan	SOFR+	5.00%	8.82%		6/28/2029		28,428		27,985		28,286		(5)(8)
IW Buyer LLC	Electrical Components & Equipment	First Lien Revolver	SOFR+	5.00%	8.82%		6/28/2029		2,144		2,027		2,107		(5)(8)(9)
Janus Bidco Limited	Application Software	First Lien Term Loan	SONIA+	5.50%			4/25/2031		—		(147)		—		(5)(8)(9)(10)
Janus Bidco Limited	Application Software	First Lien Term Loan	SOFR+	5.50%	9.34%		4/25/2031		50,019		49,063		50,019		(5)(8)(10)
Jeppesen Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.59%		10/31/2032		49,624		49,376		49,386		(5)(8)(15)
Jeppesen Holdings, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			10/31/2032		—		(17)		(16)		(5)(8)(9)
JN Bidco LLC	Health Care Technology	Common Stock						3,595,500			3,338		7,587		(8)(14)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	E+	4.75%			4/22/2032		—		(20)		—		(5)(8)(9)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	E+	4.75%	6.85%		4/22/2032		€	20,027	23,237		23,352		(5)(8)(9)(10)
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	NIBOR+	4.75%	8.90%		4/22/2032		Nkr184,534		18,147		18,220		(5)(8)(10)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Kairos Intermediateco AB	Health Care Supplies	First Lien Term Loan	SONIA+	4.75%	8.48%		4/22/2032		£	13,129	17,618		17,586		(5)(8)(10)
Kaseya Inc.	Systems Software	Second Lien Term Loan	SOFR+	5.00%	8.72%		3/20/2033		$	43,764	$	43,689	$	42,943	(5)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.02%		10/29/2027		57,665		57,279		54,505		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.02%		10/29/2027		4,693		4,678		4,436		(5)(8)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.25%	11.00%		10/29/2027		3,098		3,049		2,632		(5)(8)(9)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.50%			11/25/2031		—		(61)		(71)		(5)(8)(9)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.50%	8.23%		11/25/2031		39,033		38,539		38,682		(5)(8)
LABL, Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	5.00%	8.94%		10/30/2028		28,003		27,640		17,937		(5)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	8.72%		2/9/2032		8,282		8,111		8,206		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	8.72%		2/9/2032		41,828		41,372		41,443		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%			2/9/2032		—		(81)		(90)		(5)(8)(9)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	8.72%		2/9/2032		4,214		4,184		4,175		(5)(8)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Revolver	SOFR+	5.00%			2/9/2032		—		(68)		(57)		(5)(8)(9)
Learfield Communications, LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.75%	8.47%		6/30/2028		45,335		45,241		45,501		(5)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%	8.72%		8/22/2031		2,704		2,656		2,648		(5)(8)(9)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.50%	6.48%	2.75%	8/22/2031		57,194		56,307		56,210		(5)(8)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%	8.72%		8/22/2030		2,128		2,027		2,028		(5)(8)(9)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.25%	8.97%		1/13/2030		59,144		58,429		58,571		(5)(8)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Revolver	SOFR+	5.25%			1/13/2030		—		(47)		(37)		(5)(8)(9)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	9.82%		1/31/2028		1,024		995		989		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	9.82%		1/31/2028		8,792		8,731		8,490		(5)(8)
LSL Holdco, LLC	Health Care Distributors	First Lien Revolver	SOFR+	6.00%	9.82%		1/31/2028		609		602		574		(5)(8)(9)
M2S Group Intermediate Holdings Inc	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.75%	8.59%		8/25/2031		52,570		50,518		52,321		(5)
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	6.72%		3/1/2029		31,512		30,009		29,185		(5)
Mesoblast, Inc.	Biotechnology	Warrants						33,174			152		242		(8)(10)(14)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00%	9.99%		7/21/2027		5,165		5,135		5,089		(5)(8)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.25%	10.24%		7/21/2027		1,015		1,006		1,000		(5)(8)
Microf Funding V LLC	Consumer Finance	First Lien Term Loan	SOFR+	6.00%	9.69%		6/3/2027		19,966		19,749		19,888		(5)(8)(9)(10)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Term Loan	SOFR+	5.00%	8.72%		6/3/2030		6,958		6,855		6,888		(5)(8)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Term Loan	SOFR+	5.00%	8.72%		6/3/2030		6,660		6,562		6,593		(5)(8)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Term Loan	SOFR+	5.00%	8.72%		6/3/2030		16,601		16,438		16,435		(5)(8)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Term Loan	SOFR+	5.00%	8.72%		6/3/2030		41,112		40,507		40,701		(5)(8)
Minotaur Acquisition, Inc.	Diversified Financial Services	First Lien Revolver	SOFR+	5.00%			6/3/2030		—		(62)		(42)		(5)(8)(9)
Mitchell International Inc	Application Software	Second Lien Term Loan	SOFR+	5.25%	8.97%		6/17/2032		42,135		41,953		41,972		(5)
Mitchell International Inc	Application Software	First Lien Term Loan	SOFR+	3.25%	6.97%		6/17/2031		16,886		16,802		16,962		(5)
Modena Buyer LLC	Application Software	First Lien Term Loan	SOFR+	4.25%	8.09%		7/1/2031		38,073		37,473		37,951		(5)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.25%	8.97%		2/28/2031		1,542		1,485		1,541		(5)(8)(9)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.25%	8.97%		2/28/2031		$	71,205	$	70,137	$	71,190	(5)(8)
Monotype Imaging Holdings Inc.	Application Software	First Lien Revolver	SOFR+	5.25%			2/28/2030		—		(94)		(10)		(5)(8)(9)
Monroe Engineering Group LLC	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.75%			12/20/2028		—		(24)		—		(5)(8)(9)
Monroe Engineering Group LLC	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.75%			12/20/2028		—		(24)		—		(5)(8)(9)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		2/10/2028		4,785		4,758		4,757		(5)(8)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		2/10/2028		988		959		939		(5)(8)(9)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		2/10/2028		57,495		57,104		57,156		(5)(8)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		2/10/2028		7,034		7,031		6,993		(5)(8)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	4.75%	8.44%		2/10/2028		1,400		1,378		1,359		(5)(8)(9)
MRO Florida, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.19%		10/2/2032		3,300		3,268		3,263		(5)(8)(9)(10)
MRO Florida, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.48%		10/2/2032		51,562		51,175		51,190		(5)(8)(10)
Nabors Industries Inc	Oil & Gas Drilling	Fixed Rate Bond			7.63%		11/15/2032		22,260		22,270		21,894		(10)
National Mentor Holdings	Health Care Services	Fixed Rate Bond			10.50%		12/15/2030		18,855		18,502		18,972
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%	9.42%		4/17/2031		14,393		14,203		14,249		(5)(8)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75%	9.42%		4/17/2031		48,485		47,843		48,000		(5)(8)(10)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.75%	9.42%		4/17/2031		2,127		1,996		2,028		(5)(8)(9)(10)
NEP Group Inc	Broadcasting	First Lien Term Loan	E+	4.75%	6.65%		10/7/2031		€	5,000	5,734		5,413		(5)
NEP Group Inc	Broadcasting	First Lien Term Loan	SOFR+	4.50%	8.22%		10/17/2031		$	13,750	13,420		12,667		(5)
Neptune Bidco US Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.75%	8.42%		1/19/2031		30,740		30,377		30,740		(5)(8)
Neptune Bidco US Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.25%			1/19/2031		—		(9)		—		(5)(8)(9)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%			11/12/2030		—		(62)		(71)		(5)(8)(9)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	9.09%		11/9/2030		17,650		17,501		17,491		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	9.48%		11/12/2030		45,808		45,331		45,396		(5)(8)
Next Holdco, LLC	Health Care Technology	First Lien Revolver	SOFR+	5.25%			11/8/2029		—		(43)		(39)		(5)(8)(9)
Nexus Buyer LLC	Specialized Finance	Second Lien Term Loan	SOFR+	5.75%	9.47%		2/16/2032		70,644		70,013		70,147		(5)
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	9.67%		11/10/2029		1,368		1,359		1,360		(5)(8)
NFM & J, L.P.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	9.69%		11/10/2029		21,821		21,538		21,682		(5)(8)
NFM & J, L.P.	Diversified Support Services	First Lien Revolver	PRIME+	4.75%	11.50%		11/10/2029		1,736		1,672		1,705		(5)(8)(9)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SONIA+	4.50%	8.47%		5/29/2030		£	1,399	1,920		1,882		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.22%		5/3/2029		$	4,330	4,322		4,330		(5)(8)(9)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.22%		5/3/2029		3,313		3,276		3,313		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	NIBOR+	4.50%	8.38%		5/3/2029		Nkr	68,811	6,194		6,822		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.22%		5/3/2029		$	27,846	27,753		27,846		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SOFR+	4.50%	8.22%		5/3/2029		36,168		35,766		36,168		(5)(8)(10)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
North Star Acquisitionco, LLC	Education Services	First Lien Term Loan	SONIA+	4.50%	8.22%		5/3/2029		£	3,140	3,916		4,223		(5)(8)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+	4.50%			4/29/2030		—		$	(22)	$	—	(5)(8)(9)(10)
North Star Acquisitionco, LLC	Education Services	First Lien Revolver	SOFR+	4.50%			5/3/2029		—		(49)		—		(5)(8)(9)(10)
OFSI Fund Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	11.37%		4/20/2034		$	1,105	1,053		1,062		(5)(10)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	8.67%		6/10/2030		16,965		16,796		17,050		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.75%	8.42%		6/10/2030		8,453		8,319		8,411		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.75%	8.42%		6/10/2030		62,434		61,901		62,122		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	8.67%		6/10/2030		22,707		22,479		22,820		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.50%	8.17%		6/10/2030		8,873		8,663		8,541		(5)(8)(9)
OneOncology, LLC	Health Care Services	First Lien Term Loan	SOFR+	4.75%	8.42%		6/10/2030		27,103		26,701		26,967		(5)(8)
OneOncology, LLC	Health Care Services	First Lien Revolver	SOFR+	4.75%			6/11/2029		—		(199)		(89)		(5)(8)(9)
Optimizely North America Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	8.72%		10/30/2031		47,416		47,021		46,467		(5)(8)(10)
Optimizely North America Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			10/30/2031		—		(59)		(142)		(5)(8)(9)(10)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	E+	5.25%	7.15%		10/30/2031		€	16,931	18,242		19,487		(5)(8)(10)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	SONIA+	5.50%	9.22%		10/30/2031		£	5,643	7,281		7,439		(5)(8)(10)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	4.50%	8.17%		2/13/2032		$	74,069	73,098		73,328		(5)(8)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Revolver	SOFR+	4.50%	8.17%		2/13/2032		2,256		2,049		2,098		(5)(8)(9)
Paratek Pharmaceuticals Inc	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	10.17%		11/21/2028		18,387		18,235		18,387		(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%	7.69%		2/1/2028		5,317		5,293		4,946		(5)
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	4.00%	7.73%		8/1/2032		40,642		40,245		40,528		(5)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%	9.72%		11/15/2030		72,174		71,170		66,213		(5)(8)
PetVet Care Centers, LLC	Health Care Services	First Lien Revolver	SOFR+	6.00%	9.84%		11/15/2029		961		837		271		(5)(8)(9)
PetVet Care Centers, LLC	Health Care Services	Preferred Equity						6,338			6,211		7,229		(8)(14)
Pike Corporation	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%			12/20/2032		—		41		42		(5)(8)(9)(10)
Pike Corporation	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.20%		12/20/2032		76,438		76,438		76,829		(5)(8)(10)
Pike Corporation	Construction & Engineering	First Lien Revolver	SOFR+	4.50%			12/20/2032		—		—		(34)		(5)(8)(9)(10)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%			8/22/2029		—		—		—		(5)(8)(9)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	6.82%	1.50%	8/22/2029		1,943		1,943		1,943		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	6.82%	1.50%	8/22/2029		3,365		3,365		3,365		(5)(8)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%			8/22/2029		5,793		5,623		4,055		(5)(8)(11)
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		—		(8)(14)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	SOFR+	5.25%	8.85%		9/17/2031		23,063		22,882		23,063		(5)(8)(9)(10)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.00%			9/17/2031		—		(194)		(216)		(5)(8)(9)(10)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.25%	7.42%		9/17/2031		€	50,768	55,307		59,624		(5)(8)(10)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	8.67%		9/30/2031		$	10,323	$	10,219	$	10,323	(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%			9/30/2031		—		(9)		—		(5)(8)(9)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	8.67%		9/30/2031		36,696		36,633		36,696		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00%	8.67%		9/30/2031		26,153		25,456		26,153		(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%	8.67%		9/30/2031		18,526		18,519		18,526		(5)(8)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.00%			9/30/2031		—		(83)		—		(5)(8)(9)
Premium Parent, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.50%	10.38%		11/25/2032		101,591		99,588		99,589		(5)(8)
Premium Parent, LLC	Health Care Technology	First Lien Revolver	SOFR+	6.50%	10.38%		9/21/2032		2,997		2,756		2,756		(5)(8)(9)
Profrac Holdings II, LLC	Industrial Machinery & Supplies & Components	First Lien Floating Rate Bond	SOFR+	7.25%	10.90%		1/23/2029		56,598		56,032		55,823		(5)(8)(10)
Project Accelerate Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	5.25%	8.97%		2/24/2031		43,094		42,777		43,094		(5)(8)
Project Accelerate Parent, LLC	Systems Software	First Lien Revolver	SOFR+	5.25%			2/22/2031		—		(46)		—		(5)(8)(9)
Propio LS, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	8.47%		5/10/2030		10,163		10,062		10,072		(5)(8)
Propio LS, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.75%	8.75%		5/10/2030		27,764		27,486		27,514		(5)(8)
Propio LS, LLC	Diversified Support Services	First Lien Revolver	SOFR+	4.75%	8.68%		5/10/2030		453		442		443		(5)(8)(9)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			7.15%		10/15/2034		5,240		5,228		5,254		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			10.05%		10/15/2034		5,471		5,393		5,452		(8)(10)
Prosper Credit Card 2024-1	Specialized Finance	CLO Notes			14.64%		10/15/2034		7,289		7,289		7,305		(8)(10)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.25%	8.97%		9/20/2030		62,777		61,865		61,534		(5)(8)
Protein for Pets Opco, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.25%	8.97%		9/20/2030		1,328		1,231		1,196		(5)(8)(9)
Quantum Bidco Limited	Food Distributors	First Lien Term Loan	SONIA+	5.50%	9.50%		1/31/2028		£	27,922	35,415		37,556		(5)(8)(10)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	7.72%		4/5/2030		$	50,822	46,559		44,530		(5)
Rockford Tower CLO 2024-1	Multi-Sector Holdings	CLO Notes	SOFR+	7.48%	11.36%		4/20/2037		2,500		2,478		2,529		(5)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.75%	8.44%		7/1/2032		6,469		6,258		6,305		(5)(8)(9)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	E+	4.75%	6.79%		7/1/2032		€	17,268	20,073		20,092		(5)(8)(10)
RWK Midco AB	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.75%	8.92%		7/1/2032		$	52,841	52,313		52,350		(5)(8)(10)
Saratoga	Diversified Financial Services	Credit Linked Note	SOFR+	5.33%	9.86%		12/31/2029		82,235		81,816		83,386		(5)(8)(10)(12)
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.42%		12/16/2028		31,542		31,490		31,818		(5)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	8.75%		3/27/2028		2,450		2,421		2,425		(5)(8)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	8.87%		3/27/2028		3,324		3,270		3,270		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Revolver	SOFR+	5.00%			3/27/2028		—		(34)		(38)		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%			3/27/2028		—		(26)		(85)		(5)(8)(9)
SEI Holding I Corporation	Trading Companies & Distributors	First Lien Term Loan	SOFR+	5.00%	8.72%		3/27/2028		17,026		16,798		16,856		(5)(8)
Seres Therapeutics, Inc.	Biotechnology	Warrants						4,674			293		26		(8)(10)(14)
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	6.00%	9.67%		5/20/2030		57,096		56,346		57,096		(5)(8)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Revolver	SOFR+	6.00%			5/20/2030		—		(95)		—		(5)(8)(9)
Silk Holdings III LLC	Personal Care Products	First Lien Term Loan	SOFR+	4.50%	8.34%		12/1/2032		$	36,385	$	36,021	$	36,025	(5)(8)
Silk Holdings III LLC	Personal Care Products	First Lien Revolver	SOFR+	3.50%	7.34%		12/1/2032		485		461		461		(5)(8)(9)
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	SOFR+	5.75%	9.47%		4/19/2029		81,220		80,149		79,995		(5)(8)
Sorenson Communications, LLC	Communications Equipment	First Lien Revolver	SOFR+	5.75%			4/19/2029		—		(134)		(150)		(5)(8)(9)
Sphynx UK Bidco Ltd	Packaged Foods & Meats	First Lien Term Loan	BBSW+	4.75%	8.24%		9/2/2032		A$	8,490	5,469		5,591		(5)(8)(10)
Sphynx UK Bidco Ltd	Packaged Foods & Meats	First Lien Term Loan	E+	4.75%	6.52%		9/2/2032		€	4,699	5,412		5,450		(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		25,183		(5)(8)(10)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	CORRA+	4.75%	7.00%		1/30/2032		C$	21,058	14,351		15,220		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	4.75%	8.45%		1/30/2032		$	116,312	114,796		115,230		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	TONA+	5.00%	6.06%		1/30/2032		¥	2,251,646	14,349		14,230		(5)(8)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Revolver	SOFR+	4.75%			1/30/2032		—		(343)		(240)		(5)(8)(9)
Staples, Inc.	Office Services & Supplies	Fixed Rate Bond			10.75%		9/1/2029		$	26,481	25,616		26,360
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	9.60%		9/4/2029		23,589		22,782		22,461		(5)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	7.67%		9/27/2030		65,018		63,930		65,168		(5)
SumUp Holdings Luxembourg	Diversified Financial Services	First Lien Term Loan	E+	6.00%	8.07%		4/25/2031		€	47,274	50,875		55,521		(5)(8)(10)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%			11/22/2031		—		(46)		(33)		(5)(8)(9)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	8.42%		11/22/2031		$	56,315	55,899		55,752		(5)(8)
TBRS, Inc.	Health Care Supplies	First Lien Revolver	SOFR+	4.75%			11/22/2030		—		(62)		(76)		(5)(8)(9)
Ten-X LLC	Interactive Media & Services	First Lien Term Loan	SOFR+	6.00%	9.73%		5/26/2028		24,274		23,688		21,331		(5)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	8.47%		10/31/2031		3,287		3,226		3,188		(5)(8)(9)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	8.47%		10/31/2031		50,452		50,032		50,008		(5)(8)(10)
THG Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	4.75%	8.47%		10/31/2031		745		698		695		(5)(8)(9)(10)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	8.72%		1/31/2029		396		387		396		(5)(8)(9)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	8.73%		1/31/2029		8,040		7,960		8,040		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	8.73%		1/31/2029		3,791		3,752		3,791		(5)(8)
Transit Buyer LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	8.72%		1/31/2029		8,236		8,151		8,236		(5)(8)
Trident TPI Holdings, Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.42%		9/15/2028		31,039		30,483		29,891		(5)
Trinitas CLO VI Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+	7.08%	10.94%		1/25/2034		2,785		2,630		2,611		(5)(10)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%	8.45%		2/13/2032		1,647		1,608		1,620		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%	8.48%		2/13/2032		7,701		7,514		7,510		(5)(8)(9)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%			2/13/2032		—		(67)		(95)		(5)(8)(9)

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)	Index	Spread	Cash Interest Rate (4)(5)	PIK	Maturity Date	Shares	Principal (6)		Cost		Fair Value		Notes
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%	8.48%		2/13/2032		2,014		1,995		1,994		(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	4.75%	8.48%		2/13/2032		$	76,484	$	75,409	$	75,734	(5)(8)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Revolver	SOFR+	5.00%			2/13/2031		—		(105)		(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%	9.92%		7/31/2030		22,004		21,601		21,608		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.32%		9/10/2031		1,556		1,556		1,556		(5)(8)(9)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.75%	6.45%	3.13%	9/10/2031		16,998		16,830		17,107		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.32%		9/10/2031		45,848		45,475		45,857		(5)(8)
USIC Holdings, Inc.	Diversified Support Services	First Lien Revolver	SOFR+	5.25%	9.04%		9/10/2031		2,763		2,715		2,763		(5)(8)(9)
Violin Finco Guernsey Limited	Asset Management & Custody Banks	First Lien Term Loan	SONIA+	5.25%			6/24/2031		—		(15)		—		(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	50,780		54,251		(5)(8)(10)
Werner Finco LP	Building Products	First Lien Term Loan	SOFR+	5.50%	9.21%		6/16/2031		$	48,783	48,118		48,134		(5)(8)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.22%		5/20/2032		6,459		6,383		6,459		(5)(8)(9)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.22%		5/20/2032		65,980		65,485		65,888		(5)(8)
West Star Aviation Acquisition LLC	Aerospace & Defense	First Lien Revolver	SOFR+	4.50%	8.42%		5/20/2032		1,388		1,318		1,375		(5)(8)(9)
Whitney Merger Sub, Inc.	Application Software	First Lien Term Loan	SOFR+	4.75%	8.42%		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)
Wilsonart LLC	Building Products	First Lien Term Loan	SOFR+	4.25%	7.92%		8/5/2031		13,313		12,995		12,928		(5)
Woodmont 2022-9 Trust	Multi-Sector Holdings	CLO Notes	SOFR+	7.77%	11.63%		10/25/2036		9,385		9,299		9,567		(5)(10)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.00%	6.89%	3.88%	11/29/2029		2,656		2,630		2,655		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.00%	7.29%	3.88%	11/28/2029		56,037		55,188		56,026		(5)(8)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Revolver	SOFR+	7.00%			11/28/2029		—		(95)		(15)		(5)(8)(9)
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan	SOFR+	6.50%	10.45%		10/26/2029		27,813		27,663		27,386		(5)
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan			9.50%		10/26/2029		10,000		9,767		9,984
Zayo Group Holdings Inc	Alternative Carriers	First Lien Term Loan	SOFR+	3.00%	6.33%	0.50%	3/11/2030		18,816		17,929		17,909		(5)
Total Non-Control/Non-Affiliate Investments (159.4% of net assets)											$	7,429,166	$	7,433,861
BNY Mellon Short Term Investment Fund											113,291		113,291
Fidelity Investments Money Market Treasury Fund											10,638		10,638
Goldman Sachs FS Treasury Obligations Fund											33,248		33,248
Other cash accounts											24,179		24,179
Cash and Cash Equivalents and Restricted Cash (3.9% of net assets)											$	181,356	$	181,356

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(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	$	5,966	A$	9,044	3/12/2026	ING Capital LLC	$	(66)
Foreign currency forward contract	A$	419	$	274	3/12/2026	Wells Fargo Securities, LLC	6
Foreign currency forward contract	$	15,006	C$	20,554	3/12/2026	Wells Fargo Securities, LLC	(34)
Foreign currency forward contract	$	465	C$	646	3/12/2026	Bank of New York Mellon	(7)
Foreign currency forward contract	$	517,053	€	435,176	3/12/2026	Wells Fargo Securities, LLC	4,269
Foreign currency forward contract	€	3,880	$	4,565	3/12/2026	ING Capital LLC	7
Foreign currency forward contract	€	1,200	$	1,403	3/12/2026	Bank of New York Mellon	11
Foreign currency forward contract	$	451,394	£	339,295	3/12/2026	Royal Bank of Canada	(4,894)
Foreign currency forward contract	£	18,663	$	24,975	3/12/2026	ING Capital LLC	123
Foreign currency forward contract	$	13,180	£	9,790	3/12/2026	Bank of New York Mellon	14
Foreign currency forward contract	$	15,974	¥	2,320,522	3/12/2026	ING Capital LLC	1,080
Foreign currency forward contract	¥	44,029	$	288	3/12/2026	Royal Bank of Canada	(6)
Foreign currency forward contract	$	26,069	Nkr	260,868	3/12/2026	ING Capital LLC	211
Foreign currency forward contract	Nkr	1,810	$	181	3/12/2026	Royal Bank of Canada	(1)
Foreign currency forward contract	Nkr	5,147	$	515	3/12/2026	Bank of New York Mellon	(5)
Foreign currency forward contract	$	36,273	kr	337,494	3/12/2026	ING Capital LLC	(472)
Foreign currency forward contract	$	1,180	kr	10,772	3/12/2026	Bank of New York Mellon	7
							$	243

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

8,435

Interest rate swap

Fixed 6.5%

Floating 3-month SOFR +2.5954%

Morgan Stanley Bank, N.A.

7/23/2029

$400,000

5,965

Interest rate swap

Fixed 6.19%

Floating 3-month SOFR +2.4926%

Royal Bank of Canada

7/15/2030

$400,000

3,712

18,112

(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 December 31, 2025, the reference rates for the Company’s variable rate loans were the 30-day SOFR at 3.69%, the 90-day SOFR at 3.65%, the 180-day SOFR at 3.57%, the PRIME at 6.75%, the SONIA at 3.95%, the TONA at 0.75%, the 30-day CORRA at 2.30%, the 90-day BBSW at 3.60%, the 30-day NIBOR at 3.88%, the 90-day NIBOR at 4.75%, the180-day STIBOR at 2.02%, the 30-day EURIBOR at 1.94%, 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.

Oaktree Strategic Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(dollar amounts in thousands)

(unaudited)

(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 December 31, 2025, these investments are categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) and were valued using significant unobservable inputs.

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

(10)Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, qualifying assets represented 73.4% of the Company’s total assets and non-qualifying assets represented 26.6% of the Company’s total assets.

(11)This investment was on non-accrual status as of December 31, 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 of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $29,233, or 0.6% 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

3/20/2024

BioXcel Therapeutics, Inc.

Warrants

4/28/2022

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

(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.

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

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 (151.90% 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 (5.70% 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

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.

(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.

(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.

(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:

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.

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 December 31, 2025, the Company has issued and sold 158,530,415 Class I shares for an aggregate purchase price of $3,722.2 million of which $100.0 million was purchased by an affiliate of the Adviser, 57,727,592 Class S shares for an aggregate purchase price of $1,355.9 million, 402,422 Class D shares for an aggregate purchase price of $9.3 million and 140,690 Class T shares for an aggregate purchase price of $3.2 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

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.

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 December 31, 2025 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

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

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 December 31, 2025, there were two investments on non-accrual status that represented 0.3% and less than 0.1% of total debt investments at cost and fair value, respectively. 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 December 31, 2025, included in restricted cash was $48.2 million that was held at various collateral custodians in connection with the Company’s SPV credit facilities (See Note 6. Borrowings). Pursuant to the terms of the SPV credit facilities, the Company was restricted in terms of access to the $48.2 million until the occurrence of the periodic distribution

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 months ended December 31, 2025, the Company did not expense any organization costs. For the three months ended December 31, 2024, the Company expensed organization costs of less than $0.01 million. As of December 31, 2025 and September 30, 2025, $0.4 million and $0.7 million, respectively, of offering costs were capitalized on the Consolidated Statements of Assets and Liabilities. For the three months ended December 31, 2025 and 2024, the Company amortized offering costs of $0.5 million and $0.4 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

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 ended September 30, 2026.

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 December 31, 2025, the fair value of the Company’s investment portfolio was $7,433.9 million and was composed of investments in 167 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 December 31, 2025 and September 30, 2025, the Company’s investment portfolio consisted of the following:


	December 31, 2025				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
Senior Secured Debt	$	7,001,244	94.25	%	$	6,414,699	93.45	%
Subordinated Debt	402,276		5.41	%	423,818		6.17	%
Preferred Equity	14,303		0.19	%	14,080		0.21	%
Common Equity and Warrants	11,343		0.15	%	11,343		0.17	%
Total	$	7,429,166	100.00	%	$	6,863,940	100.00	%


	December 31, 2025						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior Secured Debt	$	6,997,991	94.14	%	150.05	%	$	6,438,079	93.32	%	141.75	%
Subordinated Debt	406,637		5.47	%	8.72	%	429,299		6.22	%	9.45	%
Preferred Equity	18,935		0.25	%	0.41	%	18,658		0.27	%	0.41	%
Common Equity and Warrants	10,298		0.14	%	0.22	%	12,995		0.19	%	0.29	%
Total	$	7,433,861	100.00	%	159.40	%	$	6,899,031	100.00	%	151.90	%

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


	December 31, 2025				September 30, 2025
	Fair Value		% of Debt Investments		Fair Value		% of Debt Investments
Floating rate	$	6,930,878	93.60	%	$	6,413,837	93.40	%
Fixed rate	473,750		6.40	%	453,541		6.60	%
Total	$	7,404,628	100.00	%	$	6,867,378	100.00	%

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:


	December 31, 2025				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
United States	$	6,304,204	84.87	%	$	5,722,070	83.37	%
United Kingdom	387,222		5.21	%	403,707		5.88	%
Sweden	312,943		4.21	%	306,364		4.46	%
Germany	137,414		1.85	%	176,834		2.58	%
Netherlands	110,705		1.49	%	110,787		1.61	%
Luxembourg	90,100		1.21	%	89,870		1.31	%
Greece	54,682		0.74	%	—		—	%
Costa Rica	16,582		0.22	%	16,522		0.24	%
Switzerland	10,405		0.14	%	10,385		0.15	%
Jamaica	4,757		0.06	%	4,757		0.07	%
Australia	152		0.00	%	1,683		0.02	%
Canada	—		—	%	20,961		0.31	%
Total	$	7,429,166	100.00	%	$	6,863,940	100.00	%


	December 31, 2025						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
United States	$	6,269,708	84.33	%	134.42	%	$	5,718,209	82.89	%	125.89	%
United Kingdom	399,192		5.37	%	8.56	%	414,953		6.01	%	9.14	%
Sweden	319,689		4.30	%	6.86	%	313,062		4.54	%	6.89	%
Germany	146,130		1.97	%	3.13	%	185,742		2.69	%	4.09	%
Netherlands	116,453		1.57	%	2.50	%	116,216		1.68	%	2.56	%
Luxembourg	95,396		1.28	%	2.05	%	94,947		1.38	%	2.09	%
Greece	54,800		0.74	%	1.18	%	—		—	%	—	%
Costa Rica	16,980		0.23	%	0.36	%	16,789		0.24	%	0.37	%
Switzerland	10,332		0.14	%	0.22	%	10,305		0.15	%	0.23	%
Jamaica	4,939		0.07	%	0.11	%	4,894		0.07	%	0.11	%
Australia	242		0.00	%	0.01	%	1,809		0.03	%	0.04	%
Canada	—		—	%	—	%	22,105		0.32	%	0.49	%
Total	$	7,433,861	100.00	%	159.40	%	$	6,899,031	100.00	%	151.90	%

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 December 31, 2025 and September 30, 2025 was as follows:


	December 31, 2025				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
Application Software	$	1,138,786	15.28	%	$	1,077,261	15.67	%
Aerospace & Defense	536,187		7.22	%	440,518		6.42	%
Health Care Services	419,658		5.65	%	408,129		5.95	%
Life Sciences Tools & Services	318,106		4.28	%	311,963		4.54	%
Diversified Support Services	311,456		4.19	%	269,009		3.92	%
Pharmaceuticals	274,461		3.69	%	307,950		4.49	%
Interactive Media & Services	263,698		3.55	%	259,735		3.78	%
Specialized Finance	242,985		3.27	%	242,474		3.53	%
Systems Software	241,909		3.26	%	230,953		3.36	%
Health Care Equipment	223,662		3.01	%	221,030		3.22	%
Packaged Foods & Meats	222,023		2.99	%	221,939		3.23	%
Health Care Technology	217,218		2.92	%	114,695		1.67	%
Diversified Financial Services	202,991		2.73	%	141,952		2.07	%
Building Products	195,075		2.63	%	179,198		2.61	%
Construction & Engineering	183,928		2.48	%	107,579		1.57	%
Specialized Consumer Services	179,751		2.42	%	177,353		2.58	%
Education Services	170,176		2.29	%	159,758		2.33	%
Health Care Supplies	157,204		2.12	%	153,582		2.24	%
Paper & Plastic Packaging Products & Materials	146,283		1.97	%	37,703		0.55	%
Insurance Brokers	134,868		1.82	%	131,423		1.91	%
Property & Casualty Insurance	96,348		1.30	%	76,662		1.12	%
Electrical Components & Equipment	96,302		1.30	%	96,510		1.41	%
Construction Machinery & Heavy Transportation Equipment	86,354		1.16	%	84,857		1.24	%
Environmental & Facilities Services	85,024		1.14	%	84,561		1.23	%
Drug Retail	83,869		1.13	%	84,288		1.23	%
Communications Equipment	80,015		1.08	%	81,615		1.19	%
Research & Consulting Services	76,406		1.03	%	93,967		1.37	%
Cable & Satellite	74,740		1.01	%	67,734		0.99	%
Other Specialty Retail	69,095		0.93	%	69,073		1.01	%
Alternative Carriers	67,486		0.91	%	45,152		0.66	%
Real Estate Services	58,382		0.79	%	58,482		0.85	%
Soft Drinks & Non-alcoholic Beverages	56,251		0.76	%	56,343		0.82	%
Industrial Machinery & Supplies & Components	55,984		0.75	%	58,103		0.85	%
Casinos & Gaming	54,682		0.74	%	—		—	%
Air Freight & Logistics	53,518		0.72	%	51,249		0.75	%
Distributors	52,527		0.71	%	56,976		0.83	%
Asset Management & Custody Banks	50,765		0.68	%	50,745		0.74	%
Office Services & Supplies	48,398		0.65	%	76,041		1.11	%
Movies & Entertainment	45,241		0.61	%	45,345		0.66	%
Diversified Chemicals	44,476		0.60	%	44,349		0.65	%
Personal Care Products	36,482		0.49	%	—		—	%
Food Distributors	35,415		0.48	%	35,193		0.51	%
Footwear	31,650		0.43	%	31,650		0.46	%
Multi-Sector Holdings	28,718		0.39	%	84,056		1.22	%
Wireless Telecommunication Services	27,559		0.37	%	27,550		0.40	%
Trading Companies & Distributors	22,429		0.30	%	38,561		0.56	%
Oil & Gas Drilling	22,270		0.30	%	—		—	%
Hotels, Resorts & Cruise Lines	21,399		0.29	%	20,535		0.30	%
Consumer Finance	19,749		0.27	%	19,701		0.29	%
Broadcasting	19,154		0.26	%	—		—	%
Specialty Chemicals	17,282		0.23	%	17,325		0.25	%
Biotechnology	10,850		0.15	%	12,361		0.18	%
Health Care Distributors	10,328		0.14	%	10,422		0.15	%
Real Estate Development	9,593		0.13	%	10,083		0.15	%
Financial Exchanges & Data	—		—	%	47,035		0.69	%
Gold	—		—	%	20,961		0.31	%
Metal, Glass & Plastic Containers	—		—	%	12,251		0.18	%
Total	$	7,429,166	100.00	%	$	6,863,940	100.00	%

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)


	December 31, 2025						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	1,130,307	15.19	%	24.22	%	$	1,075,502	15.57	%	23.69	%
Aerospace & Defense	542,263		7.29	%	11.63	%	442,866		6.42	%	9.75	%
Health Care Services	419,360		5.64	%	8.99	%	406,784		5.90	%	8.96	%
Life Sciences Tools & Services	320,048		4.31	%	6.86	%	312,748		4.53	%	6.89	%
Diversified Support Services	309,127		4.16	%	6.63	%	269,835		3.91	%	5.94	%
Pharmaceuticals	280,075		3.77	%	6.01	%	314,560		4.56	%	6.93	%
Interactive Media & Services	267,708		3.60	%	5.74	%	263,529		3.82	%	5.80	%
Specialized Finance	243,678		3.28	%	5.23	%	243,369		3.53	%	5.36	%
Systems Software	238,395		3.21	%	5.11	%	231,233		3.35	%	5.09	%
Health Care Equipment	227,116		3.06	%	4.87	%	224,448		3.25	%	4.94	%
Health Care Technology	226,066		3.04	%	4.85	%	123,048		1.78	%	2.71	%
Packaged Foods & Meats	222,093		2.99	%	4.76	%	223,605		3.24	%	4.92	%
Diversified Financial Services	209,482		2.82	%	4.49	%	148,590		2.15	%	3.27	%
Building Products	194,844		2.62	%	4.18	%	179,114		2.60	%	3.94	%
Specialized Consumer Services	179,518		2.41	%	3.85	%	177,197		2.57	%	3.90	%
Education Services	165,706		2.23	%	3.55	%	155,806		2.26	%	3.43	%
Construction & Engineering	164,474		2.21	%	3.53	%	101,248		1.47	%	2.23	%
Health Care Supplies	157,240		2.12	%	3.37	%	153,918		2.23	%	3.39	%
Paper & Plastic Packaging Products & Materials	138,080		1.86	%	2.96	%	37,857		0.55	%	0.83	%
Insurance Brokers	135,216		1.82	%	2.90	%	132,313		1.92	%	2.91	%
Property & Casualty Insurance	97,565		1.31	%	2.09	%	77,904		1.13	%	1.72	%
Electrical Components & Equipment	96,744		1.30	%	2.07	%	96,323		1.40	%	2.12	%
Construction Machinery & Heavy Transportation Equipment	86,687		1.17	%	1.86	%	85,255		1.24	%	1.88	%
Drug Retail	83,970		1.13	%	1.80	%	84,282		1.22	%	1.86	%
Environmental & Facilities Services	81,793		1.10	%	1.75	%	82,078		1.19	%	1.81	%
Communications Equipment	79,845		1.07	%	1.71	%	81,450		1.18	%	1.79	%
Cable & Satellite	76,126		1.02	%	1.63	%	68,135		0.99	%	1.50	%
Research & Consulting Services	74,902		1.01	%	1.61	%	88,990		1.29	%	1.96	%
Other Specialty Retail	71,803		0.97	%	1.54	%	71,224		1.03	%	1.57	%
Alternative Carriers	65,004		0.87	%	1.39	%	45,601		0.66	%	1.00	%
Real Estate Services	58,534		0.79	%	1.26	%	58,656		0.85	%	1.29	%
Soft Drinks & Non-alcoholic Beverages	57,096		0.77	%	1.22	%	56,388		0.82	%	1.24	%
Industrial Machinery & Supplies & Components	55,823		0.75	%	1.20	%	58,068		0.84	%	1.28	%
Casinos & Gaming	54,800		0.74	%	1.18	%	—		—	%	—	%
Asset Management & Custody Banks	54,251		0.73	%	1.16	%	54,300		0.79	%	1.20	%
Air Freight & Logistics	53,677		0.72	%	1.15	%	51,502		0.75	%	1.13	%
Distributors	53,154		0.72	%	1.14	%	57,204		0.83	%	1.26	%
Diversified Chemicals	50,562		0.68	%	1.08	%	50,531		0.73	%	1.11	%
Office Services & Supplies	48,821		0.66	%	1.05	%	71,936		1.04	%	1.58	%
Movies & Entertainment	45,501		0.61	%	0.98	%	45,965		0.67	%	1.01	%
Food Distributors	37,556		0.51	%	0.81	%	37,590		0.54	%	0.83	%
Personal Care Products	36,486		0.49	%	0.78	%	—		—	%	—	%
Footwear	34,962		0.47	%	0.75	%	34,219		0.50	%	0.75	%
Multi-Sector Holdings	28,766		0.39	%	0.62	%	86,117		1.25	%	1.90	%
Wireless Telecommunication Services	27,702		0.37	%	0.59	%	27,695		0.40	%	0.61	%
Trading Companies & Distributors	22,428		0.30	%	0.48	%	38,349		0.56	%	0.84	%
Oil & Gas Drilling	21,894		0.29	%	0.47	%	—		—	%	—	%
Hotels, Resorts & Cruise Lines	20,936		0.28	%	0.45	%	20,095		0.29	%	0.44	%
Consumer Finance	19,888		0.27	%	0.43	%	19,912		0.29	%	0.44	%
Broadcasting	18,080		0.24	%	0.39	%	—		—	%	—	%
Specialty Chemicals	17,456		0.23	%	0.37	%	17,400		0.25	%	0.38	%
Biotechnology	10,600		0.14	%	0.23	%	12,154		0.18	%	0.27	%
Health Care Distributors	10,053		0.14	%	0.22	%	10,119		0.15	%	0.22	%
Real Estate Development	9,600		0.13	%	0.21	%	10,138		0.15	%	0.22	%
Financial Exchanges & Data	—		—	%	—	%	47,723		0.69	%	1.05	%
Gold	—		—	%	—	%	22,105		0.32	%	0.49	%
Metal, Glass & Plastic Containers	—		—	%	—	%	12,053		0.17	%	0.27	%
Total	$	7,433,861	100.00	%	159.40	%	$	6,899,031	100.00	%	151.90	%

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Fair Value Measurements

The following table presents the financial instruments carried at fair value as of December 31, 2025 on the Company’s Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:


	Level 1		Level 2		Level 3		Total
Senior secured debt	$	—	$	1,529,797	$	5,468,194	$	6,997,991
Subordinated debt (including CLO notes and credit linked notes)	—		150,188		256,449		406,637
Common equity and warrants	20		—		10,278		10,298
Preferred equity	—		—		18,935		18,935
Total investments at fair value	20		1,679,985		5,753,856		7,433,861
Cash equivalents	157,177		—		—		157,177
Derivative assets	—		19,544		—		19,544
Total assets at fair value	$	157,197	$	1,699,529	$	5,753,856	$	7,610,582
Derivative liabilities	—		1,189		—		1,189
Total liabilities at fair value	$	—	$	1,189	$	—	$	1,189

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


	Level 1		Level 2		Level 3		Total
Senior secured debt	$	—	$	1,418,025	$	5,020,054	$	6,438,079
Subordinated debt (including CLO notes and credit linked notes)	—		164,010		265,289		429,299
Common equity and warrants	33		—		12,962		12,995
Preferred equity	—		—		18,658		18,658
Total investments at fair value	33		1,582,035		5,316,963		6,899,031
Cash equivalents	210,587		—		—		210,587
Derivative assets	—		24,182		—		24,182
Total assets at fair value	$	210,620	$	1,606,217	$	5,316,963	$	7,133,800

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

The principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. The Adviser used market quotes as of the valuation date to estimate the fair value of the Company’s 8.400% notes due 2028, 6.500% notes due 2029 and 6.190% notes due 2030, which are included in Level 2 of the hierarchy.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

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


	Senior Secured Debt		Subordinated Debt (including CLO Notes and Credit-Linked Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2025	$	5,020,054	$	265,289	$	18,658	$	12,962	$	5,316,963
Purchases	613,861		—		—		—		613,861
Sales and repayments	(171,157)		(9,502)		—		—		(180,659)
Capitalized PIK interest income	1,327		508		224		—		2,059
Accretion of OID	6,741		14		—		—		6,755
Net unrealized appreciation (depreciation)	(2,868)		115		53		(2,684)		(5,384)
Net realized gains (losses)	236		25		—		—		261
Fair value as of December 31, 2025	$	5,468,194	$	256,449	$	18,935	$	10,278	$	5,753,856
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2025	$	100	$	115	$	53	$	(2,684)	$	(2,416)

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


	Senior Secured Debt		Subordinated Debt (including CLO Notes and Credit-Linked Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2024	$	2,890,580	$	223,942	$	14,008	$	12,196	$	3,140,726
Purchases	675,027		29,320		—		—		704,347
Sales and repayments	(143,757)		(186)		—		—		(143,943)
Transfers in (a)(b)	36,264		—		949		—		37,213
Transfers out (a)(b)	(12,929)		—		—		—		(12,929)
Capitalized PIK interest income	2,009		686		—		—		2,695
Accretion of OID	6,388		132		—		—		6,520
Net unrealized appreciation (depreciation)	(23,036)		1,380		672		(1,819)		(22,803)
Net realized gains (losses)	(1,764)		—		—		—		(1,764)
Fair value as of December 31, 2024	$	3,428,782	$	255,274	$	15,629	$	10,377	$	3,710,062
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2024	$	(18,727)	$	1,380	$	672	$	(1,819)	$	(18,494)

__________

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

(b) There were investment restructurings during the three months ended December 31, 2024 in which Level 3 senior secured debt was exchanged for Level 3 preferred equity.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Significant Unobservable Inputs for Level 3 Investments

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of December 31, 2025:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior secured debt

5,289,380

Market Yield

(b)

6.0%

27.0%

9.3%

9,363

Enterprise Value

Revenue Multiple

(d)

1.5x

1.7x

1.6x

2,935

Enterprise Value

EBITDA Multiple

(d)

4.3x

6.3x

5.3x

165,648

Transaction Precedent

Transaction Price

(c)

N/A

868

Broker Quotations

Broker Quoted Price

(e)

N/A

Subordinated debt

187,133

Market Yield

(b)

3.0%

11.0%

5.7%

69,316

Enterprise Value

Revenue multiple

(d)(f)

7.4x

7.6x

7.5x

Common equity and warrants & preferred equity

11,577

Enterprise Value

Revenue Multiple

(d)

1.6x

7.5x

17,636

Enterprise Value

EBITDA Multiple

(d)

6.8x

14.3x

12.9x

Total

5,753,856

_____________________

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

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

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

(e) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the

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

(f) Since September 30, 2025, the valuation technique for two subordinated debt investments changed from Market Yield to Enterprise Value. There have been no other changes in techniques utilized to value Level III investments that resulted in a material impact to the financial statements.

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

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior secured debt

4,896,387

Market Yield

(b)

6.0%

26.0%

9.3%

10,924

Enterprise Value

Revenue Multiple

(d)

2.1x

2.3x

2.2x

2,935

Enterprise Value

EBITDA Multiple

(d)

6.3x

8.3x

7.3x

109,808

Transaction Precedent

Transaction Price

(c)

N/A

Subordinated debt

265,289

Market Yield

(b)

3.0%

12.0%

7.1%

Common equity and warrants & preferred equity

14,236

Enterprise Value

Revenue Multiple

(d)

2.2x

5.0x

2.6x

17,384

Enterprise Value

EBITDA Multiple

(d)

6.5x

14.3x

12.8x

Total

5,316,963

_____________________

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

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

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

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

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

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

Note 4. Fee Income

For the three months ended December 31, 2025 and 2024, the Company recorded total fee income of $6.1 million and $0.9 million, respectively, of which less than $0.1 million and $0.2 million, respectively, was recurring in nature. Recurring fee income consisted of servicing fees.

Note 5. Share Data and Distributions

Changes in Net Assets

The following table presents the changes in net assets for the three months ended December 31, 2025:


	Common Shares
(Share amounts in thousands)	Shares	Par Value		Additional Paid-in-Capital		Accumulated Distributable Earnings (Loss)		Total Net Assets
Balance at September 30, 2025	196,721	$	1,967	$	4,591,826	$	(51,988)	$	4,541,805
Issuance of Common Shares in private and public offering	13,705	136		315,346		—		315,482
Issuance of Common Shares under distribution reinvestment plan	1,285	13		29,537		—		29,550
Shares repurchased, net of early repurchase deduction	(8,334)	(83)		(191,018)		—		(191,101)
Net investment income	—	—		—		102,293		102,293
Net unrealized appreciation (depreciation)	—	—		—		(32,141)		(32,141)
Net realized gains (losses)	—	—		—		6,953		6,953
Provision for income tax (expense) benefit	—	—		—		(87)		(87)
Distributions to shareholders	—	—		—		(109,191)		(109,191)
Balance at December 31, 2025	203,377	$	2,033	$	4,745,691	$	(84,161)	$	4,663,563

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

The following table presents the changes in net assets for the three months ended December 31, 2024:


	Common Shares
(Share amounts in thousands)	Shares	Par Value		Additional Paid-in-Capital		Accumulated Distributable Earnings (Loss)		Total Net Assets
Balance at September 30, 2024	134,288	$	1,343	$	3,170,746	$	(7,749)	$	3,164,340
Issuance of Common Shares in public offering	10,676	107		251,386		—		251,493
Issuance of Common Shares under distribution reinvestment plan	999	10		23,514		—		23,524
Shares repurchased, net of early repurchase deduction	(890)	(9)		(20,900)		—		(20,909)
Net investment income	—	—		—		72,205		72,205
Net unrealized appreciation (depreciation)	—	—		—		963		963
Net realized gains (losses)	—	—		—		3,677		3,677
Provision for income tax (expense) benefit	—	—		—		(65)		(65)
Distributions to shareholders	—	—		—		(82,912)		(82,912)
Balance at December 31, 2024	145,073	$	1,451	$	3,424,746	$	(13,881)	$	3,412,316

Capital Activity

The Company has the authority to issue an unlimited number of Class I, Class S, Class T and Class D Common Shares. As of December 31, 2025, the Company has issued and sold 158,530,415 Class I shares for an aggregate purchase price of $3,722.2 million, 57,727,592 Class S shares for an aggregate purchase price of $1,355.9 million, 402,422 Class D shares for an aggregate purchase price of $9.3 million and 140,690 Class T shares for an aggregate purchase price of $3.2 million. As of December 31, 2025, the Company has issued 4,215,304 Class I shares, 5,070,892 Class S shares, 8,450 Class D shares and 914 Class T shares pursuant to its distribution reinvestment plan.

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


	Shares	Amount
Class I
Issuance of Common Shares in private and public offering	11,327,590	$	260,769
Share transfers between classes	59,608	1,371
Issuance of Common Shares under distribution reinvestment plan	649,577	14,986
Share repurchases, net of early repurchase deduction	(6,046,676)	(138,650)
Net increase (decrease)	5,990,099	$	138,476
Class S
Issuance of Common Shares in public offering	2,057,505	$	47,358
Share transfers between classes	(59,608)	(1,371)
Issuance of Common Shares under distribution reinvestment plan	633,658	14,541
Share repurchases, net of early repurchase deduction	(2,286,405)	(52,427)
Net increase (decrease)	345,150	$	8,101
Class D
Issuance of Common Shares in public offering	231,810	$	5,327
Issuance of Common Shares under distribution reinvestment plan	1,322	9
Share repurchases, net of early repurchase deduction	(1,065)	(24)
Net increase (decrease)	232,067	$	5,312
Class T
Issuance of Common Shares in public offering	87,958	$	2,028
Issuance of Common Shares under distribution reinvestment plan	914	14
Net increase (decrease)	88,872	2,042
Total net increase (decrease)	6,656,188	$	153,931

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

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


	Shares	Amount
Class I
Issuance of Common Shares in private and public offering	7,385,753	$	173,985
Share transfers between classes	44,803	1,056
Issuance of Common Shares under distribution reinvestment plan	444,229	10,465
Share repurchases, net of early repurchase deduction	(551,206)	(12,962)
Net increase (decrease)	7,323,579	$	172,544
Class S
Issuance of Common Shares in public offering	3,262,446	$	76,853
Share transfers between classes	(44,803)	(1,056)
Issuance of Common Shares under distribution reinvestment plan	553,254	13,033
Share repurchases, net of early repurchase deduction	(335,076)	(7,870)
Net increase (decrease)	3,435,821	$	80,960
Class D
Issuance of Common Shares in public offering	27,811	$	655
Issuance of Common Shares under distribution reinvestment plan	1,097	26
Share repurchases, net of early repurchase deduction	(3,287)	(77)
Net increase (decrease)	25,621	$	604
Total net increase (decrease)	10,785,021	$	254,108

Net Asset Value per Share and Offering Price

The Company determines NAV per share for each class of shares as of the last calendar day of each month. Share issuances pursuant to accepted monthly subscriptions are effective the first calendar day of each month. Shares are issued and sold at a purchase price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following tables summarize each month-end NAV per share for Class I, Class S, Class D and Class T shares for the three months ended December 31, 2025 and 2024.


	Class I Shares		Class S Shares		Class D Shares		Class T Shares
October 31, 2025	$	22.98	$	22.98	$	22.98	$	22.98
November 30, 2025	$	22.95	$	22.95	$	22.95	$	22.95
December 31, 2025	$	22.93	$	22.93	$	22.93	$	22.93


	Class I Shares		Class S Shares		Class D Shares		Class T Shares
October 31, 2024	$	23.55	$	23.55	$	23.55	—
November 30, 2024	$	23.56	$	23.56	$	23.56	—
December 31, 2024	$	23.52	$	23.52	$	23.52	—

Distributions

The Board authorizes and declares monthly distributions per outstanding Common Share. The following table presents distributions that were declared during the three months ended December 31, 2025:

Class I

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 23, 2025

October 30, 2025

November 26, 2025

0.1800

26,082

Monthly

November 25, 2025

November 27, 2025

December 29, 2025

0.1800

26,767

Monthly

December 24, 2025

December 29, 2025

February 2, 2026

0.1800

27,313

0.5400

80,162

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Class S

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 23, 2025

October 30, 2025

November 26, 2025

0.1636

9,459

Monthly

November 25, 2025

November 27, 2025

December 29, 2025

0.1637

9,608

Monthly

December 24, 2025

December 29, 2025

February 2, 2026

0.1637

9,724

0.4910

28,791

Class D

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 23, 2025

October 30, 2025

November 26, 2025

0.1752

Monthly

November 25, 2025

November 27, 2025

December 29, 2025

0.1752

Monthly

December 24, 2025

December 29, 2025

February 2, 2026

0.1752

0.5256

173


				Class T
Distribution	Date Declared	Record Date	Payment Date	Distribution Per Share		Distribution Amount
Monthly	October 23, 2025	October 30, 2025	November 26, 2025	$	0.1636	$	19
Monthly	November 25, 2025	November 27, 2025	December 29, 2025	0.1637		$	23
Monthly	December 24, 2025	December 29, 2025	February 2, 2026	0.1637		$	23
				$	0.4910	$	65

The following table presents distributions that were declared during the three months ended December 31, 2024:

Class I

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.2000

18,473

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.2000

18,965

Special

December 26, 2024

December 27, 2024

February 3, 2025

0.2000

19,552

0.6000

56,990

Class S

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.1833

8,415

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.1833

8,632

Special

December 26, 2024

December 27, 2024

February 3, 2025

0.1833

8,816

0.5499

25,863

Class D

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.1951

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.1951

Special

December 26, 2024

December 27, 2024

February 3, 2025

0.1951

0.5853

For income tax purposes, the Company has reported its distributions for the 2025 calendar year as ordinary income. The character of such distributions was appropriately reported to the Internal Revenue Service and shareholders for the 2025 calendar year. To the extent the Company’s taxable earnings for a fiscal and taxable year fall below the amount of distributions paid for the fiscal and taxable year, a portion of the total amount of the Company’s distributions for the fiscal and taxable year is deemed a return of capital for U.S. federal income tax purposes to the Company’s shareholders.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

who have not opted out of the Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Character of Distributions

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

Since inception through December 31, 2025, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement is to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares for the three months ended December 31, 2025:


	Class I				Class S				Class D						Class T
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share				Amount		Per Share				Amount
Net investment income	$	0.5070	$	75,306	$	0.4598	$	26,972	$	0.4968			$	162	$	0.4598			$	60
Distributions in excess of net investment income	0.0330		4,856		0.0312		1,819		0.0288		$	—	11		0.0312		$	—	5
Total	$	0.5400	$	80,162	$	0.4910	$	28,791	$	0.5256			$	173	$	0.4910			$	65

The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares for the three months ended December 31, 2024:


	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.5243	$	49,829	$	0.4745	$	22,325	$	0.5096	$	51
Distributions in excess of net investment income	0.0757		7,161		0.0754		3,538		0.0757		8
Total	$	0.6000	$	56,990	$	0.5499	$	25,863	$	0.5853	$	59

Share Repurchase Program

At the discretion of the Board, during the quarter ended September 30, 2022 the Company commenced a share repurchase program pursuant to which the Company intends to offer to repurchase, in each quarter, up to 5% of Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter; provided that the Company reserves the right in its sole discretion to purchase additional outstanding Shares representing up to 2% of the Company's outstanding Shares each quarter without amending or extending the repurchase offer as permitted by Rule 13e-4(f)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Board may amend or suspend the share repurchase program at any time if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers pursuant to tender offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

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

During the three months ended December 31, 2025, the Company repurchased pursuant to such tender offers an aggregate of 6,046,676 Class I shares, 2,286,405 Class S shares, 1,065 Class D shares and zero Class T shares. The following table presents the share repurchases completed during the three months ended December 31, 2025:


Repurchase Pricing Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Amount Repurchased (all classes)(2)
December 31, 2025	8,334,146	4.24	%	$	22.93	$	191,101

_____________________

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

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

During the three months ended December 31, 2024, the Company repurchased pursuant to such tender offers an aggregate of 551,206 Class I and 335,076 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the three months ended December 31, 2024:


Repurchase Pricing Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Amount Repurchased (all classes)(2)
December 31, 2024	889,569	0.66	%	$	23.52	$	20,910

_____________________

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

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

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Note 6. Borrowings

Below is a summary of the Company's credit facilities as of December 31, 2025 and September 30, 2025:


	December 31, 2025
($ in millions)	Aggregate Principal Committed		Outstanding Principal		Unfunded Commitment		Unamortized Debt Financing Costs		Availability Period	Maturity Date
ING Credit Agreement	$	1,235.0	$	450.0	$	785.0	$	8.0	4/11/2029	4/11/2030
JPM SPV Facility	700.0		566.0		134.0		4.7		7/3/2029	7/3/2030
DBNY SPV Facility	400.0		355.0		45.0		3.2		7/25/2028	7/25/2029
MS SPV Facility	400.0		233.4		166.6		3.0		7/3/2028	7/3/2029
Total	$	2,735.0	$	1,604.4	$	1,130.6	$	18.9


	September 30, 2025
($ in millions)	Aggregate Principal Committed		Outstanding Principal		Unfunded Commitment		Unamortized Debt Financing Costs		Availability Period	Maturity Date
ING Credit Agreement	$	1,235.0	$	370.0	$	865.0	$	8.5	4/11/2029	4/11/2030
JPM SPV Facility	700.0		566.0		134.0		4.9		7/3/2029	7/3/2030
DBNY SPV Facility	400.0		280.0		120.0		3.4		7/25/2028	7/25/2029
MS SPV Facility	400.0		133.4		266.6		3.2		7/3/2028	7/3/2029
Total	$	2,735.0	$	1,349.4	$	1,385.6	$	20.0

Below is a summary of the Company's unsecured notes as of December 31, 2025 and September 30, 2025:


	December 31, 2025
($ in millions)	Outstanding Principal		Unamortized Financing Costs		Unaccreted Discount		Swap Fair Value Adjustment		Carrying Value		Fair Value		Maturity Date
2028 Notes	$	350.0	$	(2.6)	$	(1.0)	$	8.5	$	354.9	$	377.4	11/14/2028
2029 Notes	400.0		(3.6)		(1.7)		6.0		400.7		411.9		7/23/2029
2030 Notes	400.0		(4.4)		(0.1)		3.7		399.2		402.4		7/15/2030
Total	$	1,150.0	$	(10.6)	$	(2.8)	$	18.2	$	1,154.8	$	1,191.7


	September 30, 2025
($ in millions)	Outstanding Principal		Unamortized Financing Costs		Unaccreted Discount		Swap Fair Value Adjustment		Carrying Value		Fair Value		Maturity Date
2028 Notes	$	350.0	$	(2.8)	$	(1.1)	$	9.0	$	355.1	$	380.1	11/14/2028
2029 Notes	400.0		(3.8)		(1.8)		6.5		400.9		415.1		7/23/2029
2030 Notes	400.0		(4.7)		(0.1)		4.0		399.2		408.9		7/15/2030
Total	$	1,150.0	$	(11.3)	$	(3.0)	$	19.5	$	1,155.2	$	1,204.1

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

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


($ in millions, except percentage)	Three Months Ended December 31, 2025			Three Months Ended December 31, 2024
Stated interest expense	$	42.2		$	36.7
Credit facility fees	1.6			2.0
Amortization of debt financing costs	2.2			2.1
Effect of interest rate swaps	0.5			1.6
Total interest expense	$	46.5		$	42.4
Weighted average interest rate (1)	6.255		%	7.633		%
Weighted average outstanding balance	$	2,669.3		$	1,965.2

_____________________

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

Credit Facilities

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

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

ING Credit Agreement

On March 25, 2022, the Company entered into a senior secured revolving credit agreement (as amended, the “ING Credit Agreement”) among the Company, as borrower, the lenders party thereto, and ING Capital LLC (“ING”), as administrative agent. As of December 31, 2025, the size of the ING Credit Agreement facility is $1,235 million (the “Maximum Commitment”). Following the availability period, the Company will be required in certain circumstances to prepay loans. The ING Credit Agreement provides for the issuance of letters of credit during the availability period in an aggregate amount of $25 million. Borrowings under the ING Credit Agreement may be used for general corporate purposes, including making investments and permitted distributions.

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

As of December 31, 2025, borrowings under the ING Credit Agreement are denominated in U.S. dollars and bear interest at a rate per annum equal to either (1) the SOFR, as adjusted, plus 1.875% per annum or (2) the alternative base rate (which is the greatest of the (a) prime rate, (b) the federal funds effective rate plus ½ of 1%, (c) the overnight bank funding rate plus ½ of 1%, (d) certain rates based on SOFR and (e) alternate base rate (“ABR”)) plus 0.875%, in each case, plus a SOFR adjustment of 0.10%; provided that, if at any time the Borrowing Base (as defined in the ING Credit Agreement) is greater than 1.60 times the Combined Debt Amount (as defined in the ING Credit Agreement), the interest rate margin with respect to (a) SOFR loans will be 1.75% plus a SOFR adjustment equal to 0.10% and (b) alternative base rate loans will be 0.75% plus a SOFR adjustment equal to 0.10%. The Company may elect either an ABR or SOFR borrowing at each drawdown request, and loans may be converted from one rate to another at any time at the Company's option, subject to certain conditions. The Company also pays a commitment fee of 0.375% per annum on the daily unused portion of the aggregate commitments under the ING Credit Agreement.

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

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

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

JPM SPV Facility

On February 24, 2023, the Company entered into a loan and security agreement (as amended and/or restated, from time to time, the “JPM Loan and Security Agreement”) among OSCF Lending SPV, LLC (“OSCF Lending SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as parent and servicer, Citibank, N.A., as collateral agent and securities intermediary, Virtus Group, LP, as collateral administrator, the lenders party thereto, and JPMorgan Chase Bank, National Association (“JPM”), as administrative agent, pursuant to which JPM agreed to extend credit to OSCF Lending SPV in an aggregate principal amount up to $700 million.

Subject to certain conditions, including consent of the lenders and JPM, as administrative agent, at any time during the availability period, OSCF Lending SPV may propose one or more increases in the maximum commitment up to an amount not to exceed $1.0 billion. Borrowings under the JPM Loan and Security Agreement bear interest at a rate per annum equal to the forward-looking term rate with a three-month tenor, based on SOFR plus (i) 1.50% if the borrowings are used to purchase broadly syndicated loans and other liquid debt securities (as defined in the JPM Loan and Security Agreement) or (ii) 1.90% on all other borrowings.

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

SMBC SPV Facility

On September 29, 2023, the Company entered into a loan and security agreement (as amended and/or restated, from time to time, the “SMBC Loan and Security Agreement”) among OSCF Lending III SPV, LLC, a wholly owned subsidiary of the Company, as borrower, the Company, as transferor and servicer, Citibank, N.A., as the account bank, Virtus Group, LP, as collateral custodian, the lenders party thereto, and Sumitomo Mitsui Banking Corporation, as administrative agent and collateral agent. On September 29, 2025, the Company repaid all outstanding borrowings under the SMBC Loan and Security Agreement, following which the SMBC Loan and Security Agreement was terminated. Obligations under the SMBC Loan and Security Agreement would have otherwise matured on September 29, 2028.

CIBC SPV Facility

On November 21, 2023, the Company entered into a loan and servicing agreement (as amended and/or restated, from time to time, the “CIBC Loan and Servicing Agreement”) among OSCF Lending V SPV, LLC, a wholly owned subsidiary of the Company, as borrower, the Company, as transferor and servicer, Computershare Trust Company, N.A., as securities intermediary, collateral custodian, collateral agent and collateral administrator, the lenders party thereto, and Canadian Imperial Bank of Commerce, as administrative agent. On July 3, 2025, the Company repaid all outstanding borrowings under the CIBC Loan and Servicing Agreement, following which the CIBC Loan and Servicing Agreement was terminated. Obligations under the CIBC Loan and Servicing Agreement would have otherwise matured on November 21, 2025.

DBNY SPV Facility

On February 15, 2024, the Company entered into a loan financing and servicing agreement (as amended and/or restated, from time to time, the “DBNY Loan Financing and Servicing Agreement”), among OSCF Lending IV SPV, LLC (“OSCF Lending IV SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as servicer and equityholder, the lenders party thereto, Deutsche Bank AG, New York Branch (“DBNY”), as facility agent, the other agents parties thereto and Computershare Trust Company, N.A. as collateral agent and collateral custodian, pursuant to which DBNY has agreed to extend credit to OSCF Lending IV SPV in an aggregate principal amount up to $400 million (the “DBNY Facility Amount”) at any one time outstanding.

Borrowings under the DBNY Loan Financing and Servicing Agreement may be denominated in EUR, AUD, CAD, GBP or USD and bear interest at a rate per annum equal to the sum of, for any accrual period and any lender, (i) the applicable margin and (ii) the cost of funds rate for such accrual period and such lender. The applicable margin will be 1.60% per annum prior to the end of the availability period and 2.25% per annum thereafter; provided that, on and after the occurrence of any

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Event of Default (as defined in the DBNY Loan Financing and Servicing Agreement), the applicable margin shall be increased by 2.00% per annum. The cost of funds rate will be, (a) for each conduit lender, the lower of (x) such conduit lender’s Commercial Paper Rate (as defined in the DBNY Loan Financing and Servicing Agreement) and (y) the SOFR for a three-month tenor as quoted by CME Group Benchmark Administration Limited (which shall in no event be lower than 0.25%), and (b) for each committed lender, the base rate determined by reference to the applicable benchmark index depending on the currency denomination of the advances.

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

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

MS SPV Facility

On February 23, 2024, the Company entered into a loan and servicing agreement (as amended and/or restated from time to time, the “MS Loan and Servicing Agreement”), among OSCF Lending II SPV, LLC (“OSCF Lending II SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as transferor and servicer, Citibank, N.A., as the collateral agent, account bank and collateral custodian, Virtus Group, LP, as collateral administrator, each of the lenders from time to time party thereto, and Morgan Stanley Asset Funding, Inc. (“MS”), as the administrative agent, pursuant to which MS has agreed to extend credit to OSCF Lending II SPV in an aggregate principal amount up to $400 million at any one time outstanding. The MS Loan and Servicing Agreement has an “accordion” feature that allows the borrower, subject to certain conditions, to propose one or more increases in the maximum commitment up to an amount not to exceed $600 million.

Advances under the MS Loan and Servicing Agreement bear interest during the availability period at a rate per annum equal to (i) 1.60% if the borrowings are used to purchase broadly syndicated loans or (ii) 1.85% on all other borrowings; provided that the aggregate applicable margin shall not be less than 1.80% and that the applicable margin will increase by 0.50% per annum after the end of the availability period; and further provided that the applicable margin shall be increased by 2.00% per annum (i) during the existence of a Specified Event of Default (as defined in the MS Loan and Servicing Agreement), (ii) upon written notice from MS, as administrative agent (at the direction of required lenders) to OSCF Lending II SPV and the Company during the existence of any other Event of Default (as defined in the MS Loan and Servicing Agreement) or (iii) after a Facility Maturity Date (as defined in the MS Loan and Servicing Agreement).

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

Unsecured Notes

2028 Unsecured Notes

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

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

The First Supplemental Indenture contains certain covenants, including a covenant requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

giving effect to any exemptive relief granted to the Company by the SEC and to provide financial information to the holders of the 2028 Unsecured Notes and the trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the First Supplemental Indenture.

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

2029 Unsecured Notes

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

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

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

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

2030 Unsecured Notes

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

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

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

In connection with the 2030 Unsecured Notes, the Company entered into an interest rate swap to more closely align the interest rate payable on the 2030 Unsecured Notes with its investment portfolio, which consists of predominately floating rate

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.190% and pays a floating interest rate of the three-month SOFR plus 2.4926% on a notional amount of $400 million.

Note 7. Taxable/Distributable Income

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

Presented below is a reconciliation of net increase (decrease) in net assets resulting from operations to taxable income for the three months ended December 31, 2025 and 2024:


	Three months ended December 31, 2025		Three months ended December 31, 2024
Net increase (decrease) in net assets resulting from operations	$	77,018	$	76,780
Net unrealized (appreciation) depreciation	32,141		(963)
Book/tax difference due to capital gains incentive fees	—		657
Other book/tax differences (1)	(6,397)		30,358





Taxable income (2)	$	102,762	$	106,832

__________________

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

(2)The Company’s taxable income for the three months ended December 31, 2025 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ended September 30, 2026. The final taxable income may be different than the estimate.

For the three months ended December 31, 2025, the Company recognized (i) a provision for incomes taxes on net investment income of $0.3 million, which was all current tax expense, and (ii) a provision for income taxes on realized and unrealized gains (losses) of less than $0.1 million, which was all deferred tax expense.

For the three months ended December 31, 2024, the Company recognized (i) a provision for incomes taxes on net investment income of $0.3 million, which was all current tax expense, and (ii) a provision for income taxes on realized and unrealized gains (losses) of $0.1 million, of which less than $0.1 million was deferred tax expense and less than $0.1 million was current tax expense.

As of September 30, 2025, the Company’s last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows:


Overdistributed ordinary income, net	$	(60,972)
Net realized capital gains	10,135
Unrealized gains, net	(1,151)
Accumulated overdistributed earnings	$	(51,988)

The aggregate cost of investments for U.S. federal income tax purposes was $6,736.2 million as of September 30, 2025. As of September 30, 2025, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for U.S. federal income tax purposes was $169.4 million. As of September 30, 2025, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for U.S. federal income tax purposes over value was $170.6 million. Net unrealized depreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $1.2 million.

Note 8. Concentration of Credit Risks

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

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Note 9. Related Party Transactions

Investment Advisory Agreement

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

Management Fee

Under the Investment Advisory Agreement, the management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of calculating the management fee, net assets means the Company’s total net assets determined on a consolidated basis in accordance with GAAP. For the three months ended December 31, 2025 and December 31, 2024, base management fees were $14.9 million and $10.5 million, respectively.

Incentive Fee

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

Investment Income Incentive Fee

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

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

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

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

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

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

the Adviser.

For the three months ended December 31, 2025 and December 31, 2024, the Investment Income Incentive Fee was $14.9 million and $10.7 million, respectively.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Capital Gains Incentive Fee

In addition to the Investment Income Incentive Fee described above, commencing on September 30, 2022, the Adviser is entitled to receive a Capital Gains Incentive Fee (as defined below) under the Investment Advisory Agreement. The Capital Gains Incentive Fee is determined and payable in arrears as of the end of each fiscal year. The Capital Gains Incentive Fee is equal to 12.5% of the realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal year, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid Capital Gains Incentive Fee, provided, that the Capital Gains Incentive Fee determined as of September 30, 2022 is calculated for a period of shorter than 12 calendar months to take into account any realized capital gains computed net of all realized capital losses and unrealized capital depreciation from the date of inception through the end of the fiscal year 2022 (the “Capital Gains Incentive Fee”). The payment obligation with respect to the Capital Gains Incentive Fee is allocated in the same manner across the Class T shares, Class S shares, Class D shares and Class I shares. As of December 31, 2025, the Company did not incur any Capital Gains Incentive Fees under the Investment Advisory Agreement.

Although the Capital Gains Incentive Fee due to the Adviser is not payable until it is contractually due based on the Investment Advisory Agreement, the Company accrues this component at the end of each reporting period based on the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each reporting period, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid Capital Gains Incentive Fee, as contractually included in the calculation of the Capital Gains Incentive Fee, plus the cumulative amount of unrealized capital appreciation. If such amount is positive at the end of a period, then the Company will accrue an incentive fee equal to 12.5% of such amount. If such amount is negative, then there will be no accrual for such period or an appropriate reduction in any amount previously accrued. U.S. GAAP requires that the Capital Gains Incentive Fee accrual consider cumulative unrealized capital appreciation in the calculation, as a Capital Gains Incentive Fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three months ended December 31, 2025, there were $1.2 million of reversal of accrued Capital Gains Incentive Fees. For the three months ended December 31, 2024, there were $0.6 million of accrued Capital Gains Incentive Fees. As of December 31, 2025, there were no Capital Gains Incentive Fees accrued since inception.

Administration Agreement

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

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

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

For the three months ended December 31, 2025, the Company incurred $0.7 million of expenses under the Administration Agreement, of which $0.6 million was included in administrator expense, $0.1 million was included in general and administrative expenses and less than $0.1 million was included in organization expenses and amortization of continuous

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

offering costs on the Consolidated Statements of Operations. For the three months ended December 31, 2024, the Company incurred $0.4 million of expenses under the Administration Agreement, of which $0.2 million was included in administrator expense, less than $0.1 million was included in general and administrative expenses and $0.1 million was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations.

Certain Terms of the Investment Advisory Agreement and Administration Agreement

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

Distribution Manager Agreement

Effective as of February 3, 2022, the Company has entered into a Distribution Manager Agreement (as amended and restated, the “Distribution Manager Agreement”) with Brookfield Private Wealth LLC (the “Distribution Manager”), an affiliate of the Adviser. Under the terms of the Distribution Manager Agreement, the Distribution Manager serves as the distribution manager for the Company’s initial offering of Common Shares. The Distribution Manager is entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Company’s net assets attributable to Class S and Class T shares as of the beginning of the first calendar day of the month. The Distribution Manager is entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Company’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholding servicing fees are paid with respect to Class I shares. The distribution and/or shareholder servicing fees are payable to the Distribution Manager, but the Distribution Manager anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers.

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

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

Either party may terminate the Distribution Manager Agreement upon 60 days’ written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Distribution Manager Agreement. The Company’s obligations under the Distribution Manager Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S, Class D shares and Class T shares will survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

Distribution and Servicing Plan

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

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


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

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

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

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

For the three months ended December 31, 2025 and 2024, the Company recorded distribution and shareholder servicing fees of $2.9 million and $2.4 million, respectively, primarily all of which were attributable to Class S shares.

Expense Support and Conditional Reimbursement Agreement

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

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

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

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

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

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Note 10. Financial Highlights


(Share amounts in thousands)	Three months ended December 31, 2025												Three months ended December 31, 2024
	Class I			Class S			Class D			Class T			Class I			Class S			Class D
Net asset value at beginning of period	$	23.09		$	23.09		$	23.09		$	23.09		$	23.56		$	23.56		$	23.56
Capital Contribution	—			—			—			—			—			—			—
Net investment income (1)	0.51			0.46			0.50			0.46			0.52			0.47			0.51
Net unrealized appreciation (depreciation) (1)(2)	(0.16)			(0.16)			(0.16)			(0.16)			0.01			0.01			0.01
Net realized gains (losses) (1)	0.03			0.03			0.03			0.03			0.03			0.03			0.03
(Provision) benefit for taxes on realized and unrealized gains (losses) (1)	—			—			—			—			—			—			—
Net increase (decrease) in net assets resulting from operations	0.38			0.33			0.37			0.33			0.56			0.51			0.55
Distributions of net investment income to shareholders	(0.51)			(0.46)			(0.50)			(0.46)			(0.52)			(0.47)			(0.51)
Distributions in excess of net investment income	(0.03)			(0.03)			(0.03)			(0.03)			(0.08)			(0.08)			(0.08)
Net asset value at end of period	$	22.93		$	22.93		$	22.93		$	22.93		$	23.52		$	23.52		$	23.52
Total return (3)	1.67		%	1.45		%	1.61		%	1.45		%	2.40		%	2.18		%	2.33		%
Common shares outstanding at beginning of the period	139,709			56,785			174			53			89,884			44,323			81
Common shares outstanding at end of period	145,699			57,129			407			142			97,207			47,759			107
Net assets at the beginning of the period	$	3,225,643		$	1,310,917		$	4,028		$	1,217		$	2,118,000		$	1,044,424		$	1,916
Net assets at end of period	$	3,341,128		$	1,309,867		$	9,321		$	3,247		$	2,286,444		$	1,123,357		$	2,515
Average net assets (4)	$	3,423,169		$	1,351,855		$	7,594		$	3,032		$	2,245,265		$	1,111,550		$	2,380
Ratio of net investment income to average net assets (5)	2.20		%	1.99		%	2.14		%	1.99		%	2.22		%	2.01		%	2.16		%
Ratio of total expenses to average net assets (5)(7)	1.65		%	1.86		%	1.71		%	1.86		%	2.00		%	2.18		%	2.05		%
Ratio of net expenses to average net assets (5)	1.65		%	1.86		%	1.71		%	1.86		%	2.00		%	2.18		%	2.05		%
Ratio of portfolio turnover to average investments at fair value (5)	3.93		%	3.93		%	3.93		%	3.93		%	9.95		%	9.95		%	9.95		%
Weighted average outstanding debt	$	2,669,291		$	2,669,291		$	2,669,291		$	2,669,291		$	1,965,163		$	1,965,163		$	1,965,163
Average debt per share (1)	$	12.87		$	12.87		$	12.87		$	12.87		$	13.83		$	13.83		$	13.83
Asset coverage ratio (6)	269.41		%	269.41		%	269.41		%	269.41		%	265.13		%	265.13		%	265.13		%


(1)			Calculated based upon weighted average shares outstanding for the period.
(2)			The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the three months ended December 31, 2025 and 2024 as it includes the effect of the timing of equity issuances.
(3)			Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a distribution reinvestment price equal to the NAV per share at the beginning of the period.
(4)			Calculated based upon the weighted average net assets for the period.
(5)			Financial results for the three months ended December 31, 2025 and 2024 have not been annualized for purposes of this ratio.
(6)			Based on outstanding senior securities of $2,755.6 million and $2,060.4 million as of December 31, 2025 and 2024, respectively.
(7)			Total expenses to average net assets is prior to expense support/reimbursements provided by the Adviser.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Note 11. Derivative Instruments

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company entered into an International Swaps and Derivatives Association, Inc. Master Agreements (the “ISDA Master Agreements”) with its derivative counterparties, Bank of New York Mellon, Wells Fargo Securities, LLC and ING Capital LLC. The ISDA Master Agreements permit a single net payment, with each counterparty, in the event of a default or similar event. As of December 31, 2025, no cash collateral has been pledged to cover obligations and no cash collateral has been received from the counterparties with respect to the Company’s forward currency contracts.

Certain information related to the Company’s foreign currency forward contracts is presented below as of December 31, 2025.


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	$	5,966	A$	9,044	3/12/2026	$	—	$	66	Derivative asset
Foreign currency forward contract	A$	419	$	274	3/12/2026	6		—		Derivative asset
Foreign currency forward contract	$	15,006	C$	20,554	3/12/2026	—		34		Derivative asset
Foreign currency forward contract	$	465	C$	646	3/12/2026	—		7		Derivative asset
Foreign currency forward contract	$	517,053	€	435,176	3/12/2026	4,269		—		Derivative asset
Foreign currency forward contract	€	3,880	$	4,565	3/12/2026	7		—		Derivative asset
Foreign currency forward contract	€	1,200	$	1,403	3/12/2026	11		—		Derivative asset
Foreign currency forward contract	$	451,394	£	339,295	3/12/2026	—		4,894		Derivative liability
Foreign currency forward contract	£	18,663	$	24,975	3/12/2026	123		—		Derivative asset
Foreign currency forward contract	$	13,180	£	9,790	3/12/2026	14		—		Derivative asset
Foreign currency forward contract	$	15,974	¥	2,320,522	3/12/2026	1,080		—		Derivative asset
Foreign currency forward contract	¥	44,029	$	288	3/12/2026	—		6		Derivative liability
Foreign currency forward contract	$	26,069	Nkr	260,868	3/12/2026	211		—		Derivative asset
Foreign currency forward contract	Nkr	1,810	$	181	3/12/2026	—		1		Derivative liability
Foreign currency forward contract	Nkr	5,147	$	515	3/12/2026	—		5		Derivative asset
Foreign currency forward contract	$	36,273	kr	337,494	3/12/2026	—		472		Derivative asset
Foreign currency forward contract	$	1,180	kr	10,772	3/12/2026	7		—		Derivative asset
						$	5,728	$	5,485

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


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	$	5,807	A$	8,803	3/12/2026	$	—	$	35	Derivative asset
Foreign currency forward contract	$	37,756	C$	27,817	12/11/2025	303		—		Derivative asset
Foreign currency forward contract	$	15,567	€	2,257,924	3/12/2026	38		—		Derivative asset
Foreign currency forward contract	$	25,380	£	253,837	3/12/2026	—		55		Derivative asset
Foreign currency forward contract	$	38,208	¥	354,368	12/11/2025	360		—		Derivative asset
Foreign currency forward contract	$	15,362	¥	21,051	3/12/2026	124		—		Derivative asset
Foreign currency forward contract	$	514,722	Nkr	433,136	3/12/2026	1,318		—		Derivative asset
Foreign currency forward contract	$	391,119	kr	288,518	12/11/2025	2,658		—		Derivative asset
						$	4,801	$	90

In connection with the issuance of the 2028 Notes, the 2029 Notes and the 2030 Notes, the Company entered into interest rate swap agreements with the BNP Paribas, Morgan Stanley Bank, N.A. and Royal Bank of Canada pursuant to ISDA Master Agreements.

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

Certain information related to the Company’s interest rate swaps is presented below as of December 31, 2025.


Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Interest rate swap	$	350,000	11/14/2028	$	8,435	$	—	Derivative asset
Interest rate swap	$	400,000	7/23/2029	5,965		—		Derivative asset
Interest rate swap	$	400,000	7/15/2030	3,712		—		Derivative liability
				$	18,112	$	—

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


Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Interest rate swap	$	350,000	11/14/2028	$	8,940	$	—	Derivative asset
Interest rate swap	$	400,000	7/23/2029	6,493		—		Derivative asset
Interest rate swap	$	400,000	7/15/2030	4,038		—		Derivative asset
				$	19,471	$	—

Note 12. Commitments and Contingencies

Off-Balance Sheet Arrangements

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its portfolio companies. As indicated in the table below, as of December 31, 2025, off-balance sheet arrangements consisted of $957.2 million of unfunded commitments to provide debt financing to certain of the Company’s portfolio companies, all of which can be drawn immediately. As of September 30, 2025, off-balance sheet arrangements consisted of $931.5 million of unfunded commitments to provide debt financing to certain of the Company’s portfolio companies. Of the $931.5 million, approximately $918.9 million could be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio company’s satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities.

A list of unfunded commitments by investment as of December 31, 2025 and September 30, 2025 is shown in the table below:


	December 31, 2025		September 30, 2025
107-109 Beech OAK22 LLC	$	9,128	$	8,544
ACP Falcon Buyer Inc	5,333		5,333
ASP Integrity Acquisition Co LLC	14,560		15,956
ASP-R-PAC Acquisition Co LLC	129		153
Atlas Borrower, LLC	9,883		9,883
AVSC Holding Corp.	11,910		12,016
Bamboo Ide8 Insurance Services, LLC	4,794		—
Bamboo US Bidco LLC	5,302		8,701
Bayou Intermediate II, LLC	12,017		16,209
Biscuit Parent, LLC	23,291		31,037
Blue Bidco Ltd	2,229		2,229
Centralsquare Technologies, LLC	3,302		3,302
Cielo Bidco Limited	3,016		5,947
Coupa Holdings, LLC	2,122		2,122
Creek Parent, Inc.	15,207		15,207
Crewline Buyer, Inc.	4,573		4,573

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)


	December 31, 2025		September 30, 2025
Draken International, LLC	$	22,175	$	22,175
Dukes Root Control Inc.	1,906		1,906
Empire Bidco AB	45,163		45,163
Enverus Holdings, Inc.	25,857		4,664
eShipping, LLC	10,283		—
Everbridge, Inc.	19,899		19,899
Evergreen IX Borrower 2023, LLC	4,006		4,006
Eyesouth Eye Care Holdco LLC	5		2,069
F&M BUYER LLC	11,435		11,435
Flexera Software LLC	3,129		3,129
Galileo Parent, Inc.	3,312		3,463
Geo Topco Corporation	16,500		16,500
Grand River Aseptic Manufacturing, Inc.	9,237		9,237
Grove Hotel Parcel Owner, LLC	884		1,768
Icefall Parent, Inc.	5,144		5,144
iCIMs, Inc.	921		988
Integrity Marketing Acquisition, LLC	24,486		26,386
Inventus Power, Inc.	4,967		3,808
IW Buyer LLC	5,180		6,252
Janus Bidco Limited	15,760		15,760
Jeppesen Holdings, LLC	3,312		—
Kairos Intermediateco AB	26,683		9,092
Kings Buyer, LLC	5,351		5,914
Kite Midco II Inc.	9,609		9,609
LDS Buyer, LLC	22,057		24,418
Legends Hospitality Holding Company, LLC	3,964		6,142
Lightbox Intermediate, L.P.	3,752		3,845
LSL Holdco, LLC	406		325
Microf Funding V LLC	9,992		9,992
Minotaur Acquisition, Inc.	4,174		11,132
Monotype Imaging Holdings Inc.	13,501		13,501
Monroe Engineering Group LLC	9,584		—
MRI Software LLC	12,845		5,313
MRO Florida, Inc.	1,856		—
Nellson Nutraceutical, LLC	10,524		11,283
Neptune Bidco US Inc.	6,863		6,863
Next Holdco, LLC	16,443		16,443
NFM & J, L.P.	3,019		14,982
North Star Acquisitionco, LLC	10,937		9,282
OneOncology, LLC	42,199		29,986
Optimizely North America Inc.	7,109		7,109
PAI Financing Merger Sub LLC	13,534		15,790
PetVet Care Centers, LLC	8,645		19,210
Pike Corporation	27,696		—
Pluralsight, LLC	3,351		3,351
Poseidon Midco AB	33,349		32,131
PPW Aero Buyer, Inc.	64,606		64,950
Premium Parent, LLC	9,264		—
Project Accelerate Parent, LLC	6,250		6,250
Propio LS, LLC	576		1,029
Protein for Pets Opco, LLC	5,311		4,847
RWK Midco AB	29,292		35,762
SEI Holding I Corporation	14,400		14,400
Sierra Enterprises, LLC	7,264		7,264
Silk Holdings III LLC	1,940		—
Sorenson Communications, LLC	10,177		10,177
Spruce Bidco I Inc.	26,341		26,341
TBRS, Inc.	14,113		13,697

OAKTREE STRATEGIC CREDIT FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)


	December 31, 2025		September 30, 2025
THG Acquisition, LLC	$	12,948	$	14,729
Transit Buyer LLC	1,555		1,950
Truck-Lite Co., LLC	30,364		32,010
US WorldMeds Ventures, LLC	15,892		15,892
USIC Holdings, Inc.	4,297		5,324
Violin Finco Guernsey Limited	3,933		3,933
West Star Aviation Acquisition LLC	15,264		21,278
Whitney Merger Sub, Inc.	9,771		9,772
WP CPP Holdings, LLC	5,831		5,831
BioXcel Therapeutics, Inc.	—		3,577
SumUp Holdings Luxembourg	—		12,795
Verona Pharma, Inc.	—		9,011
	$	957,189	$	931,496

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of and for the three months ended December 31, 2025, except as discussed below.

Share Issuances

On January 1, 2026, the Company issued and sold pursuant to its continuous public offering 2,241,902 Class I shares for proceeds of $51.4 million, 437,698 Class S shares for proceeds of $10.0 million and 12,060 Class T shares for proceeds of $0.3 million.

Distributions

On January 26, 2026, the Board of Trustees of the Company declared a regular distribution on its outstanding Common Shares in the amount per share set forth below:


	Gross Distribution		Shareholder Servicing and/or Distribution Fee		Net Distribution
Class I shares	$	0.1800	$	—	$	0.1800
Class S shares	$	0.1800	$	0.0162	$	0.1638
Class D shares	$	0.1800	$	0.0048	$	0.1752
Class T shares	$	0.1800	$	0.0162	$	0.1638

The distribution is payable to shareholders of record as of January 28, 2026 and will be paid on or about February 26, 2026. The distribution will be paid in cash or reinvested in Common Shares for shareholders participating in the Company’s distribution reinvestment plan.

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

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

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

•our future operating results and distribution projections;

•the ability of Oaktree Fund Advisors, LLC, or the Adviser, to implement its future plans with respect to our business and to achieve our investment objective;

•the ability of the Adviser and its affiliates to attract and retain highly talented professionals;

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

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

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

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

•the adequacy of our cash resources and working capital;

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

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

In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2025 and elsewhere in this quarterly report on Form 10-Q..

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

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

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

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

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

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

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

Business Overview

We are a Delaware statutory trust formed on November 24, 2021 and are structured as a non-diversified, closed-end management investment company. On February 3, 2022, we elected to be regulated as a BDC under the Investment Company Act of 1940, as amended, or the Investment Company Act. We have elected to be treated, and intend to qualify annually to be treated as a RIC under the Internal Revenue Code of 1986, as amended, or the Code. Effective as of February 3, 2022, we are externally managed by the Adviser pursuant to an investment advisory agreement, as amended from time to time, or the Investment Advisory Agreement.

Our investment objective is to generate stable current income and long-term capital appreciation. We seek to meet our investment objective by primarily investing in private debt opportunities, including first lien loans (which may include

“unitranche” loans and “last out” first lien loans, which are loans that are second priority behind “first out” first lien loans), second lien loans, unsecured and mezzanine loans, bonds and preferred equity, as well as certain equity co-investments.

We have the authority to issue an unlimited number of Common Shares. We are offering on a best efforts, continuous basis up to the Maximum Offering Amount pursuant to an offering registered with the SEC. We are authorized to offer to sell any combination of four classes of Common Shares: Class T shares, Class S shares, Class D shares and Class I shares with a dollar value up to the Maximum Offering Amount. The share classes have different ongoing distribution and/or shareholder servicing fees.

As of December 31, 2025, we have issued and sold 158,530,415 Class I shares for an aggregate purchase price of $3,722.2 million of which $100.0 million was purchased by an affiliate of the Adviser, 57,727,592 Class S shares for an aggregate purchase price of $1,355.9 million, 402,422 Class D shares for an aggregate purchase price of $9.3 million and 140,690 Class T shares for an aggregate purchase price of $3.2 million.

Business Environment and Developments

Global financial markets have experienced an increase in volatility over the last few years amid higher inflation, elevated interest rates, tariffs and concern over a potential slowdown in economic activity. Various macroeconomic headwinds remain, including current geopolitical conflicts, signs of an economic slowdown outside the United States, persistent inflation, threats of tariffs and a trade war and ongoing technology disruption. These uncertainties can ultimately impact the overall supply and demand of the market through changing spreads, deal terms and structures and equity purchase price multiples.

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

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

Critical Accounting Estimates

Fair Value Measurements

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

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

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

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

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

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

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

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

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

As of December 31, 2025, we held $7,433.9 million of investments at fair value, up from $6,899.0 million held at September 30, 2025, primarily driven by new originations funded primarily by cash proceeds from our continuous offering and an increase in borrowings.

Revenue Recognition

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

Interest Income

Interest income, adjusted for accretion of original issue discount, or OID, is recorded on an accrual basis to the extent that such amounts are expected to be collected. We stop accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of December 31, 2025, there were two investments on non-accrual status that represented 0.3% and 0.1% of total debt investments at cost and fair value, respectively. 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 our investment in a portfolio company, we sometimes receive nominal cost equity that is valued as part of the negotiation process with the portfolio company. When we receive nominal cost equity, we allocate our cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.

PIK Interest Income

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

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

Portfolio Composition

As of December 31, 2025, the fair value of our investment portfolio was $7,433.9 million and was composed of investments in 167 portfolio companies. As of September 30, 2025, the fair value of our investment portfolio was $6,899.0 million and was composed of investments in 158 portfolio companies.

As of December 31, 2025 and September 30, 2025, our investment portfolio consisted of the following:


	December 31, 2025		September 30, 2025
Cost:
Senior Secured Debt	94.25	%	93.45	%
Subordinated Debt	5.41	%	6.17	%
Preferred Equity	0.19	%	0.21	%
Common Equity and Warrants	0.15	%	0.17	%
Total	100.00	%	100.00	%


	December 31, 2025		September 30, 2025
Fair Value:
Senior Secured Debt	94.14	%	93.32	%
Subordinated Debt	5.47	%	6.22	%
Preferred Equity	0.25	%	0.27	%
Common Equity and Warrants	0.14	%	0.19	%
Total	100.00	%	100.00	%

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


	December 31, 2025		September 30, 2025
Fair Value:
Application Software	15.19	%	15.57	%
Aerospace & Defense	7.29	%	6.42	%
Health Care Services	5.64	%	5.90	%
Life Sciences Tools & Services	4.31	%	4.53	%
Diversified Support Services	4.16	%	3.91	%
Pharmaceuticals	3.77	%	4.56	%
Interactive Media & Services	3.60	%	3.82	%
Specialized Finance	3.28	%	3.53	%
Systems Software	3.21	%	3.35	%
Health Care Equipment	3.06	%	3.25	%
Health Care Technology	3.04	%	1.78	%
Packaged Foods & Meats	2.99	%	3.24	%
Diversified Financial Services	2.82	%	2.15	%
Building Products	2.62	%	2.60	%
Specialized Consumer Services	2.41	%	2.57	%
Education Services	2.23	%	2.26	%
Construction & Engineering	2.21	%	1.47	%
Health Care Supplies	2.12	%	2.23	%
Paper & Plastic Packaging Products & Materials	1.86	%	0.55	%
Insurance Brokers	1.82	%	1.92	%
Property & Casualty Insurance	1.31	%	1.13	%
Electrical Components & Equipment	1.30	%	1.40	%
Construction Machinery & Heavy Transportation Equipment	1.17	%	1.24	%
Drug Retail	1.13	%	1.22	%
Environmental & Facilities Services	1.10	%	1.19	%
Communications Equipment	1.07	%	1.18	%
Cable & Satellite	1.02	%	0.99	%
Research & Consulting Services	1.01	%	1.29	%
Other Specialty Retail	0.97	%	1.03	%
Alternative Carriers	0.87	%	0.66	%
Real Estate Services	0.79	%	0.85	%
Soft Drinks & Non-alcoholic Beverages	0.77	%	0.82	%
Industrial Machinery & Supplies & Components	0.75	%	0.84	%
Casinos & Gaming	0.74	%	—	%
Asset Management & Custody Banks	0.73	%	0.79	%
Air Freight & Logistics	0.72	%	0.75	%
Distributors	0.72	%	0.83	%
Diversified Chemicals	0.68	%	0.73	%
Office Services & Supplies	0.66	%	1.04	%
Movies & Entertainment	0.61	%	0.67	%
Food Distributors	0.51	%	0.54	%
Personal Care Products	0.49	%	—	%
Footwear	0.47	%	0.50	%
Multi-Sector Holdings	0.39	%	1.25	%
Wireless Telecommunication Services	0.37	%	0.40	%
Trading Companies & Distributors	0.30	%	0.56	%
Oil & Gas Drilling	0.29	%	—	%
Hotels, Resorts & Cruise Lines	0.28	%	0.29	%
Consumer Finance	0.27	%	0.29	%
Broadcasting	0.24	%	—	%
Specialty Chemicals	0.23	%	0.25	%
Biotechnology	0.14	%	0.18	%
Health Care Distributors	0.14	%	0.15	%
Real Estate Development	0.13	%	0.15	%
Financial Exchanges & Data	—	%	0.69	%
Gold	—	%	0.32	%
Metal, Glass & Plastic Containers	—	%	0.17	%
Total	100.00	%	100.00	%

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


	December 31, 2025		September 30, 2025
United States	84.33	%	82.89	%
United Kingdom	5.37	%	6.01	%
Sweden	4.30	%	4.54	%
Germany	1.97	%	2.69	%
Netherlands	1.57	%	1.68	%
Luxembourg	1.28	%	1.38	%
Greece	0.74	%	—	%
Costa Rica	0.23	%	0.24	%
Switzerland	0.14	%	0.15	%
Jamaica	0.07	%	0.07	%
Australia	—	%	0.03	%
Canada	—	%	0.32	%
Total	100.00	%	100.00	%

See the Schedule of Investments as of December 31, 2025 and September 30, 2025, in our consolidated financial statements in Part I, Item 1, of this quarterly report on Form 10-Q, for more information on these investments, including a list of companies and the type, cost and fair value of investments.

Discussion and Analysis of Results and Operations

Results of Operations

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

Comparison of three months ended December 31, 2025 and December 31, 2024

Investment Income

Total investment income for the three months ended December 31, 2025 was $184.4 million and consisted of $178.0 million of interest income primarily from portfolio investments (including $1.8 million of PIK interest income), $6.1 million of fee income and $0.2 million of dividend income. Total investment income for the three months ended December 31, 2024 was $141.6 million and consisted of $140.7 million of interest income primarily from portfolio investments (including $2.7 million of PIK interest income) and $0.9 million of fee income. The increase in total investment income was primarily driven by the increase in the size of the investment portfolio, partially offset by lower reference rates. Based on fair value as of December 31, 2025, the weighted average yield on our debt investments was 9.1%, down from 10.2% as of December 31, 2024. Based on fair value as of December 31, 2025, the weighted average yield on our total portfolio was 9.1%, down from 10.2% as of December 31, 2024.

Expenses

Net expenses for the three months ended December 31, 2025 were $81.8 million, up significantly from $69.2 million for the three months ended December 31, 2024. The increase in expenses was primarily driven by a larger investment portfolio attributable to new capital raised pursuant to our continuous public offering and an increase in borrowings under our credit facilities and issuance of unsecured notes. Net expenses consisted of the following:


	For the three months ended December 31, 2025		For the three months ended December 31, 2024
Expenses:
Base management fee	$	14,922	$	10,462
Investment income incentive fee	14,859		10,749
Capital gains incentive fee	(1,211)		572
Professional fees	1,540		1,041
Class S, Class T and Class D distribution and shareholder servicing fees	2,924		2,352
Board of trustees fees	116		116
Organization expenses	—		1
Amortization of continuous offering costs	474		367
Interest expense	46,453		42,420
Administrator expense	577		248
General and administrative expenses	1,116		838
Total expenses	$	81,770	$	69,166

For the three months ended December 31, 2025 and December 31, 2024, base management fees were $14.9 million and $10.5 million, respectively. For the three months ended December 31, 2025 and 2024, investment income incentive fees were $14.9 million and $10.7 million, respectively. See Note 9, Related Party Transactions, to our Consolidated Financial Statements, included in Part I, Item 1 of this Form 10-Q.

Net Unrealized Appreciation (Depreciation)

Net unrealized depreciation was $32.1 million for the three months ended December 31, 2025. This consisted of $23.7 million of net unrealized depreciation on debt investments, $4.0 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains), $2.6 million of net unrealized depreciation on equity investments and $1.7 million of net unrealized depreciation of foreign currency cash and forward contracts.

Net unrealized appreciation was $1.0 million for the three months ended December 31, 2024. This consisted of $31.3 million of net unrealized appreciation of foreign currency forward contracts, partially offset by $15.9 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains), $13.5 million of net unrealized depreciation on debt investments and $0.9 million of net unrealized depreciation on equity investments.

Net Realized Gains (Losses)

Net realized gains were $7.0 million for the three months ended December 31, 2025, which was primarily driven by realized gains related to foreign currency forward contracts, partially offset by realized losses related to the exits of certain investments. Net realized gains were $3.7 million for the three months ended December 31, 2024, which was primarily related to the exits of certain investments and foreign currency forward contracts.

Financial Condition, Liquidity and Capital Resources

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

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

For the three months ended December 31, 2025, we experienced a net decrease in cash and cash equivalents of $79.1 million. During that period, $510.7 million of cash was used in operating activities, primarily consisting of cash used to fund

new investments, partially offset by proceeds from the sales and repayments of investments. During the same period, cash provided by financing activities was $432.0 million, due primarily from $315.5 million of proceeds from the issuance of common shares and $255.0 million of net borrowings under the credit facilities, partially offset by $77.4 million of distributions paid to shareholders and $61.0 million of shares repurchases paid.

For the three months ended December 31, 2024, we experienced a net decrease in cash and cash equivalents of $134.7 million. During that period, $527.2 million of cash was used in operating activities, primarily consisting of cash used to fund new investments, partially offset by proceeds from the sales and repayments of investments. During the same period, cash provided by financing activities was $393.7 million, due primarily from $251.5 million of proceeds from the issuance of common shares and $215.0 million of net borrowings under the credit facilities, partially offset by $57.2 million of distributions paid to shareholders, $14.5 million of shares repurchases paid and $0.9 million of deferred financing and offering costs paid.

As of December 31, 2025, we had $181.4 million of cash and cash equivalents (including restricted cash of $48.2 million), portfolio investments (at fair value) of $7,433.9 million, $54.1 million of interest receivable, $1,130.6 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $31.6 million of net payables from unsettled transactions, $1,604.4 million of borrowings outstanding under our credit facilities and $1,154.8 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).

As of September 30, 2025, we had $260.4 million of cash and cash equivalents (including restricted cash of $44.4 million), portfolio investments (at fair value) of $6,899.0 million, $57.1 million of interest receivable, $1,385.6 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $64.3 million of net payables from unsettled transactions, $1,349.4 million of borrowings outstanding under our credit facilities and $1,155.2 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of December 31, 2025 and September 30, 2025, off-balance sheet arrangements consisted of $957.2 million and $931.5 million, respectively, of unfunded commitments to provide debt financing to certain of our portfolio companies. As of December 31, 2025, all of the $957.2 million of unfunded commitments can be drawn immediately. As of September 30, 2025, of the $931.5 million of unfunded commitments, approximately $918.9 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio company’s satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in our Consolidated Statements of Assets and Liabilities.

Contractual Obligations


	Debt Outstanding as of September 30, 2025		Debt Outstanding as of December 31, 2025		Weighted average debt outstanding for the three months ended December 31, 2025		Maximum debt outstanding for the three months ended December 31, 2025
ING Credit Agreement	$	370,000	$	450,000	$	464,348	$	570,000
JPM SPV Facility	566,000		566,000		566,000		566,000
DBNY SPV Facility	280,000		355,000		310,978		355,000
MS SPV Facility	133,400		233,400		177,965		233,400
2028 Notes	350,000		350,000		350,000		350,000
2029 Notes	400,000		400,000		400,000		400,000
2030 Notes	400,000		400,000		400,000		400,000
Total debt	$	2,499,400	$	2,754,400	$	2,669,291


	Payments due by period as of December 31, 2025
	Total		< 1 year		1-3 years		3-5 years
ING Credit Agreement	$	450,000	$	—	$	—	$	450,000
Interest due on ING Credit Agreement	108,270		25,300		50,600		32,370
JPM Loan and Security Agreement	566,000		—		—		566,000
Interest due on JPM Loan and Security Agreement	145,302		32,240		64,480		48,582
DBNY Loan Financing and Servicing Agreement	355,000		—		—		355,000
Interest due on DBNY Loan Financing and Servicing Agreement	70,933		19,885		39,770		11,278
MS Loan and Servicing Agreement	233,400		—		—		233,400
Interest due on MS Loan and Servicing Agreement	47,761		13,619		27,238		6,904
2028 Notes	350,000		—		350,000		—
Interest due on 2028 Notes	79,401		27,628		51,773		—
2029 Notes	400,000		—		—		400,000
Interest due on 2029 Notes	91,939		25,814		51,628		14,497
2030 Notes	400,000		—		—		400,000
Interest due on 2030 Notes	116,094		25,588		51,176		39,330
Total	$	3,414,100	$	170,074	$	686,665	$	2,557,361

Equity Activity

As of December 31, 2025, we have issued and sold 158,530,415 Class I shares for an aggregate purchase price of $3,722.2 million, 57,727,592 Class S shares for an aggregate purchase price of $1,355.9 million, 402,422 Class D shares for an aggregate purchase price of $9.3 million and 140,690 Class T shares for an aggregate purchase price of $3.2 million. As of December 31, 2025, we have issued 4,215,304 Class I shares, 5,070,892 Class S shares and 8,450 Class D shares pursuant to our distribution reinvestment plan.

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


	Shares	Amount
Class I
Issuance of Common Shares in private and public offering	11,327,590	$	260,769
Share transfers between classes	59,608	1,371
Issuance of Common Shares under distribution reinvestment plan	649,577	14,986
Share repurchases, net of early repurchase deduction	(6,046,676)	(138,650)
Net increase (decrease)	5,990,099	$	138,476
Class S
Issuance of Common Shares in public offering	2,057,505	$	47,358
Share transfers between classes	(59,608)	(1,371)
Issuance of Common Shares under distribution reinvestment plan	633,658	14,541
Share repurchases, net of early repurchase deduction	(2,286,405)	(52,427)
Net increase (decrease)	345,150	$	8,101
Class D
Issuance of Common Shares in public offering	231,810	$	5,327
Issuance of Common Shares under distribution reinvestment plan	1,322	9
Share repurchases, net of early repurchase deduction	(1,065)	(24)
Net increase (decrease)	232,067	$	5,312
Class T
Issuance of Common Shares in public offering	87,958	$	2,028
Issuance of Common Shares under distribution reinvestment plan	914	$	14
Net increase (decrease)	88,872	2,042
Total net increase (decrease)	6,656,188	153,931

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


	Shares	Amount
Class I
Issuance of Common Shares in private and public offering	7,385,753	$	173,985
Share transfers between classes	44,803	1,056
Issuance of Common Shares under distribution reinvestment plan	444,229	10,465
Share repurchases, net of early repurchase deduction	(551,206)	(12,962)
Net increase (decrease)	7,323,579	$	172,544
Class S
Issuance of Common Shares in public offering	3,262,446	$	76,853
Share transfers between classes	(44,803)	(1,056)
Issuance of Common Shares under distribution reinvestment plan	553,254	13,033
Share repurchases, net of early repurchase deduction	(335,076)	(7,870)
Net increase (decrease)	3,435,821	$	80,960
Class D
Issuance of Common Shares in public offering	27,811	$	655
Issuance of Common Shares under distribution reinvestment plan	1,097	26
Share repurchases, net of early repurchase deduction	(3,287)	(77)
Net increase (decrease)	25,621	$	604
Total net increase (decrease)	10,785,021	$	254,108

Net Asset Value per Share and Offering Price

We determine NAV per share for each class of shares as of the last calendar day of each month. Share issuances pursuant to accepted monthly subscriptions are effective the first calendar day of each month. Shares are issued and sold at a purchase price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per

share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class I, Class S, Class D and Class T shares for the three months ended December 31, 2025 and 2024.


	Class I Shares		Class S Shares		Class D Shares		Class T Shares
October 31, 2025	$	22.98	$	22.98	$	22.98	22.98
November 30, 2025	$	22.95	$	22.95	$	22.95	22.95
December 31, 2025	$	22.93	$	22.93	$	22.93	22.93


	Class I Shares		Class S Shares		Class D Shares		Class T Shares
October 31, 2024	$	23.55	$	23.55	$	23.55	—
November 30, 2024	$	23.56	$	23.56	$	23.56	—
December 31, 2024	$	23.52	$	23.52	$	23.52	—

Distributions

The Board authorizes and declares monthly distribution amounts per outstanding Common Share. The following table presents distributions that were declared during the three months ended December 31, 2025:

Class I

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 23, 2025

October 30, 2025

November 26, 2025

0.1800

26,082

Monthly

November 25, 2025

November 27, 2025

December 29, 2025

0.1800

26,767

Monthly

December 24, 2025

December 29, 2025

February 2, 2026

0.1800

27,313

0.5400

80,162

Class S

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 23, 2025

October 30, 2025

November 26, 2025

0.1636

9,459

Monthly

November 25, 2025

November 27, 2025

December 29, 2025

0.1637

9,608

Monthly

December 24, 2025

December 29, 2025

February 2, 2026

0.1637

9,724

0.4910

28,791

Class D

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 23, 2025

October 30, 2025

November 26, 2025

0.1752

Monthly

November 25, 2025

November 27, 2025

December 29, 2025

0.1752

Monthly

December 24, 2025

December 29, 2025

February 2, 2026

0.1752

0.5256

173


				Class T
Distribution	Date Declared	Record Date	Payment Date	Distribution Per Share		Distribution Amount
Monthly	October 23, 2025	October 30, 2025	November 26, 2025	$	0.1636	$	19
Monthly	November 25, 2025	November 27, 2025	December 29, 2025	$	0.1637	$	23
Monthly	December 24, 2025	December 29, 2025	February 2, 2026	0.1637		$	23
				$	0.4910	$	65

The following table presents distributions that were declared during the three months ended December 31, 2024:

Class I

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.2000

18,473

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.2000

18,965

Special

December 26, 2024

December 27, 2024

February 3, 2025

0.2000

19,552

0.6000

56,990

Class S

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.1833

8,415

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.1833

8,632

Special

December 26, 2024

December 27, 2024

February 3, 2025

0.1833

8,816

0.5499

25,863

Class D

Distribution

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

Monthly

October 24, 2024

October 30, 2024

November 26, 2024

0.1951

Monthly

November 26, 2024

November 27, 2024

December 27, 2024

0.1951

Special

December 26, 2024

December 27, 2024

February 3, 2025

0.1951

0.5853

Distribution Reinvestment Plan

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

Share Repurchase Program

At the discretion of our Board, during the quarter ended September 30, 2022 we commenced a share repurchase program pursuant to which we intend to offer to repurchase up to 5% of our Common Shares outstanding (by number of shares or aggregate NAV) as of the close of the previous calendar quarter; provided that the we reserve the right in our sole discretion to purchase additional outstanding Shares representing up to 2% of our outstanding Shares each quarter without amending or extending the repurchase offer as permitted by Rule 13e-4(f)(1) of the Exchange Act. Our Board of Trustees may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Following any such suspension, the Board of Trustees will consider on at least a quarterly basis whether the continued suspension of the share repurchase program is in the best interest of us and shareholders, and will reinstate the share repurchase program when and if appropriate and subject to its fiduciary duty to us and shareholders.

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

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares at the expiration of the tender offer at a purchase price equal to the NAV per share as of the Valuation Date, except that shares that have a prospective repurchase date that is within the one-year period following the original issue date of the shares will be subject to an Early Repurchase Deduction of 2% of such NAV. The one-year holding period will be deemed satisfied if the shares to be repurchased would have been outstanding for one year or longer as of the subscription closing date immediately following the applicable Valuation Date, which subscription closing date we deem the prospective repurchase date for the applicable offer. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders.

During the three months ended December 31, 2025, we repurchased pursuant to such tender offers an aggregate of 6,046,676 Class I shares, 2,286,405 Class S shares, 1,065 Class D shares and zero Class T shares. The following table presents the share repurchases completed during the three months ended December 31, 2025:


Repurchase Pricing Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Amount Repurchased (all classes)(2)
December 31, 2025	8,334,146	4.24	%	$	22.93	$	191,101

_____________________

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

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

During the three months ended December 31, 2024, we repurchased pursuant to such tender offers an aggregate of 551,206 Class I and 335,076 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the three months ended December 31, 2024:


Repurchase Pricing Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Amount Repurchased (all classes)(2)
December 31, 2024	889,569	0.66	%	$	23.52	$	20,910

_____________________

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

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

Leverage

To seek to enhance our returns, we use and expect to continue to use leverage as market conditions permit and at the discretion of the Adviser. However, as a BDC, subject to certain limited exceptions, we are currently only allowed to borrow amounts in accordance with the asset coverage requirements in the Investment Company Act. On December 17, 2021, our sole shareholder approved the adoption of the 150% asset coverage requirement pursuant to Section 61(a)(2) of the Investment Company Act and such election became effective the following day. We intend to use leverage in the form of borrowings, including loans from certain financial institutions, and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage is expected to be applied on a position-by-position basis, meaning little-to-no leverage may be applied to certain investments, while others may have more leverage applied. Any such leverage would also be expected to increase the total capital available for investment by us. We may also create leverage by securitizing our assets (including in CLOs) and retaining the equity portion of the securitized vehicle. As of December 31, 2025, we had $2,755.6 million in senior securities and our asset coverage ratio was 269.41%.

ING Credit Agreement

On March 25, 2022, we entered into the ING Credit Agreement. As of December 31, 2025, the size of the ING Credit Agreement facility is $1,235 million (the “Maximum Commitment”), and the ING Facility has a four year availability period (the “Availability Period”) through April 11, 2029 during which loans may be made and a stated maturity date of April 11, 2030 (the “Maturity Date”). Following the Availability Period, we will be required in certain circumstances to prepay loans prior to the Maturity Date. The ING Credit Agreement provides for the issuance of letters of credit during the Availability Period in an aggregate amount of $25 million. Borrowings under the ING Credit Agreement may be used for general corporate purposes, including making investments and permitted distributions.

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

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

As of December 31, 2025, we were in compliance with all financial covenants under the ING Credit Agreement.

JPM SPV Facility

On February 24, 2023, we entered into the JPM Loan and Security Agreement pursuant to which JPMorgan Chase Bank, National Association agreed to extend credit to OSCF Lending SPV, LLC in an aggregate principal amount up to $700 million.

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

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

SMBC SPV Facility

On September 29, 2023, we entered into a loan and security agreement (as amended and/or restated from time to time, the “SMBC Loan and Security Agreement”) among OSCF Lending III SPV, LLC, a wholly owned subsidiary of us, as borrower, us, as transferor and servicer, Citibank, N.A., as the account bank, Virtus Group, LP, as collateral custodian, the lenders party thereto, and Sumitomo Mitsui Banking Corporation, as administrative agent and collateral agent. On September 29, 2025, we repaid all outstanding borrowings under the SMBC Loan and Security Agreement, following which the SMBC Loan and Security Agreement was terminated. Obligations under the SMBC Loan and Security Agreement would have otherwise matured on September 29, 2028.

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

CIBC SPV Facility

On November 21, 2023, we entered into a loan and servicing agreement (as amended and/or restated from time to time, the “CIBC Loan and Servicing Agreement”) among OSCF Lending V SPV, LLC, a wholly owned subsidiary of us, as borrower, we, as transferor and servicer, Computershare Trust Company, N.A., as securities intermediary, collateral custodian, collateral agent and collateral administrator, the lenders party thereto, and Canadian Imperial Bank of Commerce, as administrative agent. On July 3, 2025, we repaid all outstanding borrowings under the CIBC Loan and Servicing Agreement, following which the CIBC Loan and Servicing Agreement was terminated. Obligations under the CIBC Loan and Servicing Agreement would have otherwise matured on November 21, 2025.

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

DBNY SPV Facility

On February 15, 2024, we entered into the DBNY Loan Financing and Servicing Agreement, pursuant to which an aggregate principal amount up to $400 million may at any one time be outstanding.

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

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

MS SPV Facility

On February 23, 2024, we entered into the MS Loan and Servicing Agreement, pursuant to which an aggregate principal amount up to $400 million may at any one time be outstanding.

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

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

2028 Notes

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

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

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

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

2029 Notes

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

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

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

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

2030 Notes

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

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

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

In connection with the 2030 Notes, we entered into an interest rate swap to more closely align the interest rate payable on the 2030 Notes with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap

agreement, we receive a fixed interest rate of 6.190% and pay a floating interest rate of the three-month SOFR plus 2.4926% on a notional amount of $400 million.

Below is a summary of our credit facilities as of December 31, 2025 and September 30, 2025:


	December 31, 2025
($ in millions)	Aggregate Principal Committed		Outstanding Principal		Unfunded Commitment		Unamortized Debt Financing Costs		Availability Period	Maturity Date
ING Credit Agreement	$	1,235.0	$	450.0	$	785.0	$	8.0	4/11/2029	4/11/2030
JPM SPV Facility	700.0		566.0		134.0		4.7		7/3/2029	7/3/2030
DBNY SPV Facility	400.0		355.0		45.0		3.2		7/25/2028	7/25/2029
MS SPV Facility	400.0		233.4		166.6		3.0		7/3/2028	7/3/2029
Total	$	2,735.0	$	1,604.4	$	1,130.6	$	18.9


	September 30, 2025
($ in millions)	Aggregate Principal Committed		Outstanding Principal		Unfunded Commitment		Unamortized Debt Financing Costs		Availability Period	Maturity Date
ING Credit Agreement	$	1,235.0	$	370.0	$	865.0	$	8.5	4/11/2029	4/11/2030
JPM SPV Facility	700.0		566.0		134.0		4.9		7/3/2029	7/3/2030
DBNY SPV Facility	400.0		280.0		120.0		3.4		7/25/2028	7/25/2029
MS SPV Facility	400.0		133.4		266.6		3.2		7/3/2028	7/3/2029
Total	$	2,735.0	$	1,349.4	$	1,385.6	$	20.0

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


	December 31, 2025
($ in millions)	Outstanding Principal		Unamortized Financing Costs		Unaccreted Discount		Swap Fair Value Adjustment		Carrying Value		Fair Value		Maturity Date
2028 Notes	$	350.0	$	(2.6)	$	(1.0)	$	8.5	$	354.9	$	377.4	11/14/2028
2029 Notes	400.0		(3.6)		(1.7)		6.0		400.7		411.9		7/23/2029
2030 Notes	400.0		(4.4)		(0.1)		3.7		399.2		402.4		7/15/2030
Total	$	1,150.0	$	(10.6)	$	(2.8)	$	18.2	$	1,154.8	$	1,191.7


	September 30, 2025
($ in millions)	Outstanding Principal		Unamortized Financing Costs		Unaccreted Discount		Swap Fair Value Adjustment		Carrying Value		Fair Value		Maturity Date
2028 Notes	$	350.0	$	(2.8)	$	(1.1)	$	9.0	$	355.1	$	380.1	11/14/2028
2029 Notes	400.0		(3.8)		(1.8)		6.5		400.9		415.1		7/23/2029
2030 Notes	400.0		(4.7)		(0.1)		4.0		399.2		408.9		7/15/2030
Total	$	1,150.0	$	(11.3)	$	(3.0)	$	19.5	$	1,155.2	$	1,204.1

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


($ in millions, except percentage)	Three Months Ended December 31, 2025			Three Months Ended December 31, 2024
Stated interest expense	$	42.2		$	36.7
Credit facility fees	1.6			2.0
Amortization of debt financing costs	2.2			2.1
Effect of interest rate swaps	0.5			1.6
Total interest expense	$	46.5		$	42.4
Weighted average interest rate (1)	6.255		%	7.633		%
Weighted average outstanding balance	$	2,669.3		$	1,965.2

_____________________

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

Regulated Investment Company Status and Distributions

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

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

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

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

Recent Developments

Share Issuances

On January 1, 2026, we issued and sold pursuant to our continuous public offering 2,241,902 Class I shares for proceeds of $51.4 million, 437,698 Class S shares for proceeds of $10.0 million and 12,060 Class T shares for proceeds of $0.3 million.

Distributions

On January 26, 2026, our Board of Trustees declared a regular distribution on our outstanding Common Shares in the amount per share set forth below:


	Gross Distribution		Shareholder Servicing and/or Distribution Fee		Net Distribution
Class I shares	$	0.1800	$	—	$	0.1800
Class S shares	$	0.1800	$	0.0162	$	0.1638
Class D shares	$	0.1800	$	0.0048	$	0.1752
Class T shares	$	0.1800	$	0.0162	$	0.1638

The distribution is payable to shareholders of record as of January 28, 2026 and will be paid on February 26, 2026. The distribution was paid in cash or reinvested in Common Shares for shareholders participating in our distribution reinvestment plan.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

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

Valuation Risk

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

Interest Rate Risk

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

As of December 31, 2025, 93.6% of our debt investment portfolio at fair value bore interest at floating rates. As of September 30, 2025, 93.4% of our debt investment portfolio at fair value bore interest at floating rates. The composition of our floating rate debt investments by interest rate floor as of December 31, 2025 and September 30, 2025 was as follows:


	December 31, 2025				September 30, 2025
($ in thousands)	Fair Value		% of Floating Rate Portfolio		Fair Value		% of Floating Rate Portfolio
0%	$	1,836,071	26.49	%	$	1,812,813	28.27	%
>0% and <1%	3,457,319		49.88		3,061,604		47.73
1%	1,439,442		20.77		1,301,903		20.30
>1%	198,046		2.86		237,517		3.70
Total	$	6,930,878	100.00	%	$	6,413,837	100.00	%

Based on our Consolidated Statement of Assets and Liabilities as of December 31, 2025, the following table shows the approximate annualized net increase (decrease) in net assets resulting from operations (excluding the impact of any potential incentive fees) of hypothetical base rate changes in interest rates, assuming no changes in our investment and capital structure. However, there can be no assurances our portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.


Basis point increase ($ in thousands)	Increase in Interest Income		(Increase) in Interest Expense		Net increase in net assets resulting from operations
250	$	176,866	$	(68,860)	$	108,006
200	141,456		(55,088)		86,368
150	106,046		(41,316)		64,730
100	70,636		(27,544)		43,092
50	35,299		(13,772)		21,527


Basis point decrease ($ in thousands)	(Decrease) in Interest Income		Decrease in Interest Expense		Net (decrease) in net assets resulting from operations
50	$	(35,227)	$	13,772	$	(21,455)
100	(70,107)		27,544		(42,563)
150	(104,532)		41,316		(63,216)
200	(138,329)		55,088		(83,241)
250	(170,165)		68,860		(101,305)

We regularly measure exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on this review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. The interest rate on the principal balance outstanding for primarily all floating rate loans is indexed to the SOFR and/or an alternate base rate, which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. The following table shows a comparison of the interest rate base for our outstanding debt investments, at principal, and our outstanding borrowings as of December 31, 2025 and September 30, 2025:


	December 31, 2025				September 30, 2025
($ in thousands)	Debt Investments		Borrowings		Debt Investments		Borrowings
Prime rate	$	5,491	$	—	$	3,532	$	—
CORRA
30 day	C$	21,058	—		C$	21,111	—
EURIBOR
30 day	€	91,014	—		€	83,548	—
90 day	204,180		—		187,880		—
180 day	138,680		—		138,680		—
NIBOR
30 day	Nkr	68,811	—		—		—
90 day	184,534		—		Nkr	253,345	—
SOFR
30 day	$	2,430,984	450,000		$	2,299,519	370,000
90 day (a)	3,515,049		2,304,400		2,934,928		2,129,400
180 day	94,934		—		306,630		—
SONIA	£	309,344	—		£	297,946	—
TONA	¥	2,251,646	—		¥	2,257,303	—
BBSW
90 day	A$	8,490	—		A$	8,490
STIBOR							—
90 day	kr	348,703	—		kr	348,703	—
Fixed rate	$	477,314	—		$	455,177	—

_____________________

(a) Borrowings include the 2028 Notes, 2029 Notes and 2030 Notes, which effectively pay interest at a floating rate under the terms of the interest rate swap.

Item 4. Controls and Procedures

As of the end of the period covered by this report, management, with the participation of the Company’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods

specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs. Based on the evaluation of our disclosure controls and procedures as of December 31, 2025, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, in timely identifying, recording, processing, summarizing and reporting any material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act.

There were no changes in our internal control over financial reporting that occurred during the three months ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

There have been no material changes during the three months ended December 31, 2025 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2025.

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

There were no unregistered sales of our equity securities during the three months ended December 31, 2025 except those already reported on a current report on Form 8-K.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended December 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

Item 6. Exhibits

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


Exhibit						Description
3.1						Fourth Amended and Restated Declaration of Trust of the Registrant (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q (File No. 814-01471), filed on August 13, 2025)
3.2						Amended and Restated Bylaws of Registrant (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q (File No. 814-01471), filed on August 13, 2025)
31.1*						Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*						Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*						Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*						Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*						Inline XBRL Taxonomy Extension Schema Document.
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


*			Filed herewith.

SIGNATURES

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



OAKTREE STRATEGIC CREDIT FUND

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

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

Date: February 11, 2026