# EDGAR Filing Document

**Accession Number:** 0001872371
**File Stem:** 0001872371-25-000014
**Filing Date:** 2025-8
**Character Count:** 662563
**Document Hash:** 97f031c2e34dbf74876cebd41f7ac1cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001872371-25-000014.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001872371-25-000014

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Oaktree Strategic Credit Fund
- **CENTRAL INDEX KEY:** 0001872371

**ORGANIZATION NAME:**
- **EIN:** 876478015
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01471
- **FILM NUMBER:** 251208195

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S. GRAND AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-830-6300

**MAIL ADDRESS:**
- **STREET 1:** 333 S. GRAND AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Oaktree Opportunistic Income Fund
- **DATE OF NAME CHANGE:** 20210713

?xml version='1.0' encoding='ASCII'? oscf-20250630

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**Form 10-Q**

(Mark One)

---

| | |
|:---|:---|
| ⌧ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)** |
| | **OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the quarterly period ended June 30, 2025** 

**OR**

---

| | |
|:---|:---|
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)** |
| | **OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**COMMISSION FILE NUMBER: 814-01471**

**Oaktree Strategic Credit Fund**

*(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)*

---

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

---

**REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:**

**(213) 830-6300**

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

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer □ | Accelerated filer □ | Non-accelerated filer ⌧ | Smaller reporting company □ |
| Emerging growth company □ | | | |

---

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act)&nbsp;&nbsp;&nbsp;&nbsp;Yes ◻&nbsp;&nbsp;&nbsp;&nbsp; No ⌧

**<u>Securities registered pursuant to Section 12(b) of the Act</u>**

Title of Each Class Trading Symbol(s) Name of Exchange on Which Registered <br> N/A N/A N/A

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

------

---

| | |
|:---|:---|
| **Class** | **Outstanding at August 11, 2025\*** |
| Class I shares of beneficial interest, $0.01 par value | 133345665 |
| Class S shares of beneficial interest, $0.01 par value | 55916309 |
| Class D shares of beneficial interest, $0.01 par value | 162751 |
| Class T shares of beneficial interest, $0.01 par value |  |

---

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

As of June 30, 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 JUNE 30, 2025** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | **PART I** | |
| Item 1. | <u>[Consolidated Financial Statements:](#i06456a77de54447891fba41fa7adc1d7_13)</u> | <u>[2](#i06456a77de54447891fba41fa7adc1d7_13)</u> |
|  | <u>[Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and September 30, 2024](#i06456a77de54447891fba41fa7adc1d7_16)</u> | <u>[2](#i06456a77de54447891fba41fa7adc1d7_16)</u> |
|  | <u>[Consolidated Statements of Operations (unaudited) for the three and nine months ended June 30, 2025 and 2024](#i06456a77de54447891fba41fa7adc1d7_19)</u> | <u>[4](#i06456a77de54447891fba41fa7adc1d7_19)</u> |
|  | <u>[Consolidated Statements of Changes in Net Assets (unaudited) for the three and nine months ended June 30, 2025 and 2024](#i06456a77de54447891fba41fa7adc1d7_22)</u> | <u>[5](#i06456a77de54447891fba41fa7adc1d7_22)</u> |
|  | <u>[Consolidated Statements of Cash Flows (unaudited) for the nine months ended June 30, 2025 and 2024](#i06456a77de54447891fba41fa7adc1d7_25)</u> | <u>[6](#i06456a77de54447891fba41fa7adc1d7_25)</u> |
|  | <u>[Consolidated Schedule of Investments (unaudited) as of June 30, 2025](#i06456a77de54447891fba41fa7adc1d7_28)</u> | <u>[7](#i06456a77de54447891fba41fa7adc1d7_28)</u> |
|  | <u>[Consolidated Schedule of Investments as of September 30, 2024](#i06456a77de54447891fba41fa7adc1d7_31)</u> | <u>[20](#i06456a77de54447891fba41fa7adc1d7_31)</u> |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#i06456a77de54447891fba41fa7adc1d7_34)</u> | <u>[31](#i06456a77de54447891fba41fa7adc1d7_34)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i06456a77de54447891fba41fa7adc1d7_79)</u> | <u>[72](#i06456a77de54447891fba41fa7adc1d7_79)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i06456a77de54447891fba41fa7adc1d7_85)</u> | <u>[95](#i06456a77de54447891fba41fa7adc1d7_85)</u> |
| Item 4. | <u>[Controls and Procedures](#i06456a77de54447891fba41fa7adc1d7_88)</u> | <u>[96](#i06456a77de54447891fba41fa7adc1d7_88)</u> |
|  | **PART II** |  |
| Item 1. | <u>[Legal Proceedings](#i06456a77de54447891fba41fa7adc1d7_94)</u> | <u>[97](#i06456a77de54447891fba41fa7adc1d7_94)</u> |
| Item 1A. | <u>[Risk Factors](#i06456a77de54447891fba41fa7adc1d7_97)</u> | <u>[97](#i06456a77de54447891fba41fa7adc1d7_97)</u> |
| Item 2. | <u>[Unregistered Sales of Securities and Use of Proceeds](#i06456a77de54447891fba41fa7adc1d7_100)</u> | <u>[97](#i06456a77de54447891fba41fa7adc1d7_100)</u> |
| Item 3. | <u>[Defaults Upon Senior Securities](#i06456a77de54447891fba41fa7adc1d7_103)</u> | <u>[97](#i06456a77de54447891fba41fa7adc1d7_103)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i06456a77de54447891fba41fa7adc1d7_106)</u> | <u>[97](#i06456a77de54447891fba41fa7adc1d7_106)</u> |
| Item 5. | <u>[Other Information](#i06456a77de54447891fba41fa7adc1d7_109)</u> | <u>[97](#i06456a77de54447891fba41fa7adc1d7_109)</u> |
| Item 6. | <u>[Exhibits](#i06456a77de54447891fba41fa7adc1d7_112)</u> | <u>[98](#i06456a77de54447891fba41fa7adc1d7_112)</u> |
| <u>[Signatures](#i06456a77de54447891fba41fa7adc1d7_115)</u> | <u>[Signatures](#i06456a77de54447891fba41fa7adc1d7_115)</u> | <u>[99](#i06456a77de54447891fba41fa7adc1d7_115)</u> |

---

------

**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)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025 (unaudited)** | **September 30, 2024** |
| **ASSETS** | **ASSETS** | |
| **Assets:** | | |
| &nbsp;&nbsp;Investments – Non-control/Non-affiliate, at fair value (cost June 30, 2025: $6,315,137; cost September 30, 2024: $4,530,412) | $6362926 | $4576233 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 423229 | 480836 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 48070 | 43328 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 40354 | 34549 |
| &nbsp;&nbsp;&nbsp;Receivables from unsettled transactions | 69188 | 45731 |
| &nbsp;&nbsp;&nbsp;Deferred financing costs | 19371 | 20150 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 1201 | 554 |
| &nbsp;&nbsp;&nbsp;Derivative assets at fair value | 15079 | 21546 |
| &nbsp;&nbsp;&nbsp;Other assets | 18778 | 439 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**6998196** | $**5223366** |
| **LIABILITIES AND NET ASSETS** | **LIABILITIES AND NET ASSETS** |  |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | $2255 | $2886 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 37039 | 26238 |
| &nbsp;&nbsp;&nbsp;Base management fee and incentive fee payable | 17675 | 17395 |
| &nbsp;&nbsp;&nbsp;Payable for share repurchases | 175010 | 14635 |
| &nbsp;&nbsp;&nbsp;Due to broker | 1410 | 4040 |
| &nbsp;&nbsp;&nbsp;Due to affiliates | 3729 | 3727 |
| &nbsp;&nbsp;&nbsp;Interest payable | 27639 | 26370 |
| &nbsp;&nbsp;&nbsp;Payables from unsettled transactions | 102430 | 97396 |
| &nbsp;&nbsp;&nbsp;Director fees payable |  | 116 |
| &nbsp;&nbsp;&nbsp;Derivative liabilities at fair value | 20475 | 11927 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 35 | 8 |
| &nbsp;&nbsp;&nbsp;Credit facilities payable | 1638900 | 1095000 |
| &nbsp;&nbsp;Unsecured notes payable (net of $7,126 and $8,526 of unamortized financing costs as of June 30, 2025 and September 30, 2024, respectively) | 754839 | 759288 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **2781436** | **2059026** |
| **Commitments and contingencies (Note 12)** |  |  |
| **Net assets:** |  |  |
| &nbsp;&nbsp;Common shares, $0.01 par value per share; unlimited shares authorized, 182,204 and 134,288 shares issued and outstanding as of June 30, 2025 and September 30, 2024, respectively | 1822 | 1343 |
| &nbsp;&nbsp;&nbsp;Additional paid-in-capital | 4291097 | 3170746 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | (76159) | (7749) |
| **Total net assets (equivalent to $23.14 and $23.56 per common share as of June 30, 2025 and September 30, 2024, respectively) (Note 10)** | **4216760** | **3164340** |
| **Total liabilities and net assets** | $**6998196** | $**5223366** |

---

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** | **June 30, 2025 (unaudited)** | **September 30, 2024** |
| **Class I Shares:** | | |
| &nbsp;&nbsp;&nbsp;Net assets | $2942033 | $2118000 |
| &nbsp;&nbsp;Common shares outstanding ($0.01 par value, unlimited shares authorized) | 127124 | 89884 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $23.14 | $23.56 |
| **Class S Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $1271064 | $1044424 |
| &nbsp;&nbsp;Common shares outstanding ($0.01 par value, unlimited shares authorized) | 54922 | 44323 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $23.14 | $23.56 |
| **Class D Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $3663 | $1916 |
| &nbsp;&nbsp;Common shares outstanding ($0.01 par value, unlimited shares authorized) | 158 | 81 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $23.14 | $23.56 |

---

See notes to Consolidated Financial Statements.

------

**Oaktree Strategic Credit Fund**

**Consolidated Statements of Operations**

**(in thousands, except per share amounts)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>June 30, 2025** | **Three months ended <br>June 30, 2024** | **Nine months ended <br>June 30, 2025** | **Nine months ended <br>June 30, 2024** |
| **Interest income:** | | | | |
| &nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | $149118 | $107921 | $419229 | $266204 |
| &nbsp;&nbsp;&nbsp;Interest on cash and cash equivalents | 3747 | 3467 | 11366 | 9517 |
| &nbsp;&nbsp;&nbsp;**Total interest income** | **152865** | **111388** | **430595** | **275721** |
| **PIK interest income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | 2287 | 2369 | 7481 | 5035 |
| &nbsp;&nbsp;&nbsp;**Total PIK interest income** | **2287** | **2369** | **7481** | **5035** |
| **Fee income:** |  |  |  |  |
| Non-control/Non-affiliate investments | 380 | 752 | 3693 | 2403 |
| **Total fee income** | **380** | **752** | **3693** | **2403** |
| **Total investment income** | **155532** | **114509** | **441769** | **283159** |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Base management fee | 13345 | 8630 | 35278 | 21628 |
| &nbsp;&nbsp;&nbsp;Investment income incentive fee | 12243 | 9020 | 33934 | 22754 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | 100 | (427) | (2372) | 2033 |
| &nbsp;&nbsp;&nbsp;Professional fees | 1496 | 699 | 3926 | 2147 |
| &nbsp;&nbsp;&nbsp;Class S and Class D distribution and shareholder servicing fees | 2658 | 1958 | 7523 | 4853 |
| &nbsp;&nbsp;&nbsp;Board of trustees fees | 116 | 116 | 348 | 323 |
| &nbsp;&nbsp;&nbsp;Organization expenses | 3 | 4 | 5 | 8 |
| &nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 589 | 261 | 1508 | 694 |
| &nbsp;&nbsp;&nbsp;Interest expense | 40474 | 31703 | 124871 | 73623 |
| &nbsp;&nbsp;&nbsp;Administrator expense | 556 | 377 | 1162 | 1096 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 865 | 526 | 2361 | 1581 |
| **Total expenses** | **72445** | **52867** | **208544** | **130740** |
| &nbsp;&nbsp;&nbsp;Expense reimbursements (support) (Note 9) |  |  |  | 1045 |
| **Net expenses** | **72445** | **52867** | **208544** | **131785** |
| **Net investment income before taxes** | **83087** | **61642** | **233225** | **151374** |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for taxes on net investment income | (131) |  | (810) |  |
| **Net investment income** | **82956** | **61642** | **232415** | **151374** |
| **Unrealized appreciation (depreciation):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | 29592 | (4950) | (4609) | 13607 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (12799) | 1752 | (8548) | (541) |
| &nbsp;&nbsp;&nbsp;**Net unrealized appreciation (depreciation)** | **16793** | **(3198)** | **(13157)** | **13066** |
| **Realized gains (losses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | 15903 | (486) | 18347 | 2225 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (31894) | 427 | (24121) | 1516 |
| &nbsp;&nbsp;&nbsp;**Net realized gains (losses)** | **(15991)** | **(59)** | **(5774)** | **3741** |
| **Provision for income tax (expense) benefit** | **(3)** | **(158)** | **(49)** | **(543)** |
| **Net realized and unrealized gains (losses), net of taxes** | **799** | **(3415)** | **(18980)** | **16264** |
| **Net increase (decrease) in net assets resulting from operations** | $**83755** | $**58227** | $**213435** | $**167638** |

---

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 <br>June 30, 2025** | **Three months ended <br>June 30, 2024** | **Nine months ended <br>June 30, 2025** | **Nine months ended <br>June 30, 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $82956 | $61642 | $232415 | $151374 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | 16793 | (3198) | (13157) | 13066 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | (15991) | (59) | (5774) | 3741 |
| &nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit | (3) | (158) | (49) | (543) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **83755** | **58227** | **213435** | **167638** |
| **Distributions to common shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (77672) | (46748) | (197850) | (118282) |
| &nbsp;&nbsp;&nbsp;Class S | (30056) | (21469) | (83766) | (53349) |
| &nbsp;&nbsp;&nbsp;Class D | (93) | (37) | (229) | (71) |
| **Net decrease in net assets resulting from distributions** | **(107821)** | **(68254)** | **(281845)** | **(171702)** |
| **Share transactions:** |  |  |  |  |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common shares in private and public offering | 540559 | 271288 | 1015107 | 881665 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | 644 | 112 | 1700 | 364 |
| &nbsp;&nbsp;&nbsp;Issuance of Common shares under distribution reinvestment plan | 12033 | 7687 | 33561 | 20839 |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (156200) | (7296) | (179433) | (21838) |
| **Net increase from share transactions** | **397036** | **271791** | **870935** | **881030** |
| **Class S:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common shares in public offering | 71458 | 145291 | 246239 | 460437 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | (644) | (112) | (1700) | (364) |
| &nbsp;&nbsp;&nbsp;Issuance of Common shares under distribution reinvestment plan | 14735 | 10458 | 41881 | 24999 |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (18810) | (9248) | (38332) | (13449) |
| **Net increase from share transactions** | **66739** | **146389** | **248088** | **471623** |
| **Class D:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common shares in public offering | 10 | 467 | 1803 | 1561 |
| &nbsp;&nbsp;&nbsp;Issuance of Common shares under distribution reinvestment plan | 27 | 20 | 81 | 31 |
| &nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction |  |  | (77) |  |
| **Net increase from share transactions** | **37** | **487** | **1807** | **1592** |
| **Total increase (decrease) in net assets** | **439746** | **408640** | **1052420** | **1350181** |
| Net assets at beginning of period | 3777014 | 2470746 | 3164340 | 1529205 |
| **Net assets at end of period** | $**4216760** | $**2879386** | $**4216760** | $**2879386** |
| **Net asset value per common share** | $**23.14** | $**23.53** | $**23.14** | $**23.53** |
| Common shares outstanding at end of period | 182204 | 122364 | 182204 | 122364 |

---

See notes to Consolidated Financial Statements.

------

**Oaktree Strategic Credit Fund**

**Consolidated Statements of Cash Flows**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine months ended <br>June 30, 2025** | **Nine months ended <br>June 30, 2024** |
| **Operating activities:** | | |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $213435 | $167638 |
| &nbsp;&nbsp;&nbsp;**Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation | 13157 | (13066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains) losses | 5774 | (3741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | (7481) | (5035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of original issue discount on investments | (22729) | (18639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of original issue discount on unsecured notes payable | 620 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 5825 | 3856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | 1508 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 27 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (2977628) | (3020430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sales and repayments of investments | 1208850 | 800934 |
| **Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in due from affiliates |  | 861 |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | (5763) | (20326) |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in receivables from unsettled transactions | (23457) | (77313) |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in due from broker |  | (3390) |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (18339) | 23 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable, accrued expenses and other liabilities | (681) | (444) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in base management fee and incentive fees payable | 280 | 9633 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in due to broker | (2630) |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in due to affiliates | (337) | (4695) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in interest payable | 1269 | 13127 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in payables from unsettled transactions | 5034 | 91829 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in director fees payable | (116) |  |
| **Net cash used in operating activities** | **(1603382)** | **(2078261)** |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid in cash | (195521) | (113935) |
| &nbsp;&nbsp;&nbsp;Borrowings under credit facilities | 1058400 | 855000 |
| &nbsp;&nbsp;&nbsp;Repayments of borrowings under credit facilities | (514500) | (40000) |
| &nbsp;&nbsp;&nbsp;Issuance of unsecured notes |  | 348236 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 1263149 | 1343663 |
| &nbsp;&nbsp;&nbsp;Deferred financing costs paid | (3652) | (14776) |
| &nbsp;&nbsp;&nbsp;Deferred offering costs paid | (1765) | (855) |
| &nbsp;&nbsp;&nbsp;Share repurchases paid | (57469) | (23888) |
| **Net cash provided by financing activities** | **1548642** | **2353445** |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on foreign currency | 1875 | (1209) |
| **Net increase (decrease) in cash and cash equivalents and restricted cash** | **(52865)** | **273975** |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents and restricted cash, beginning of period | 524164 | 151136 |
| **Cash and cash equivalents and restricted cash, end of period** | $**471299** | $**425111** |
| **Supplemental information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $117157 | $56419 |
| Non-cash financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred financing costs incurred | $— | $538 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs incurred | 390 | 162 |
| &nbsp;&nbsp;&nbsp;Distribution payable | 37039 | 23927 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends during the period | 75523 | 45869 |
| &nbsp;&nbsp;&nbsp;Shares repurchases accrued but not yet paid | 175010 | 16736 |
| **Reconciliation to the Statements of Assets and Liabilities** | **June 30, 2025** | **September 30, 2024** |
| Cash and cash equivalents | $423229 | $480836 |
| Restricted cash | 48070 | 43328 |
| Total cash and cash equivalents and restricted cash | $471299 | $524164 |

---

See notes to Consolidated Financial Statements.

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| **Non-Control/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |  | (7) |
| 107-109 Beech OAK22 LLC | Real Estate Development | First Lien Revolver |  |  | 11.00% |  | 2/27/2026 |  | $10185 | $10079 | $10138 | (8)(9) |
| 1261229 BC LTD | Pharmaceuticals | Fixed Rate Bond |  |  | 10.00% |  | 4/15/2032 |  | 22200 | 22200 | 22411 | (10) |
| 1261229 BC LTD | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.25% | 10.56% |  | 10/8/2030 |  | 47800 | 46653 | 46205 | (5)(10) |
| 1440 Foods Topco, LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 10/31/2031 |  | 62200 | 59054 | 60091 | (5) |
| Access CIG, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.25% | 8.38% |  | 8/18/2028 |  | 46351 | 45984 | 46623 | (5) |
| Accession Risk Management Group, Inc. | Insurance Brokers | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 11/1/2029 |  | 1543 | 1480 | 1543 | (5)(8)(9) |
| Accession Risk Management Group, Inc. | Insurance Brokers | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 11/1/2029 |  | 10870 | 10870 | 10870 | (5)(8) |
| Accession Risk Management Group, Inc. | Insurance Brokers | First Lien Revolver | SOFR+ | 4.75% |  |  | 10/30/2029 |  |  | (12) |  | (5)(8)(9) |
| ACESO Holding 4 S.A.R.L. | Health Care Services | First Lien Term Loan | E+ | 5.75% | 7.74% |  | 9/27/2031 |  | 8508 | 9790 | 9857 | (5)(8)(10) |
| ACESO Holding 4 S.A.R.L. | Health Care Services | First Lien Term Loan | E+ | 5.75% | 7.74% |  | 9/30/2031 |  | 39777 | 45680 | 46085 | (5)(8)(10) |
| ACESO Holding 4 S.A.R.L. | Health Care Services | First Lien Term Loan | E+ | 5.75% | 8.13% |  | 9/27/2031 |  | 34034 | 37309 | 39431 | (5)(8)(10) |
| ACP Falcon Buyer Inc | Systems Software | First Lien Term Loan | SOFR+ | 5.50% | 9.80% |  | 8/1/2029 |  | $34147 | 33449 | 34147 | (5)(8) |
| ACP Falcon Buyer Inc | Systems Software | First Lien Revolver | SOFR+ | 5.50% |  |  | 8/1/2029 |  |  | (109) |  | (5)(8)(9) |
| Acquia Inc. | Application Software | First Lien Term Loan | SOFR+ | 7.00% | 11.41% |  | 10/30/2026 |  | 11166 | 11060 | 11166 | (5)(8) |
| ADC Therapeutics SA | Biotechnology | First Lien Term Loan | SOFR+ | 7.50% | 11.95% |  | 8/15/2029 |  | 10406 | 10091 | 10250 | (5)(8)(10) |
| ADC Therapeutics SA | Biotechnology | Warrants |  |  |  |  |  | 185598 |  | 275 | 30 | (8)(10) |
| AIP RD Buyer Corp. | Distributors | Common Stock |  |  |  |  |  | 138337 |  | 428 | 724 | (8) |
| Allegro CLO XII | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.40% | 11.67% |  | 7/21/2037 |  | 4400 | 4400 | 4429 | (5)(10) |
| American Auto Auction Group, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.50% | 8.83% |  | 5/28/2032 |  | 22940 | 22768 | 23080 | (5) |
| Arches Buyer Inc. | Interactive Media & Services | First Lien Term Loan | SOFR+ | 5.50% | 9.83% |  | 12/6/2027 |  | 93025 | 92164 | 93025 | (5)(8) |
| Ares XLIV CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.13% | 11.39% |  | 4/15/2034 |  | 3500 | 3404 | 3523 | (5)(10) |
| Artera Services, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 2/15/2031 |  | 53669 | 53238 | 45185 | (5) |
| Artera Services, LLC | Construction & Engineering | Fixed Rate Bond |  |  | 8.50% |  | 2/15/2031 |  | 12660 | 12660 | 10552 |  |
| ASP Integrity Acquisition Co LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% |  |  | 3/6/2032 |  |  | (57) | (251) | (5)(8)(9) |
| ASP Integrity Acquisition Co LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 9.32% |  | 3/6/2032 |  | 47741 | 47058 | 46242 | (5)(8) |
| ASP Integrity Acquisition Co LLC | Diversified Support Services | First Lien Revolver | PRIME+ | 4.00% | 11.50% |  | 3/6/2031 |  | 399 | 271 | 117 | (5)(8)(9) |
| ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 10.28% |  | 12/29/2027 |  | 990 | 982 | 974 | (5)(8)(10) |
| ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 10.54% |  | 12/29/2027 |  | 4775 | 4736 | 4699 | (5)(8)(10) |
| ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00% | 10.44% |  | 12/29/2027 |  | 335 | 330 | 326 | (5)(8)(9)(10) |
| Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 6.75% |  |  | 2/25/2028 |  | 7337 | 6453 | 3485 | (5)(8)(11) |
| Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 5.25% |  |  | 10/25/2028 |  | 8316 | 6305 |  | (5)(8)(11) |
| Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00% | 8.43% |  | 8/19/2028 |  | 25442 | 25366 | 25125 | (5) |
| Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 8.68% |  | 8/19/2028 |  | 33780 | 33239 | 33469 | (5) |
| Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 8.58% |  | 9/19/2030 |  | 18750 | 18188 | 18239 | (5) |
| athenahealth Group Inc. | Health Care Technology | Preferred Equity |  |  |  |  |  | 140355 |  | 5693 | 8123 | (8) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Aurelia Netherlands B.V. | Interactive Media & Services | First Lien Term Loan | E+ | 4.75% | 6.83% |  | 5/29/2031 |  | 99155 | $110586 | $116102 | (5)(8)(10) |
| AVSC Holding Corp. | Specialized Consumer Services | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 12/5/2031 |  | $121625 | 119390 | 119375 | (5)(8) |
| AVSC Holding Corp. | Specialized Consumer Services | First Lien Revolver | SOFR+ | 5.00% |  |  | 12/5/2029 |  |  | (231) | (234) | (5)(8)(9) |
| Bain Capital Credit CLO, Limited | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.54% | 11.81% |  | 4/20/2034 |  | 1750 | 1733 | 1743 | (5)(10) |
| Bain Capital Euro CLO 2021-2 | Multi-Sector Holdings | CLO Notes | E+ | 3.40% | 5.66% |  | 7/17/2034 |  | 1210 | 1254 | 1418 | (5)(10) |
| Ballyrock CLO 19 | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.11% | 11.38% |  | 4/20/2035 |  | $2220 | 2223 | 2215 | (5)(10) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Term Loan | SOFR+ | 5.25% | 9.58% |  | 9/30/2030 |  | 304 | 288 | 239 | (5)(8)(9) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Term Loan | SOFR+ | 5.25% |  |  | 9/30/2030 |  |  |  | (65) | (5)(8)(9) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Term Loan | SOFR+ | 5.25% | 9.53% |  | 9/30/2030 |  | 3894 | 3821 | 3816 | (5)(8) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Term Loan | SOFR+ | 5.25% | 9.53% |  | 9/30/2030 |  | 25450 | 24897 | 24941 | (5)(8) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Term Loan | E+ | 5.25% | 7.44% |  | 9/30/2030 |  | 15835 | 16417 | 18216 | (5)(8) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Revolver | SOFR+ | 5.25% |  |  | 10/1/2029 |  |  | (110) | (104) | (5)(8)(9) |
| Barracuda Parent, LLC | Systems Software | First Lien Term Loan | SOFR+ | 6.50% | 10.78% |  | 8/15/2029 |  | $48886 | 47514 | 47595 | (5)(8) |
| Beach Acquisition Bidco LLC | Footwear | Fixed Rate Bond |  |  | 10.00% |  | 7/15/2033 |  | 43690 | 43690 | 45395 |  |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 3.00% | 10.00% | 4/19/2027 |  | 1470 | 1469 | 1286 | (8)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 3.00% | 10.00% | 4/19/2027 |  | 3545 | 3497 | 3102 | (8)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 3.00% | 10.00% | 4/19/2027 |  |  |  |  | (8)(9)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 3.00% | 10.00% | 4/19/2027 |  |  |  |  | (8)(9)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | Common Stock |  |  |  |  |  | 149728 |  |  | 23 | (10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | Warrants |  |  |  |  |  | 138000 |  | 74 | 1 | (8)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | Warrants |  |  |  |  |  | 149987 |  |  |  | (8)(10) |
| Biscuit Parent, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% |  |  | 2/27/2031 |  |  | (73) |  | (5)(8)(9) |
| Biscuit Parent, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 2/27/2031 |  | 32784 | 32492 | 32784 | (5)(8) |
| Biscuit Parent, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 2/27/2031 |  | 49500 | 48900 | 49500 | (5)(8) |
| Biscuit Parent, LLC | Application Software | First Lien Revolver | SOFR+ | 4.75% |  |  | 2/27/2031 |  |  | (182) |  | (5)(8)(9) |
| Blue Bidco Ltd | Wireless Telecommunication Services | First Lien Term Loan | SONIA+ | 5.00% |  |  | 6/14/2032 |  |  | (28) | (28) | (5)(8)(9)(10) |
| Blue Bidco Ltd | Wireless Telecommunication Services | First Lien Term Loan | E+ | 5.00% | 7.04% |  | 6/14/2032 |  | 5593 | 6413 | 6500 | (5)(8)(10) |
| Blue Bidco Ltd | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 5.00% | 9.26% |  | 6/14/2032 |  | $1644 | 1628 | 1628 | (5)(8)(10) |
| Blue Bidco Ltd | Wireless Telecommunication Services | First Lien Term Loan | SONIA+ | 5.00% | 9.22% |  | 6/14/2032 |  | £8475 | 11406 | 11498 | (5)(8)(10) |
| BOTA BIDCO GMBH | Diversified Chemicals | First Lien Term Loan | E+ | 4.00% | 5.93% |  | 10/31/2029 |  | 9002 | 8834 | 10184 | (5)(8)(10) |
| BOTA BIDCO GMBH | Diversified Chemicals | First Lien Term Loan | E+ | 4.50% | 6.48% |  | 10/31/2030 |  | 36081 | 35368 | 40100 | (5)(8)(10) |
| CBAM 2017-2, LTD. | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.36% | 11.64% |  | 7/17/2034 |  | $488 | 459 | 484 | (5)(10) |
| CD&R Firefly Bidco Limited | Other Specialty Retail | First Lien Term Loan | SONIA+ | 4.75% | 9.21% |  | 4/29/2029 |  | £45022 | 55675 | 61583 | (5)(10) |
| Centralsquare Technologies, LLC | Application Software | First Lien Term Loan | SOFR+ | 6.00% | 7.07% | 3.25% | 4/12/2030 |  | $30758 | 30171 | 30712 | (5)(8) |
| Centralsquare Technologies, LLC | Application Software | First Lien Revolver | SOFR+ | 5.50% |  |  | 4/12/2030 |  |  | (67) | (5) | (5)(8)(9) |
| Cielo Bidco Limited | Building Products | First Lien Term Loan | E+ | 4.75% |  |  | 6/30/2032 |  |  |  |  | (5)(9)(10) |
| Cielo Bidco Limited | Building Products | First Lien Term Loan | SONIA+ | 4.75% |  |  | 6/30/2032 |  |  |  |  | (5)(9)(10) |
| Cielo Bidco Limited | Building Products | First Lien Term Loan | E+ | 4.75% |  |  | 6/30/2032 |  |  |  |  | (5)(9)(10) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Cloud Software Group, Inc. | Application Software | First Lien Term Loan | SOFR+ | 3.75% | 8.05% |  | 3/21/2031 |  | $13930 | $13840 | $13969 | (5) |
| Colony Holding Corporation | Distributors | First Lien Term Loan | SOFR+ | 6.50% | 10.93% |  | 11/13/2026 |  | 3871 | 3840 | 3791 | (5)(8) |
| Colony Holding Corporation | Distributors | First Lien Term Loan | SOFR+ | 6.50% | 10.88% |  | 11/13/2026 |  | 11904 | 11774 | 11660 | (5)(8) |
| Condor Merger Sub Inc. | Systems Software | Fixed Rate Bond |  |  | 7.38% |  | 2/15/2030 |  | 32277 | 30303 | 30514 |  |
| Connect Finco SARL | Alternative Carriers | First Lien Term Loan | SOFR+ | 4.50% | 8.83% |  | 9/27/2029 |  | 28187 | 25035 | 26868 | (5)(10) |
| CoreRx, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 11.80% |  | 4/6/2029 |  | 18328 | 17983 | 17932 | (5)(8) |
| Coupa Holdings, LLC | Application Software | First Lien Term Loan | SOFR+ | 5.25% |  |  | 2/27/2030 |  |  | (10) |  | (5)(8)(9) |
| Coupa Holdings, LLC | Application Software | First Lien Term Loan | SOFR+ | 5.25% | 9.53% |  | 2/27/2030 |  | 13329 | 13107 | 13329 | (5)(8) |
| Coupa Holdings, LLC | Application Software | First Lien Revolver | SOFR+ | 5.25% |  |  | 2/27/2029 |  |  | (14) |  | (5)(8)(9) |
| Creek Parent, Inc. | Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 5.25% | 9.57% |  | 12/18/2031 |  | 106213 | 104421 | 104482 | (5)(8) |
| Creek Parent, Inc. | Life Sciences Tools & Services | First Lien Revolver | SOFR+ | 5.25% |  |  | 12/18/2031 |  |  | (247) | (249) | (5)(8)(9) |
| Crewline Buyer, Inc. | Application Software | First Lien Term Loan | SOFR+ | 6.75% | 11.08% |  | 11/8/2030 |  | 3080 | 3012 | 3049 | (5)(8) |
| Crewline Buyer, Inc. | Application Software | First Lien Term Loan | SOFR+ | 6.75% | 11.08% |  | 11/8/2030 |  | 43911 | 43071 | 43472 | (5)(8) |
| Crewline Buyer, Inc. | Application Software | First Lien Revolver | SOFR+ | 6.75% |  |  | 11/8/2030 |  |  | (87) | (46) | (5)(8)(9) |
| Dealer Tire Financial, LLC | Distributors | Fixed Rate Bond |  |  | 8.00% |  | 2/1/2028 |  | 41354 | 40904 | 39980 |  |
| Delta Leasing SPV II LLC | Specialized Finance | Subordinated Debt Term Loan |  |  | 8.00% | 3.00% | 8/31/2029 |  | 39172 | 39172 | 39172 | (8)(10) |
| Delta Leasing SPV II LLC | Specialized Finance | Subordinated Debt Term Loan |  |  | 3.00% | 7.00% | 8/31/2029 |  | 28547 | 28547 | 28547 | (8)(10) |
| Delta Leasing SPV II LLC | Specialized Finance | Preferred Equity |  |  |  |  |  | 139677 |  | 330 | 455 | (8)(10) |
| Delta Leasing SPV II LLC | Specialized Finance | Common Stock |  |  |  |  |  | 139794 |  | 2 | 2 | (8)(10) |
| Delta Leasing SPV II LLC | Specialized Finance | Warrants |  |  |  |  |  | 139597 |  |  |  | (8)(10) |
| DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.50% | 9.83% |  | 2/17/2031 |  | 20827 | 20426 | 19936 | (5) |
| DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.00% | 9.54% |  | 8/2/2027 |  | 571 | 568 | 574 | (5) |
| DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.25% | 9.79% |  | 8/2/2029 |  | 27631 | 27235 | 27468 | (5) |
| DirecTV Financing, LLC | Cable & Satellite | Fixed Rate Bond |  |  | 10.00% |  | 2/15/2031 |  | 21198 | 21198 | 20594 |  |
| Draken International, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.50% |  |  | 5/19/2032 |  |  | (218) | (206) | (5)(8)(9)(10) |
| Draken International, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.50% | 9.82% |  | 5/19/2032 |  | 18849 | 18479 | 18499 | (5)(8)(10) |
| Draken International, LLC | Aerospace & Defense | First Lien Term Loan | SONIA+ | 5.50% | 9.71% |  | 5/19/2032 |  | £59320 | 77738 | 79777 | (5)(8)(10) |
| DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.00% | 8.33% |  | 4/26/2029 |  | $51726 | 50994 | 51204 | (5) |
| Dukes Root Control Inc. | Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 6.50% | 10.98% |  | 12/8/2028 |  | 1041 | 1032 | 1034 | (5)(8) |
| Dukes Root Control Inc. | Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 6.50% | 10.98% |  | 12/8/2028 |  | 11596 | 11447 | 11509 | (5)(8) |
| Dukes Root Control Inc. | Environmental & Facilities Services | First Lien Revolver | SOFR+ | 6.50% | 10.98% |  | 12/8/2028 |  | 453 | 434 | 442 | (5)(8)(9) |
| Eagle Parent Corp. | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.25% | 8.54% |  | 4/2/2029 |  | 5184 | 5154 | 5150 | (5) |
| Engineering Research And Consulting LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 5.00% | 9.29% |  | 8/29/2031 |  | 31820 | 31339 | 31184 | (5) |
| Entrata, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.75% | 10.08% |  | 7/10/2030 |  | 44919 | 44113 | 44919 | (5)(8) |
| Entrata, Inc. | Application Software | First Lien Revolver | SOFR+ | 5.75% |  |  | 7/10/2028 |  |  | (79) |  | (5)(8)(9) |
| Enverus Holdings, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.50% |  |  | 12/24/2029 |  |  | (18) |  | (5)(8)(9) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Enverus Holdings, Inc. | Application Software | First Lien Revolver | SOFR+ | 5.50% | 9.82% |  | 12/24/2029 |  | $298 | $252 | $298 | (5)(8)(9) |
| Enverus Holdings, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 9.83% |  | 12/24/2029 |  | 55168 | 54431 | 55168 | (5)(8) |
| Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan |  |  | 9.00% |  | 4/21/2027 |  | 1832 | 1820 | 1832 | (8)(10) |
| Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan |  |  | 10.00% |  | 4/21/2027 |  | 1689 | 1656 | 1723 | (8)(10) |
| Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan |  |  | 10.00% |  | 4/21/2027 |  |  |  |  | (8)(9)(10) |
| Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan |  |  | 9.00% |  | 4/21/2027 |  | 11437 | 11381 | 11437 | (8)(10) |
| Everbridge, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.00% | 9.29% |  | 7/2/2031 |  | 7700 | 7639 | 7617 | (5)(8)(9) |
| Everbridge, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.00% | 9.29% |  | 7/2/2031 |  | 78561 | 78225 | 78232 | (5)(8) |
| Everbridge, Inc. | Application Software | First Lien Revolver | SOFR+ | 5.00% |  |  | 7/2/2031 |  |  | (34) | (33) | (5)(8)(9) |
| Evergreen IX Borrower 2023, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 9/30/2030 |  | 9029 | 8952 | 9029 | (5)(8) |
| Evergreen IX Borrower 2023, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 9/30/2030 |  | 35761 | 35091 | 35761 | (5)(8) |
| Evergreen IX Borrower 2023, LLC | Application Software | First Lien Revolver | SOFR+ | 4.75% |  |  | 10/1/2029 |  |  | (71) |  | (5)(8)(9) |
| Eyesouth Eye Care Holdco LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.50% | 9.92% |  | 10/5/2029 |  | 3183 | 3134 | 3139 | (5)(8) |
| Eyesouth Eye Care Holdco LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.50% | 9.92% |  | 10/5/2029 |  | 368 | 327 | 300 | (5)(8)(9) |
| Eyesouth Eye Care Holdco LLC | Health Care Services | Common Stock |  |  |  |  |  | 142278 |  | 885 | 928 | (8) |
| F&M BUYER LLC | Systems Software | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 3/18/2032 |  | 23866 | 23627 | 23627 | (5)(8) |
| F&M BUYER LLC | Systems Software | First Lien Term Loan | SOFR+ | 4.75% |  |  | 3/18/2032 |  |  | (40) | (40) | (5)(8)(9) |
| F&M BUYER LLC | Systems Software | First Lien Revolver | SOFR+ | 4.75% |  |  | 3/18/2032 |  |  | (35) | (35) | (5)(8)(9) |
| Finastra USA, Inc. | Application Software | First Lien Term Loan | SOFR+ | 7.25% | 11.43% |  | 9/13/2029 |  | 43185 | 42580 | 43185 | (5)(8)(10) |
| Finastra USA, Inc. | Application Software | First Lien Revolver | SOFR+ | 7.25% | 11.57% |  | 9/13/2029 |  | 901 | 837 | 901 | (5)(8)(9)(10) |
| Formulations Parent Corp | Specialty Chemicals | First Lien Term Loan | SOFR+ | 4.00% | 8.21% |  | 4/9/2032 |  | 17500 | 17325 | 17374 | (5)(8) |
| Fortress Credit BSL XIX | Multi-Sector Holdings | CLO Notes | SOFR+ | 8.37% | 12.65% |  | 7/24/2036 |  | 6750 | 6855 | 6823 | (5)(10) |
| Fortress Credit BSL XV | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.75% | 9.02% |  | 10/18/2033 |  | 5000 | 5000 | 4997 | (5)(10) |
| Fortress Credit BSL XV | Multi-Sector Holdings | CLO Notes | SOFR+ | 8.45% | 12.72% |  | 10/18/2033 |  | 6000 | 6038 | 5930 | (5)(10) |
| Fortress Credit BSL XX | Multi-Sector Holdings | CLO Notes | SOFR+ | 8.51% | 12.79% |  | 1/23/2037 |  | 5250 | 5356 | 5387 | (5)(10) |
| Galileo Parent, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.75% | 10.05% |  | 5/3/2030 |  | 83192 | 82779 | 82651 | (5)(8) |
| Galileo Parent, Inc. | Aerospace & Defense | First Lien Revolver | SOFR+ | 5.75% | 10.05% |  | 5/3/2029 |  | 8656 | 8633 | 8571 | (5)(8)(9) |
| Gallatin CLO X 2023-1 | Multi-Sector Holdings | CLO Notes | SOFR+ | 5.41% | 9.65% |  | 10/14/2035 |  | 5000 | 4913 | 5021 | (5)(10) |
| Geo Topco Corporation | Building Products | First Lien Term Loan | SOFR+ | 4.75% | 9.06% |  | 10/15/2031 |  | 8947 | 8805 | 8739 | (5)(8)(9) |
| Geo Topco Corporation | Building Products | First Lien Term Loan | SOFR+ | 4.75% | 8.85% |  | 10/15/2031 |  | 56177 | 55672 | 55615 | (5)(8) |
| Geo Topco Corporation | Building Products | First Lien Revolver | SOFR+ | 4.75% | 9.08% |  | 10/15/2031 |  | 2601 | 2531 | 2523 | (5)(8)(9) |
| Grand River Aseptic Manufacturing, Inc. | Health Care Equipment | First Lien Term Loan | SOFR+ | 5.00% | 9.31% |  | 3/10/2031 |  | 30022 | 29737 | 29737 | (5)(8) |
| Grand River Aseptic Manufacturing, Inc. | Health Care Equipment | First Lien Revolver | SOFR+ | 5.00% |  |  | 3/10/2031 |  |  | (88) | (88) | (5)(8)(9) |
| Greenway Health, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 6.75% | 11.05% |  | 4/1/2029 |  | 24688 | 24161 | 24688 | (5)(8) |
| Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00% | 12.43% |  | 6/21/2027 |  | 3537 | 3509 | 3473 | (5)(8) |
| Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00% | 12.43% |  | 6/21/2027 |  | 17198 | 17062 | 16888 | (5)(8) |
| Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Revolver | SOFR+ | 8.00% |  |  | 6/21/2027 |  |  | (14) | (32) | (5)(8)(9) |
| Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 9.63% |  | 4/9/2029 |  | 39900 | 39249 | 39222 | (5) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Harrow, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50% | 10.95% |  | 1/19/2026 |  | $4301 | $4280 | $4366 | (5)(8)(10) |
| Harrow, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50% | 10.95% |  | 1/19/2026 |  | 1792 | 1782 | 1819 | (5)(8)(10) |
| Harrow, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50% | 10.95% |  | 1/19/2026 |  | 9319 | 9273 | 9459 | (5)(8)(10) |
| Hertz Vehicle Financing III | Specialized Finance | Subordinated Debt Revolver |  |  | 9.28% |  | 6/28/2028 |  | 85710 | 85710 | 85710 | (8)(10) |
| Husky Injection Molding Systems Ltd. | Industrial Machinery & Supplies & Components | Fixed Rate Bond |  |  | 9.00% |  | 2/15/2029 |  | 6142 | 6142 | 6429 | (10) |
| Husky Injection Molding Systems Ltd. | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 2/15/2029 |  | 32848 | 32588 | 32977 | (5)(10) |
| IAMGOLD Corporation | Gold | Second Lien Term Loan | SOFR+ | 8.25% | 12.56% |  | 5/16/2028 |  | 28394 | 27904 | 29450 | (5)(8)(10) |
| Icefall Parent, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.75% | 10.03% |  | 1/25/2030 |  | 27948 | 27523 | 27948 | (5)(8) |
| Icefall Parent, Inc. | Application Software | First Lien Revolver | SOFR+ | 5.75% |  |  | 1/25/2030 |  |  | (41) |  | (5)(8)(9) |
| iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 6.25% | 10.53% |  | 8/18/2028 |  | 2325 | 2303 | 2294 | (5)(8) |
| iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.75% | 10.03% |  | 8/18/2028 |  | 16314 | 16184 | 15855 | (5)(8) |
| iCIMs, Inc. | Application Software | First Lien Revolver | SOFR+ | 5.75% | 10.03% |  | 8/18/2028 |  | 217 | 203 | 176 | (5)(8)(9) |
| Inmar Inc | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 10/30/2031 |  | 48160 | 47919 | 48621 | (5) |
| Integrity Marketing Acquisition, LLC | Insurance Brokers | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 8/25/2028 |  | 77700 | 77244 | 77545 | (5)(8) |
| Integrity Marketing Acquisition, LLC | Insurance Brokers | First Lien Term Loan | SOFR+ | 5.00% |  |  | 8/25/2028 |  |  | (162) | (42) | (5)(8)(9) |
| Integrity Marketing Acquisition, LLC | Insurance Brokers | First Lien Revolver | SOFR+ | 5.00% |  |  | 8/25/2028 |  |  | (61) | (15) | (5)(8)(9) |
| Inventus Power, Inc. | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 7.50% | 11.94% |  | 1/15/2026 |  | 42997 | 42940 | 42352 | (5)(8) |
| Inventus Power, Inc. | Electrical Components & Equipment | First Lien Revolver | SOFR+ | 7.50% | 11.93% |  | 1/15/2026 |  | 828 | 796 | 753 | (5)(8)(9) |
| IW Buyer LLC | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 5.00% | 9.43% |  | 6/28/2029 |  | 5394 | 5351 | 5341 | (5)(8) |
| IW Buyer LLC | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 5.00% | 9.43% |  | 6/28/2029 |  | 31384 | 30812 | 31070 | (5)(8) |
| IW Buyer LLC | Electrical Components & Equipment | First Lien Revolver | SOFR+ | 5.00% |  |  | 6/28/2029 |  |  | (136) | (75) | (5)(8)(9) |
| Janus Bidco Limited | Application Software | First Lien Term Loan | SONIA+ | 6.00% |  |  | 4/25/2031 |  |  | (162) |  | (5)(8)(9)(10) |
| Janus Bidco Limited | Application Software | First Lien Term Loan | SOFR+ | 6.00% | 10.31% |  | 4/25/2031 |  | 53294 | 52179 | 53076 | (5)(8)(10) |
| Janus Bidco Limited | Application Software | First Lien Term Loan | SONIA+ | 6.00% | 10.22% |  | 4/25/2031 |  | £1742 | 2143 | 2377 | (5)(8)(10) |
| JN Bidco LLC | Health Care Technology | Common Stock |  |  |  |  |  | 3752445 |  | 3338 | 6903 | (8) |
| Kairos Intermediateco AB | Health Care Supplies | First Lien Term Loan | E+ | 4.75% |  |  | 4/22/2032 |  |  |  |  | (5)(8)(9)(10) |
| Kairos Intermediateco AB | Health Care Supplies | First Lien Term Loan | E+ | 4.75% |  |  | 4/22/2032 |  |  |  |  | (5)(8)(9)(10) |
| Kairos Intermediateco AB | Health Care Supplies | First Lien Term Loan | NIBOR+ | 4.75% |  |  | 4/22/2032 |  |  |  |  | (5)(8)(9)(10) |
| Kairos Intermediateco AB | Health Care Supplies | First Lien Term Loan | SONIA+ | 4.75% |  |  | 4/22/2032 |  |  |  |  | (5)(8)(9)(10) |
| Kaseya Inc. | Systems Software | Second Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 3/20/2033 |  | $24319 | 24198 | 24407 | (5) |
| Kings Buyer, LLC | Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 5.25% | 9.65% |  | 10/29/2027 |  | 58107 | 57611 | 55614 | (5)(8) |
| Kings Buyer, LLC | Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 5.25% | 9.65% |  | 10/29/2027 |  | 4729 | 4710 | 4527 | (5)(8) |
| Kings Buyer, LLC | Environmental & Facilities Services | First Lien Revolver | PRIME+ | 4.25% | 11.75% |  | 10/29/2027 |  | 2957 | 2869 | 2595 | (5)(8)(9) |
| Kite Midco II Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 5.00% |  |  | 11/25/2031 |  |  | (66) | (70) | (5)(8)(9) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Kite Midco II Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 5.00% | 9.27% |  | 11/25/2031 |  | $39033 | $38497 | $38463 | (5)(8) |
| LABL, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.00% | 9.43% |  | 10/30/2028 |  | 28148 | 27721 | 25457 | (5) |
| Latam Airlines Group S.A. | Passenger Airlines | Fixed Rate Bond |  |  | 7.88% |  | 4/15/2030 |  | 7775 | 7775 | 7940 | (10) |
| LDS Buyer, LLC | Air Freight & Logistics | First Lien Term Loan | SOFR+ | 5.00% |  |  | 2/9/2032 |  |  | (49) | (48) | (5)(8)(9) |
| LDS Buyer, LLC | Air Freight & Logistics | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 2/9/2032 |  | 42038 | 41542 | 41550 | (5)(8) |
| LDS Buyer, LLC | Air Freight & Logistics | First Lien Revolver | SOFR+ | 5.00% |  |  | 2/9/2032 |  |  | (74) | (72) | (5)(8)(9) |
| Learfield Communications, LLC | Movies & Entertainment | First Lien Term Loan | SOFR+ | 4.50% | 8.83% |  | 6/30/2028 |  | 45564 | 45450 | 45963 | (5) |
| Legends Hospitality Holding Company, LLC | Specialized Consumer Services | First Lien Term Loan | SOFR+ | 5.50% | 7.07% | 2.75% | 8/22/2031 |  | 56540 | 55568 | 55578 | (5)(8) |
| Legends Hospitality Holding Company, LLC | Specialized Consumer Services | First Lien Term Loan | SOFR+ | 5.50% |  |  | 8/22/2031 |  |  | (29) |  | (5)(8)(9) |
| Legends Hospitality Holding Company, LLC | Specialized Consumer Services | First Lien Revolver | SOFR+ | 5.00% | 9.32% |  | 8/22/2030 |  | 2619 | 2507 | 2508 | (5)(8)(9) |
| Lightbox Intermediate, L.P. | Real Estate Services | First Lien Term Loan | SOFR+ | 5.50% | 9.74% |  | 1/13/2030 |  | 59442 | 58633 | 58610 | (5)(8) |
| Lightbox Intermediate, L.P. | Real Estate Services | First Lien Revolver | SOFR+ | 5.50% |  |  | 1/13/2030 |  |  | (52) | (54) | (5)(8)(9) |
| Lsf12 Crown US Commercial Bidco LLC | Building Products | First Lien Term Loan | SOFR+ | 4.25% | 8.57% |  | 12/2/2031 |  | 14366 | 14223 | 14461 | (5) |
| LSL Holdco, LLC | Health Care Distributors | First Lien Term Loan | SOFR+ | 6.00% | 10.43% |  | 1/31/2028 |  | 1029 | 993 | 983 | (5)(8) |
| LSL Holdco, LLC | Health Care Distributors | First Lien Term Loan | SOFR+ | 6.00% | 10.43% |  | 1/31/2028 |  | 8837 | 8761 | 8440 | (5)(8) |
| LSL Holdco, LLC | Health Care Distributors | First Lien Revolver | SOFR+ | 6.00% | 10.43% |  | 1/31/2028 |  | 853 | 844 | 807 | (5)(8)(9) |
| LTI Holdings Inc | Electronic Components | First Lien Term Loan | SOFR+ | 4.25% | 8.58% |  | 7/29/2029 |  | 100 | 99 | 100 | (5)(10) |
| M2S Group Intermediate Holdings Inc | Multi-Sector Holdings | First Lien Term Loan | SOFR+ | 4.75% | 9.03% |  | 8/25/2031 |  | 46488 | 44288 | 45122 | (5) |
| Marble Point CLO XVII | Multi-Sector Holdings | CLO Notes | SOFR+ | 3.65% | 7.92% |  | 7/20/2037 |  | 3000 | 3000 | 3018 | (5)(10) |
| McAfee Corp. | Systems Software | First Lien Term Loan | SOFR+ | 3.00% | 7.32% |  | 3/1/2029 |  | 19900 | 19065 | 19367 | (5) |
| Mesoblast, Inc. | Biotechnology | First Lien Term Loan |  |  | 9.75% |  | 11/19/2026 |  | 1662 | 1619 | 1679 | (8)(10) |
| Mesoblast, Inc. | Biotechnology | Warrants |  |  |  |  |  | 166950 |  | 152 | 139 | (8)(10) |
| MHE Intermediate Holdings, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 6.00% | 10.43% |  | 7/21/2027 |  | 5192 | 5119 | 5115 | (5)(8) |
| MHE Intermediate Holdings, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 6.25% | 10.68% |  | 7/21/2027 |  | 1015 | 1003 | 1001 | (5)(8) |
| Microf Funding V LLC | Consumer Finance | First Lien Term Loan | SOFR+ | 6.00% | 10.33% |  | 6/3/2027 |  | 18486 | 18262 | 18486 | (5)(8)(9)(10) |
| Minotaur Acquisition, Inc. | Financial Exchanges & Data | First Lien Term Loan | SOFR+ | 5.00% |  |  | 6/3/2030 |  |  | (70) | (35) | (5)(8)(9)(10) |
| Minotaur Acquisition, Inc. | Financial Exchanges & Data | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 6/3/2030 |  | 6799 | 6663 | 6765 | (5)(8)(10) |
| Minotaur Acquisition, Inc. | Financial Exchanges & Data | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 6/3/2030 |  | 41321 | 40643 | 41114 | (5)(8)(10) |
| Minotaur Acquisition, Inc. | Financial Exchanges & Data | First Lien Revolver | SOFR+ | 5.00% |  |  | 6/3/2030 |  |  | (69) | (21) | (5)(8)(9)(10) |
| Mitchell International Inc | Application Software | Second Lien Term Loan | SOFR+ | 5.25% | 9.58% |  | 6/17/2032 |  | 42135 | 41953 | 41619 | (5) |
| Mitchell International Inc | Application Software | First Lien Term Loan | SOFR+ | 3.25% | 7.58% |  | 6/17/2031 |  | 16972 | 16887 | 16977 | (5) |
| Modena Buyer LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.78% |  | 7/1/2031 |  | 38266 | 37607 | 36950 | (5) |
| Monotype Imaging Holdings Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 9.80% |  | 2/28/2031 |  | 1550 | 1493 | 1550 | (5)(8)(9) |
| Monotype Imaging Holdings Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 9.80% |  | 2/28/2031 |  | 71566 | 70493 | 71566 | (5)(8) |
| Monotype Imaging Holdings Inc. | Application Software | First Lien Revolver | SOFR+ | 5.50% |  |  | 2/28/2030 |  |  | (105) |  | (5)(8)(9) |
| MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 2/10/2027 |  | 3901 | 3852 | 3869 | (5)(8)(9) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 2/10/2027 |  | $7071 | $7068 | $7024 | (5)(8) |
| MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 2/10/2027 |  | 57800 | 57276 | 57413 | (5)(8) |
| MRI Software LLC | Application Software | First Lien Revolver | SOFR+ | 4.75% | 9.05% |  | 2/10/2027 |  | 328 | 304 | 288 | (5)(8)(9) |
| Nellson Nutraceutical, LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 5.75% |  |  | 4/17/2031 |  |  | (28) | (27) | (5)(8)(9)(10) |
| Nellson Nutraceutical, LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 5.75% | 10.03% |  | 4/17/2031 |  | 48606 | 47877 | 47926 | (5)(8)(10) |
| Nellson Nutraceutical, LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 5.75% | 10.05% |  | 4/17/2031 |  | 14429 | 14220 | 14227 | (5)(8)(10) |
| Nellson Nutraceutical, LLC | Packaged Foods & Meats | First Lien Revolver | PRIME+ | 4.75% | 12.25% |  | 4/17/2031 |  | 2582 | 2439 | 2444 | (5)(8)(9)(10) |
| Neptune Bidco US Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.25% |  |  | 1/19/2031 |  |  | (13) |  | (5)(8)(9) |
| Neptune Bidco US Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 1/19/2031 |  | 30740 | 30311 | 30663 | (5)(8) |
| Next Holdco, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 5.25% |  |  | 11/12/2030 |  |  | (69) | (29) | (5)(8)(9) |
| Next Holdco, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 5.25% | 9.55% |  | 11/12/2030 |  | 46041 | 45513 | 45931 | (5)(8) |
| Next Holdco, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 5.25% | 9.55% |  | 11/9/2030 |  | 17695 | 17530 | 17652 | (5)(8) |
| Next Holdco, LLC | Health Care Technology | First Lien Revolver | SOFR+ | 5.25% |  |  | 11/9/2029 |  |  | (49) | (11) | (5)(8)(9) |
| NFM & J, L.P. | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.75% | 10.18% |  | 11/10/2029 |  | 1375 | 1242 | 1251 | (5)(8)(9) |
| NFM & J, L.P. | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.75% | 10.13% |  | 11/10/2029 |  | 21946 | 21558 | 21727 | (5)(8) |
| NFM & J, L.P. | Diversified Support Services | First Lien Revolver | PRIME+ | 4.75% | 12.25% |  | 11/10/2029 |  | 1116 | 1030 | 1066 | (5)(8)(9) |
| Nidda BondCo GmbH | Health Care Services | First Lien Term Loan | SONIA+ | 4.75% | 9.21% |  | 5/28/2032 |  | £29750 | 39635 | 40972 | (5)(8)(10) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SOFR+ | 4.50% | 8.82% |  | 5/3/2029 |  | $5729 | 6137 | 6248 | (5)(8)(9)(10) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 5/3/2029 |  | 3313 | 3271 | 3313 | (5)(8) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 5/3/2029 |  | 36168 | 35705 | 36168 | (5)(8) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SONIA+ | 4.50% | 8.72% |  | 5/3/2029 |  | £3140 | 3912 | 4302 | (5)(8)(10) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | NIBOR+ | 4.50% | 8.86% |  | 5/3/2029 |  | 68811 | 6191 | 6800 | (5)(8)(10) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 5/3/2029 |  | $27846 | 27739 | 27846 | (5)(8)(10) |
| North Star Acquisitionco, LLC | Education Services | First Lien Revolver | SONIA+ | 4.50% |  |  | 5/3/2029 |  |  | (24) |  | (5)(8)(9)(10) |
| North Star Acquisitionco, LLC | Education Services | First Lien Revolver | SOFR+ | 4.50% | 8.81% |  | 5/3/2029 |  | 3977 | 3921 | 3977 | (5)(8)(9) |
| Northwoods Capital 25 Ltd | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.40% | 11.67% |  | 7/20/2034 |  | 700 | 683 | 695 | (5)(10) |
| OFSI BSL XIII CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.50% | 8.77% |  | 4/20/2037 |  | 5000 | 5000 | 5058 | (5)(10) |
| OFSI Fund Ltd | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.48% | 11.75% |  | 4/20/2034 |  | 1105 | 1051 | 1089 | (5)(10) |
| OneOncology, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.30% |  | 6/10/2030 |  | 17051 | 16881 | 17051 | (5)(8) |
| OneOncology, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.30% |  | 6/10/2030 |  | 22821 | 22593 | 22821 | (5)(8) |
| OneOncology, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 6/10/2030 |  | 15024 | 14651 | 14398 | (5)(8)(9) |
| OneOncology, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 6/10/2030 |  | 8496 | 8284 | 8496 | (5)(8) |
| OneOncology, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 6/10/2030 |  | 22485 | 22088 | 22260 | (5)(8) |
| OneOncology, LLC | Health Care Services | First Lien Revolver | SOFR+ | 4.75% |  |  | 6/11/2029 |  |  | (208) | (179) | (5)(8)(9) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Optimizely North America Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 10/30/2031 |  | $47655 | $47224 | $47178 | (5)(8)(10) |
| Optimizely North America Inc. | Application Software | First Lien Revolver | SOFR+ | 5.00% |  |  | 10/30/2031 |  |  | (64) | (71) | (5)(8)(9)(10) |
| Optimizely Sweden Holdings AB | Application Software | First Lien Term Loan | E+ | 5.25% | 7.23% |  | 10/30/2031 |  | 17016 | 18320 | 19775 | (5)(8)(10) |
| Optimizely Sweden Holdings AB | Application Software | First Lien Term Loan | SONIA+ | 5.50% | 9.72% |  | 10/30/2031 |  | £5672 | 7312 | 7695 | (5)(8)(10) |
| Oranje Holdco, Inc. | Systems Software | First Lien Term Loan | SOFR+ | 7.25% | 11.55% |  | 2/1/2029 |  | $16868 | 16614 | 16868 | (5)(8) |
| Oranje Holdco, Inc. | Systems Software | First Lien Term Loan | SOFR+ | 7.75% | 12.03% |  | 2/1/2029 |  | 15746 | 15511 | 15746 | (5)(8) |
| Oranje Holdco, Inc. | Systems Software | First Lien Revolver | SOFR+ | 7.75% |  |  | 2/1/2029 |  |  | (29) |  | (5)(8)(9) |
| PAI Financing Merger Sub LLC | Pharmaceuticals | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 2/13/2032 |  | 74441 | 73385 | 73324 | (5)(8) |
| PAI Financing Merger Sub LLC | Pharmaceuticals | First Lien Revolver | SOFR+ | 4.75% |  |  | 2/13/2032 |  |  | (224) | (237) | (5)(8)(9) |
| Paratek Pharmaceuticals Inc | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50% | 10.79% |  | 11/21/2028 |  | 18387 | 18209 | 18214 | (5)(8) |
| Paulus Holdings Public Limited Company | Health Care Technology | Preferred Equity |  |  |  |  |  | 84177 |  | 1711 | 2597 | (8)(10) |
| Paulus Holdings Public Limited Company | Health Care Technology | Warrants |  |  |  |  |  | 18491 |  | 376 | 570 | (8)(10) |
| Peraton Corp. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 3.75% | 8.18% |  | 2/1/2028 |  | 7394 | 7360 | 6548 | (5) |
| PetSmart LLC | Other Specialty Retail | First Lien Term Loan | SOFR+ | 3.75% | 8.18% |  | 2/11/2028 |  | 19698 | 19504 | 19538 | (5) |
| PetVet Care Centers, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 6.00% | 10.33% |  | 11/15/2030 |  | 72543 | 71429 | 68335 | (5)(8) |
| PetVet Care Centers, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 6.00% |  |  | 11/15/2030 |  |  | (96) | (461) | (5)(8)(9) |
| PetVet Care Centers, LLC | Health Care Services | First Lien Revolver | SOFR+ | 6.00% |  |  | 11/15/2029 |  |  | (140) | (557) | (5)(8)(9) |
| PetVet Care Centers, LLC | Health Care Services | Preferred Equity |  |  |  |  |  | 154541 |  | 6211 | 7556 | (8) |
| Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 7.50% |  | 11.83% | 8/22/2029 |  | 5458 | 5458 | 5458 | (5)(8) |
| Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 7.33% | 1.50% | 8/22/2029 |  | 3356 | 3356 | 3356 | (5)(8) |
| Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 7.33% | 1.50% | 8/22/2029 |  | 1937 | 1937 | 1937 | (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 |  |  |  |  |  | 1815669 |  | 5540 | 3848 | (8) |
| Poseidon Midco AB | Pharmaceuticals | First Lien Term Loan | SOFR+ | 5.50% | 9.72% |  | 5/16/2031 |  | 23063 | 22832 | 23063 | (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+ | 5.50% | 7.56% |  | 5/16/2031 |  | 50768 | 55205 | 59594 | (5)(8)(10) |
| PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.50% |  |  | 2/15/2029 |  |  | (88) | (35) | (5)(8)(9) |
| PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.00% | 9.30% |  | 2/15/2029 |  | $10375 | 10271 | 10281 | (5)(8) |
| PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.50% | 9.80% |  | 2/15/2029 |  | 24421 | 24349 | 24360 | (5)(8) |
| PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 6.50% | 10.83% |  | 2/15/2029 |  | 26287 | 25651 | 26287 | (5)(8) |
| PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Revolver | PRIME+ | 5.50% | 13.00% |  | 2/15/2029 |  | 673 | 585 | 673 | (5)(8)(9) |
| Profrac Holdings II, LLC | Industrial Machinery & Supplies & Components | First Lien Floating Rate Bond | SOFR+ | 7.25% | 11.54% |  | 1/23/2029 |  | 60660 | 60053 | 60053 | (5)(8)(10) |
| Project Accelerate Parent, LLC | Systems Software | First Lien Revolver | SOFR+ | 5.25% |  |  | 2/24/2031 |  |  | (50) |  | (5)(8)(9) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Project Accelerate Parent, LLC | Systems Software | First Lien Term Loan | SOFR+ | 5.25% | 9.57% |  | 2/24/2031 |  | $43313 | $42963 | $43313 | (5)(8) |
| Propio LS, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 5/10/2030 |  | 27834 | 27555 | 27569 | (5)(8) |
| Propio LS, LLC | Diversified Support Services | First Lien Revolver | SOFR+ | 4.75% |  |  | 5/10/2030 |  |  | (10) | (10) | (5)(8)(9) |
| Prosper Credit Card 2024-1 | Specialized Finance | CLO Notes |  |  | 7.15% |  | 10/15/2034 |  | 5240 | 5227 | 5231 | (8)(10) |
| Prosper Credit Card 2024-1 | Specialized Finance | CLO Notes |  |  | 10.05% |  | 10/15/2034 |  | 5471 | 5390 | 5411 | (8)(10) |
| Prosper Credit Card 2024-1 | Specialized Finance | CLO Notes |  |  | 14.64% |  | 10/15/2034 |  | 7289 | 7289 | 7272 | (8)(10) |
| Protein for Pets Opco, LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 5.25% | 9.58% |  | 9/20/2030 |  | 63095 | 62081 | 61751 | (5)(8) |
| Protein for Pets Opco, LLC | Packaged Foods & Meats | First Lien Revolver | SOFR+ | 5.25% | 9.58% |  | 9/20/2030 |  | 1793 | 1686 | 1651 | (5)(8)(9) |
| Quantum Bidco Limited | Food Distributors | First Lien Term Loan | SONIA+ | 5.50% | 9.99% |  | 1/31/2028 |  | £27922 | 35147 | 38359 | (5)(8)(10) |
| Renaissance Holding Corp. | Education Services | First Lien Term Loan | SOFR+ | 4.00% | 8.28% |  | 4/5/2030 |  | $19904 | 19535 | 18132 | (5) |
| Rockford Tower CLO 2024-1 | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.48% | 11.75% |  | 4/20/2037 |  | 2500 | 2478 | 2525 | (5)(10) |
| RWK Midco AB | Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 4.75% |  |  | 7/1/2032 |  |  | (179) | (179) | (5)(8)(9)(10) |
| RWK Midco AB | Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 4.75% | 9.15% |  | 7/1/2032 |  | 70109 | 72410 | 73038 | (5)(8)(10) |
| Salus Workers' Compensation, LLC | Diversified Financial Services | First Lien Term Loan | SOFR+ | 10.50% |  | 14.83% | 10/7/2026 |  | 13988 | 13815 | 13148 | (5)(8) |
| Salus Workers' Compensation, LLC | Diversified Financial Services | First Lien Revolver | SOFR+ | 10.50% | 14.82% |  | 10/7/2026 |  | 1367 | 1342 | 1253 | (5)(8)(9) |
| Salus Workers' Compensation, LLC | Diversified Financial Services | Warrants |  |  |  |  |  | 747167 |  | 200 |  | (8) |
| Saratoga | Diversified Financial Services | Credit Linked Note | SOFR+ | 5.33% | 9.86% |  | 12/31/2029 |  | 98000 | 97674 | 98000 | (5)(8)(10)(12) |
| scPharmaceuticals Inc. | Pharmaceuticals | Warrants |  |  |  |  |  | 220469 |  | 258 | 119 | (8) |
| Secure Acquisition Inc. | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 3.75% | 8.05% |  | 12/16/2028 |  | 31702 | 31640 | 31791 | (5) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 3/27/2028 |  | 17113 | 16832 | 16857 | (5)(8) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 3/27/2028 |  | 3341 | 3272 | 3259 | (5)(8)(9) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 3/27/2028 |  | 2462 | 2426 | 2425 | (5)(8) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 5.00% |  |  | 3/27/2028 |  |  | (32) | (128) | (5)(8)(9) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Revolver | SOFR+ | 5.00% |  |  | 3/27/2028 |  |  | (42) | (57) | (5)(8)(9) |
| Seres Therapeutics, Inc. | Biotechnology | Warrants |  |  |  |  |  | 147169 |  | 293 | 21 | (8)(10) |
| Sierra Enterprises, LLC | Soft Drinks & Non-alcoholic Beverages | First Lien Term Loan | SOFR+ | 6.00% | 10.32% |  | 5/20/2030 |  | 57383 | 56542 | 56608 | (5)(8) |
| Sierra Enterprises, LLC | Soft Drinks & Non-alcoholic Beverages | First Lien Revolver | SOFR+ | 6.00% |  |  | 5/20/2030 |  |  | (106) | (98) | (5)(8)(9) |
| Sorenson Communications, LLC | Communications Equipment | First Lien Term Loan | SOFR+ | 5.75% | 10.08% |  | 4/19/2029 |  | 84652 | 83365 | 83061 | (5)(8) |
| Sorenson Communications, LLC | Communications Equipment | First Lien Revolver | SOFR+ | 5.75% |  |  | 4/19/2029 |  |  | (155) | (191) | (5)(8)(9) |
| Spruce Bidco I Inc. | Health Care Equipment | First Lien Term Loan | SOFR+ | 5.00% | 9.13% |  | 1/30/2032 |  | 116896 | 115246 | 115225 | (5)(8) |
| Spruce Bidco I Inc. | Health Care Equipment | First Lien Term Loan | CORRA+ | 5.00% | 7.68% |  | 1/30/2032 |  | 21164 | 14407 | 15289 | (5)(8) |
| Spruce Bidco I Inc. | Health Care Equipment | First Lien Term Loan | TONA+ | 5.25% | 6.02% |  | 1/30/2032 |  | ¥2262960 | 14407 | 15443 | (5)(8) |
| Spruce Bidco I Inc. | Health Care Equipment | First Lien Revolver | SOFR+ | 5.00% |  |  | 1/30/2032 |  |  | (372) | (377) | (5)(8)(9) |
| Staples, Inc. | Office Services & Supplies | Fixed Rate Bond |  |  | 10.75% |  | 9/1/2029 |  | $23481 | 22646 | 22341 |  |
| Staples, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.75% | 10.03% |  | 9/4/2029 |  | 23708 | 22786 | 21939 | (5) |
| Star Parent, Inc. | Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 4.00% | 8.30% |  | 9/27/2030 |  | 65349 | 64196 | 64794 | (5) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| SumUp Holdings Luxembourg | Diversified Financial Services | First Lien Term Loan | E+ | 6.50% | 8.54% |  | 4/25/2031 |  | 47274 | $50670 | $55493 | (5)(8)(9)(10) |
| TBRS, Inc. | Health Care Supplies | First Lien Term Loan | SOFR+ | 4.75% | 9.05% |  | 11/22/2031 |  | $5288 | 5200 | 5220 | (5)(8)(9) |
| TBRS, Inc. | Health Care Supplies | First Lien Term Loan | SOFR+ | 4.75% | 9.08% |  | 11/22/2031 |  | 49611 | 49158 | 49115 | (5)(8) |
| TBRS, Inc. | Health Care Supplies | First Lien Revolver | SOFR+ | 4.75% | 9.08% |  | 11/22/2030 |  | 468 | 400 | 392 | (5)(8)(9) |
| Telephone and Data Systems, Inc. | Wireless Telecommunication Services | Subordinated Debt Term Loan | SOFR+ | 7.00% |  |  | 5/1/2029 |  |  | (214) |  | (5)(8)(9)(10) |
| Telephone and Data Systems, Inc. | Wireless Telecommunication Services | Subordinated Debt Term Loan | SOFR+ | 7.00% | 11.26% |  | 5/1/2029 |  | 73542 | 71851 | 73542 | (5)(8)(10) |
| Ten-X LLC | Interactive Media & Services | First Lien Term Loan | SOFR+ | 6.00% | 10.25% |  | 5/26/2028 |  | 24406 | 23693 | 22240 | (5) |
| THG Acquisition, LLC | Insurance Brokers | First Lien Term Loan | SOFR+ | 4.50% | 8.83% |  | 10/31/2031 |  | 362 | 309 | 277 | (5)(8)(9)(10) |
| THG Acquisition, LLC | Insurance Brokers | First Lien Term Loan | SOFR+ | 4.50% | 8.83% |  | 10/31/2031 |  | 50706 | 50247 | 50326 | (5)(8)(10) |
| THG Acquisition, LLC | Insurance Brokers | First Lien Revolver | SOFR+ | 4.75% | 9.08% |  | 10/31/2031 |  | 421 | 370 | 378 | (5)(8)(9)(10) |
| Transit Buyer LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% |  |  | 1/31/2029 |  |  | (10) | (20) | (5)(8)(9) |
| Transit Buyer LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 1/31/2029 |  | 8081 | 7973 | 7998 | (5)(8) |
| Transit Buyer LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 1/31/2029 |  | 3810 | 3765 | 3772 | (5)(8) |
| Transit Buyer LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 9.33% |  | 1/31/2029 |  | 8278 | 8179 | 8194 | (5)(8) |
| Trident TPI Holdings Inc | Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 3.75% | 8.05% |  | 9/15/2028 |  | 12281 | 12281 | 12084 | (5) |
| Trinitas CLO VI Ltd. | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.08% | 11.36% |  | 1/25/2034 |  | 2785 | 2626 | 2701 | (5)(10) |
| Trinitas CLO XV DAC | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.71% | 11.98% |  | 4/22/2034 |  | 6500 | 5858 | 6320 | (5)(10) |
| Truck-Lite Co., LLC | Construction Machinery & Heavy Transportation Equipment | First Lien Term Loan | SOFR+ | 5.75% |  |  | 2/13/2032 |  |  | (43) | (21) | (5)(8)(9) |
| Truck-Lite Co., LLC | Construction Machinery & Heavy Transportation Equipment | First Lien Term Loan | SOFR+ | 5.75% |  |  | 2/13/2032 |  |  | (145) | (195) | (5)(8)(9) |
| Truck-Lite Co., LLC | Construction Machinery & Heavy Transportation Equipment | First Lien Term Loan | SOFR+ | 5.75% |  |  | 2/13/2032 |  |  | (72) | (97) | (5)(8)(9) |
| Truck-Lite Co., LLC | Construction Machinery & Heavy Transportation Equipment | First Lien Term Loan | SOFR+ | 5.75% | 10.06% |  | 2/13/2032 |  | 2024 | 2004 | 2004 | (5)(8) |
| Truck-Lite Co., LLC | Construction Machinery & Heavy Transportation Equipment | First Lien Term Loan | SOFR+ | 5.75% | 10.03% |  | 2/13/2032 |  | 76869 | 75700 | 76100 | (5)(8) |
| Truck-Lite Co., LLC | Construction Machinery & Heavy Transportation Equipment | First Lien Revolver | SOFR+ | 5.75% |  |  | 2/13/2031 |  |  | (115) | (79) | (5)(8)(9) |
| Usalco LLC | Commodity Chemicals | First Lien Term Loan | SOFR+ | 4.00% |  |  | 9/30/2031 |  |  | (16) | (33) | (5)(8)(9) |
| Usalco LLC | Commodity Chemicals | First Lien Term Loan | SOFR+ | 4.00% | 8.33% |  | 9/30/2031 |  | 31572 | 31414 | 31256 | (5)(8) |
| USIC Holdings, Inc. | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.50% | 9.83% |  | 9/10/2031 |  | 922 | 922 | 922 | (5)(8)(9) |
| USIC Holdings, Inc. | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.50% | 9.83% |  | 9/10/2031 |  | 46079 | 45671 | 46079 | (5)(8) |
| USIC Holdings, Inc. | Diversified Support Services | First Lien Revolver | SOFR+ | 5.25% | 9.58% |  | 9/10/2031 |  | 2695 | 2643 | 2696 | (5)(8)(9) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Verde Purchaser, LLC | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 4.00% | 8.30% |  | 11/30/2030 |  | $20948 | $20853 | $21048 | (5)(10) |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 9.70% |  | 5/9/2029 |  | 6308 | 6182 | 6308 | (8)(10) |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 9.70% |  | 5/9/2029 |  | 6758 | 6623 | 6639 | (8)(10) |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 11.00% |  | 5/9/2029 |  |  |  |  | (8)(9)(10) |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 9.70% |  | 5/9/2029 |  | 4956 | 4879 | 4956 | (8)(10) |
| Violin Finco Guernsey Limited | Asset Management & Custody Banks | First Lien Term Loan | SONIA+ | 5.25% |  |  | 6/24/2031 |  |  | (17) |  | (5)(8)(9)(10) |
| Violin Finco Guernsey Limited | Asset Management & Custody Banks | First Lien Term Loan | SONIA+ | 5.25% | 9.47% |  | 6/24/2031 |  | £40334 | 50742 | 55272 | (5)(8)(10) |
| Werner Finco LP | Building Products | First Lien Term Loan | SOFR+ | 5.50% | 9.82% |  | 6/16/2031 |  | $49028 | 48297 | 48293 | (5)(8) |
| West Star Aviation Acquisition LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 4.50% |  |  | 5/20/2032 |  |  | (52) | (49) | (5)(8)(9) |
| West Star Aviation Acquisition LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 5/20/2032 |  | 66145 | 65648 | 65683 | (5)(8) |
| West Star Aviation Acquisition LLC | Aerospace & Defense | First Lien Revolver | SOFR+ | 4.50% | 8.80% |  | 5/20/2032 |  | 1850 | 1781 | 1786 | (5)(8)(9) |
| Wind River 2020-1 CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.42% | 11.69% |  | 7/20/2037 |  | 2000 | 1961 | 1991 | (5)(10) |
| Wind River 2024-1 CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.25% | 8.52% |  | 4/20/2037 |  | 3250 | 3250 | 3277 | (5)(10) |
| Woodmont 2022-9 Trust | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.77% | 12.05% |  | 10/25/2036 |  | 9385 | 9303 | 9277 | (5)(10) |
| WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.25% | 11.57% |  | 11/29/2029 |  | 2616 | 2616 | 2616 | (5)(8) |
| WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.25% | 11.57% |  | 11/28/2029 |  | 55203 | 54237 | 55203 | (5)(8) |
| WP CPP Holdings, LLC | Aerospace & Defense | First Lien Revolver | SOFR+ | 7.25% |  |  | 11/28/2029 |  |  | (107) |  | (5)(8)(9) |
| X Holdings Corp. | Interactive Media & Services | First Lien Term Loan | SOFR+ | 6.50% | 10.93% |  | 10/26/2029 |  | 23595 | 23543 | 23081 | (5) |
|  **Total Non-Control/Non-Affiliate Investments (150.9% of net assets)** |  |  |  |  |  |  |  |  |  | $**6315137** | $**6362926** |  |
| BNY Mellon Short Term Investment Fund |  |  |  |  |  |  |  |  |  | 100743 | 100743 |  |
| Other cash accounts |  |  |  |  |  |  |  |  |  | 370556 | 370556 |  |
|  **Cash and Cash Equivalents and Restricted Cash (11.2% of net assets)** |  |  |  |  |  |  |  |  |  | $**471299** | $**471299** |  |
| ***Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (162.1% of net assets)*** |  |  |  |  |  |  |  |  |  | $**6786436** | $**6834225** |  |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Maturity Date** | **Cumulative Unrealized Appreciation /(Depreciation)** |
| Foreign currency forward contract | $15708 | 21558 | 9/11/2025 | $(148) |
| Foreign currency forward contract | $466192 | 407112 | 9/11/2025 | (13961) |
| Foreign currency forward contract | $262781 | £196260 | 9/11/2025 | (6284) |
| Foreign currency forward contract | $15790 | ¥2243692 | 9/11/2025 | 132 |
| Foreign currency forward contract | $7637 | 79415 | 9/11/2025 | (214) |
|  |  |  |  | $**(20475)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 11/14/2028 | $350000 | $8995 |
| Interest rate swap | Fixed 6.5% | Floating 3-month SOFR +2.5954% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 7/23/2029 | $400000 | $6084 |
|  |  |  |  |  |  | $**15079** |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(dollar amounts in thousands)**

**(unaudited)**

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

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

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

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

(5)The interest rate on the principal balance outstanding for most floating rate loans is indexed to the secured overnight financing rate ("SOFR"), the euro interbank offered rate ("EURIBOR" or "E"), the sterling overnight index average ("SONIA") and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All SOFR shown above is in U.S. dollars unless otherwise noted. As of June 30, 2025, the reference rates for the Company's variable rate loans were the 30-day SOFR at 4.32%, the 90-day SOFR at 4.29%, the 180-day SOFR at 4.15%, the PRIME at 7.50%, the SONIA at 4.32%, the Tokyo Overnight Average Rate ("TONA") at 0.75%, the 30-day Canadian Overnight Repo Rate Average ("CORRA") at 2.75%, the 90-day Norwegian interbank offered rate ("NIBOR") at 4.70%, the 30-day EURIBOR at 1.93%, the 90-day EURIBOR at 1.94% and the 180-day EURIBOR at 2.05%. Most loans include an interest floor, which generally ranges from 0% to 3.00%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

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

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

(8)As of June 30, 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 June 30, 2025, qualifying assets represented 72.2% of the Company's total assets and non-qualifying assets represented 27.8% of the Company's total assets.

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

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

See notes to Consolidated Financial Statements.

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| **Non-Control/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |  | (7) |
| 107 Fair Street LLC | Real Estate Development | First Lien Term Loan |  |  | 13.00% |  | 11/17/2024 |  | $1616 | $1613 | $1572 | (8)(9)(11) |
| 107-109 Beech OAK22 LLC | Real Estate Development | First Lien Revolver |  |  | 11.00% |  | 2/27/2026 |  | 19667 | 19472 | 19531 | (8)(9) |
| 112-126 Van Houten Real22 LLC | Real Estate Development | First Lien Term Loan |  |  | 13.00% |  | 11/4/2024 |  | 4309 | 4306 | 4271 | (8)(9)(11) |
| 37 Capital CLO 4 | Multi-Sector Holdings | CLO Notes | SOFR+ | 5.50% | 10.80% |  | 1/15/2034 |  | 5000 | 5000 | 5057 | (5)(10) |
| AB BSL CLO 4 | Multi-Sector Holdings | CLO Notes | SOFR+ | 5.50% | 10.78% |  | 4/20/2036 |  | 3800 | 3800 | 3882 | (5)(10) |
| Access CIG, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 10.25% |  | 8/18/2028 |  | 39127 | 38636 | 39344 | (5) |
| Accession Risk Management Group, Inc. | Insurance Brokers | First Lien Term Loan | SOFR+ | 4.75% |  |  | 11/1/2029 |  |  | (127) | (117) | (5)(8)(9) |
| Accession Risk Management Group, Inc. | Insurance Brokers | First Lien Revolver | SOFR+ | 4.75% |  |  | 10/30/2029 |  |  | (14) | (13) | (5)(8)(9) |
| ACESO Holding 4 S.A.R.L. | Health Care Services | First Lien Term Loan | E+ | 5.75% |  |  | 9/27/2031 |  |  | (95) | (95) | (5)(8)(9)(10) |
| ACESO Holding 4 S.A.R.L. | Health Care Services | First Lien Term Loan | E+ | 5.75% | 8.91% |  | 9/27/2031 |  | 34034 | 37287 | 37224 | (5)(8)(10) |
| ACP Falcon Buyer Inc | Systems Software | First Lien Term Loan | SOFR+ | 5.50% | 10.83% |  | 8/1/2029 |  | $34407 | 33576 | 34407 | (5)(8) |
| ACP Falcon Buyer Inc | Systems Software | First Lien Revolver | SOFR+ | 5.50% |  |  | 8/1/2029 |  |  | (129) |  | (5)(8)(9) |
| Acquia Inc. | Application Software | First Lien Term Loan | SOFR+ | 7.00% | 12.46% |  | 10/31/2025 |  | 11166 | 11033 | 11166 | (5)(8) |
| ADC Therapeutics SA | Biotechnology | First Lien Term Loan | SOFR+ | 7.50% | 12.25% |  | 8/15/2029 |  | 10406 | 10034 | 10146 | (5)(8)(10) |
| ADC Therapeutics SA | Biotechnology | Warrants |  |  |  |  |  | 45727 |  | 275 | 53 | (8)(10) |
| AIMCO CLO 12 | Multi-Sector Holdings | CLO Notes | SOFR+ | 6.10% | 11.39% |  | 1/17/2032 |  | 1400 | 1392 | 1405 | (5)(10) |
| AIP RD Buyer Corp. | Distributors | Common Stock |  |  |  |  |  | 4560 |  | 428 | 567 | (8) |
| Allegro CLO XII | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.40% | 12.68% |  | 7/21/2037 |  | 4400 | 4400 | 4444 | (5)(10) |
| Alto Pharmacy Holdings, Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 11.50% | 8.00% | 8.93% | 10/14/2027 |  | 14881 | 14194 | 13393 | (5)(8) |
| Alto Pharmacy Holdings, Inc. | Health Care Technology | Warrants |  |  |  |  |  | 878545 |  | 943 | 1177 | (8) |
| American Auto Auction Group, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 9.75% |  | 12/30/2027 |  | 2487 | 2469 | 2501 | (5) |
| American Auto Auction Group, LLC | Diversified Support Services | Second Lien Term Loan | SOFR+ | 8.75% | 13.50% |  | 1/2/2029 |  | 6901 | 6816 | 6677 | (5)(8) |
| AmSpec Parent LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.50% |  |  | 12/5/2030 |  |  | (127) |  | (5)(8)(9) |
| AmSpec Parent LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.50% | 10.10% |  | 12/5/2030 |  | 70072 | 68527 | 70072 | (5)(8) |
| AmSpec Parent LLC | Diversified Support Services | First Lien Revolver | SOFR+ | 5.50% |  |  | 12/5/2029 |  |  | (205) |  | (5)(8)(9) |
| Anchorage Capital CLO 16, LTD | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.61% | 12.89% |  | 1/19/2035 |  | 2000 | 1948 | 2002 | (5)(10) |
| Anchorage Capital CLO 20, LTD. | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.61% | 12.89% |  | 1/20/2035 |  | 750 | 715 | 736 | (5)(10) |
| Arches Buyer Inc. | Interactive Media & Services | First Lien Term Loan | SOFR+ | 5.50% | 10.35% |  | 12/6/2027 |  | 93496 | 92364 | 93450 | (5)(8) |
| Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | SOFR+ | 4.75% | 9.90% |  | 2/17/2031 |  | 57299 | 56439 | 56496 | (5)(8)(10) |
| Ares LXVIII CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 5.75% | 11.03% |  | 4/25/2035 |  | 5000 | 5000 | 5079 | (5)(10) |
| Ares XLIV CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.13% | 12.43% |  | 4/15/2034 |  | 3500 | 3399 | 3509 | (5)(10) |
| Artera Services, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 4.50% | 9.10% |  | 2/15/2031 |  | 27363 | 27157 | 26742 | (5) |
| Artera Services, LLC | Construction & Engineering | Fixed Rate Bond |  |  | 8.50% |  | 2/15/2031 |  | 12660 | 12660 | 12545 |  |
| ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 10.66% |  | 12/29/2027 |  | 4812 | 4760 | 4581 | (5)(8)(10) |
| ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00% | 11.29% |  | 12/29/2027 |  | 341 | 334 | 313 | (5)(8)(9)(10) |
| Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 6.75% | 11.35% |  | 2/25/2028 |  | 5244 | 5184 | 4348 | (5) |
| Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 5.25% |  |  | 10/25/2028 |  | 8316 | 6514 | 2391 | (5)(8)(12) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00% | 8.95% |  | 8/19/2028 |  | $24599 | $24298 | $24235 | (5) |
| Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 9.20% |  | 8/19/2028 |  | 45014 | 44154 | 44419 | (5) |
| athenahealth Group Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 3.25% |  |  | 2/15/2029 |  |  |  |  | (5) |
| athenahealth Group Inc. | Health Care Technology | Fixed Rate Bond |  |  | 6.50% |  | 2/15/2030 |  | 22979 | 20693 | 22092 |  |
| athenahealth Group Inc. | Health Care Technology | Preferred Equity |  |  |  |  |  | 5809 |  | 5693 | 6565 | (8) |
| Aurelia Netherlands Midco 2 B.V. | Interactive Media & Services | First Lien Term Loan | E+ | 5.75% | 9.55% |  | 5/29/2031 |  | 49005 | 51988 | 53686 | (5)(8)(10) |
| Avalara, Inc. | Application Software | First Lien Term Loan | SOFR+ | 6.25% | 10.85% |  | 10/19/2028 |  | $19029 | 18708 | 19029 | (5)(8) |
| Avalara, Inc. | Application Software | First Lien Revolver | SOFR+ | 6.25% |  |  | 10/19/2028 |  |  | (32) |  | (5)(8)(9) |
| Bain Capital Credit CLO 2022-3 | Multi-Sector Holdings | CLO Notes | SOFR+ | 3.70% | 8.99% |  | 7/17/2035 |  | 3500 | 3375 | 3506 | (5)(10) |
| Bain Capital Credit CLO, Limited | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.54% | 12.82% |  | 4/20/2034 |  | 1750 | 1733 | 1765 | (5)(10) |
| Bain Capital Euro CLO 2021-2 | Multi-Sector Holdings | CLO Notes | E+ | 3.40% | 7.06% |  | 7/17/2034 |  | 1210 | 1250 | 1343 | (5)(10) |
| Ballyrock CLO 19 | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.11% | 12.39% |  | 4/20/2035 |  | $2220 | 2223 | 2196 | (5)(10) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Term Loan | SOFR+ | 6.75% | 8.63% | 3.38% | 9/30/2030 |  | 1884 | 1798 | 1826 | (5)(8)(9) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Term Loan | SOFR+ | 6.75% | 8.63% | 3.38% | 9/30/2030 |  | 25418 | 24782 | 25037 | (5)(8) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Term Loan | E+ | 6.75% | 7.01% | 3.38% | 9/30/2030 |  | 15815 | 16337 | 17385 | (5)(8) |
| Bamboo US Bidco LLC | Health Care Equipment | First Lien Revolver | SOFR+ | 6.75% |  |  | 10/1/2029 |  | $— | (130) | (78) | (5)(8)(9)(10) |
| Bausch + Lomb Corporation | Health Care Supplies | First Lien Term Loan | SOFR+ | 3.25% | 8.27% |  | 5/10/2027 |  | 60306 | 59631 | 60164 | (5)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% |  |  | 4/19/2027 |  |  |  |  | (5)(8)(9)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% |  |  | 4/19/2027 |  |  |  |  | (5)(8)(9)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% |  |  | 4/19/2027 |  |  |  |  | (5)(8)(9)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 8.00% | 4.10% | 4/19/2027 |  | 3366 | 3296 | 2987 | (5)(8)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 8.00% | 4.10% | 4/19/2027 |  | 1396 | 1395 | 1239 | (5)(8)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | Warrants |  |  |  |  |  | 15566 |  | 74 | 5 | (8)(10) |
| BioXcel Therapeutics, Inc. | Pharmaceuticals | Warrants |  |  |  |  |  | 4471 |  |  | 1 | (8)(10) |
| Biscuit Parent, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.35% |  | 2/27/2031 |  | 49875 | 49127 | 49576 | (5)(8) |
| Biscuit Parent, LLC | Application Software | First Lien Revolver | SOFR+ | 4.75% |  |  | 2/27/2031 |  |  | (225) | (90) | (5)(8)(9) |
| Blackhawk Network Holdings, Inc. | Data Processing & Outsourced Services | First Lien Term Loan | SOFR+ | 5.00% | 9.85% |  | 3/12/2029 |  | 56900 | 55825 | 57220 | (5) |
| BMC Software Inc | Systems Software | First Lien Term Loan | SOFR+ | 3.75% | 9.01% |  | 7/30/2031 |  | 30000 | 29925 | 29976 | (5) |
| Canyon CLO 2020-3 | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.15% | 12.39% |  | 10/15/2037 |  | 5490 | 5490 | 5519 | (5)(10) |
| Carlyle Euro CLO 2021-2 | Multi-Sector Holdings | CLO Notes | E+ | 3.30% | 6.99% |  | 10/15/2035 |  | 1400 | 1382 | 1564 | (5)(10) |
| CBAM 2017-2, LTD. | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.36% | 12.65% |  | 7/17/2034 |  | $488 | 457 | 462 | (5)(10) |
| CD&R Firefly Bidco Limited | Other Specialty Retail | First Lien Term Loan | SONIA+ | 5.50% | 10.45% |  | 6/21/2028 |  | £26657 | 32542 | 35812 | (5)(10) |
| CD&R Firefly Bidco Limited | Other Specialty Retail | First Lien Term Loan | SONIA+ | 5.75% | 10.95% |  | 6/21/2028 |  | 18365 | 22921 | 24655 | (5)(10) |
| Centralsquare Technologies, LLC | Application Software | First Lien Term Loan | SOFR+ | 6.50% | 8.10% | 3.50% | 4/12/2030 |  | $30173 | 29489 | 29854 | (5)(8) |
| Centralsquare Technologies, LLC | Application Software | First Lien Revolver | SOFR+ | 6.00% |  |  | 4/12/2030 |  |  | (78) | (36) | (5)(8)(9) |
| CIFC European Funding VI | Multi-Sector Holdings | CLO Notes | E+ | 5.96% | 9.38% |  | 10/15/2037 |  | 2500 | 2726 | 2740 | (5)(10) |
| Clear Channel Outdoor Holdings, Inc. | Advertising | First Lien Term Loan | SOFR+ | 4.00% | 8.96% |  | 8/21/2028 |  | $14000 | 13983 | 13988 | (5)(10) |
| Cloud Software Group, Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 9.10% |  | 3/21/2031 |  | 20000 | 19850 | 20078 | (5) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Cloud Software Group, Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.00% | 8.60% |  | 3/30/2029 |  | $28488 | $27176 | $28405 | (5) |
| Cloud Software Group, Inc. | Application Software | Fixed Rate Bond |  |  | 6.50% |  | 3/31/2029 |  | 8874 | 8141 | 8837 |  |
| Colony Holding Corporation | Distributors | First Lien Term Loan | SOFR+ | 6.60% | 11.66% |  | 5/13/2026 |  | 3900 | 3859 | 3850 | (5)(8) |
| Colony Holding Corporation | Distributors | First Lien Term Loan | SOFR+ | 6.60% | 11.85% |  | 5/13/2026 |  | 11995 | 11817 | 11841 | (5)(8) |
| Condor Merger Sub Inc. | Systems Software | Fixed Rate Bond |  |  | 7.38% |  | 2/15/2030 |  | 32277 | 30055 | 31513 |  |
| CoreRx, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 12.10% |  | 4/6/2029 |  | 18328 | 17914 | 17916 | (5)(8) |
| Coupa Holdings, LLC | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 10.75% |  | 2/27/2030 |  | 13430 | 13170 | 13430 | (5)(8) |
| Coupa Holdings, LLC | Application Software | First Lien Term Loan | SOFR+ | 5.50% |  |  | 2/27/2030 |  |  | (15) |  | (5)(8)(9) |
| Coupa Holdings, LLC | Application Software | First Lien Revolver | SOFR+ | 5.50% |  |  | 2/27/2029 |  |  | (17) |  | (5)(8)(9) |
| Covetrus, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00% | 9.60% |  | 10/13/2029 |  | 22830 | 21866 | 21703 | (5) |
| Crewline Buyer, Inc. | Systems Software | First Lien Term Loan | SOFR+ | 6.75% | 11.35% |  | 11/8/2030 |  | 43911 | 42954 | 43287 | (5)(8) |
| Crewline Buyer, Inc. | Systems Software | First Lien Revolver | SOFR+ | 6.75% |  |  | 11/8/2030 |  |  | (100) | (65) | (5)(8)(9) |
| Curium Bidco S.à.r.l. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 4.00% |  |  | 7/31/2029 |  |  |  |  | (5)(10) |
| CVAUSA Management, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 6.50% | 11.79% |  | 5/22/2029 |  | 21651 | 21337 | 21597 | (5)(8) |
| CVAUSA Management, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 6.50% |  |  | 5/22/2029 |  |  | (100) | (8) | (5)(8)(9) |
| CVAUSA Management, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 6.50% |  |  | 5/22/2029 |  |  | (154) | (20) | (5)(8)(9) |
| CVAUSA Management, LLC | Health Care Services | First Lien Revolver | SOFR+ | 6.50% |  |  | 5/22/2029 |  |  | (59) | (6) | (5)(8)(9) |
| CVC Cordatus Loan Fund XXXI | Multi-Sector Holdings | CLO Notes | E+ | 6.64% | 10.25% |  | 6/15/2037 |  | 5000 | 5303 | 5613 | (5)(10) |
| Dealer Tire Financial, LLC | Distributors | Fixed Rate Bond |  |  | 8.00% |  | 2/1/2028 |  | $12920 | 12719 | 12873 |  |
| Delta Leasing SPV II LLC | Specialized Finance | Subordinated Debt Term Loan |  |  | 8.00% | 3.00% | 8/31/2029 |  | 26961 | 26961 | 26961 | (8)(9)(10) |
| Delta Leasing SPV II LLC | Specialized Finance | Subordinated Debt Term Loan |  |  | 3.00% | 7.00% | 8/31/2029 |  | 27099 | 27099 | 27099 | (8)(10) |
| Delta Leasing SPV II LLC | Specialized Finance | Preferred Equity |  |  |  |  |  | 330 |  | 330 | 418 | (8)(10) |
| Delta Leasing SPV II LLC | Specialized Finance | Common Stock |  |  |  |  |  | 2 |  | 2 | 2 | (8)(10) |
| Delta Leasing SPV II LLC | Specialized Finance | Warrants |  |  |  |  |  | 25 |  |  |  | (8)(10) |
| DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.00% | 9.96% |  | 8/2/2027 |  | 1831 | 1815 | 1834 | (5) |
| DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.25% | 10.21% |  | 8/2/2029 |  | 19540 | 19085 | 19271 | (5) |
| DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75% | 9.60% |  | 4/26/2029 |  | 37907 | 36858 | 38103 | (5) |
| Dukes Root Control Inc. | Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 6.50% | 11.93% |  | 12/8/2028 |  | 1049 | 1036 | 1038 | (5)(8) |
| Dukes Root Control Inc. | Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 6.50% | 11.71% |  | 12/8/2028 |  | 11685 | 11502 | 11561 | (5)(8) |
| Dukes Root Control Inc. | Environmental & Facilities Services | First Lien Revolver | SOFR+ | 6.50% | 11.93% |  | 12/8/2028 |  | 598 | 575 | 582 | (5)(8)(9) |
| Eagle Parent Corp. | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.25% | 9.55% |  | 4/2/2029 |  | 5225 | 5194 | 4968 | (5) |
| Engineering Research And Consulting LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 5.00% | 10.06% |  | 8/29/2031 |  | 31980 | 31450 | 31780 | (5)(8) |
| Entrata, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.75% | 10.67% |  | 7/10/2030 |  | 45261 | 44328 | 45261 | (5)(8) |
| Entrata, Inc. | Application Software | First Lien Revolver | SOFR+ | 5.75% |  |  | 7/10/2028 |  |  | (98) |  | (5)(8)(9) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Enverus Holdings, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 10.35% |  | 12/24/2029 |  | $53899 | $53195 | $53899 | (5)(8) |
| Enverus Holdings, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.50% |  |  | 12/24/2029 |  |  | (35) |  | (5)(8)(9) |
| Enverus Holdings, Inc. | Application Software | First Lien Revolver | SOFR+ | 5.50% | 10.35% |  | 12/24/2029 |  | 263 | 209 | 263 | (5)(8)(9) |
| Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan |  |  | 9.00% |  | 4/21/2027 |  | 1832 | 1815 | 1832 | (8)(10) |
| Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan |  |  | 9.00% |  | 4/21/2027 |  |  | 1 |  | (8)(9)(10) |
| Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan |  |  | 9.00% |  | 4/21/2027 |  |  | 1 |  | (8)(9)(10) |
| Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan |  |  | 9.00% |  | 4/21/2027 |  | 11437 | 11357 | 11437 | (8)(10) |
| Everbridge, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.00% | 10.30% |  | 7/2/2031 |  | 7739 | 7670 | 7693 | (5)(8)(9) |
| Everbridge, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.00% | 10.33% |  | 7/2/2031 |  | 78956 | 78561 | 78593 | (5)(8) |
| Everbridge, Inc. | Application Software | First Lien Revolver | SOFR+ | 5.00% |  |  | 7/2/2031 |  |  | (39) | (36) | (5)(8)(9) |
| Evergreen IX Borrower 2023, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.35% |  | 9/30/2030 |  | 36034 | 35262 | 35727 | (5)(8) |
| Evergreen IX Borrower 2023, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.35% |  | 9/30/2030 |  | 9097 | 9006 | 9020 | (5)(8) |
| Evergreen IX Borrower 2023, LLC | Application Software | First Lien Revolver | SOFR+ | 4.75% |  |  | 10/1/2029 |  |  | (83) | (34) | (5)(8)(9) |
| Eyesouth Eye Care Holdco LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.50% | 10.80% |  | 10/5/2029 |  | 3207 | 3149 | 3146 | (5)(8) |
| Eyesouth Eye Care Holdco LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.50% |  |  | 10/5/2029 |  |  | (48) | (92) | (5)(8)(9) |
| Eyesouth Eye Care Holdco LLC | Health Care Services | Common Stock |  |  |  |  |  | 885 |  | 885 | 830 | (8)(14) |
| Fiesta Purchaser, Inc. | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 4.00% | 8.85% |  | 2/12/2031 |  | 9975 | 9875 | 9994 | (5) |
| Fiesta Purchaser, Inc. | Packaged Foods & Meats | Fixed Rate Bond |  |  | 7.88% |  | 3/1/2031 |  | 7940 | 7940 | 8431 |  |
| Finastra USA, Inc. | Application Software | First Lien Term Loan | SOFR+ | 7.25% | 12.18% |  | 9/13/2029 |  | 43513 | 42795 | 42908 | (5)(8)(10) |
| Finastra USA, Inc. | Application Software | First Lien Revolver | SOFR+ | 7.25% | 12.18% |  | 9/13/2029 |  | 2102 | 2027 | 2039 | (5)(8)(9)(10) |
| Fortress Credit BSL XIV | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.65% | 12.93% |  | 10/23/2034 |  | 2300 | 2081 | 2285 | (5)(10) |
| Fortress Credit BSL XIX | Multi-Sector Holdings | CLO Notes | SOFR+ | 8.37% | 13.65% |  | 7/24/2036 |  | 6750 | 6856 | 6930 | (5)(10) |
| Fortress Credit BSL XV | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.75% | 10.03% |  | 10/18/2033 |  | 5000 | 5000 | 4989 | (5)(10) |
| Fortress Credit BSL XX | Multi-Sector Holdings | CLO Notes | SOFR+ | 8.51% | 13.79% |  | 1/23/2037 |  | 5250 | 5356 | 5456 | (5)(10) |
| Fortress Credit BSL XXV | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.30% | 9.62% |  | 7/24/2037 |  | 2250 | 2250 | 2283 | (5)(10) |
| Galileo Parent, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.25% | 11.85% |  | 5/3/2029 |  | 20074 | 19614 | 20074 | (5)(8) |
| Galileo Parent, Inc. | Aerospace & Defense | First Lien Revolver | SOFR+ | 7.25% | 11.85% |  | 5/3/2029 |  | 2195 | 2090 | 2163 | (5)(8)(9) |
| Gallatin CLO X 2023-1 | Multi-Sector Holdings | CLO Notes | SOFR+ | 5.41% | 10.71% |  | 10/14/2035 |  | 5000 | 4913 | 5094 | (5)(10) |
| Global Aircraft Leasing Co Ltd | Trading Companies & Distributors | Fixed Rate Bond |  |  | 8.75% |  | 9/1/2027 |  | 60841 | 60841 | 61815 | (10) |
| Greenway Health, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 6.75% | 12.01% |  | 4/1/2029 |  | 24875 | 24239 | 24875 | (5)(8) |
| Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00% | 12.95% |  | 6/21/2027 |  | 3537 | 3498 | 3466 | (5)(8) |
| Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00% | 12.95% |  | 6/21/2027 |  | 17330 | 17142 | 16984 | (5)(8) |
| Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Revolver | SOFR+ | 8.00% |  |  | 6/21/2027 |  |  | (19) | (35) | (5)(8)(9) |
| Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 10.20% |  | 4/9/2029 |  | 6170 | 5971 | 6017 | (5) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Harrow, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50% |  |  | 1/19/2026 |  | $— | $(50) | $65 | (5)(8)(9)(10) |
| Harrow, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50% | 11.25% |  | 1/19/2026 |  | 1792 | 1769 | 1819 | (5)(8)(10) |
| Harrow, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50% | 11.25% |  | 1/19/2026 |  | 9319 | 9211 | 9459 | (5)(8)(10) |
| Henley CLO II | Multi-Sector Holdings | CLO Notes | E+ | 5.71% | 9.40% |  | 1/25/2034 |  | 3200 | 3495 | 3586 | (5)(10) |
| HPS Loan Management 10-2016 | Multi-Sector Holdings | CLO Notes | SOFR+ | 6.67% | 11.95% |  | 4/20/2034 |  | $2250 | 2136 | 2264 | (5)(10) |
| Husky Injection Molding Systems Ltd. | Industrial Machinery & Supplies & Components | Fixed Rate Bond |  |  | 9.00% |  | 2/15/2029 |  | 6142 | 6142 | 6417 | (10) |
| Husky Injection Molding Systems Ltd. | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 5.00% | 10.33% |  | 2/15/2029 |  | 33097 | 32730 | 32977 | (5)(10) |
| IAMGOLD Corporation | Gold | Second Lien Term Loan | SOFR+ | 8.25% | 13.37% |  | 5/16/2028 |  | 28394 | 27777 | 29672 | (5)(8)(10) |
| Icefall Parent, Inc. | Application Software | First Lien Term Loan | SOFR+ | 6.50% | 11.35% |  | 1/25/2030 |  | 27948 | 27453 | 27750 | (5)(8) |
| Icefall Parent, Inc. | Application Software | First Lien Revolver | SOFR+ | 6.50% |  |  | 1/25/2030 |  |  | (47) | (19) | (5)(8)(9) |
| iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 6.25% |  |  | 8/18/2028 |  |  |  |  | (5)(8)(9) |
| iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.75% | 10.67% |  | 8/18/2028 |  | 16302 | 16140 | 15793 | (5)(8) |
| iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 6.25% | 11.17% |  | 8/18/2028 |  | 2325 | 2298 | 2290 | (5)(8) |
| iCIMs, Inc. | Application Software | First Lien Revolver | SOFR+ | 5.75% | 10.67% |  | 8/18/2028 |  | 490 | 417 | 388 | (5)(8)(9) |
| Innocoll Pharmaceuticals Limited | Health Care Technology | Warrants |  |  |  |  |  | 57693 |  | 85 |  | (8)(10) |
| Integrity Marketing Acquisition, LLC | Insurance Brokers | First Lien Term Loan | SOFR+ | 5.00% |  |  | 8/28/2028 |  |  | (201) | (198) | (5)(8)(9) |
| Integrity Marketing Acquisition, LLC | Insurance Brokers | First Lien Term Loan | SOFR+ | 5.00% | 10.08% |  | 8/25/2028 |  | 58184 | 57616 | 57602 | (5)(8) |
| Integrity Marketing Acquisition, LLC | Insurance Brokers | First Lien Revolver | SOFR+ | 5.00% |  |  | 8/28/2028 |  |  | (75) | (77) | (5)(8)(9) |
| Inventus Power, Inc. | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 7.50% | 12.46% |  | 6/30/2025 |  | 43326 | 43060 | 42347 | (5)(8) |
| Inventus Power, Inc. | Electrical Components & Equipment | First Lien Revolver | SOFR+ | 7.50% |  |  | 6/30/2025 |  |  | (55) | (112) | (5)(8)(9) |
| IW Buyer LLC | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 5.00% | 9.70% |  | 6/28/2029 |  | 6118 | 6057 | 6061 | (5)(8) |
| IW Buyer LLC | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 5.00% | 9.70% |  | 6/28/2029 |  | 35595 | 34834 | 35264 | (5)(8) |
| IW Buyer LLC | Electrical Components & Equipment | First Lien Revolver | SOFR+ | 5.00% |  |  | 6/28/2029 |  |  | (160) | (70) | (5)(8)(9) |
| Janus Bidco Limited | Application Software | First Lien Term Loan | SONIA+ | 6.00% |  |  | 4/25/2031 |  |  | (197) | (25) | (5)(8)(9)(10) |
| Janus Bidco Limited | Application Software | First Lien Term Loan | SONIA+ | 6.00% | 11.04% |  | 4/25/2031 |  | £2439 | 2998 | 3226 | (5)(8)(10) |
| Janus Bidco Limited | Application Software | First Lien Term Loan | SOFR+ | 6.00% | 11.29% |  | 4/25/2031 |  | $54214 | 52936 | 53450 | (5)(8)(10) |
| JN Bidco LLC | Health Care Technology | Common Stock |  |  |  |  |  |  |  | 3596 | 3596 | (8) |
| Kings Buyer, LLC | Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 5.00% | 10.68% |  | 10/29/2027 |  | 4754 | 4706 | 4689 | (5)(8) |
| Kings Buyer, LLC | Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 5.00% | 9.95% |  | 10/29/2027 |  | 58402 | 57744 | 57608 | (5)(8) |
| Kings Buyer, LLC | Environmental & Facilities Services | First Lien Revolver | PRIME+ | 4.00% | 12.00% |  | 10/29/2027 |  | 266 | 259 | 257 | (5)(8)(9) |
| Kings Buyer, LLC | Environmental & Facilities Services | First Lien Revolver | PRIME+ | 4.00% | 12.50% |  | 10/29/2027 |  | 1954 | 1899 | 1887 | (5)(8)(9) |
| LABL, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.00% | 9.95% |  | 10/29/2028 |  | 42297 | 41568 | 41427 | (5) |
| Latam Airlines Group S.A. | Passenger Airlines | First Lien Term Loan | SOFR+ | 9.50% | 14.95% |  | 10/12/2027 |  | 11911 | 11285 | 12093 | (5)(10) |
| Learfield Communications, LLC | Movies & Entertainment | First Lien Term Loan | SOFR+ | 5.50% | 10.35% |  | 6/30/2028 |  | 40002 | 39844 | 40011 | (5) |
| Legends Hospitality Holding Company, LLC | Specialized Consumer Services | First Lien Term Loan | SOFR+ | 5.00% |  |  | 8/22/2031 |  |  | (32) | (32) | (5)(8)(9) |
| Legends Hospitality Holding Company, LLC | Specialized Consumer Services | First Lien Term Loan | SOFR+ | 5.00% | 10.13% |  | 8/22/2031 |  | 55650 | 54555 | 54570 | (5)(8) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Legends Hospitality Holding Company, LLC | Specialized Consumer Services | First Lien Revolver | SOFR+ | 5.00% |  |  | 8/22/2030 |  |  | $(128) | $(127) | (5)(8)(9) |
| LSL Holdco, LLC | Health Care Distributors | First Lien Term Loan | SOFR+ | 6.00% | 10.95% |  | 1/31/2028 |  | $1037 | 990 | 972 | (5)(8) |
| LSL Holdco, LLC | Health Care Distributors | First Lien Term Loan | SOFR+ | 6.00% | 10.95% |  | 1/31/2028 |  | 8906 | 8807 | 8349 | (5)(8) |
| LSL Holdco, LLC | Health Care Distributors | First Lien Revolver | SOFR+ | 6.00% | 10.95% |  | 1/31/2028 |  | 771 | 760 | 708 | (5)(8)(9) |
| LTI Holdings Inc | Electronic Components | First Lien Term Loan | SOFR+ | 4.75% | 9.60% |  | 7/29/2029 |  | 29269 | 28843 | 28826 | (5)(10) |
| M2S Group Intermediate Holdings Inc | Multi-Sector Holdings | First Lien Term Loan | SOFR+ | 4.75% | 9.85% |  | 8/25/2031 |  | 38493 | 36207 | 37050 | (5) |
| Madison Park Euro Funding XIV | Multi-Sector Holdings | CLO Notes | E+ | 3.60% | 7.29% |  | 7/15/2032 |  | 6450 | 6780 | 7209 | (5)(10) |
| Madison Park Funding LXIII | Multi-Sector Holdings | CLO Notes | SOFR+ | 5.50% | 10.78% |  | 4/21/2035 |  | $5000 | 5000 | 5088 | (5)(10) |
| Marble Point CLO XVII | Multi-Sector Holdings | CLO Notes | SOFR+ | 3.65% | 10.53% |  | 7/20/2037 |  | 3000 | 3000 | 3003 | (5)(10) |
| Mauser Packaging Solutions Holding Co | Metal, Glass & Plastic Containers | Fixed Rate Bond |  |  | 7.88% |  | 4/15/2027 |  | 12500 | 12360 | 12930 |  |
| Mesoblast, Inc. | Biotechnology | First Lien Term Loan |  |  | 9.75% |  | 11/19/2026 |  | 1956 | 1878 | 1882 | (8)(10) |
| Mesoblast, Inc. | Biotechnology | Warrants |  |  |  |  |  | 8529 |  |  | 39 | (8)(10) |
| Mesoblast, Inc. | Biotechnology | Warrants |  |  |  |  |  | 33174 |  | 152 | 106 | (8)(10) |
| MHE Intermediate Holdings, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 6.00% | 11.40% |  | 7/21/2027 |  | 5232 | 5128 | 5161 | (5)(8) |
| MHE Intermediate Holdings, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 6.25% | 11.65% |  | 7/21/2027 |  | 1015 | 998 | 1002 | (5)(8) |
| Microf Funding V LLC | Consumer Finance | First Lien Term Loan | SOFR+ | 6.58% | 11.43% |  | 6/3/2027 |  | 14239 | 14086 | 13952 | (5)(8)(9)(10) |
| Minotaur Acquisition, Inc. | Financial Exchanges & Data | First Lien Term Loan | SOFR+ | 5.00% |  |  | 6/3/2030 |  |  | (70) | (64) | (5)(8)(9)(10) |
| Minotaur Acquisition, Inc. | Financial Exchanges & Data | First Lien Term Loan | SOFR+ | 5.00% | 9.85% |  | 6/3/2030 |  | 6958 | 6819 | 6841 | (5)(8)(10) |
| Minotaur Acquisition, Inc. | Financial Exchanges & Data | First Lien Term Loan | SOFR+ | 5.00% | 9.85% |  | 6/3/2030 |  | 41754 | 40965 | 41019 | (5)(8)(10) |
| Minotaur Acquisition, Inc. | Financial Exchanges & Data | First Lien Revolver | SOFR+ | 5.00% |  |  | 6/3/2030 |  |  | (79) | (70) | (5)(8)(9)(10) |
| Mitchell International Inc | Application Software | Second Lien Term Loan | SOFR+ | 5.25% | 10.10% |  | 6/17/2032 |  | 27135 | 27065 | 26717 | (5) |
| Mitchell International Inc | Application Software | First Lien Term Loan | SOFR+ | 3.25% | 8.10% |  | 6/17/2031 |  | 17100 | 17015 | 16870 | (5) |
| Modena Buyer LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 9.10% |  | 7/1/2031 |  | 44741 | 43875 | 42938 | (5) |
| Monotype Imaging Holdings Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.50% |  |  | 2/28/2031 |  |  | (45) |  | (5)(8)(9) |
| Monotype Imaging Holdings Inc. | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 10.56% |  | 2/28/2031 |  | 72108 | 71027 | 72108 | (5)(8) |
| Monotype Imaging Holdings Inc. | Application Software | First Lien Revolver | SOFR+ | 5.50% |  |  | 2/28/2030 |  |  | (122) |  | (5)(8)(9) |
| MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.35% |  | 2/10/2027 |  | 26902 | 26610 | 26641 | (5)(8) |
| MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.35% |  | 2/10/2027 |  | 1570 | 1530 | 1508 | (5)(8)(9) |
| MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.35% |  | 2/10/2027 |  | 7127 | 7122 | 7058 | (5)(8) |
| MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 4.75% | 9.35% |  | 2/10/2027 |  | 29785 | 29441 | 29496 | (5)(8) |
| MRI Software LLC | Application Software | First Lien Revolver | SOFR+ | 4.75% |  |  | 2/10/2027 |  |  | (35) | (57) | (5)(8)(9) |
| Neptune Platform Buyer, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.25% |  |  | 1/19/2031 |  |  | (13) | (137) | (5)(8)(9) |
| Neptune Platform Buyer, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.25% | 10.58% |  | 1/19/2031 |  | 30823 | 30360 | 30206 | (5)(8) |
| Next Holdco, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 6.00% |  |  | 11/12/2030 |  |  | (90) |  | (5)(8)(9) |
| Next Holdco, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 6.00% | 11.06% |  | 11/12/2030 |  | 46391 | 45695 | 46391 | (5)(8) |
| Next Holdco, LLC | Health Care Technology | First Lien Revolver | SOFR+ | 6.00% |  |  | 11/9/2029 |  |  | (67) |  | (5)(8)(9) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| NFM & J, L.P. | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.75% | 10.59% |  | 11/10/2029 |  | $410 | $286 | $187 | (5)(8)(9) |
| NFM & J, L.P. | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.75% | 10.96% |  | 11/10/2029 |  | 22133 | 21691 | 21735 | (5)(8) |
| NFM & J, L.P. | Diversified Support Services | First Lien Revolver | SOFR+ | 5.75% |  |  | 11/10/2029 |  |  | (99) | (89) | (5)(8)(9) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SOFR+ | 5.00% |  |  | 5/3/2029 |  |  | (16) | (15) | (5)(8)(9) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SOFR+ | 5.00% | 9.60% |  | 5/3/2029 |  | 3330 | 3279 | 3314 | (5)(8)(9) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SOFR+ | 5.00% | 9.60% |  | 5/3/2029 |  | 36350 | 35795 | 36187 | (5)(8) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SONIA+ | 5.00% | 9.95% |  | 5/3/2029 |  | £3156 | 3931 | 4214 | (5)(8) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | NIBOR+ | 5.00% | 9.75% |  | 5/3/2029 |  | 69157 | 6214 | 6536 | (5)(8) |
| North Star Acquisitionco, LLC | Education Services | First Lien Term Loan | SOFR+ | 5.00% | 9.60% |  | 5/3/2029 |  | $27986 | 27847 | 27861 | (5)(8) |
| North Star Acquisitionco, LLC | Education Services | First Lien Revolver | SOFR+ | 5.00% | 9.83% |  | 5/3/2029 |  | 738 | 905 | 963 | (5)(8)(9) |
| North Star Acquisitionco, LLC | Education Services | First Lien Revolver | SOFR+ | 5.00% | 9.67% |  | 5/3/2029 |  | 2386 | 2319 | 2366 | (5)(8)(9) |
| Northwoods Capital 25 Ltd | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.40% | 12.68% |  | 7/20/2034 |  | 700 | 682 | 681 | (5)(10) |
| Northwoods Capital XV | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.01% | 8.83% |  | 6/20/2034 |  | 4000 | 3920 | 4011 | (5)(10) |
| Ocean Trails CLO XIV | Multi-Sector Holdings | CLO Notes | SOFR+ | 5.82% | 11.10% |  | 1/20/2035 |  | 1000 | 1000 | 1015 | (5)(10) |
| Octagon 66 | Multi-Sector Holdings | CLO Notes | SOFR+ | 5.09% | 10.19% |  | 11/16/2036 |  | 3000 | 2970 | 3096 | (5)(10) |
| OFSI BSL XIII CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.50% | 9.82% |  | 4/20/2037 |  | 5000 | 5000 | 5013 | (5)(10) |
| OFSI Fund Ltd | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.48% | 12.76% |  | 4/20/2034 |  | 1105 | 1048 | 1079 | (5)(10) |
| OneOncology, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 10.08% |  | 6/10/2030 |  | 11272 | 11130 | 11100 | (5)(8)(9) |
| OneOncology, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 6.25% | 10.85% |  | 6/10/2030 |  | 8561 | 8347 | 8561 | (5)(8) |
| OneOncology, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 6.25% | 10.85% |  | 6/10/2030 |  | 22656 | 22196 | 22656 | (5)(8) |
| OneOncology, LLC | Health Care Services | First Lien Revolver | SOFR+ | 6.25% |  |  | 6/11/2029 |  |  | (89) |  | (5)(8)(9) |
| Oranje Holdco, Inc. | Systems Software | First Lien Term Loan | SOFR+ | 7.25% | 12.50% |  | 2/1/2029 |  | 16868 | 16562 | 16614 | (5)(8) |
| Oranje Holdco, Inc. | Systems Software | First Lien Term Loan | SOFR+ | 7.50% | 12.75% |  | 2/1/2029 |  | 15746 | 15462 | 15746 | (5)(8) |
| Oranje Holdco, Inc. | Systems Software | First Lien Revolver | SOFR+ | 7.50% |  |  | 2/1/2029 |  |  | (36) |  | (5)(8)(9) |
| OZLM XXIII Ltd | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.54% | 12.84% |  | 4/15/2034 |  | 1000 | 967 | 1000 | (5)(10) |
| Peraton Corp. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 3.75% | 8.70% |  | 2/1/2028 |  | 18666 | 18572 | 18003 | (5) |
| PetSmart LLC | Other Specialty Retail | First Lien Term Loan | SOFR+ | 3.75% | 8.70% |  | 2/11/2028 |  | 27690 | 27362 | 27495 | (5) |
| PetVet Care Centers, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 6.00% | 10.85% |  | 11/15/2030 |  | 73095 | 71816 | 71231 | (5)(8) |
| PetVet Care Centers, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 6.00% |  |  | 11/15/2030 |  |  | (96) | (149) | (5)(8)(9) |
| PetVet Care Centers, LLC | Health Care Services | First Lien Revolver | SOFR+ | 6.00% |  |  | 11/15/2029 |  |  | (164) | (245) | (5)(8)(9) |
| PetVet Care Centers, LLC | Health Care Services | Preferred Equity |  |  |  |  |  | 6338 |  | 6211 | 7025 | (8) |
| Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 7.50% |  | 12.62% | 8/22/2029 |  | 4976 | 4976 | 4976 | (5)(8) |
| Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% |  |  | 8/22/2029 |  |  |  |  | (5)(8)(9) |
| Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.12% | 1.50% | 8/22/2029 |  | 1915 | 1915 | 1915 | (5)(8) |
| Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.12% | 1.50% | 8/22/2029 |  | 3317 | 3317 | 3317 | (5)(8) |
| Pluralsight, LLC | Application Software | First Lien Revolver | SOFR+ | 4.50% |  |  | 8/22/2029 |  |  |  |  | (5)(8)(9) |
| Pluralsight, LLC | Application Software | Common Stock |  |  |  |  |  | 1658698 |  | 5540 | 5540 | (8) |
| Poseidon Midco AB | Pharmaceuticals | First Lien Term Loan | E+ | 5.50% |  |  | 5/16/2031 |  |  |  |  | (5)(8)(9)(10) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Poseidon Midco AB | Pharmaceuticals | First Lien Term Loan | E+ | 5.50% | 8.97% |  | 5/16/2031 |  | $50768 | $55033 | $55211 | (5)(8)(10) |
| PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.50% |  |  | 2/15/2029 |  |  | (188) | (336) | (5)(8)(9) |
| PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.50% | 10.10% |  | 2/15/2029 |  | 13382 | 13301 | 13202 | (5)(8) |
| PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 6.50% | 11.35% |  | 2/15/2029 |  | 26489 | 25716 | 26489 | (5)(8) |
| PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Revolver | SOFR+ | 5.50% | 11.35% |  | 2/15/2029 |  | 2001 | 1744 | 1849 | (5)(8)(9) |
| Profrac Holdings II, LLC | Industrial Machinery & Supplies & Components | First Lien Floating Rate Bond | SOFR+ | 7.25% | 11.84% |  | 1/23/2029 |  | 65934 | 65275 | 65360 | (5)(8)(10) |
| Project Accelerate Parent, LLC | Systems Software | First Lien Term Loan | SOFR+ | 5.25% | 10.54% |  | 2/24/2031 |  | 43641 | 43204 | 43641 | (5)(8) |
| Project Accelerate Parent, LLC | Systems Software | First Lien Revolver | SOFR+ | 5.25% |  |  | 2/24/2031 |  |  | (63) |  | (5)(8)(9) |
| Protein for Pets Opco, LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 5.25% | 10.10% |  | 9/20/2030 |  | 63573 | 62405 | 62359 | (5)(8) |
| Protein for Pets Opco, LLC | Packaged Foods & Meats | First Lien Revolver | SOFR+ | 5.25% |  |  | 9/20/2030 |  |  | (122) | (127) | (5)(8)(9) |
| Quantum Bidco Limited | Food Distributors | First Lien Term Loan | SONIA+ | 5.50% | 10.73% |  | 1/31/2028 |  | £9861 | 11591 | 12929 | (5)(8)(10) |
| Quantum Bidco Limited | Food Distributors | First Lien Term Loan | SONIA+ | 5.50% | 10.70% |  | 1/31/2028 |  | 8377 | 10047 | 10712 | (5)(8)(9)(10) |
| Renaissance Holding Corp. | Education Services | First Lien Term Loan | SOFR+ | 4.25% | 9.10% |  | 4/5/2030 |  | $37631 | 37154 | 37658 | (5) |
| Resistance Acquisition, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.75% | 12.35% |  | 9/21/2028 |  | 18387 | 18022 | 18203 | (5)(8) |
| Rockford Tower CLO 2024-1 | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.48% | 12.81% |  | 4/20/2037 |  | 2500 | 2476 | 2564 | (5)(10) |
| RR 24 | Multi-Sector Holdings | CLO Notes | SOFR+ | 8.30% | 13.60% |  | 1/15/2036 |  | 2750 | 2750 | 2776 | (5)(10) |
| Salus Workers' Compensation, LLC | Diversified Financial Services | First Lien Term Loan | SOFR+ | 10.00% | 14.85% |  | 10/7/2026 |  | 13527 | 13250 | 12918 | (5)(8) |
| Salus Workers' Compensation, LLC | Diversified Financial Services | First Lien Revolver | SOFR+ | 10.00% |  |  | 10/7/2026 |  |  | (39) | (85) | (5)(8)(9) |
| Salus Workers' Compensation, LLC | Diversified Financial Services | Warrants |  |  |  |  |  | 606357 |  | 200 | 55 | (8) |
| Saratoga | Diversified Financial Services | Credit Linked Note | SOFR+ | 5.33% | 10.18% |  | 12/31/2029 |  | 98000 | 97914 | 97914 | (5)(8)(10)(15) |
| SCIH Salt Holdings Inc. | Diversified Chemicals | First Lien Term Loan | SOFR+ | 4.00% |  |  | 3/16/2027 |  |  |  |  | (5) |
| SCIH Salt Holdings Inc. | Diversified Chemicals | Fixed Rate Bond |  |  | 4.88% |  | 5/1/2028 |  | 16450 | 15085 | 15875 |  |
| scPharmaceuticals Inc. | Pharmaceuticals | Warrants |  |  |  |  |  | 79075 |  | 258 | 178 | (8) |
| Secure Acquisition Inc. | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 4.25% | 8.85% |  | 12/16/2028 |  | 34658 | 34573 | 34766 | (5) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 5.00% | 10.20% |  | 3/27/2028 |  | 2481 | 2435 | 2458 | (5)(8) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 5.00% | 10.20% |  | 3/27/2028 |  | 2550 | 2431 | 2498 | (5)(8)(9) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 5.00% | 9.85% |  | 3/27/2028 |  | 17245 | 16884 | 17083 | (5)(8) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 5.00% |  |  | 3/27/2028 |  |  | (41) | (80) | (5)(8)(9) |
| SEI Holding I Corporation | Trading Companies & Distributors | First Lien Term Loan | PRIME+ | 4.00% | 12.00% |  | 3/27/2028 |  | 605 | 551 | 569 | (5)(8)(9) |
| Seres Therapeutics, Inc. | Biotechnology | Warrants |  |  |  |  |  | 93470 |  | 293 | 47 | (8)(10) |
| SM Wellness Holdings, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 4.50% | 10.01% |  | 4/17/2028 |  | 17847 | 17032 | 17490 | (5)(8) |
| Sorenson Communications, LLC | Communications Equipment | First Lien Term Loan | SOFR+ | 5.75% | 10.60% |  | 4/19/2029 |  | 89800 | 88166 | 88327 | (5)(8) |
| Sorenson Communications, LLC | Communications Equipment | First Lien Revolver | SOFR+ | 5.75% |  |  | 4/19/2029 |  |  | (185) | (167) | (5)(8)(9) |
| Southern Veterinary Partners, LLC | Health Care Facilities | First Lien Term Loan | SOFR+ | 3.75% | 8.00% |  | 10/5/2027 |  | 25444 | 25320 | 25524 | (5) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Staples, Inc. | Office Services & Supplies | Fixed Rate Bond |  |  | 10.75% |  | 9/1/2029 |  | $13481 | $13354 | $13097 |  |
| Staples, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.75% | 10.69% |  | 9/4/2029 |  | 32181 | 30770 | 29319 | (5) |
| Star Parent, Inc. | Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 3.75% | 8.35% |  | 9/27/2030 |  | 45795 | 45002 | 44624 | (5) |
| SumUp Holdings Luxembourg | Diversified Financial Services | First Lien Term Loan | E+ | 6.50% | 10.04% |  | 4/25/2031 |  | 47274 | 50670 | 52141 | (5)(8)(9)(10) |
| SupplyOne Inc. | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 4.25% | 9.10% |  | 4/19/2031 |  | $16915 | 16776 | 16986 | (5) |
| Supreme Fitness Group NY Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 7.00% | 12.58% |  | 12/31/2026 |  | 695 | 689 | 667 | (5)(8) |
| Supreme Fitness Group NY Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 7.00% | 12.58% |  | 12/31/2026 |  | 836 | 807 | 802 | (5)(8) |
| Supreme Fitness Group NY Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 7.00% | 12.58% |  | 12/31/2026 |  | 8113 | 8040 | 7788 | (5)(8) |
| Supreme Fitness Group NY Holdings, LLC | Leisure Facilities | First Lien Revolver | SOFR+ | 7.00% |  |  | 12/31/2026 |  |  | (4) | (16) | (5)(8)(9) |
| Telephone and Data Systems, Inc. | Wireless Telecommunication Services | Subordinated Debt Term Loan | SOFR+ | 7.00% |  |  | 5/1/2029 |  |  | (255) | (279) | (5)(8)(9)(10) |
| Telephone and Data Systems, Inc. | Wireless Telecommunication Services | Subordinated Debt Term Loan | SOFR+ | 7.00% | 12.25% |  | 5/1/2029 |  | 74099 | 72063 | 72247 | (5)(8)(10) |
| Ten-X LLC | Interactive Media & Services | First Lien Term Loan | SOFR+ | 6.00% | 10.74% |  | 5/26/2028 |  | 24604 | 23700 | 23546 | (5)(8) |
| THL Zinc Ventures Ltd | Diversified Metals & Mining | First Lien Term Loan |  |  | 13.00% |  | 5/23/2026 |  | 39751 | 39469 | 39751 | (8)(10) |
| Touchstone Acquisition, Inc. | Health Care Supplies | First Lien Term Loan | SOFR+ | 6.00% | 10.95% |  | 12/29/2028 |  | 8399 | 8296 | 8231 | (5)(8) |
| Transit Buyer LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 10.31% |  | 1/31/2029 |  | 8142 | 8020 | 8044 | (5)(8) |
| Transit Buyer LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 10.31% |  | 1/31/2029 |  | 3317 | 3262 | 3271 | (5)(8)(9) |
| Transit Buyer LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 9.85% |  | 1/31/2029 |  | 8342 | 8221 | 8242 | (5)(8) |
| Trident TPI Holdings Inc | Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 4.00% | 8.60% |  | 9/15/2028 |  | 12343 | 12343 | 12377 | (5) |
| Trinitas CLO VI Ltd. | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.08% | 12.36% |  | 1/25/2034 |  | 2785 | 2618 | 2634 | (5)(10) |
| Trinitas CLO XII | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.26% | 9.55% |  | 4/25/2033 |  | 4500 | 4401 | 4514 | (5)(10) |
| Trinitas CLO XIX | Multi-Sector Holdings | CLO Notes | SOFR+ | 8.06% | 13.34% |  | 10/23/2033 |  | 2000 | 1993 | 2007 | (5)(10) |
| Trinitas CLO XV DAC | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.71% | 12.99% |  | 4/22/2034 |  | 6500 | 5831 | 6359 | (5)(10) |
| Truck-Lite Co., LLC | Construction Machinery & Heavy Transportation Equipment | First Lien Term Loan | SOFR+ | 5.75% |  |  | 2/13/2031 |  |  | (123) |  | (5)(8)(9) |
| Truck-Lite Co., LLC | Construction Machinery & Heavy Transportation Equipment | First Lien Term Loan | SOFR+ | 5.75% | 10.86% |  | 2/13/2031 |  | 62223 | 61091 | 62223 | (5)(8) |
| Truck-Lite Co., LLC | Construction Machinery & Heavy Transportation Equipment | First Lien Revolver | SOFR+ | 5.75% | 10.85% |  | 2/13/2030 |  | 143 | (53) | 68 | (5)(8)(9) |
| Usalco LLC | Commodity Chemicals | First Lien Term Loan | SOFR+ | 4.00% |  |  | 9/30/2031 |  |  | (16) | 17 | (5)(9) |
| Usalco LLC | Commodity Chemicals | First Lien Term Loan | SOFR+ | 4.00% | 9.20% |  | 9/30/2031 |  | 31731 | 31572 | 31899 | (5) |
| USIC Holdings, Inc. | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.50% | 10.35% |  | 9/10/2031 |  | 71 | 71 | 44 | (5)(8)(9) |
| USIC Holdings, Inc. | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.50% | 10.35% |  | 9/10/2031 |  | 46311 | 45852 | 45857 | (5)(8) |
| USIC Holdings, Inc. | Diversified Support Services | First Lien Revolver | SOFR+ | 5.25% | 10.10% |  | 9/10/2031 |  | 2864 | 2805 | 2806 | (5)(8)(9) |
| Venture 41 CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.13% | 9.41% |  | 1/20/2034 |  | 1500 | 1479 | 1505 | (5)(10) |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 11.00% |  | 5/9/2029 |  | 4956 | 4865 | 4869 | (8)(10) |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  | 11.00% |  | 5/9/2029 |  | 6308 | 6182 | 6198 | (8)(10) |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  |  |  | 9/30/2025 |  |  |  |  | (8)(9)(10)(13) |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  |  |  | 5/9/2029 |  |  |  |  | (8)(9)(10) |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  |  |  | 5/9/2029 |  |  |  |  | (8)(9)(10) |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Portfolio Company</u>** | **<u>Industry</u>** | **<u>Type of Investment (1)(2)(3)</u>** | **<u>Index</u>** | **<u>Spread</u>** | **<u>Cash Interest Rate (4)(5)</u>** | **<u>PIK</u>** | **<u>Maturity Date</u>** | **<u>Shares</u>** | **<u>Principal (6)</u>** | **<u>Cost</u>** | **<u>Fair Value</u>** | **<u>Notes</u>** |
| Verona Pharma, Inc. | Pharmaceuticals | First Lien Term Loan |  |  |  |  | 5/9/2029 |  | $9177 | $9177 | $9269 | (8)(10)(13) |
| Violin Finco Guernsey Limited | Asset Management & Custody Banks | First Lien Term Loan | SONIA+ | 5.50% |  |  | 6/6/2031 |  | £— | (20) | (21) | (5)(8)(9)(10) |
| Violin Finco Guernsey Limited | Asset Management & Custody Banks | First Lien Term Loan | SONIA+ | 5.50% | 10.45% |  | 6/6/2031 |  | 46900 | 58909 | 62280 | (5)(8)(10) |
| WAVE 2019-1 | Specialized Finance | CLO Notes |  |  | 3.60% |  | 9/15/2044 |  | $4625 | 3843 | 4224 | (10) |
| Wellfleet CLO 2022-2, Ltd. | Multi-Sector Holdings | CLO Notes | SOFR+ | 8.56% | 13.84% |  | 10/18/2035 |  | 1500 | 1446 | 1513 | (5)(10) |
| Wind River 2020-1 CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.42% | 12.70% |  | 7/20/2037 |  | 2000 | 1960 | 2008 | (5)(10) |
| Wind River 2024-1 CLO | Multi-Sector Holdings | CLO Notes | SOFR+ | 4.25% | 9.55% |  | 4/20/2037 |  | 3250 | 3250 | 3288 | (5)(10) |
| Woodmont 2022-9 Trust | Multi-Sector Holdings | CLO Notes | SOFR+ | 7.77% | 12.89% |  | 10/25/2036 |  | 9385 | 9292 | 9432 | (5)(10) |
| WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.50% | 8.39% | 4.13% | 11/29/2029 |  | 2582 | 2582 | 2580 | (5)(8) |
| WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.50% | 8.39% | 4.13% | 11/28/2029 |  | 54466 | 53382 | 54145 | (5)(8) |
| WP CPP Holdings, LLC | Aerospace & Defense | First Lien Revolver | SOFR+ | 6.75% |  |  | 11/28/2029 |  |  | (125) | (38) | (5)(8)(9) |
|  **Total Non-Control/Non-Affiliate Investments (144.6% of net assets)** |  |  |  |  |  |  |  |  |  | $**4530412** | $**4576233** |  |
| Restricted Cash |  |  |  |  |  |  |  |  |  | 43328 | 43328 |  |
| Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  | 480836 | 480836 |  |
|  **Cash and Cash Equivalents and Restricted Cash (16.6% of net assets)** |  |  |  |  |  |  |  |  |  | $**524164** | $**524164** |  |
| ***Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (161.2% of net assets)*** |  |  |  |  |  |  |  |  |  | $**5054576** | $**5100397** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Maturity Date** | **Counterparty** | **Cumulative Unrealized Appreciation /(Depreciation)** |
| Foreign currency forward contract | $235495 | 213997 | 11/7/2024 | Bank of New York Mellon | $(3725) |
| Foreign currency forward contract | $158386 | £123967 | 11/7/2024 | Bank of New York Mellon | (7890) |
| Foreign currency forward contract | $6602 | 72797 | 11/7/2024 | Bank of New York Mellon | (312) |
|  |  |  |  |  | $**(11927)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 11/14/2028 | $350000 | $12357 |
| Interest rate swap | Fixed 6.5% | Floating 3-month SOFR +2.5954% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 7/23/2029 | $400000 | $9189 |
|  |  |  |  |  |  | $**21546** |

---

------

**Oaktree Strategic Credit Fund**

**Consolidated Schedule of Investments**

**September 30, 2024**

**(dollar amounts in thousands)**

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

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

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

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

(5)The interest rate on the principal balance outstanding for most floating rate loans is indexed to SOFR, EURIBOR, SONIA, NIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All SOFR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2024, the reference rates for the Company's variable rate loans were the 30-day SOFR at 4.85%, the 90-day SOFR at 4.59%, the 180-day SOFR at 4.25%, the PRIME at 8.00%, the SONIA at 5.50%, the 90-day NIBOR at 4.75%, and the 90-day EURIBOR at 3.54%. Most loans include an interest floor, which generally ranges from 0% to 3.00%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(6)Principal includes accumulated PIK interest and is net of repayments, if any. "€" signifies the investment is denominated in Euros. "£" signifies the investment is denominated in British Pounds. "kr" signifies the investment is denominated in Krone. All other investments are denominated in U.S. dollars.

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

(8)As of September 30, 2024, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820 and were valued using significant unobservable inputs.

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

(10)Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2024, qualifying assets represented 73.8% of the Company's total assets and non-qualifying assets represented 26.2% of the Company's total assets.

(11)This investment represents a participation interest in the underlying securities shown.

(12)This investment was on non-accrual status as of September 30, 2024.

(13)This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan.

(14)This investment was renamed during the three months ended June 30, 2024. For the periods prior to June 30, 2024, this investment was referenced as SCP Eye Care Services, LLC.

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

See notes to Consolidated Financial Statements.

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share amounts, percentages 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 Adviser is an entity under common control with Brookfield Oaktree Holdings, LLC ("BOH") (formerly known as Oaktree Capital Group, LLC). In 2019, Brookfield Corporation (formerly known as Brookfield Asset Management, Inc., collectively with its affiliates, "Brookfield") acquired a majority economic interest in BOH. BOH operates as an independent business within Brookfield, with its own product offerings and investment, marketing and support teams.

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

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

The Company accepted purchase orders and held investors' funds in an interest-bearing escrow account until the Company received purchase orders for Common Shares of at least $100.0 million, excluding subscriptions by Oaktree Fund GP I, L.P. in respect of the Class I shares purchased by Oaktree Fund GP I, L.P. prior to March 31, 2022.

As of June 1, 2022, the Company had satisfied the minimum offering requirement and the Board had authorized the release of proceeds from escrow. As of June 30, 2025, the Company has issued and sold 133,406,551 Class I shares for an aggregate purchase price of $3,142.3 million of which $100.0 million was purchased by an affiliate of the Adviser, 53,595,659 Class S shares for an aggregate purchase price of $1,260.5 million, 155,752 Class D shares for an aggregate purchase price of $3.7 million, and zero Class T shares.

**Note 2. Significant Accounting Policies**

***Basis of Presentation:***

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the consolidated financial statements have been made. The Company is an investment company following the accounting and reporting guidance in FASB ASC Topic 946, *Financial Services - Investment Companies* ("ASC 946").

***Use of Estimates:***

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

***Consolidation:***

The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The consolidated subsidiaries are wholly-owned and, as such, consolidated into the consolidated financial statements. The assets of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of the Company. As an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements but rather are included on the Consolidated Statements of Assets and Liabilities as investments at fair value.

***Fair Value Measurements:***

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

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

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

If the quotations obtained from pricing vendors or brokers are determined not to be reliable or are not readily available, the Adviser values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, the Adviser analyzes various factors, including the portfolio company's historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company's industry. The Adviser also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company's ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. The Adviser may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Adviser considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and September 30, 2024 was determined by the Adviser, as the Board's valuation designee. The Company has and will continue to engage independent valuation firms each quarter to provide assistance regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment.

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

When the Company determines its net asset value as of the last day of a month that is not also the last day of a calendar quarter, the Company updates the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, pursuant to the Company's valuation policy, the Adviser's valuation team will 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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

(which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Company's valuation policy. Additionally, the Adviser may otherwise determine to update the most recent quarter end valuation of an investment without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm.

With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "unsecured notes payable," and "credit facilities payable," which are reported at amortized cost, all assets and liabilities on the Consolidated Statements of Assets and Liabilities approximate fair value. The carrying value of the line items titled "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 to broker," "due to affiliates," "interest payable," "payables from unsettled transactions" and "director fees payable" approximate fair value due to their short maturities.

***Foreign Currency Translation:***

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

***Derivative Instruments:***

*Foreign Currency Forward Contracts*

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

***Interest Rate Swaps:***

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

***Investment Income:***

*Interest Income*

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

company, in management's judgment, is likely to continue timely payment of its remaining obligations. As of June 30, 2025, there was one investment on non-accrual status that represented 0.2% and 0.1% of total debt investments at cost and fair value, respectively. As of September 30, 2024, there was one investment on non-accrual status that represented 0.1% and 0.1% of total debt investments at cost and fair value, respectively.

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

*PIK Interest Income*

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

*Fee Income*

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

*Dividend Income*

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

***Cash and Cash Equivalents and Restricted Cash:***

Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less, when acquired. The Company places its cash and cash equivalents and restricted cash with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and cash equivalents are included on the Company's Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets.

As of June 30, 2025, included in restricted cash was $48.1 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 $48.1 million until the occurrence of the periodic distribution dates and, in connection therewith, the Company's submission of its required periodic reporting schedules and verifications of the Company's compliance with the terms of the SPV credit facilities. As of September 30, 2024, included in restricted cash was $43.3 million that was held at various collateral custodians in connection with the Company's SPV credit facilities.

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

***Receivables/Payables from Unsettled Transactions:***

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

***Deferred Financing Costs:***

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

***Organization and Offering Costs:***

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

For the three and nine months ended June 30, 2025, the Company expensed organization costs of $3 and $5, respectively. For the three and nine months ended June 30, 2024, the Company expensed organization costs of $4 and $8, respectively. As of June 30, 2025 and September 30, 2024, $1,201 and $554, respectively, of offering costs were capitalized on the Consolidated Statements of Assets and Liabilities. For the three and nine months ended June 30, 2025, the Company amortized offering costs of $589 and $1,508, respectively. For the three and nine months ended June 30, 2024, the Company amortized offering costs of $261 and $694, respectively.

***Allocation of Income, Expenses, Gains and Losses:***

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

***Distributions:***

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

***Income Taxes:***

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

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company did not incur a U.S. federal excise tax for calendar years 2024 and 2023. The Company does not expect to incur a U.S. federal excise tax for calendar year 2025.

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

***Recently Adopted Accounting Pronouncements***

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company does not expect this guidance to materially impact its consolidated financial statements.

**Note 3. Portfolio Investments**

*Portfolio Composition*

As of June 30, 2025, the fair value of the Company's investment portfolio was $6,362.9 million and was composed of investments in 171 portfolio companies. As of September 30, 2024, the fair value of the Company's investment portfolio was $4,576.2 million and was composed of investments in 180 portfolio companies.

As of June 30, 2025 and September 30, 2024, the Company's investment portfolio consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| **Cost:** | | **% of Total Investments** | | **% of Total Investments** |
| &nbsp;&nbsp;&nbsp;Senior Secured Debt | $5706997 | 90.37% | $4037376 | 89.12% |
| &nbsp;&nbsp;&nbsp;Subordinated Debt | 582374 | 9.22% | 468071 | 10.33% |
| &nbsp;&nbsp;&nbsp;Preferred Equity | 13945 | 0.22% | 12234 | 0.27% |
| &nbsp;&nbsp;&nbsp;Common Equity and Warrants | 11821 | 0.19% | 12731 | 0.28% |
| &nbsp;&nbsp;&nbsp;**Total** | $**6315137** | **100.00%** | $**4530412** | **100.00%** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| **Fair Value:** | | **% of Total Investments** | **% of Net Assets** | | **% of Total Investments** | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;Senior Secured Debt | $5744828 | 90.29% | 136.24% | $4073936 | 89.02% | 128.74% |
| &nbsp;&nbsp;&nbsp;Subordinated Debt | 586059 | 9.21% | 13.90% | 476093 | 10.40% | 15.05% |
| &nbsp;&nbsp;&nbsp;Preferred Equity | 18731 | 0.29% | 0.44% | 14008 | 0.31% | 0.44% |
| &nbsp;&nbsp;&nbsp;Common Equity and Warrants | 13308 | 0.21% | 0.32% | 12196 | 0.27% | 0.39% |
| &nbsp;&nbsp;&nbsp;**Total** | $**6362926** | **100.00%** | **150.90%** | $**4576233** | **100.00%** | **144.62%** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| | **Fair Value** | **% of Debt Investments** | **Fair Value** | **% of Debt Investments** |
| Floating rate | $5904288 | 93.26% | $4184708 | 91.97% |
| Fixed rate | 426599 | 6.74% | 365321 | 8.03% |
| &nbsp;&nbsp;&nbsp;**Total** | $**6330887** | **100.00%** | $**4550029** | **100.00%** |

---

The geographic composition of the Company's portfolio is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| **Cost:** | | **% of Total Investments** | | **% of Total Investments** |
| &nbsp;&nbsp;&nbsp;United States | $5345058 | 84.64% | $3845172 | 84.89% |
| &nbsp;&nbsp;&nbsp;United Kingdom | 353844 | 5.60% | 273693 | 6.04% |
| &nbsp;&nbsp;&nbsp;Germany | 176616 | 2.80% |  | —% |
| &nbsp;&nbsp;&nbsp;Sweden | 175706 | 2.78% | 55033 | 1.21% |
| &nbsp;&nbsp;&nbsp;Netherlands | 110586 | 1.75% | 51988 | 1.15% |
| &nbsp;&nbsp;&nbsp;Canada | 66634 | 1.06% | 66649 | 1.47% |
| &nbsp;&nbsp;&nbsp;Luxembourg | 50670 | 0.80% | 87862 | 1.94% |
| &nbsp;&nbsp;&nbsp;Costa Rica | 14857 | 0.24% | 13174 | 0.29% |
| &nbsp;&nbsp;&nbsp;Switzerland | 10366 | 0.16% | 10309 | 0.23% |
| &nbsp;&nbsp;&nbsp;Chile | 7775 | 0.12% | 11285 | 0.25% |
| &nbsp;&nbsp;&nbsp;Australia | 1771 | 0.03% | 2030 | 0.04% |
| &nbsp;&nbsp;&nbsp;France | 1254 | 0.02% | 12907 | 0.28% |
| &nbsp;&nbsp;&nbsp;Cayman Islands |  | —% | 60841 | 1.34% |
| &nbsp;&nbsp;&nbsp;India |  | —% | 39469 | 0.87% |
| &nbsp;&nbsp;&nbsp;**Total** | $**6315137** | **100.00%** | $**4530412** | **100.00%** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| **Fair Value:** | | **% of Total Investments** | **% of Net Assets** | | **% of Total Investments** | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;United States | $5343508 | 84.00% | 126.73% | $3870681 | 84.59% | 122.34% |
| &nbsp;&nbsp;&nbsp;United Kingdom | 373106 | 5.86% | 8.85% | 285463 | 6.24% | 9.02% |
| &nbsp;&nbsp;&nbsp;Germany | 186629 | 2.93% | 4.43% |  | —% | —% |
| &nbsp;&nbsp;&nbsp;Sweden | 182784 | 2.87% | 4.33% | 55211 | 1.21% | 1.74% |
| &nbsp;&nbsp;&nbsp;Netherlands | 116102 | 1.82% | 2.75% | 53686 | 1.17% | 1.70% |
| &nbsp;&nbsp;&nbsp;Canada | 68856 | 1.08% | 1.63% | 69066 | 1.51% | 2.18% |
| &nbsp;&nbsp;&nbsp;Luxembourg | 55493 | 0.87% | 1.32% | 89270 | 1.95% | 2.82% |
| &nbsp;&nbsp;&nbsp;Costa Rica | 14992 | 0.24% | 0.36% | 13269 | 0.29% | 0.42% |
| &nbsp;&nbsp;&nbsp;Switzerland | 10280 | 0.16% | 0.24% | 10199 | 0.22% | 0.32% |
| &nbsp;&nbsp;&nbsp;Chile | 7940 | 0.12% | 0.19% | 12093 | 0.26% | 0.38% |
| &nbsp;&nbsp;&nbsp;Australia | 1818 | 0.03% | 0.04% | 2027 | 0.04% | 0.06% |
| &nbsp;&nbsp;&nbsp;France | 1418 | 0.02% | 0.03% | 13702 | 0.30% | 0.43% |
| &nbsp;&nbsp;&nbsp;Cayman Islands |  | —% | —% | 61815 | 1.35% | 1.95% |
| &nbsp;&nbsp;&nbsp;India |  | —% | —% | 39751 | 0.87% | 1.26% |
| &nbsp;&nbsp;&nbsp;**Total** | $**6362926** | **100.00%** | **150.90%** | $**4576233** | **100.00%** | **144.62%** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share amounts, percentages 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 June 30, 2025 and September 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| **Cost:** | | **% of Total Investments** | | **% of Total Investments** |
| Application Software | $954058 | 15.08% | $802052 | 17.68% |
| Aerospace & Defense | 409960 | 6.49% | 167035 | 3.69% |
| Health Care Services | 298453 | 4.73% | 198585 | 4.38% |
| Pharmaceuticals | 294366 | 4.66% | 127146 | 2.81% |
| Systems Software | 252981 | 4.01% | 211410 | 4.67% |
| Interactive Media & Services | 249986 | 3.96% | 168052 | 3.71% |
| Diversified Support Services | 247818 | 3.92% | 217545 | 4.80% |
| Life Sciences Tools & Services | 240601 | 3.81% | 45002 | 0.99% |
| Health Care Equipment | 218650 | 3.46% | 42787 | 0.94% |
| Packaged Foods & Meats | 187329 | 2.97% | 80098 | 1.77% |
| Specialized Consumer Services | 177205 | 2.81% | 54395 | 1.20% |
| Specialized Finance | 171667 | 2.72% | 58235 | 1.29% |
| Diversified Financial Services | 163701 | 2.59% | 161995 | 3.58% |
| Education Services | 145636 | 2.31% | 123399 | 2.72% |
| Insurance Brokers | 140285 | 2.22% | 113638 | 2.51% |
| Building Products | 129528 | 2.05% |  | —% |
| Multi-Sector Holdings | 121133 | 1.92% | 185750 | 4.10% |
| Health Care Technology | 113061 | 1.79% | 128155 | 2.83% |
| Industrial Machinery & Supplies & Components | 98783 | 1.56% | 104147 | 2.30% |
| Construction & Engineering | 97237 | 1.54% | 71267 | 1.57% |
| Wireless Telecommunication Services | 91056 | 1.44% | 71808 | 1.59% |
| Research & Consulting Services | 89425 | 1.42% | 36858 | 0.81% |
| Communications Equipment | 83210 | 1.32% | 87981 | 1.94% |
| Electrical Components & Equipment | 79763 | 1.26% | 83736 | 1.85% |
| Environmental & Facilities Services | 78103 | 1.24% | 77721 | 1.72% |
| Construction Machinery & Heavy Transportation Equipment | 77329 | 1.22% | 60915 | 1.34% |
| Property & Casualty Insurance | 76793 | 1.22% | 68452 | 1.51% |
| Other Specialty Retail | 75179 | 1.19% | 82825 | 1.83% |
| Office Services & Supplies | 73153 | 1.16% | 85692 | 1.89% |
| Cable & Satellite | 69427 | 1.10% | 20900 | 0.46% |
| Real Estate Services | 58581 | 0.93% |  | —% |
| Distributors | 56946 | 0.90% | 28823 | 0.64% |
| Soft Drinks & Non-alcoholic Beverages | 56436 | 0.89% |  | —% |
| Health Care Supplies | 54758 | 0.87% | 67927 | 1.50% |
| Asset Management & Custody Banks | 50725 | 0.80% | 58889 | 1.30% |
| Financial Exchanges & Data | 47167 | 0.75% | 47635 | 1.05% |
| Movies & Entertainment | 45450 | 0.72% | 39844 | 0.88% |
| Diversified Chemicals | 44202 | 0.70% | 15085 | 0.33% |
| Footwear | 43690 | 0.69% |  | —% |
| Trading Companies & Distributors | 43309 | 0.69% | 83101 | 1.83% |
| Air Freight & Logistics | 41419 | 0.66% |  | —% |
| Paper & Plastic Packaging Products & Materials | 37688 | 0.60% | 56443 | 1.25% |
| Food Distributors | 35147 | 0.56% | 21638 | 0.48% |
| Commodity Chemicals | 31398 | 0.50% | 31556 | 0.70% |
| Gold | 27904 | 0.44% | 27777 | 0.61% |
| Alternative Carriers | 25035 | 0.40% |  | —% |
| Hotels, Resorts & Cruise Lines | 20557 | 0.33% | 20621 | 0.46% |
| Consumer Finance | 18262 | 0.29% | 14086 | 0.31% |
| Specialty Chemicals | 17325 | 0.27% |  | —% |
| Biotechnology | 12430 | 0.20% | 12632 | 0.28% |
| Metal, Glass & Plastic Containers | 12281 | 0.19% | 24703 | 0.55% |
| Health Care Distributors | 10598 | 0.17% | 32423 | 0.72% |
| Real Estate Development | 10079 | 0.16% | 25391 | 0.56% |
| Passenger Airlines | 7775 | 0.12% | 11285 | 0.25% |
| Electronic Components | 99 | —% | 28843 | 0.64% |
| Data Processing & Outsourced Services |  | —% | 55825 | 1.23% |
| Diversified Metals & Mining |  | —% | 39469 | 0.87% |
| Health Care Facilities |  | —% | 25320 | 0.56% |
| Advertising |  | —% | 13983 | 0.31% |
| Leisure Facilities |  | —% | 9532 | 0.21% |
| **Total** | $**6315137** | **100.00%** | $**4530412** | **100.00%** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| **Fair Value:** | | **% of Total Investments** | **% of Net Assets** | | **% of Total Investments** | **% of Net Assets** |
| Application Software | $953271 | 15.01% | 22.63% | $804201 | 17.60% | 25.39% |
| Aerospace & Defense | 413308 | 6.50% | 9.80% | 168200 | 3.68% | 5.32% |
| Health Care Services | 300432 | 4.72% | 7.12% | 200245 | 4.38% | 6.33% |
| Pharmaceuticals | 298382 | 4.69% | 7.08% | 127419 | 2.78% | 4.03% |
| Systems Software | 255509 | 4.02% | 6.06% | 215119 | 4.70% | 6.80% |
| Interactive Media & Services | 254448 | 4.00% | 6.03% | 170682 | 3.73% | 5.39% |
| Diversified Support Services | 248321 | 3.90% | 5.89% | 219822 | 4.80% | 6.95% |
| Life Sciences Tools & Services | 241886 | 3.80% | 5.74% | 44624 | 0.98% | 1.41% |
| Health Care Equipment | 222272 | 3.49% | 5.27% | 44170 | 0.97% | 1.40% |
| Packaged Foods & Meats | 188063 | 2.96% | 4.46% | 80657 | 1.76% | 2.55% |
| Specialized Consumer Services | 177227 | 2.79% | 4.20% | 54411 | 1.19% | 1.72% |
| Specialized Finance | 171800 | 2.70% | 4.07% | 58704 | 1.28% | 1.86% |
| Diversified Financial Services | 167894 | 2.64% | 3.98% | 162943 | 3.56% | 5.15% |
| Education Services | 146008 | 2.29% | 3.46% | 125101 | 2.73% | 3.95% |
| Insurance Brokers | 140882 | 2.21% | 3.34% | 113693 | 2.48% | 3.59% |
| Building Products | 129631 | 2.04% | 3.07% |  | —% | —% |
| Multi-Sector Holdings | 123043 | 1.93% | 2.92% | 190554 | 4.16% | 6.02% |
| Health Care Technology | 121416 | 1.91% | 2.88% | 131358 | 2.87% | 4.15% |
| Industrial Machinery & Supplies & Components | 99459 | 1.56% | 2.36% | 104754 | 2.29% | 3.31% |
| Wireless Telecommunication Services | 93140 | 1.46% | 2.21% | 71968 | 1.57% | 2.27% |
| Research & Consulting Services | 89597 | 1.41% | 2.12% | 38103 | 0.83% | 1.20% |
| Construction & Engineering | 86921 | 1.37% | 2.06% | 71067 | 1.55% | 2.25% |
| Communications Equipment | 82870 | 1.30% | 1.97% | 88160 | 1.93% | 2.79% |
| Other Specialty Retail | 81121 | 1.27% | 1.92% | 87962 | 1.92% | 2.78% |
| Electrical Components & Equipment | 79441 | 1.25% | 1.88% | 83490 | 1.82% | 2.64% |
| Construction Machinery & Heavy Transportation Equipment | 77712 | 1.22% | 1.84% | 62291 | 1.36% | 1.97% |
| Property & Casualty Insurance | 76833 | 1.21% | 1.82% | 68654 | 1.50% | 2.17% |
| Environmental & Facilities Services | 75721 | 1.19% | 1.80% | 77622 | 1.70% | 2.45% |
| Office Services & Supplies | 69737 | 1.10% | 1.65% | 83843 | 1.83% | 2.65% |
| Cable & Satellite | 68572 | 1.08% | 1.63% | 21105 | 0.46% | 0.67% |
| Real Estate Services | 58556 | 0.92% | 1.39% |  | —% | —% |
| Soft Drinks & Non-alcoholic Beverages | 56510 | 0.89% | 1.34% |  | —% | —% |
| Distributors | 56155 | 0.88% | 1.33% | 29131 | 0.64% | 0.92% |
| Asset Management & Custody Banks | 55272 | 0.87% | 1.31% | 62259 | 1.36% | 1.97% |
| Health Care Supplies | 54727 | 0.86% | 1.30% | 68395 | 1.49% | 2.16% |
| Diversified Chemicals | 50284 | 0.79% | 1.19% | 15875 | 0.35% | 0.50% |
| Financial Exchanges & Data | 47823 | 0.75% | 1.13% | 47726 | 1.04% | 1.51% |
| Movies & Entertainment | 45963 | 0.72% | 1.09% | 40011 | 0.87% | 1.26% |
| Footwear | 45395 | 0.71% | 1.08% |  | —% | —% |
| Trading Companies & Distributors | 43404 | 0.68% | 1.03% | 84343 | 1.84% | 2.67% |
| Air Freight & Logistics | 41430 | 0.65% | 0.98% |  | —% | —% |
| Food Distributors | 38359 | 0.60% | 0.91% | 23641 | 0.52% | 0.75% |
| Paper & Plastic Packaging Products & Materials | 37790 | 0.59% | 0.90% | 56646 | 1.24% | 1.79% |
| Commodity Chemicals | 31223 | 0.49% | 0.74% | 31916 | 0.70% | 1.01% |
| Gold | 29450 | 0.46% | 0.70% | 29672 | 0.65% | 0.94% |
| Alternative Carriers | 26868 | 0.42% | 0.64% |  | —% | —% |
| Hotels, Resorts & Cruise Lines | 20329 | 0.32% | 0.48% | 20415 | 0.45% | 0.65% |
| Consumer Finance | 18486 | 0.29% | 0.44% | 13952 | 0.30% | 0.44% |
| Specialty Chemicals | 17374 | 0.27% | 0.41% |  | —% | —% |
| Biotechnology | 12119 | 0.19% | 0.29% | 12273 | 0.27% | 0.39% |
| Metal, Glass & Plastic Containers | 12084 | 0.19% | 0.29% | 25307 | 0.55% | 0.80% |
| Health Care Distributors | 10230 | 0.16% | 0.24% | 31732 | 0.69% | 1.00% |
| Real Estate Development | 10138 | 0.16% | 0.24% | 25374 | 0.55% | 0.80% |
| Passenger Airlines | 7940 | 0.12% | 0.19% | 12093 | 0.26% | 0.38% |
| Electronic Components | 100 | —% | —% | 28826 | 0.63% | 0.91% |
| Data Processing & Outsourced Services |  | —% | —% | 57220 | 1.25% | 1.81% |
| Diversified Metals & Mining |  | —% | —% | 39751 | 0.87% | 1.26% |
| Health Care Facilities |  | —% | —% | 25524 | 0.56% | 0.81% |
| Advertising |  | —% | —% | 13988 | 0.31% | 0.44% |
| Leisure Facilities |  | —% | —% | 9241 | 0.20% | 0.29% |
| **Total** | $**6362926** | **100.00%** | **150.90%** | $**4576233** | **100.00%** | **144.62%** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

*Fair Value Measurements*

The following table presents the financial instruments carried at fair value as of June 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 | $— | $1209294 | $4535534 | $5744828 |
| Subordinated debt (including CLO notes and credit linked notes) |  | 243174 | 342885 | 586059 |
| Common equity and warrants | 23 |  | 13285 | 13308 |
| Preferred equity |  |  | 18731 | 18731 |
| **Total investments at fair value** | **23** | **1452468** | **4910435** | **6362926** |
| Cash equivalents | 100743 |  |  | 100743 |
| Derivative assets |  | 15079 |  | 15079 |
| **Total assets at fair value** | $**100766** | $**1467547** | $**4910435** | $**6478748** |
| Derivative liabilities |  | 20475 |  | 20475 |
| **Total liabilities at fair value** | $**—** | $**20475** | $**—** | $**20475** |

---

The following table presents the financial instruments carried at fair value as of September 30, 2024 on the Company's Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior secured debt | $— | $1183356 | $2890580 | $4073936 |
| Subordinated debt (including CLO notes and credit linked notes) |  | 252151 | 223942 | 476093 |
| Preferred equity |  |  | 14008 | 14008 |
| Common equity and warrants |  |  | 12196 | 12196 |
| **Total investments at fair value** | **—** | **1435507** | **3140726** | **4576233** |
| Derivative assets |  | 21546 |  | 21546 |
| **Total assets at fair value** | $**—** | $**1457053** | $**3140726** | $**4597779** |
| Derivative liabilities |  | 11927 |  | 11927 |
| **Total liabilities at fair value** | $**—** | $**11927** | $**—** | $**11927** |

---

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

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

The following table provides a roll-forward of the changes in fair value from March 31, 2025 to June 30, 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 March 31, 2025 | $3893763 | $256237 | $16582 | $12287 | $4178869 |
| Purchases | 767295 | 85708 | 162 | 35 | 853200 |
| Sales and repayments | (129693) | (266) |  | (257) | (130216) |
| Transfers in (a) |  |  | 603 |  | 603 |
| Transfers out (a)(b) | (31820) |  |  | (603) | (32423) |
| Capitalized PIK interest income | 1504 | 783 |  |  | 2287 |
| Accretion of OID | 3950 | 130 |  |  | 4080 |
| Net unrealized appreciation (depreciation) | 27382 | 293 | 1384 | 1823 | 30882 |
| Net realized gains (losses) | 3153 |  |  |  | 3153 |
| **Fair value as of June 30, 2025** | $**4535534** | $**342885** | $**18731** | $**13285** | $**4910435** |
| Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2025 | $29553 | $293 | $1384 | $1556 | $32786 |

---

__________

(a) There was an investment restructuring during the three months ended June 30, 2025 in which Level 3 common equity was exchanged for Level 3 preferred equity.

(b) There was a transfer out of Level 3 to Level 2 for an investment during the three months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

The following table provides a roll-forward of the changes in fair value from March 31, 2024 to June 30, 2024 for all investments for which the Company 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 March 31, 2024 | $2009889 | $33795 | $12814 | $4022 | $2060520 |
| Purchases | 541256 | 188809 |  | 124 | 730189 |
| Sales and repayments | (42281) |  |  |  | (42281) |
| Capitalized PIK interest income | 1803 | 567 |  |  | 2370 |
| Accretion of OID | 2979 | 83 |  |  | 3062 |
| Net unrealized appreciation (depreciation) | (2184) | 65 | 450 | (192) | (1861) |
| Net realized gains (losses) | 14 |  |  |  | 14 |
| **Fair value as of June 30, 2024** | $**2511476** | $**223319** | $**13264** | $**3954** | $**2752013** |
| Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2024 | $(3797) | $65 | $450 | $(192) | $(3474) |

---

The following table provides a roll-forward of the changes in fair value from September 30, 2024 to June 30, 2025 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Senior Secured Debt** | **Subordinated Debt (including CLO Notes and Credit-Linked Notes)** | **Preferred Equity** | **Common Equity and Warrants** | **Total** |
| Fair value as of September 30, 2024 | $2890580 | $223942 | $14008 | $12196 | $3140726 |
| Purchases | 2074529 | 114790 | 162 | 35 | 2189516 |
| Sales and repayments | (439936) | (557) |  | (257) | (440750) |
| Transfers in (a)(b) | 36264 |  | 1552 |  | 37816 |
| Transfers out (a)(b) | (68256) |  |  | (603) | (68859) |
| Capitalized PIK interest income | 5198 | 2240 |  |  | 7438 |
| Accretion of OID | 15549 | 391 |  |  | 15940 |
| Net unrealized appreciation (depreciation) | 20035 | 2079 | 3009 | 2003 | 27126 |
| Net realized gains (losses) | 1571 |  |  | (89) | 1482 |
| **Fair value as of June 30, 2025** | $**4535534** | $**342885** | $**18731** | $**13285** | $**4910435** |
| Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2025 | $26990 | $2079 | $3009 | $2236 | $34314 |

---

__________

(a) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the nine months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were investment restructurings during the nine months ended June 30, 2025 in which Level 3 senior secured debt was exchanged for Level 3 preferred equity.

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

The following table provides a roll-forward of the changes in fair value from September 30, 2023 to June 30, 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, 2023 | $1063761 | $13792 | $5748 | $5839 | $1089140 |
| Purchases | 1577752 | 207980 | 6211 | 124 | 1792067 |
| Sales and repayments | (150226) |  |  |  | (150226) |
| Transfers in (a) | 10757 |  |  |  | 10757 |
| Capitalized PIK interest income | 4011 | 1398 |  |  | 5409 |
| Accretion of OID | 9275 | 84 |  |  | 9359 |
| Net unrealized appreciation (depreciation) | (4053) | 65 | 1305 | (2009) | (4692) |
| Net realized gains (losses) | 199 |  |  |  | 199 |
| **Fair value as of June 30, 2024** | $**2511476** | $**223319** | $**13264** | $**3954** | $**2752013** |
| Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2024 | $(5097) | $65 | $1305 | $(2009) | $(5736) |

---

__________

(a) There were transfers into Level 3 from Level 2 for certain investments during the nine months ended June 30, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

*Significant Unobservable Inputs for Level 3 Investments*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Range** | **Range** | **Weighted<br>Average (a)** |
| &nbsp;&nbsp;&nbsp;Senior secured debt | $4359174 | Market Yield | Market Yield | **(b)** | 6.0% | 24.0% | 9.7% |
|  | 10751 | Enterprise Value | Revenue Multiple | **(e)** | 2.1x | 2.3x | 2.2x |
|  | 3485 | Enterprise Value | EBITDA Multiple | **(e)** | 7.2x | 9.2x | 8.2x |
|  | 121152 | Transaction Precedent | Transaction Price | **(c)** | N/A | N/A | N/A |
|  | 40972 | Broker Quotations | Broker Quoted Price | **(d)** | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Subordinated debt | 239261 | Market Yield | Market Yield | **(b)** | 5.0% | 12.0% | 8.6% |
|  | 85710 | Transaction Precedent | Transaction Price | **(c)** | N/A | N/A | N/A |
|  | 17914 | Broker Quotations | Broker Quoted Price | **(d)** | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Common equity and warrants & preferred equity | 22582 | Market Yield | Market Yield | **(b)** | 12.0% | 18.0% | 14.3% |
|  | 7212 | Enterprise Value | Revenue Multiple | **(e)** | 1.9x | 5.0x | 2.2x |
|  | 2222 | Enterprise Value | EBITDA Multiple | **(e)** | 6.5x | 11.8x | 10.4x |
| &nbsp;&nbsp;&nbsp;**Total** | $**4910435** |  |  |  |  |  |  |

---

_____________________

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

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

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

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

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

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of September 30, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Range** | **Range** | **Weighted<br>Average (a)** |
| &nbsp;&nbsp;&nbsp;Senior secured debt | $2693219 | Market Yield | Market Yield | **(b)** | 5.7% | 22.0% | 10.1% |
|  | 10208 | Enterprise Value | Revenue Multiple | **(e)** | 1.9x | 2.1x | 2.0x |
|  | 2391 | Enterprise Value | EBITDA Multiple | **(e)** | 6.5x | 8.5x | 7.5x |
|  | 92340 | Transaction Precedent | Transaction Price | **(c)** | N/A | N/A | N/A |
|  | 92422 | Broker Quotations | Broker Quoted Price | **(d)** | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Subordinated debt | 223942 | Market Yield | Market Yield | **(b)** | 5.0% | 12.0% | 8.6% |
| &nbsp;&nbsp;&nbsp;Common equity and warrants & preferred equity | 18187 | Enterprise Value | Revenue Multiple | **(e)** | 0.5x | 7.2x | 2.0x |
|  | 8017 | Enterprise Value | EBITDA Multiple | **(e)** | 7.3x | 15.0x | 13.5x |
| &nbsp;&nbsp;&nbsp;**Total** | $**3140726** |  |  |  |  |  |  |

---

_____________________

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

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

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

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

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

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

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

**Note 4. Fee Income** 

For the three and nine months ended June 30, 2025, the Company recorded total fee income of $380 and $3,693, respectively, of which $27 and $235, respectively, was recurring in nature. For the three and nine months ended June 30, 2024, the Company recorded total fee income of $752 and $2,403, respectively, of which $69 and $127, respectively, was recurring in nature. Recurring fee income consisted of servicing fees.

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

**Note 5. Share Data and Distributions** 

*Changes in Net Assets*

The following table presents the changes in net assets for the three and nine months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Shares** | **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** | 134288 | $1343 | $3170746 | $(7749) | $3164340 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in private and public offering | 10676 | 107 | 251386 |  | 251493 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 999 | 10 | 23514 |  | 23524 |
| &nbsp;&nbsp;&nbsp;Shares repurchased, net of early repurchase deduction | (890) | (9) | (20900) |  | (20909) |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 72205 | 72205 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  | 963 | 963 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) |  |  |  | 3677 | 3677 |
| &nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit |  |  |  | (65) | (65) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  | (82912) | (82912) |
| **Balance at December 31, 2024** | **145073** | $**1451** | $**3424746** | $**(13881)** | $**3412316** |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in private and public offering | 17030 | 171 | 399458 |  | 399629 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1065 | 10 | 25194 |  | 25204 |
| &nbsp;&nbsp;&nbsp;Shares repurchased, net of early repurchase deduction | (942) | (10) | (21913) |  | (21923) |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 77254 | 77254 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  | (30913) | (30913) |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) |  |  |  | 6540 | 6540 |
| &nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit |  |  |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  | (91112) | (91112) |
| **Balance at March 31, 2025** | **162226** | $**1622** | $**3827485** | $**(52093)** | $**3777014** |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in private and public offering | 26377 | 264 | 611763 |  | 612027 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1164 | 12 | 26783 |  | 26795 |
| &nbsp;&nbsp;&nbsp;Shares repurchased, net of early repurchase deduction | (7563) | (76) | (174934) |  | (175010) |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 82956 | 82956 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  | 16793 | 16793 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) |  |  |  | (15991) | (15991) |
| &nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit |  |  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  | (107821) | (107821) |
| **Balance at June 30, 2025** | **182204** | $**1822** | $**4291097** | $**(76159)** | $**4216760** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

The following table presents the changes in net assets for the three and nine months ended June 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Shares** | **Common Shares** | | | |
| *(Share amounts in thousands)* | **Shares** | **Par Value** | **Additional Paid-in-Capital** | **Accumulated Distributable Earnings (Loss)** | **Total Net Assets** |
| **Balance at September 30, 2023** | 64896 | $649 | $1536305 | $(7749) | $1529205 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 19952 | 199 | 468588 |  | 468787 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 496 | 5 | 11642 |  | 11647 |
| &nbsp;&nbsp;&nbsp;Shares repurchased, net of early repurchase deduction | (446) | (4) | (10522) |  | (10526) |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 35803 | 35803 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  | 16919 | 16919 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) |  |  |  | 453 | 453 |
| &nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit |  |  |  | (241) | (241) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  | (46876) | (46876) |
| **Balance at December 31, 2023** | **84898** | $**849** | $**2006013** | $**(1691)** | $**2005171** |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 19399 | 194 | 457636 |  | 457830 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 679 | 7 | 16050 |  | 16057 |
| &nbsp;&nbsp;&nbsp;Shares repurchased, net of early repurchase deduction | (349) | (4) | (8213) |  | (8217) |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 53929 | 53929 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  | (655) | (655) |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) |  |  |  | 3347 | 3347 |
| &nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit |  |  |  | (144) | (144) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  | (56572) | (56572) |
| **Balance at March 31, 2024** | **104627** | $**1046** | $**2471486** | $**(1786)** | $**2470746** |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 17673 | 177 | 416869 |  | 417046 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 767 | 8 | 18157 |  | 18165 |
| &nbsp;&nbsp;&nbsp;Shares repurchased, net of early repurchase deduction | (703) | (7) | (16537) |  | (16544) |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 61642 | 61642 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  |  |  | (3198) | (3198) |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) |  |  |  | (59) | (59) |
| &nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit |  |  |  | (158) | (158) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  | (68254) | (68254) |
| **Balance at June 30, 2024** | **122364** | $**1224** | $**2889975** | $**(11813)** | $**2879386** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

*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 June 30, 2025, the Company has issued and sold 133,406,551 Class I shares for an aggregate purchase price of $3,142.3 million, 53,595,659 Class S shares for an aggregate purchase price of $1,260.5 million and 155,752 Class D shares for an aggregate purchase price of $3.7 million. As of June 30, 2025, the Company has issued 3,038,058 Class I shares, 3,745,169 Class S shares and 5,816 Class D shares pursuant to its distribution reinvestment plan. As of June 30, 2025, the Company has not issued any Class T shares.

The following table summarizes transactions in Common Shares for the nine months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in private and public offering | 43490558 | $1015107 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | 72671 | 1700 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1419706 | 33561 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (7742619) | (179433) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **37240316** | $**870935** |
| Class S |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 10515826 | $246239 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | (72671) | (1700) |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1803828 | 41881 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (1648328) | (38332) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **10598655** | $**248088** |
| Class D |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 76766 | $1803 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 3510 | 81 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (3287) | (77) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **76989** | $**1807** |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | **47915960** | $**1120830** |

---

The following table summarizes transactions in Common Shares for the nine months ended June 30, 2024:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in private and public offering | 37416704 | $881665 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | 15393 | 364 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 878249 | 20839 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (926792) | (21838) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **37383554** | $**881030** |
| Class S |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 19541548 | $460437 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | (15393) | (364) |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1060406 | 24999 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (570987) | (13449) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **20015574** | $**471623** |
| Class D |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 66226 | $1561 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1310 | 31 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction |  |  |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **67536** | $**1592** |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | **57466664** | $**1354245** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

*Net Asset Value per Share and Offering Price*

The Company determines NAV per share for each class of shares as of the last calendar day of each month. Share issuances pursuant to accepted monthly subscriptions are effective the first calendar day of each month. Shares are issued and sold at a purchase price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following tables summarize each month-end NAV per share for Class I, Class S and Class D shares for the nine months ended June 30, 2025 and 2024. As of June 30, 2025, the Company has not issued any Class T shares.

---

| | | | |
|:---|:---|:---|:---|
| | **Class I Shares** | **Class S Shares** | **Class D Shares** |
| October 31, 2024 | $23.55 | $23.55 | $23.55 |
| November 30, 2024 | $23.56 | $23.56 | $23.56 |
| December 31, 2024 | $23.52 | $23.52 | $23.52 |
| January 31, 2025 | $23.49 | $23.49 | $23.49 |
| February 28, 2025 | $23.41 | $23.41 | $23.41 |
| March 31, 2025 | $23.28 | $23.28 | $23.28 |
| April 30, 2025 | $23.12 | $23.12 | $23.12 |
| May 31, 2025 | $23.16 | $23.16 | $23.16 |
| June 30, 2025 | $23.14 | $23.14 | $23.14 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Class I Shares** | **Class S Shares** | **Class D Shares** |
| October 31, 2023 | $23.39 | $23.39 | $23.39 |
| November 30, 2023 | $23.51 | $23.51 | $23.51 |
| December 31, 2023 | $23.62 | $23.62 | $23.62 |
| January 31, 2024 | $23.60 | $23.60 | $23.60 |
| February 29, 2024 | $23.58 | $23.58 | $23.58 |
| March 31, 2024 | $23.61 | $23.61 | $23.61 |
| April 30, 2024 | $23.59 | $23.59 | $23.59 |
| May 31, 2024 | $23.59 | $23.59 | $23.59 |
| June 30, 2024 | $23.53 | $23.53 | $23.53 |

---

*Distributions*

The Board authorizes and declares monthly distributions per outstanding Common Share. The following table presents distributions that were declared during the nine months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class I** | **Class I** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 24, 2024 | October 30, 2024 | November 26, 2024 | $0.2000 | $18473 |
| Monthly | November 26, 2024 | November 27, 2024 | December 27, 2024 | 0.2000 | 18965 |
| Monthly | December 26, 2024 | December 27, 2024 | February 3, 2025 | 0.2000 | 19552 |
| Monthly | January 28, 2025 | January 29, 2025 | February 26, 2025 | 0.2000 | 20068 |
| Monthly | February 24, 2025 | February 26, 2025 | March 27, 2025 | 0.2000 | 21111 |
| Monthly | March 24, 2025 | March 27, 2025 | April 28, 2025 | 0.2000 | 22009 |
| Monthly | April 23, 2025 | April 28, 2025 | May 28, 2025 | 0.2000 | 24397 |
| Monthly | May 27, 2025 | May 28, 2025 | June 26, 2025 | 0.2000 | 26500 |
| Monthly | June 25, 2025 | June 26, 2025 | July 29, 2025 | 0.2000 | 26775 |
|  |  |  |  | $**1.8000** | $**197850** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class S** | **Class S** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 24, 2024 | October 30, 2024 | November 26, 2024 | $0.1833 | $8415 |
| Monthly | November 26, 2024 | November 27, 2024 | December 27, 2024 | 0.1833 | 8632 |
| Monthly | December 26, 2024 | December 27, 2024 | February 3, 2025 | 0.1833 | 8816 |
| Monthly | January 28, 2025 | January 29, 2025 | February 26, 2025 | 0.1833 | 9026 |
| Monthly | February 24, 2025 | February 26, 2025 | March 27, 2025 | 0.1834 | 9278 |
| Monthly | March 24, 2025 | March 27, 2025 | April 28, 2025 | 0.1834 | 9543 |
| Monthly | April 23, 2025 | April 28, 2025 | May 28, 2025 | 0.1835 | 9817 |
| Monthly | May 27, 2025 | May 28, 2025 | June 26, 2025 | 0.1836 | 10006 |
| Monthly | June 25, 2025 | June 26, 2025 | July 29, 2025 | 0.1836 | 10233 |
|  |  |  |  | $**1.6507** | $**83766** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class D** | **Class D** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 24, 2024 | October 30, 2024 | November 26, 2024 | $0.1951 | $16 |
| Monthly | November 26, 2024 | November 27, 2024 | December 27, 2024 | 0.1951 | 21 |
| Monthly | December 26, 2024 | December 27, 2024 | February 3, 2025 | 0.1951 | 22 |
| Monthly | January 28, 2025 | January 29, 2025 | February 26, 2025 | 0.1951 | 22 |
| Monthly | February 24, 2025 | February 26, 2025 | March 27, 2025 | 0.1951 | 24 |
| Monthly | March 24, 2025 | March 27, 2025 | April 28, 2025 | 0.1951 | 31 |
| Monthly | April 23, 2025 | April 28, 2025 | May 28, 2025 | 0.1952 | 31 |
| Monthly | May 27, 2025 | May 28, 2025 | June 26, 2025 | 0.1952 | 31 |
| Monthly | June 25, 2025 | June 26, 2025 | July 29, 2025 | 0.1952 | 31 |
|  |  |  |  | $**1.7562** | $**229** |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

The following table presents distributions that were declared during the nine months ended June 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class I** | **Class I** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 25, 2023 | October 31, 2023 | November 28, 2023 | $0.1900 | $9259 |
| Monthly | November 27, 2023 | November 30, 2023 | December 27, 2023 | 0.1900 | 9916 |
| Special | December 14, 2023 | December 15, 2023 | December 27, 2023 | 0.0400 | 2296 |
| Monthly | December 20, 2023 | December 31, 2023 | February 1, 2024 | 0.1900 | 10921 |
| Monthly | January 24, 2024 | January 31, 2024 | February 27, 2024 | 0.1900 | 11872 |
| Monthly | February 27, 2024 | February 29, 2024 | March 27, 2024 | 0.2000 | 13229 |
| Monthly | March 26, 2024 | March 27, 2024 | April 29, 2024 | 0.2000 | 14041 |
| Monthly | April 18, 2024 | April 29, 2024 | May 30, 2024 | 0.2000 | 14936 |
| Monthly | May 24, 2024 | May 30, 2024 | June 27, 2024 | 0.2000 | 15451 |
| Monthly | June 27, 2024 | June 27, 2024 | July 29, 2024 | 0.2000 | 16361 |
|  |  |  |  | $**1.8000** | $**118282** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class S** | **Class S** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 25, 2023 | October 31, 2023 | November 28, 2023 | $0.1733 | $4105 |
| Monthly | November 27, 2023 | November 30, 2023 | December 27, 2023 | 0.1734 | 4436 |
| Special | December 14, 2023 | December 15, 2023 | December 27, 2023 | 0.0400 | 1109 |
| Monthly | December 20, 2023 | December 31, 2023 | February 1, 2024 | 0.1733 | 4825 |
| Monthly | January 24, 2024 | January 31, 2024 | February 27, 2024 | 0.1733 | 5191 |
| Monthly | February 27, 2024 | February 29, 2024 | March 27, 2024 | 0.1833 | 5853 |
| Monthly | March 26, 2024 | March 27, 2024 | April 29, 2024 | 0.1833 | 6361 |
| Monthly | April 18, 2024 | April 29, 2024 | May 30, 2024 | 0.1833 | 6730 |
| Monthly | May 24, 2024 | May 30, 2024 | June 27, 2024 | 0.1833 | 7188 |
| Monthly | June 27, 2024 | June 27, 2024 | July 29, 2024 | 0.1833 | 7551 |
|  |  |  |  | $**1.6498** | $**53349** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class D** | **Class D** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 25, 2023 | October 31, 2023 | November 28, 2023 | $0.1851 | $1 |
| Monthly | November 27, 2023 | November 30, 2023 | December 27, 2023 | 0.1851 | 3 |
| Special | December 14, 2023 | December 15, 2023 | December 27, 2023 | 0.0400 | 1 |
| Monthly | December 20, 2023 | December 31, 2023 | February 1, 2024 | 0.1851 | 4 |
| Monthly | January 24, 2024 | January 31, 2024 | February 27, 2024 | 0.1851 | 5 |
| Monthly | February 27, 2024 | February 29, 2024 | March 27, 2024 | 0.1951 | 10 |
| Monthly | March 26, 2024 | March 27, 2024 | April 29, 2024 | 0.1951 | 10 |
| Monthly | April 18, 2024 | April 29, 2024 | May 30, 2024 | 0.1951 | 11 |
| Monthly | May 24, 2024 | May 30, 2024 | June 27, 2024 | 0.1951 | 12 |
| Monthly | June 27, 2024 | June 27, 2024 | July 29, 2024 | 0.1951 | 14 |
|  |  |  |  | $**1.7559** | $**71** |

---

*Distribution Reinvestment Plan*

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

*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 June 30, 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 nine months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class S** | **Class S** | **Class D** | **Class D** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.4962 | $163586 | $1.3484 | $68644 | $1.4566 | $190 |
| Distributions in excess of net investment income | 0.3038 | 34264 | 0.3023 | 15122 | 0.2996 | 39 |
| **Total** | $1.8000 | $197850 | $1.6507 | $83766 | $1.7562 | $229 |

---

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 nine months ended June 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class S** | **Class S** | **Class D** | **Class D** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.5811 | $104599 | $1.4315 | $46712 | $1.5394 | $63 |
| Distributions in excess of net investment income | 0.2189 | 13683 | 0.2183 | 6637 | 0.2165 | 8 |
| **Total** | $1.8000 | $118282 | $1.6498 | $53349 | $1.7559 | $71 |

---

*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 2.0% 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 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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

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 nine months ended June 30, 2025, the Company repurchased pursuant to such tender offers an aggregate of 7,742,619 Class I shares, 1,648,328 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the nine months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Repurchase Pricing Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Amount Repurchased (all classes)**<sup>(2)</sup> |
| December 31, 2024 | 889569 | 0.66% | $23.52 | $20910 |
| March 31, 2025 | 941577 | 0.65% | 23.28 | 21923 |
| June 30, 2025 | 7563088 | 4.66% | 23.14 | 175010 |

---

_____________________

(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 nine months ended June 30, 2024, the Company repurchased pursuant to such tender offers an aggregate of 926,792 Class I and 570,987 Class S shares. The following table presents the share repurchases completed during the nine months ended June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Repurchase Pricing Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Amount Repurchased (all classes)**<sup>(2)</sup> |
| December 31, 2023 | 446089 | 0.69% | $23.62 | $10526 |
| March 31, 2024 | 348944 | 0.41% | 23.61 | 8217 |
| June 30, 2024 | 702746 | 0.67% | 23.53 | 16544 |

---

_____________________

(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**

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

**(unaudited)**

**Note 6. Borrowings**

Below is a summary of the Company's credit facilities as of June 30, 2025 and September 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>($ in millions) | **Aggregate Principal Committed** | **Outstanding Principal** | **Unfunded Commitment** | **Unamortized Debt Financing Costs** | **Availability Period** | **Maturity Date** |
| ING Credit Agreement | $1235.0 | $630.0 | $605.0 | $9.0 | 4/11/2029 | 4/11/2030 |
| JPM SPV Facility | 500.0 | 375.0 | 125.0 | 4.4 | 5/29/2027 | 5/29/2029 |
| SMBC SPV Facility | 150.0 | 75.5 | 74.5 | 1.3 | 9/29/2026 | 9/29/2028 |
| CIBC SPV Facility | 350.0 | 245.0 | 105.0 | 0.4 | 11/21/2025 | 11/21/2025 |
| DBNY SPV Facility | 300.0 | 180.0 | 120.0 | 2.5 | 2/15/2027 | 2/15/2029 |
| MS SPV Facility | 200.0 | 133.4 | 66.6 | 1.8 | 2/23/2027 | 2/23/2029 |
| &nbsp;&nbsp;&nbsp;**Total** | $**2735.0** | $**1638.9** | $**1096.1** | $**19.4** |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|<br>($ in millions) | **Aggregate Principal Committed** | **Outstanding Principal** | **Unfunded Commitment** | **Unamortized Debt Financing Costs** | **Availability Period** | **Maturity Date** |
| ING Credit Agreement | $1185.0 | $415.0 | $770.0 | $6.8 | 6/28/2027 | 6/28/2028 |
| JPM SPV Facility | 500.0 | 230.0 | 270.0 | 5.2 | 5/29/2027 | 5/29/2029 |
| SMBC SPV Facility | 150.0 | 100.0 | 50.0 | 1.6 | 9/29/2026 | 9/29/2028 |
| CIBC SPV Facility | 350.0 | 225.0 | 125.0 | 1.3 | 11/21/2025 | 11/21/2025 |
| DBNY SPV Facility | 300.0 | 100.0 | 200.0 | 3.0 | 2/15/2027 | 2/15/2029 |
| MS SPV Facility | 200.0 | 25.0 | 175.0 | 2.2 | 2/23/2027 | 2/23/2029 |
| &nbsp;&nbsp;&nbsp;**Total** | $**2685.0** | $**1095.0** | $**1590.0** | $**20.1** |  |  |

---

Below is a summary of the Company's unsecured notes as of June 30, 2025 and September 30, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>($ in millions) | **Outstanding Principal** | **Unamortized Financing Costs** | **Unaccreted Discount** | **Swap Fair Value Adjustment** | **Carrying Value** | **Fair Value** | **Maturity Date** |
| 2028 Unsecured Notes | $350.0 | $(3.1) | $(1.2) | $9.0 | $354.7 | $377.1 | 11/14/2028 |
| 2029 Unsecured Notes | 400.0 | (4.1) | (1.9) | 6.1 | 400.1 | 409.1 | 7/23/2029 |
| &nbsp;&nbsp;&nbsp;**Total** | $**750.0** | $**(7.2)** | $**(3.1)** | $**15.1** | $**754.8** | $**786.2** |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|<br>($ in millions) | **Outstanding Principal** | **Unamortized Financing Costs** | **Unaccreted Discount** | **Swap Fair Value Adjustment** | **Carrying Value** | **Fair Value** | **Maturity Date** |
| 2028 Unsecured Notes | $350.0 | $(3.7) | $(1.5) | $12.4 | $357.2 | $378.6 | 11/14/2028 |
| 2029 Unsecured Notes | 400.0 | (4.8) | (2.3) | 9.2 | 402.1 | 412.0 | 7/23/2029 |
| &nbsp;&nbsp;&nbsp;**Total** | $**750.0** | $**(8.5)** | $**(3.8)** | $**21.6** | $**759.3** | $**790.6** |  |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share amounts, percentages 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 June 30, 2025** | **Three Months Ended June 30, 2024** | **Nine Months Ended June 30, 2025** | **Nine Months Ended June 30, 2024** |
| Stated interest expense | $35.2 | $27.3 | $107.6 | $62.5 |
| Credit facility fees | 2.6 | 1.8 | 8.2 | 4.6 |
| Amortization of debt financing costs | 2.2 | 1.7 | 6.5 | 4.1 |
| Effect of interest rate swaps | 0.5 | 0.9 | 2.6 | 2.4 |
| Total interest expense | $**40.5** | $**31.7** | $**124.9** | $**73.6** |
| Weighted average interest rate <sup>(1)</sup> | 6.915% | 8.418% | 7.117% | 8.341% |
| Weighted average outstanding balance | $**2042.4** | $**1366.9** | $**2027.2** | $**1035.1** |

---

_____________________

(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 June 30, 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 June 30, 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 IING 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**

**(in thousands, except share and per share amounts, percentages 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 $500 million.

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

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

*SMBC SPV Facility*

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

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

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

*CIBC SPV Facility*

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

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

Borrowings under the CIBC Loan and Servicing Agreement bear interest at a rate per annum equal to, at the request of OSCF Lending V SPV, either (1) SOFR plus 1.95% or (2) the base rate (which is the greatest of the (a) prime rate, (b) federal funds effective rate plus 1/2 of 1%, (c) zero (0%) and (d) one month SOFR plus 1%) plus 0.95%. The applicable spread

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

otherwise in effect shall be increased by 2% per annum after the stated maturity date or when an event of default has occurred and is continuing. The Company is required to pay a non-usage fee of 0.50% on undrawn borrowings.

The obligations of OSCF Lending V SPV under the CIBC Loan and Servicing Agreement are secured by all of the assets held by OSCF Lending V SPV, including loans it has made or acquired.

*DBNY SPV Facility*

On February 15, 2024, the Company entered into a loan financing and servicing agreement (the "DBNY Loan Financing and Servicing Agreement"), among OSCF Lending IV SPV, LLC ("OSCF Lending IV SPV"), a wholly owned subsidiary of the Company, as borrower, the Company, as servicer and equityholder, the lenders party thereto, Deutsche Bank AG, New York Branch ("DBNY"), as facility agent, the other agents parties thereto and Deutsche Bank National Trust Company, as collateral agent and collateral custodian, pursuant to which DBNY has agreed to extend credit to OSCF Lending IV SPV in an aggregate principal amount up to $300 million (the "DBNY Facility Amount") at any one time outstanding.

Borrowings under the DBNY Loan Financing and Servicing Agreement may be denominated in EUR, AUD, CAD, GBP or USD and bear interest at a rate per annum equal to the sum of, for any accrual period and any lender, (i) the applicable margin and (ii) the cost of funds rate for such accrual period and such lender. The applicable margin will be 2.40% per annum prior to the end of the availability period and 3.05% per annum thereafter; provided that, on and after the occurrence of any Event of Default (as defined in the DBNY Loan Financing and Servicing Agreement), the applicable margin shall be increased by 2.00% per annum. The cost of funds rate will be, (a) for each conduit lender, the lower of (x) such conduit lender's Commercial Paper Rate (as defined in the DBNY Loan Financing and Servicing Agreement) and (y) the SOFR for a three-month tenor as quoted by CME Group Benchmark Administration Limited (which shall in no event be lower than 0.25%), and (b) for each committed lender, the base rate determined by reference to the applicable benchmark index depending on the currency denomination of the advances.

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

Subject to certain conditions, including consent of DBNY, as facility agent, OSCF Lending IV SPV may (i) propose increases in the DBNY Facility Amount up to an amount not to exceed $1.0 billion in the aggregate, (ii) add additional lender groups and/or (iii) increase the commitment of any lender group with the consent of such lender group. The DBNY Facility Amount may, subject to certain conditions, including consent of DBNY, as facility agent, be so increased to $400 million.

*MS SPV Facility*

On February 23, 2024, the Company entered into a loan and servicing agreement (the "MS Loan and Servicing Agreement"), among OSCF Lending II SPV, LLC ("OSCF Lending II SPV"), a wholly owned subsidiary of 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 $200 million at any one time outstanding.

Advances under the MS Loan and Servicing Agreement bear interest at a rate per annum equal to SOFR plus 2.35% during the availability period and 2.85% thereafter; provided that the applicable margin shall be increased by 2.00% per annum (i) during the existence of a Specified Event of Default (as defined in the MS Loan and Servicing Agreement), (ii) upon written notice from MS, as administrative agent (at the direction of required lenders) to OSCF Lending II SPV and 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).

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

***Unsecured Notes***

*2028 Unsecured Notes*

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

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

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

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

*2029 Unsecured Notes*

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

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

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

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

**Note 7. Taxable/Distributable Income**

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

Presented below is a reconciliation of net increase (decrease) in net assets resulting from operations to taxable income for the three and nine months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>June 30, 2025** | **Three months ended<br>June 30, 2024** | **Nine months ended<br>June 30, 2025** | **Nine months ended<br>June 30, 2024** |
| Net increase (decrease) in net assets resulting from operations | $83755 | $58227 | $213435 | $167638 |
| Net unrealized (appreciation) depreciation | (16793) | 3198 | 13157 | (13066) |
| Book/tax difference due to capital gains incentive fees | 100 | (427) | (2372) | 2033 |
| Other book/tax differences <sup>(1)</sup> | (13743) | 1025 | (11508) | (4234) |
| **Taxable income** <sup>(2)</sup> | $**53319** | $**62023** | $**212712** | $**152371** |

---

__________________

&nbsp;&nbsp;&nbsp;&nbsp;(1)For the three and nine months ended June 30, 2025, the other book/tax difference was primarily due to changes in unrealized value of foreign currency forwards.

&nbsp;&nbsp;&nbsp;&nbsp;(2)The Company's taxable income for the three and nine months ended June 30, 2025 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2025. The final taxable income may be different than the estimate.

For the three months ended June 30, 2025, the Company recognized (i) a provision for incomes taxes on net investment income of $131, which was all current tax expense, and (ii) a provision for income taxes on realized and unrealized gains (losses) of $3, which was primarily a deferred tax expense. For the three months ended June 30, 2024, the Company recognized a total provision for income tax expense on realized and unrealized gains (losses) of $158, which was comprised of a current tax expense of $156 and a deferred tax expense of $2.

For the nine months ended June 30, 2025, the Company recognized (i) a provision for incomes taxes on net investment income of $810, which was all current tax expense, and (ii) a provision for income taxes on realized and unrealized gains (losses) of $49, of which $27 was deferred tax expense and $22 was current tax expense. For the nine months ended June 30, 2024, the Company recognized a total provision for income tax expense on realized and unrealized gains (losses) of $543, which was comprised of a current tax expense of $541 and a deferred tax expense of $2.

As of September 30, 2024, the Company's last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Overdistributed ordinary income, net | $(60970) |
| Net realized capital gains | 10137 |
| Unrealized gains, net | 43084 |
| Accumulated overdistributed earnings | $**(7749)** |

---

The aggregate cost of investments for U.S. federal income tax purposes was $4,424.0 million as of September 30, 2024. As of September 30, 2024, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for U.S. federal income tax purposes was $101.6 million. As of September 30, 2024, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for U.S. federal income tax purposes over value was $58.5 million. Net unrealized appreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $43.1 million.

**Note 8. Concentration of Credit Risks**

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share amounts, percentages 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 first calendar month in which the Company had operations, net assets were measured as of June 1, 2022, the date on which the Company broke escrow. In addition, the Adviser waived its management fee through November 2022. For the three and nine months ended June 30, 2025, base management fees were $13,345 and $35,278, respectively. For the three and nine months ended June 30, 2024, base management fees were $8,630 and $21,628, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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

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

the Adviser.

The Adviser waived the Investment Income Incentive Fee through November 2022.

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

For the three and nine months ended June 30, 2025, the Investment Income Incentive Fee was $12,243 and $33,934, respectively. For the three and nine months ended June 30, 2024, the Investment Income Incentive Fee was $9,020 and $22,754, respectively.

*Capital Gains Incentive Fee*

In addition to the Investment Income Incentive Fee described above, commencing on September 30, 2022, the Adviser is entitled to receive a Capital Gains Incentive Fee (as defined below) under the Investment Advisory Agreement. The Capital Gains Incentive Fee is determined and payable in arrears as of the end of each fiscal year. The Capital Gains Incentive Fee is equal to 12.5% of the realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal year, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid Capital Gains Incentive Fee, provided, that the Capital Gains Incentive Fee determined as of September 30, 2022 is calculated for a period of shorter than 12 calendar months to take into account any realized capital gains computed net of all realized capital losses and unrealized capital depreciation from the date of inception through the end of the fiscal year 2022 (the "Capital Gains Incentive Fee"). The payment obligation with respect to the Capital Gains Incentive Fee is allocated in the same manner across the Class T shares, Class S shares, Class D shares and Class I shares. As of June 30, 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 June 30, 2025, there were $100 of accrued Capital Gains Incentive Fees. For the nine months ended June 30, 2025, there were $2,372 of reversal of accrued Capital Gains Incentive Fees. For the three months ended June 30, 2024, there were $427 of reversal of accrued Capital Gains Incentive Fees. For the nine months ended June 30, 2024, there were $2,033 of accrued Capital Gains Incentive Fees. As of June 30, 2025, there were $856 of Capital Gains Incentive Fees accrued since inception.

***Administration Agreement***

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

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

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

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 June 30, 2025, the Company incurred $861 of expenses under the Administration Agreement, of which $556 was included in administrator expense, $133 was included in general and administrative expenses and $172 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the nine months ended June 30, 2025, the Company incurred $1,765 of expenses under the Administration Agreement, of which $1,162 was included in administrator expense, $265 was included in general and administrative expenses and $338 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the three months ended June 30, 2024, the Company incurred $478 of expenses under the Administration Agreement, of which $377 was included in administrator expense, $80 was included in general and administrative expenses and $21 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the nine months ended June 30, 2024, the Company incurred $1,389 of expenses under the Administration Agreement, of which $1,096 was included in administrator expense, $242 was included in general and administrative expenses and $51 was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations.

***Certain Terms of the Investment Advisory Agreement and Administration Agreement***

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

***Distribution Manager Agreement***

Effective as of February 3, 2022, the Company has entered into a Distribution Manager Agreement (as amended and restated, the "Distribution Manager Agreement") with Brookfield Oaktree Wealth Solutions LLC (the "Distribution Manager"), an affiliate of the Adviser. Under the terms of the Distribution Manager Agreement, the Distribution Manager serves as the distribution manager for the Company's initial offering of Common Shares. The Distribution Manager is entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Company's net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Distribution Manager is entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Company's net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholding servicing fees are paid with respect to Class I shares. The distribution and/or shareholder servicing fees are payable to the Distribution Manager, but the Distribution Manager anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers.

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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

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 and Class D shares will survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

***Distribution and Servicing Plan***

Effective as of February 3, 2022, the Company established a distribution and servicing plan (as amended and restated, the "Distribution and Servicing Plan"). The following table shows the shareholder servicing and/or distribution fees the Company pays the Distribution Manager with respect to the Class 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** | **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 and nine months ended June 30, 2025, the Company recorded distribution and shareholder servicing fees of $2,658 and $7,523, respectively, primarily all of which were attributable to Class S shares. For the three and nine months ended June 30, 2024, the Company recorded distribution and shareholder servicing fees of $1,958 and $4,853, 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

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a "Reimbursement Payment." "Available Operating Funds" means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

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

For the nine months ended June 30, 2025 and 2024, the Adviser did not make any Expense Payments. For the nine months ended June 30, 2025, the Company did not make any reimbursement payments to the Adviser. For the nine months ended June 30, 2024, the Company made reimbursement payments of $1,045 to the Adviser. As of June 30, 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**

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

**(unaudited)**

**Note 10. Financial Highlights**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Share amounts in thousands) | **Three months ended<br>June 30, 2025** | **Three months ended<br>June 30, 2025** | **Three months ended<br>June 30, 2025** | **Three months ended<br>June 30, 2024** | **Three months ended<br>June 30, 2024** | **Three months ended<br>June 30, 2024** | **Nine months ended<br>June 30, 2025** | **Nine months ended<br>June 30, 2025** | **Nine months ended<br>June 30, 2025** | **Nine months ended<br>June 30, 2024** | **Nine months ended<br>June 30, 2024** | **Nine months ended<br>June 30, 2024** |
|  | Class I | Class S | Class D | Class I | Class S | Class D | Class I | Class S | Class D | Class I | Class S | Class D |
| Net asset value at beginning of period | $23.28 | $23.28 | $23.28 | $23.61 | $23.61 | $23.61 | $23.56 | $23.56 | $23.56 | $23.56 | $23.56 | $23.56 |
| Net investment income (1) | 0.46 | 0.41 | 0.45 | 0.54 | 0.49 | 0.53 | 1.50 | 1.35 | 1.46 | 1.58 | 1.43 | 1.54 |
| Net unrealized appreciation (depreciation) (1)(2) | 0.09 | 0.09 | 0.09 | (0.02) | (0.02) | (0.02) | (0.08) | (0.08) | (0.08) | 0.15 | 0.15 | 0.15 |
| Net realized gains (losses) (1) | (0.09) | (0.09) | (0.09) |  |  |  | (0.04) | (0.04) | (0.04) | 0.04 | 0.04 | 0.04 |
| Net increase (decrease) in net assets resulting from operations | 0.46 | 0.41 | 0.45 | 0.52 | 0.47 | 0.51 | 1.38 | 1.23 | 1.34 | 1.77 | 1.62 | 1.73 |
| Distributions of net investment income to shareholders | (0.46) | (0.41) | (0.45) | (0.54) | (0.49) | (0.53) | (1.50) | (1.35) | (1.46) | (1.58) | (1.43) | (1.54) |
| Distributions in excess of net investment income | (0.14) | (0.14) | (0.14) | (0.06) | (0.06) | (0.06) | (0.30) | (0.30) | (0.30) | (0.22) | (0.22) | (0.22) |
| **Net asset value at end of period** | $**23.14** | $**23.14** | $**23.14** | $**23.53** | $**23.53** | $**23.53** | $**23.14** | $**23.14** | $**23.14** | $**23.53** | $**23.53** | $**23.53** |
| Total return (3) | 2.00% | 1.79% | 1.94% | 2.22% | 2.00% | 2.16% | 6.05% | 5.38% | 5.86% | 7.77% | 7.09% | 7.57% |
| Common shares outstanding at beginning of the period | 110042 | 52027 | 157 | 69973 | 34601 | 53 | 89884 | 44323 | 81 | 44103 | 20787 | 6 |
| Common shares outstanding at end of period | 127124 | 54922 | 158 | 81487 | 40803 | 74 | 127124 | 54922 | 158 | 81487 | 40803 | 74 |
| Net assets at the beginning of the period | $2561941 | $1211427 | $3646 | $1652401 | $817091 | $1254 | $2118000 | $1044424 | $1916 | $1039238 | $489821 | $146 |
| Net assets at end of period | $2942033 | $1271064 | $3663 | $1917516 | $960135 | $1735 | $2942033 | $1271064 | $3663 | $1917516 | $960135 | $1735 |
| Average net assets (4) | $3010527 | $1268911 | $3665 | $1844178 | $923776 | $1507 | $2578139 | $1191417 | $3046 | $1549514 | $763420 | $964 |
| Ratio of net investment income to average net assets (5) | 2.02% | 1.81% | 1.97% | 2.29% | 2.08% | 2.23% | 6.41% | 5.77% | 6.25% | 6.70% | 6.07% | 6.51% |
| Ratio of total expenses to average net assets (5)(7) | 1.66% | 1.87% | 1.71% | 1.84% | 2.05% | 1.91% | 5.41% | 6.01% | 5.58% | 5.41% | 6.04% | 5.61% |
| Ratio of net expenses to average net assets (5) | 1.66% | 1.87% | 1.71% | 1.84% | 2.05% | 1.91% | 5.41% | 6.01% | 5.58% | 5.46% | 6.10% | 5.67% |
| Ratio of portfolio turnover to average investments at fair value (5) | 6.89% | 6.89% | 6.89% | 10.13% | 10.13% | 10.13% | 22.31% | 22.31% | 22.31% | 25.67% | 25.67% | 25.67% |
| Weighted average outstanding debt | $2042351 | $2042351 | $2042351 | $1366868 | $1366868 | $1366868 | $2027190 | $2027190 | $2027190 | $1035128 | $1035128 | $1035128 |
| Average debt per share (1) | $11.09 | $11.09 | $11.09 | $11.68 | $11.68 | $11.68 | $12.61 | $12.61 | $12.61 | $10.58 | $10.58 | $10.58 |
| Asset coverage ratio (6) | 275.22% | 275.22% | 275.22% | 278.60% | 278.60% | 278.60% | 275.22% | 275.22% | 275.22% | 278.60% | 278.60% | 278.60% |

---

(1) Calculated based upon weighted average shares outstanding for the period.

(2) The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the three and nine months ended June 30, 2025 and 2024 as it includes the effect of the timing of equity issuances.

(3) Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a distribution reinvestment price equal to the NAV per share at the beginning of the period.

(4) Calculated based upon the weighted average net assets for the period.

(5) Financial results for the three and nine months ended June 30, 2025 and 2024 have not been annualized for purposes of this ratio.

(6) Based on outstanding senior securities of $2,409.4 million and $1,610.0 million as of June 30, 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**

**(in thousands, except share and per share amounts, percentages 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 Agreement (the "ISDA Master Agreement") with its derivative counterparties, Bank of New York Mellon, Wells Fargo Securities, LLC and ING Capital LLC. The ISDA Master Agreement permits a single net payment in the event of a default or similar event. As of June 30, 2025, no cash collateral has been pledged to cover obligations and no cash collateral has been received from the counterparty with respect to the Company's forward currency contracts.

Certain information related to the Company's foreign currency forward contracts is presented below as of June 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 | $15708 | 21558 | 9/11/2025 | $— | $148 | Derivative liability |
| Foreign currency forward contract | $466192 | 407112 | 9/11/2025 |  | 13961 | Derivative liability |
| Foreign currency forward contract | $262781 | £196260 | 9/11/2025 |  | 6284 | Derivative liability |
| Foreign currency forward contract | $15790 | ¥2243692 | 9/11/2025 | 132 |  | Derivative liability |
| Foreign currency forward contract | $7637 | 79415 | 9/11/2025 |  | 214 | Derivative liability |
|  |  |  |  | $**132** | $**20607** |  |

---

Certain information related to the Company's foreign currency forward contracts is presented below as of September 30, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Balance Sheet Location of Net Amounts** |
| Foreign currency forward contract | $235495 | 213997 | 11/7/2024 | $— | $3725 | Derivative liability |
| Foreign currency forward contract | $158386 | £123967 | 11/7/2024 |  | 7890 | Derivative liability |
| Foreign currency forward contract | $6602 | 72797 | 11/7/2024 |  | 312 | Derivative liability |
|  |  |  |  | $**—** | $**11927** |  |

---

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

Certain information related to the Company's interest rate swaps is presented below as of June 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 | $350000 | 11/14/2028 | $8995 | $— | Derivative asset |
| Interest rate swap | $400000 | 7/23/2029 | 6084 |  | Derivative asset |
|  |  |  | $**15079** | $**—** |  |

---

Certain information related to the Company's interest rate swaps is presented below as of September 30, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Balance Sheet Location of Net Amounts** |
| Interest rate swap | $350000 | 11/14/2028 | $12357 | $— | Derivative asset |
| Interest rate swap | $400000 | 7/23/2029 | 9189 |  | Derivative asset |
|  |  |  | $**21546** | $**—** |  |

---

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

**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 June 30, 2025, off-balance sheet arrangements consisted of $1,000,470 of unfunded commitments to provide debt financing to certain of the Company's portfolio companies. Of the $1,000,470, approximately $986,193 can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. As of September 30, 2024, off-balance sheet arrangements consisted of $642,044 of unfunded commitments to provide debt financing to certain of the Company's portfolio companies. Of the $642,044, approximately $600,609 could be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio company's satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities.

A list of unfunded commitments by investment as of June 30, 2025 and September 30, 2024 is shown in the table below:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **September 30, 2024** |
| Cielo Bidco Limited | $69432 | $— |
| Kairos Intermediateco AB | 66921 |  |
| OneOncology, LLC | 65433 | 10470 |
| Truck-Lite Co., LLC | 39749 | 13454 |
| RWK Midco AB | 35762 |  |
| Poseidon Midco AB | 32131 | 32272 |
| Biscuit Parent, LLC | 31516 | 15000 |
| Integrity Marketing Acquisition, LLC | 28645 | 48889 |
| Spruce Bidco I Inc. | 26341 |  |
| Draken International, LLC | 22175 |  |
| West Star Aviation Acquisition LLC | 21276 |  |
| Everbridge, Inc. | 19899 | 19899 |
| PetVet Care Centers, LLC | 19210 | 19210 |
| Telephone and Data Systems, Inc. | 18568 | 18569 |
| Geo Topco Corporation | 16967 |  |
| PPW Aero Buyer, Inc. | 16633 | 26797 |
| ASP Integrity Acquisition Co LLC | 16554 |  |
| Accession Risk Management Group, Inc. | 16505 | 28981 |
| Next Holdco, LLC | 16443 | 16443 |
| THG Acquisition, LLC | 16211 |  |
| PAI Financing Merger Sub LLC | 15790 |  |
| Janus Bidco Limited | 15760 | 15793 |
| TBRS, Inc. | 15397 |  |
| Creek Parent, Inc. | 15225 |  |
| NFM & J, L.P. | 14651 | 16947 |
| SEI Holding I Corporation | 14400 | 14608 |
| LDS Buyer, LLC | 14106 |  |
| Monotype Imaging Holdings Inc. | 13501 | 15061 |
| SumUp Holdings Luxembourg | 12795 | 12795 |
| AVSC Holding Corp. | 12016 |  |
| Microf Funding V LLC | 11472 | 8670 |
| F&M BUYER LLC | 11435 |  |
| Bamboo US Bidco LLC | 11395 | 7220 |
| Minotaur Acquisition, Inc. | 11132 | 11132 |
| Sorenson Communications, LLC | 10177 | 10177 |
| Nellson Nutraceutical, LLC | 10068 |  |

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------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **September 30, 2024** |
| Kite Midco II Inc. | $9609 | $— |
| Grand River Aseptic Manufacturing, Inc. | 9237 |  |
| Verona Pharma, Inc. | 9011 | 29285 |
| 107-109 Beech OAK22 LLC | 8544 | 7501 |
| IW Buyer LLC | 7336 | 7504 |
| Sierra Enterprises, LLC | 7264 |  |
| Optimizely North America Inc. | 7109 |  |
| North Star Acquisitionco, LLC | 6962 | 14066 |
| Neptune Bidco US Inc. | 6863 | 6863 |
| MRI Software LLC | 6482 | 10716 |
| Project Accelerate Parent, LLC | 6250 | 6250 |
| Legends Hospitality Holding Company, LLC | 6207 | 9820 |
| WP CPP Holdings, LLC | 5831 | 5831 |
| Blue Bidco Ltd | 5621 |  |
| Kings Buyer, LLC | 5492 | 3329 |
| ACP Falcon Buyer Inc | 5333 | 5333 |
| Entrata, Inc. | 5211 | 5211 |
| USIC Holdings, Inc. | 5005 | 5692 |
| Enverus Holdings, Inc. | 4852 | 6567 |
| Protein for Pets Opco, LLC | 4847 | 6639 |
| Crewline Buyer, Inc. | 4573 | 4573 |
| Eyesouth Eye Care Holdco LLC | 4467 | 4835 |
| Inventus Power, Inc. | 4139 | 4967 |
| Evergreen IX Borrower 2023, LLC | 4006 | 4006 |
| Violin Finco Guernsey Limited | 3933 | 3933 |
| Lightbox Intermediate, L.P. | 3845 |  |
| Finastra USA, Inc. | 3637 | 2436 |
| BioXcel Therapeutics, Inc. | 3577 | 4471 |
| Pluralsight, LLC | 3351 | 3351 |
| Galileo Parent, Inc. | 3305 | 991 |
| Centralsquare Technologies, LLC | 3302 | 3378 |
| Usalco LLC | 3269 | 3269 |
| Icefall Parent, Inc. | 2662 | 2662 |
| Coupa Holdings, LLC | 2122 | 2122 |
| Oranje Holdco, Inc. | 1968 | 1968 |
| Transit Buyer LLC | 1951 | 520 |
| Grove Hotel Parcel Owner, LLC | 1768 | 1768 |
| Establishment Labs Holdings Inc. | 1689 | 3378 |
| iCIMs, Inc. | 1176 | 3710 |
| Propio LS, LLC | 1029 |  |
| Dukes Root Control Inc. | 998 | 853 |
| Salus Workers' Compensation, LLC | 531 | 1898 |
| ASP-R-PAC Acquisition Co LLC | 253 | 247 |
| LSL Holdco, LLC | 162 | 244 |
| Quantum Bidco Limited |  | 24898 |
| AmSpec Parent LLC |  | 19666 |
| CVAUSA Management, LLC |  | 13657 |
| Delta Leasing SPV II LLC |  | 11419 |
| ACESO Holding 4 S.A.R.L. |  | 9511 |
| Harrow, Inc. |  | 4301 |
| 107 Fair Street LLC |  | 2849 |
| Avalara, Inc. |  | 1903 |
| 112-126 Van Houten Real22 LLC |  | 870 |
| Supreme Fitness Group NY Holdings, LLC |  | 396 |
|  | $**1000470** | $**642044** |

---

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**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

**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 and nine months ended June 30, 2025, except as discussed below.

*Share Issuances* 

On July 1, 2025, the Company issued and sold pursuant to its continuous public offering 5,979,739 Class I shares for proceeds of $138.4 million, 810,134 Class S shares for proceeds of $18.7 million and 4,051 Class D shares for proceeds of $0.1 million.

*Distributions*

On July 24, 2025, the Board of Trustees of the Company declared a regular distribution on its outstanding Common Shares in the amount per share set forth below:

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| | | | |
|:---|:---|:---|:---|
| | **Gross Distribution** | **Shareholder Servicing and/or Distribution Fee** | **Net Distribution** |
| Class I shares | $0.2000 | $— | $0.2000 |
| Class S shares | $0.2000 | $0.0164 | $0.1836 |
| Class D shares | $0.2000 | $0.0048 | $0.1952 |

---

The distribution is payable to shareholders of record as of July 29, 2025 and will be paid on or about August 27, 2025. The distribution will be paid in cash or reinvested in Common Shares for shareholders participating in the Company's distribution reinvestment plan.

*Amendments to Credit Agreements*

On July 3, 2025, the Company entered into Amendment No. 3 (the "JPM Amendment") to the JPM Loan and Security Agreement. Among other things, the JPM Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased the commitment under the JPM Loan and Security Agreement from $500 million to $700 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced the interest rate margin on SOFR loans from 2.50% to (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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the reinvestment period from May 29, 2027 to July 3, 2029; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the final maturity date from May 29, 2029 to July 3, 2030.

On July 3, 2025, the Company also entered into First Amendment to Loan and Servicing Agreement (the "MS Amendment") to the MS Loan and Servicing Agreement. Among other things, the MS Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased the commitment under the MS Loan and Servicing Agreement from $200 million to $400 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adds 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced the interest rate margin on SOFR loans during the reinvestment period from 2.35% to (i) 1.60% if the borrowings are used to purchase broadly syndicated loans or (ii) 1.85% on all other borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the reinvestment period from February 23, 2027 to July 3, 2028; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the final maturity date from February 23, 2029 to July 3, 2029.

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.

------

**OAKTREE STRATEGIC CREDIT FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(unaudited)**

On July 25, 2025, the Company entered into an Omnibus Amendment to Transaction Documents and Fourth Amendment (collectively, the "DBNY Amendment") to the DBNY Loan Financing and Servicing Agreement. Among other things, the DBNY Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased the commitment under the DBNY Loan Financing and Servicing Agreement from $300 million to $400 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced the interest rate margin on SOFR loans from 2.40% to 1.60%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the reinvestment period from February 15, 2027 to July 25, 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the final maturity date from February 15, 2029 to July 25, 2029; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointed Computershare Trust Company, N.A. to replace Deutsche Bank National Trust Company as collateral agent and collateral custodian.

*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, commencing on January 15, 2026. 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 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 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 the Company by the SEC and to provide financial information to the holders of the 2030 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 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 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 2.49255% on a notional amount of $400 million.

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**Item 2. &nbsp;&nbsp;&nbsp;&nbsp;*Management's Discussion and Analysis of Financial Condition and Results of Operations***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results and distribution projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of Oaktree Fund Advisors, LLC (our "Adviser" and, collectively with its affiliates, "Oaktree") to implement its future plans with respect to our business and to achieve our investment objective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of Oaktree to attract and retain highly talented professionals;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources and working capital;

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

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

In addition, words such as "anticipate," "believe," "expect," "seek," "plan," "should," "estimate," "project" and "intend" indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Item 1A. Risk Factors" in our annual report on Form 10-K for the year ended September 30, 2024 and elsewhere in this quarterly report on Form 10-Q.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

**Business Overview**

We are a Delaware statutory trust formed on November 24, 2021 and are structured as a non-diversified, closed-end management investment company. On February 3, 2022, we elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "Investment Company Act"). We have elected to be treated, and intend to qualify annually to be treated as a RIC under the Internal Revenue Code of 1986, as amended (the "Code"). Effective as of February 3, 2022, we are externally managed by the Adviser pursuant to an investment advisory agreement (as amended and restated, the "Investment Advisory Agreement"), between us and the Adviser. The Adviser is a subsidiary of Brookfield Oaktree Holdings, LLC ("BOH") (formerly known as Oaktree Capital Group, LLC). In 2019, Brookfield Asset Management Inc. ("Brookfield") acquired a majority economic interest in BOH. BOH operates as an independent business within Brookfield, with its own product offerings and investment, marketing and support teams.

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Our investment objective is to generate stable current income and long-term capital appreciation. We seek to meet our investment objective by primarily investing in private debt opportunities, including first lien loans (which may include "unitranche" loans and "last out" first lien loans, which are loans that are second priority behind "first out" first lien loans), second lien loans, unsecured and mezzanine loans, bonds and preferred equity, as well as certain equity co-investments.

We have the authority to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share ("Common Shares"). We are offering on a best efforts, continuous basis up to $5.0 billion aggregate offering price of Common Shares (the "Maximum Offering Amount") pursuant to an offering registered with the SEC. We are authorized to offer to sell any combination of four classes of Common Shares: Class T shares, Class S shares, Class D shares and Class I shares with a dollar value up to the Maximum Offering Amount. The share classes have different ongoing distribution and/or shareholder servicing fees.

We accepted purchase orders and held investors' funds in an interest-bearing escrow account until we received purchase orders for Common Shares of at least $100.0 million, excluding subscriptions by Oaktree Fund GP I, L.P. in respect of the Class I shares purchased by Oaktree Fund GP I, L.P. prior to March 31, 2022.

As of June 1, 2022, we had satisfied the minimum offering requirement and our board of trustees (the "Board of Trustees" or the "Board") had authorized the release of proceeds from escrow. As of June 30, 2025, we have issued and sold 133,406,551 Class I shares for an aggregate purchase price of $3,142.3 million of which $100.0 million was purchased by an affiliate of the Adviser, 53,595,659 Class S shares for an aggregate purchase price of $1,260.5 million, 155,752 Class D shares for an aggregate purchase price of $3.7 million and zero Class T shares.

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**Business Environment and Developments**

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

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

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

**Critical Accounting Estimates**

***Fair Value Measurements***

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

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

The Adviser seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Adviser is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Adviser's set threshold, the Adviser seeks to obtain a quote directly from a broker making a market for the asset. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are

------

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

The fair value of our investments as of June 30, 2025 and September 30, 2024 was determined by the Adviser, as the Board's valuation designee. We have and will continue to engage independent valuation firms each quarter to provide assistance regarding the determination of the fair value of a portion of our portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment.

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

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

------

As of June 30, 2025, we held $6,362.9 million of investments at fair value, up from $4,576.2 million held at September 30, 2024, primarily driven by new originations funded primarily by cash proceeds from our continuous offering and an increase in borrowings under our credit facilities.

***Revenue Recognition***

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

*Interest Income*

Interest income, adjusted for accretion of original issue discount ("OID"), is recorded on an accrual basis to the extent that such amounts are expected to be collected. We stop accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management's judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management's judgment, is likely to continue timely payment of its remaining obligations. As of June 30, 2025, there was one investment on non-accrual status that represented 0.2% and 0.1% of total debt investments at cost and fair value, respectively. As of September 30, 2024, there was one investment on non-accrual status that represented 0.1% and 0.1% of total debt investments at cost and fair value, respectively.

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

*PIK Interest Income*

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

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

**Portfolio Composition**

As of June 30, 2025, the fair value of our investment portfolio was $6,362.9 million and was composed of investments in 171 portfolio companies. As of September 30, 2024, the fair value of our investment portfolio was $4,576.2 million and was composed of investments in 180 portfolio companies.

As of June 30, 2025 and September 30, 2024, our investment portfolio consisted of the following:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **September 30, 2024** |
| **Cost:** | | |
| &nbsp;&nbsp;&nbsp;Senior Secured Debt | 90.37% | 89.12% |
| &nbsp;&nbsp;&nbsp;Subordinated Debt | 9.22% | 10.33% |
| &nbsp;&nbsp;&nbsp;Preferred Equity | 0.22% | 0.27% |
| &nbsp;&nbsp;&nbsp;Common Equity and Warrants | 0.19% | 0.28% |
| &nbsp;&nbsp;&nbsp;**Total** | **100.00%** | **100.00%** |

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **September 30, 2024** |
| **Fair Value:** | | |
| &nbsp;&nbsp;&nbsp;Senior Secured Debt | 90.29% | 89.02% |
| &nbsp;&nbsp;&nbsp;Subordinated Debt | 9.21% | 10.40% |
| &nbsp;&nbsp;&nbsp;Preferred Equity | 0.29% | 0.31% |
| &nbsp;&nbsp;&nbsp;Common Equity and Warrants | 0.21% | 0.27% |
| &nbsp;&nbsp;&nbsp;**Total** | **100.00%** | **100.00%** |

---

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

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **September 30, 2024** |
| **Fair Value:** | | |
| &nbsp;&nbsp;&nbsp;Application Software | 15.01% | 17.60% |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | 6.50% | 3.68% |
| &nbsp;&nbsp;&nbsp;Health Care Services | 4.72% | 4.38% |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 4.69% | 2.78% |
| &nbsp;&nbsp;&nbsp;Systems Software | 4.02% | 4.70% |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 4.00% | 3.73% |
| &nbsp;&nbsp;&nbsp;Diversified Support Services | 3.90% | 4.80% |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 3.80% | 0.98% |
| &nbsp;&nbsp;&nbsp;Health Care Equipment | 3.49% | 0.97% |
| &nbsp;&nbsp;&nbsp;Packaged Foods & Meats | 2.96% | 1.76% |
| &nbsp;&nbsp;&nbsp;Specialized Consumer Services | 2.79% | 1.19% |
| &nbsp;&nbsp;&nbsp;Specialized Finance | 2.70% | 1.28% |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | 2.64% | 3.56% |
| &nbsp;&nbsp;&nbsp;Education Services | 2.29% | 2.73% |
| &nbsp;&nbsp;&nbsp;Insurance Brokers | 2.21% | 2.48% |
| &nbsp;&nbsp;&nbsp;Building Products | 2.04% | —% |
| &nbsp;&nbsp;&nbsp;Multi-Sector Holdings | 1.93% | 4.16% |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 1.91% | 2.87% |
| &nbsp;&nbsp;&nbsp;Industrial Machinery & Supplies & Components | 1.56% | 2.29% |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 1.46% | 1.57% |
| &nbsp;&nbsp;&nbsp;Research & Consulting Services | 1.41% | 0.83% |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | 1.37% | 1.55% |
| &nbsp;&nbsp;&nbsp;Communications Equipment | 1.30% | 1.93% |
| &nbsp;&nbsp;&nbsp;Other Specialty Retail | 1.27% | 1.92% |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | 1.25% | 1.82% |
| &nbsp;&nbsp;&nbsp;Construction Machinery & Heavy Transportation Equipment | 1.22% | 1.36% |
| &nbsp;&nbsp;&nbsp;Property & Casualty Insurance | 1.21% | 1.50% |
| &nbsp;&nbsp;&nbsp;Environmental & Facilities Services | 1.19% | 1.70% |
| &nbsp;&nbsp;&nbsp;Office Services & Supplies | 1.10% | 1.83% |
| &nbsp;&nbsp;&nbsp;Cable & Satellite | 1.08% | 0.46% |
| &nbsp;&nbsp;&nbsp;Real Estate Services | 0.92% | —% |
| &nbsp;&nbsp;&nbsp;Soft Drinks & Non-alcoholic Beverages | 0.89% | —% |
| &nbsp;&nbsp;&nbsp;Distributors | 0.88% | 0.64% |
| &nbsp;&nbsp;&nbsp;Asset Management & Custody Banks | 0.87% | 1.36% |
| &nbsp;&nbsp;&nbsp;Health Care Supplies | 0.86% | 1.49% |
| &nbsp;&nbsp;&nbsp;Diversified Chemicals | 0.79% | 0.35% |
| &nbsp;&nbsp;&nbsp;Financial Exchanges & Data | 0.75% | 1.04% |
| &nbsp;&nbsp;&nbsp;Movies & Entertainment | 0.72% | 0.87% |
| &nbsp;&nbsp;&nbsp;Footwear | 0.71% | —% |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 0.68% | 1.84% |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | 0.65% | —% |
| &nbsp;&nbsp;&nbsp;Food Distributors | 0.60% | 0.52% |
| &nbsp;&nbsp;&nbsp;Paper & Plastic Packaging Products & Materials | 0.59% | 1.24% |
| &nbsp;&nbsp;&nbsp;Commodity Chemicals | 0.49% | 0.70% |
| &nbsp;&nbsp;&nbsp;Gold | 0.46% | 0.65% |
| &nbsp;&nbsp;&nbsp;Alternative Carriers | 0.42% | —% |
| &nbsp;&nbsp;&nbsp;Hotels, Resorts & Cruise Lines | 0.32% | 0.45% |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 0.29% | 0.30% |
| &nbsp;&nbsp;&nbsp;Specialty Chemicals | 0.27% | —% |
| &nbsp;&nbsp;&nbsp;Biotechnology | 0.19% | 0.27% |
| &nbsp;&nbsp;&nbsp;Metal, Glass & Plastic Containers | 0.19% | 0.55% |
| &nbsp;&nbsp;&nbsp;Health Care Distributors | 0.16% | 0.69% |
| &nbsp;&nbsp;&nbsp;Real Estate Development | 0.16% | 0.55% |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 0.12% | 0.26% |
| &nbsp;&nbsp;&nbsp;Electronic Components | —% | 0.63% |
| &nbsp;&nbsp;&nbsp;Data Processing & Outsourced Services | —% | 1.25% |
| &nbsp;&nbsp;&nbsp;Diversified Metals & Mining | —% | 0.87% |
| &nbsp;&nbsp;&nbsp;Health Care Facilities | —% | 0.56% |
| &nbsp;&nbsp;&nbsp;Advertising | —% | 0.31% |
| &nbsp;&nbsp;&nbsp;Leisure Facilities | —% | 0.20% |
| **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:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **September 30, 2024** |
| &nbsp;&nbsp;&nbsp;United States | 84.00% | 84.59% |
| &nbsp;&nbsp;&nbsp;United Kingdom | 5.86% | 6.24% |
| &nbsp;&nbsp;&nbsp;Germany | 2.93% | —% |
| &nbsp;&nbsp;&nbsp;Sweden | 2.87% | 1.21% |
| &nbsp;&nbsp;&nbsp;Netherlands | 1.82% | 1.17% |
| &nbsp;&nbsp;&nbsp;Canada | 1.08% | 1.51% |
| &nbsp;&nbsp;&nbsp;Luxembourg | 0.87% | 1.95% |
| &nbsp;&nbsp;&nbsp;Costa Rica | 0.24% | 0.29% |
| &nbsp;&nbsp;&nbsp;Switzerland | 0.16% | 0.22% |
| &nbsp;&nbsp;&nbsp;Chile | 0.12% | 0.26% |
| &nbsp;&nbsp;&nbsp;Australia | 0.03% | 0.04% |
| &nbsp;&nbsp;&nbsp;France | 0.02% | 0.30% |
| &nbsp;&nbsp;&nbsp;Cayman Islands | —% | 1.35% |
| &nbsp;&nbsp;&nbsp;India | —% | 0.87% |
| &nbsp;&nbsp;&nbsp;**Total** | **100.00%** | **100.00%** |

---

See the Schedule of Investments as of June 30, 2025 and September 30, 2024, in our consolidated financial statements in Part I, Item 1, of this quarterly report on Form 10-Q, for more information on these investments, including a list of companies and the type, cost and fair value of investments.

 **Discussion and Analysis of Results and Operations**

***Results of Operations***

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

***Comparison of three and nine months ended June 30, 2025 and June 30, 2024***

*Investment Income*

Total investment income for the three months ended June 30, 2025 was $155,532 and consisted of $155,152 of interest income primarily from portfolio investments (including $2,287 of PIK interest income) and $380 of fee income. Total investment income for the three months ended June 30, 2024 was $114,509 and consisted of $113,757 of interest income primarily from portfolio investments (including $2,369 of PIK interest income) and $752 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.

Total investment income for the nine months ended June 30, 2025 was $441,769 and consisted of $438,076 of interest income primarily from portfolio investments (including $7,481 of PIK interest income) and $3,693 of fee income. Total investment income for the nine months ended June 30, 2024 was $283,159 and consisted of $280,756 of interest income primarily from portfolio investments (including $5,035 of PIK interest income) and $2,403 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 June 30, 2025, the weighted average yield on our debt investments was 10.0%, down from 11.2% as of June 30, 2024.

------

*Expenses*

Net expenses for the three months ended June 30, 2025 were $72,445, up significantly from $52,867 for the three months ended June 30, 2024. The increase was mainly driven by a larger investment portfolio attributable to new capital raised pursuant to our continuous offering and an increase in borrowings under our credit facilities. Net expenses for the nine months ended June 30, 2025 were $208,544, up significantly from $131,785 for the nine months ended June 30, 2024. The increase was mainly driven by a larger investment portfolio attributable to new capital raised pursuant to our continuous offering and an increase in borrowings under our credit facilities. Net expenses consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended June 30, 2025** | **For the three months ended June 30, 2024** | **For the nine months ended June 30, 2025** | **For the nine months ended June 30, 2024** |
| **Expenses:** | | | | |
| &nbsp;&nbsp;&nbsp;Base management fee | $13345 | $8630 | $35278 | $21628 |
| &nbsp;&nbsp;&nbsp;Investment income incentive fee | 12243 | 9020 | 33934 | 22754 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | 100 | (427) | (2372) | 2033 |
| &nbsp;&nbsp;&nbsp;Professional fees | 1496 | 699 | 3926 | 2147 |
| &nbsp;&nbsp;&nbsp;Class S and Class D distribution and shareholder servicing fees | 2658 | 1958 | 7523 | 4853 |
| &nbsp;&nbsp;&nbsp;Board of trustees fees | 116 | 116 | 348 | 323 |
| &nbsp;&nbsp;&nbsp;Organization expenses | 3 | 4 | 5 | 8 |
| &nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 589 | 261 | 1508 | 694 |
| &nbsp;&nbsp;&nbsp;Interest expense | 40474 | 31703 | 124871 | 73623 |
| &nbsp;&nbsp;&nbsp;Administrator expense | 556 | 377 | 1162 | 1096 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 865 | 526 | 2361 | 1581 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | $**72445** | $**52867** | $**208544** | $**130740** |
| &nbsp;&nbsp;&nbsp;Expense reimbursements (support) |  |  |  | 1045 |
| **Net expenses** | $**72445** | $**52867** | $**208544** | $**131785** |

---

For the nine months ended June 30, 2025 and 2024, the Adviser did not make any expense payments under the expense support agreement with the Adviser (the "Expense Support Agreement"). For the nine months ended June 30, 2025, we did not make any reimbursement payments to the Adviser. For the nine months ended June 30, 2024, the Company made reimbursement payments of $1,045 to the Adviser. As of June 30, 2025, there were no amounts due to the Adviser from us under the Expense Support Agreement.

For the three and nine months ended June 30, 2025, base management fees were $13,345 and $35,278, respectively. For the three and nine months ended June 30, 2024, base management fees were $8,630 and $21,628, respectively. For the three and nine months ended June 30, 2025, investment income incentive fees were $12,243 and $33,934, respectively. For the three and nine months ended June 30, 2024, investment income incentive fees were $9,020 and $22,754, 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 appreciation was $16,793 for the three months ended June 30, 2025. This consisted of $43.7 million of net unrealized appreciation on debt investments and $2.9 million of net unrealized appreciation on equity investments, partially offset by $17.0 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains) and $12.8 million of net unrealized depreciation of foreign currency forward contracts.

Net unrealized depreciation was $3,198 for the three months ended June 30, 2024 . This consisted of $6.0 million of net unrealized depreciation on debt investments, partially offset by $1.8 million of net unrealized appreciation of foreign currency forward contracts, $0.8 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $0.3 million of net unrealized appreciation on equity investments.

Net unrealized depreciation was $13,157 for the nine months ended June 30, 2025. This consisted of $34.5 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains) and $8.5 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $24.6 million of net unrealized appreciation on debt investments and $5.3 million of net unrealized appreciation on equity investments

Net unrealized appreciation was $13,066 for the nine months ended June 30, 2024. This consisted of $13.0 million of net unrealized appreciation on debt investments and $1.4 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses), partially offset by $0.8 million of net unrealized depreciation on equity investments and $0.5 million of net unrealized depreciation of foreign currency forward contracts.

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*Net Realized Gains (Losses)*

Net realized losses were $15,991 and $5,774 for the three and nine months ended June 30, 2025, respectively, which was primarily driven by realized losses related to foreign currency forward contracts, partially offset by realized gains related to the exits of certain investments. Net realized losses were $59 for the three months ended June 30, 2024, which was primarily driven by realized losses related to the exits of certain investments, partially offset by realized gains related to foreign currency forward contracts. Net realized gains were $3,741 for the nine months ended June 30, 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 nine months ended June 30, 2025, we experienced a net decrease in cash and cash equivalents of $52.9 million. During that period, $1,603.4 million of cash was used in operating activities, primarily consisting of cash used to fund new investments, partially offset by proceeds from the sales and repayments of investments. During the same period, cash provided by financing activities was $1,548.6 million, due primarily from $1,263.1 million of proceeds from the issuance of common shares and $543.9 million of net borrowings under the credit facilities, partially offset by $195.5 million of distributions paid to shareholders, $57.5 million of shares repurchases paid and $5.4 million of deferred financing and offering costs paid.

For the nine months ended June 30, 2024, we experienced a net increase in cash and cash equivalents of $274.0 million. During that period, $2,078.3 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 $2,353.4 million, due primarily from $1,343.7 million of proceeds from the issuance of common shares, $815.0 million of net borrowings under the credit facilities and $348.2 million of proceeds from the issuance of unsecured notes, partially offset by $113.9 million of distributions paid to shareholders, $23.9 million of shares repurchases paid and $15.6 million of deferred financing and offering costs paid.

As of June 30, 2025, we had $471.3 million of cash and cash equivalents (including restricted cash of $48.1 million), portfolio investments (at fair value) of $6,362.9 million, $40.4 million of interest receivable, $1,096.1 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $33.2 million of net payables from unsettled transactions, $1,638.9 million of borrowings outstanding under our credit facilities and $754.8 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).

As of September 30, 2024, we had $524.2 million of cash and cash equivalents (including restricted cash of $43.3 million), portfolio investments (at fair value) of $4,576.2 million, $34.5 million of interest receivable, $1,590.0 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $51.7 million of net payables from unsettled transactions, $1,095.0 million of borrowings outstanding under our credit facilities and $759.3 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of June 30, 2025 and September 30, 2024, off-balance sheet arrangements consisted of $1,000,470 and $642,044, respectively, of unfunded commitments to provide debt financing to certain of our portfolio companies. As of June 30, 2025, of the $1,000,470 of unfunded commitments, approximately $986,193 can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio company's satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in our Consolidated Statements of Assets and Liabilities.

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***Contractual Obligations***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Debt Outstanding<br>as of September 30, 2024** | **Debt Outstanding<br>as of June 30, 2025** | **Weighted average debt<br>outstanding for the nine months ended<br>June 30, 2025** | **Maximum debt<br>outstanding for the nine months ended<br>June 30, 2025** |
| ING Credit Agreement | $415000 | $630000 | $430513 | $730000 |
| JPM SPV Facility | 230000 | 375000 | 340330 | 375000 |
| SMBC SPV Facility | 100000 | 75500 | 88441 | 100000 |
| CIBC SPV Facility | 225000 | 245000 | 230421 | 245000 |
| DBNY SPV Facility | 100000 | 180000 | 103223 | 180000 |
| MS SPV Facility | 25000 | 133400 | 84262 | 133400 |
| 2028 Unsecured Notes | 350000 | 350000 | 350000 | 350000 |
| 2029 Unsecured Notes | 400000 | 400000 | 400000 | 400000 |
| **Total debt** | $**1845000** | $**2388900** | $**2027190** |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Payments due by period as of June 30, 2025** | **Payments due by period as of June 30, 2025** | **Payments due by period as of June 30, 2025** | **Payments due by period as of June 30, 2025** |
| | **Total** | **< 1 year** | **1-3 years** | **3-5 years** |
| ING Credit Agreement | $630000 | $— | $— | $630000 |
| Interest due on ING Credit Agreement | 185865 | 38855 | 77710 | 69300 |
| JPM Loan and Security Agreement | 375000 |  |  | 375000 |
| Interest due on JPM Loan and Security Agreement | 99799 | 25491 | 50982 | 23326 |
| SMBC Loan and Security Agreement | 75500 |  |  | 75500 |
| Interest due on SMBC Loan and Security Agreement | 17462 | 5369 | 10738 | 1355 |
| CIBC Loan and Servicing Agreement | 245000 | 245000 |  |  |
| Interest due on CIBC Loan and Servicing Agreement | 6000 | 6000 |  |  |
| DBNY Loan Financing and Servicing Agreement | 180000 |  |  | 180000 |
| Interest due on DBNY Loan Financing and Servicing Agreement | 43807 | 12059 | 24118 | 7630 |
| MS Loan and Servicing Agreement | 133400 |  |  | 133400 |
| Interest due on MS Loan and Servicing Agreement | 32410 | 8868 | 17736 | 5806 |
| 2028 Unsecured Notes | 350000 |  |  | 350000 |
| Interest due on 2028 Unsecured Notes | 98703 | 29219 | 58438 | 11046 |
| 2029 Unsecured Notes | 400000 |  |  | 400000 |
| Interest due on 2029 Unsecured Notes | 111691 | 27471 | 54942 | 29278 |
| **Total** | $**2984637** | $**398332** | $**294664** | $**2291641** |

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***Equity Activity***

As of June 30, 2025, we have issued and sold 133,406,551 Class I shares for an aggregate purchase price of $3,142.3 million, 53,595,659 Class S shares for an aggregate purchase price of $1,260.5 million and 155,752 Class D shares for an aggregate purchase price of $3.7 million. As of June 30, 2025, we have issued 3,038,058 Class I shares, 3,745,169 Class S and 5,816 Class D shares pursuant to our distribution reinvestment plan. As of June 30, 2025, we have not issued any Class T shares.

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The following table summarizes transactions in Common Shares for the nine months ended June 30, 2025:

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| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in private and public offering | 43490558 | $1015107 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | 72671 | 1700 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1419706 | 33561 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (7742619) | (179433) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **37240316** | $**870935** |
| Class S |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 10515826 | $246239 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | (72671) | (1700) |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1803828 | 41881 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (1648328) | (38332) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **10598655** | $**248088** |
| Class D |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 76766 | $1803 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 3510 | 81 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (3287) | (77) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **76989** | $**1807** |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | **47915960** | $**1120830** |

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The following table summarizes transactions in Common Shares for the nine months ended June 30, 2024:

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| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in private and public offering | 37416704 | $881665 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | 15393 | 364 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 878249 | 20839 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (926792) | (21838) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **37383554** | $**881030** |
| Class S |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 19541548 | $460437 |
| &nbsp;&nbsp;&nbsp;Share transfers between classes | (15393) | (364) |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1060406 | 24999 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction | (570987) | (13449) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **20015574** | $**471623** |
| Class D |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares in public offering | 66226 | $1561 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Shares under distribution reinvestment plan | 1310 | 31 |
| &nbsp;&nbsp;&nbsp;Share repurchases, net of early repurchase deduction |  |  |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease)** | **67536** | $**1592** |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | **57466664** | $**1354245** |

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*Net Asset Value per Share and Offering Price*

We determine NAV per share for each class of shares as of the last calendar day of each month. Share issuances pursuant to accepted monthly subscriptions are effective the first calendar day of each month. Shares are issued and sold at a purchase price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class I, Class S and Class D shares for the nine months ended June 30, 2025 and 2024. As of June 30, 2025, we have not issued any Class T shares.

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| | | | |
|:---|:---|:---|:---|
| | **Class I Shares** | **Class S Shares** | **Class D Shares** |
| October 31, 2024 | $23.55 | $23.55 | $23.55 |
| November 30, 2024 | $23.56 | $23.56 | $23.56 |
| December 31, 2024 | $23.52 | $23.52 | $23.52 |
| January 31, 2025 | $23.49 | $23.49 | $23.49 |
| February 28, 2025 | $23.41 | $23.41 | $23.41 |
| March 31, 2025 | $23.28 | $23.28 | $23.28 |
| April 30, 2025 | $23.12 | $23.12 | $23.12 |
| May 31, 2025 | $23.16 | $23.16 | $23.16 |
| June 30, 2025 | $23.14 | $23.14 | $23.14 |

---

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| | | | |
|:---|:---|:---|:---|
| | **Class I Shares** | **Class S Shares** | **Class D Shares** |
| October 31, 2023 | $23.39 | $23.39 | $23.39 |
| November 30, 2023 | $23.51 | $23.51 | $23.51 |
| December 31, 2023 | $23.62 | $23.62 | $23.62 |
| January 31, 2024 | $23.60 | $23.60 | $23.60 |
| February 29, 2024 | $23.58 | $23.58 | $23.58 |
| March 31, 2024 | $23.61 | $23.61 | $23.61 |
| April 30, 2024 | $23.59 | $23.59 | $23.59 |
| May 31, 2024 | $23.59 | $23.59 | $23.59 |
| June 30, 2024 | $23.53 | $23.53 | $23.53 |

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*Distributions*

The Board authorizes and declares monthly distribution amounts per outstanding Common Share. The following table presents distributions that were declared during the nine months ended June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class I** | **Class I** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 24, 2024 | October 30, 2024 | November 26, 2024 | $0.2000 | $18473 |
| Monthly | November 26, 2024 | November 27, 2024 | December 27, 2024 | 0.2000 | 18965 |
| Monthly | December 26, 2024 | December 27, 2024 | February 3, 2025 | 0.2000 | 19552 |
| Monthly | January 28, 2025 | January 29, 2025 | February 26, 2025 | 0.2000 | 20068 |
| Monthly | February 24, 2025 | February 26, 2025 | March 27, 2025 | 0.2000 | 21111 |
| Monthly | March 24, 2025 | March 27, 2025 | April 28, 2025 | 0.2000 | 22009 |
| Monthly | April 23, 2025 | April 28, 2025 | May 28, 2025 | 0.2000 | 24397 |
| Monthly | May 27, 2025 | May 28, 2025 | June 26, 2025 | 0.2000 | 26500 |
| Monthly | June 25, 2025 | June 26, 2025 | July 29, 2025 | 0.2000 | 26775 |
|  |  |  |  | $**1.8000** | $**197850** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class S** | **Class S** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 24, 2024 | October 30, 2024 | November 26, 2024 | $0.1833 | $8415 |
| Monthly | November 26, 2024 | November 27, 2024 | December 27, 2024 | 0.1833 | 8632 |
| Monthly | December 26, 2024 | December 27, 2024 | February 3, 2025 | 0.1833 | 8816 |
| Monthly | January 28, 2025 | January 29, 2025 | February 26, 2025 | 0.1833 | 9026 |
| Monthly | February 24, 2025 | February 26, 2025 | March 27, 2025 | 0.1834 | 9278 |
| Monthly | March 24, 2025 | March 27, 2025 | April 28, 2025 | 0.1834 | 9543 |
| Monthly | April 23, 2025 | April 28, 2025 | May 28, 2025 | 0.1835 | 9817 |
| Monthly | May 27, 2025 | May 28, 2025 | June 26, 2025 | 0.1836 | 10006 |
| Monthly | June 25, 2025 | June 26, 2025 | July 29, 2025 | 0.1836 | 10233 |
|  |  |  |  | $**1.6507** | $**83766** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class D** | **Class D** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 24, 2024 | October 30, 2024 | November 26, 2024 | $0.1951 | $16 |
| Monthly | November 26, 2024 | November 27, 2024 | December 27, 2024 | 0.1951 | 21 |
| Monthly | December 26, 2024 | December 27, 2024 | February 3, 2025 | 0.1951 | 22 |
| Monthly | January 28, 2025 | January 29, 2025 | February 26, 2025 | 0.1951 | 22 |
| Monthly | February 24, 2025 | February 26, 2025 | March 27, 2025 | 0.1951 | 24 |
| Monthly | March 24, 2025 | March 27, 2025 | April 28, 2025 | 0.1951 | 31 |
| Monthly | April 23, 2025 | April 28, 2025 | May 28, 2025 | 0.1952 | 31 |
| Monthly | May 27, 2025 | May 28, 2025 | June 26, 2025 | 0.1952 | 31 |
| Monthly | June 25, 2025 | June 26, 2025 | July 29, 2025 | 0.1952 | 31 |
|  |  |  |  | $**1.7562** | $**229** |

---

The following table presents distributions that were declared during the nine months ended June 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class I** | **Class I** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution Per Share** | **Distribution Amount** |
| Monthly | October 25, 2023 | October 31, 2023 | November 28, 2023 | $0.1900 | $9259 |
| Monthly | November 27, 2023 | November 30, 2023 | December 27, 2023 | 0.1900 | 9916 |
| Special | December 14, 2023 | December 15, 2023 | December 27, 2023 | 0.0400 | 2296 |
| Monthly | December 20, 2023 | December 31, 2023 | February 1, 2024 | 0.1900 | 10921 |
| Monthly | January 24, 2024 | January 31, 2024 | February 27, 2024 | 0.1900 | 11872 |
| Monthly | February 27, 2024 | February 29, 2024 | March 27, 2024 | 0.2000 | 13229 |
| Monthly | March 26, 2024 | March 27, 2024 | April 29, 2024 | 0.2000 | 14041 |
| Monthly | April 18, 2024 | April 29, 2024 | May 30, 2024 | 0.2000 | 14936 |
| Monthly | May 24, 2024 | May 30, 2024 | June 27, 2024 | 0.2000 | 15451 |
| Monthly | June 27, 2024 | June 27, 2024 | July 29, 2024 | 0.2000 | 16361 |
|  |  |  |  | $**1.8000** | $**118282** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class S** | **Class S** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Net Distribution Per Share** | **Distribution Amount** |
| Monthly | October 25, 2023 | October 31, 2023 | November 28, 2023 | $0.1733 | $4105 |
| Monthly | November 27, 2023 | November 30, 2023 | December 27, 2023 | 0.1734 | 4436 |
| Special | December 14, 2023 | December 15, 2023 | December 27, 2023 | 0.0400 | 1109 |
| Monthly | December 20, 2023 | December 31, 2023 | February 1, 2024 | 0.1733 | 4825 |
| Monthly | January 24, 2024 | January 31, 2024 | February 27, 2024 | 0.1733 | 5191 |
| Monthly | February 27, 2024 | February 29, 2024 | March 27, 2024 | 0.1833 | 5853 |
| Monthly | March 26, 2024 | March 27, 2024 | April 29, 2024 | 0.1833 | 6361 |
| Monthly | April 18, 2024 | April 29, 2024 | May 30, 2024 | 0.1833 | 6730 |
| Monthly | May 24, 2024 | May 30, 2024 | June 27, 2024 | 0.1833 | 7188 |
| Monthly | June 27, 2024 | June 27, 2024 | July 29, 2024 | 0.1833 | 7551 |
|  |  |  |  | $**1.6498** | $**53349** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Class D** | **Class D** |
|<br>**Distribution** |<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| Monthly | October 25, 2023 | October 31, 2023 | November 28, 2023 | $0.1851 | $1 |
| Monthly | November 27, 2023 | November 30, 2023 | December 27, 2023 | 0.1851 | 3 |
| Special | December 14, 2023 | December 15, 2023 | December 27, 2023 | 0.0400 | 1 |
| Monthly | December 20, 2023 | December 31, 2023 | February 1, 2024 | 0.1851 | 4 |
| Monthly | January 24, 2024 | January 31, 2024 | February 27, 2024 | 0.1851 | 5 |
| Monthly | February 27, 2024 | February 29, 2024 | March 27, 2024 | 0.1951 | 10 |
| Monthly | March 26, 2024 | March 27, 2024 | April 29, 2024 | 0.1951 | 10 |
| Monthly | April 18, 2024 | April 29, 2024 | May 30, 2024 | 0.1951 | 11 |
| Monthly | May 24, 2024 | May 30, 2024 | June 27, 2024 | 0.1951 | 12 |
| Monthly | June 27, 2024 | June 27, 2024 | July 29, 2024 | 0.1951 | 14 |
|  |  |  |  | $**1.7559** | $**71** |

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*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 2.0% 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 last calendar day of the applicable quarter (the "Valuation Date"), except that shares that have a prospective repurchase date that is within the

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one-year period following the original issue date of the shares will be subject to an early repurchase deduction of 2% of such NAV (an "Early Repurchase Deduction"). The one-year holding period will be deemed satisfied if the shares to be repurchased would have been outstanding for one year or longer as of the subscription closing date immediately following the applicable Valuation Date, which subscription closing date the Company deems the prospective repurchase date for the applicable offer. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders.

During the nine months ended June 30, 2025, we repurchased pursuant to such tender offers an aggregate of 7,742,619 Class I shares, 1,648,328 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the nine months ended June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Repurchase Pricing Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Amount Repurchased (all classes)**<sup>(2)</sup> |
| December 31, 2024 | 889569 | 0.66% | $23.52 | $20910 |
| March 31, 2025 | 941577 | 0.65% | $23.28 | $21923 |
| June 30, 2025 | 7563088 | 4.66% | $23.14 | $175010 |

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_____________________

(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 nine months ended June 30, 2024, we repurchased pursuant to such tender offers an aggregate of 926,792 Class I shares and 570,987 Class S shares. The following table presents the share repurchases completed during the nine months ended June 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Repurchase Pricing Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Amount Repurchased (all classes)**<sup>(2)</sup> |
| December 31, 2023 | 446089 | 0.69% | $23.62 | $10526 |
| March 31, 2024 | 348944 | 0.41% | $23.61 | $8217 |
| June 30, 2024 | 702746 | 0.67% | $23.53 | $16544 |

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_____________________

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

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

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***Leverage***

To seek to enhance our returns, we use and expect to continue to use leverage as market conditions permit and at the discretion of the Adviser. However, as a BDC, subject to certain limited exceptions, we are currently only allowed to borrow amounts in accordance with the asset coverage requirements in the Investment Company Act. On December 17, 2021, our sole shareholder approved the adoption of the 150% asset coverage requirement pursuant to Section 61(a)(2) of the Investment Company Act and such election became effective the following day. We intend to use leverage in the form of borrowings, including loans from certain financial institutions, and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage is expected to be applied on a position-by-position basis, meaning little-to-no leverage may be applied to certain investments, while others may have more leverage applied. Any such leverage would also be expected to increase the total capital available for investment by the Company. We may also create leverage by securitizing our assets (including in CLOs) and retaining the equity portion of the securitized vehicle. As of June 30, 2025, we had $2,409.4 million in senior securities and our asset coverage ratio was 275.22%.

*ING Credit Agreement*

On March 25, 2022, we entered into a senior secured revolving credit agreement (as amended and/or restated from time to time, the "ING Credit Agreement") among us, as borrower, the lenders party thereto, and ING Capital LLC ("ING"), as administrative agent. As of June 30, 2025, the size of the ING Credit Agreement facility is $1,235 million (the "Maximum Commitment"), and the ING Credit Agreement 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 June 30, 2025, we were in compliance with all financial covenants under the ING Credit Agreement.

*JPM SPV Facility*

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

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

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

*SMBC SPV Facility*

On September 29, 2023, we entered into a loan and security agreement (as amended and/or restated from time to time, the "SMBC Loan and Security Agreement") among OSCF Lending III SPV, LLC ("OSCF Lending III SPV"), a wholly owned subsidiary of us, as borrower, us, as transferor and servicer, Citibank, N.A., as the account bank, Virtus Group, LP, as collateral custodian, the lenders party thereto, and Sumitomo Mitsui Banking Corporation ("SMBC"), as administrative agent and

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collateral agent, pursuant to which SMBC agreed to extend credit to OSCF Lending III SPV in an aggregate principal amount up to $150 million at any one time outstanding.

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

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

*CIBC SPV Facility*

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

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

The obligations of OSCF Lending V SPV under the CIBC Loan and Servicing Agreement are secured by all of the assets held by OSCF Lending V SPV, including loans it has made or acquired.

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

*DBNY SPV Facility*

On February 15, 2024, we entered into a loan financing and servicing agreement (as amended and/or restated from time to time, the "DBNY Loan Financing and Servicing Agreement"), among OSCF Lending IV SPV, LLC ("OSCF Lending IV SPV"), a wholly owned subsidiary of us, as borrower, we, as servicer and equityholder, the lenders party thereto, Deutsche Bank AG, New York Branch ("DBNY"), as facility agent, the other agents parties thereto and Deutsche Bank National Trust Company, as collateral agent and collateral custodian, pursuant to which DBNY has agreed to extend credit to OSCF Lending IV SPV in an aggregate principal amount up to $300 million at any one time outstanding.

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

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

*MS SPV Facility*

On February 23, 2024, we entered into a loan and servicing agreement (as amended and/or restated from time to time, the "MS Loan and Servicing Agreement"), among OSCF Lending II SPV, LLC ("OSCF Lending II SPV"), a wholly owned subsidiary of us, as borrower, we, as transferor and servicer, Citibank, N.A., as the collateral agent, account bank and collateral custodian, Virtus Group, LP, as collateral administrator, each of the lenders from time to time party thereto, and Morgan Stanley Asset Funding, Inc. ("MS"), as the administrative agent, pursuant to which MS has agreed to extend credit to OSCF Lending II SPV in an aggregate principal amount up to $200 million (the "MS Maximum Commitment") at any one time outstanding.

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

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

*2028 Unsecured Notes*

On November 14, 2023, we issued $350 million aggregate principal amount of our 8.400% Notes due 2028 (the "2028 Unsecured Notes") pursuant to an indenture, dated as of November 14, 2023 (the "Base Indenture"), between us and Deutsche

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Bank Trust Company Americas, as trustee, and a first supplemental indenture (the "First Supplemental Indenture") to the Base Indenture.

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

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

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

*2029 Unsecured Notes*

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

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

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

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

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Below is a summary of our credit facilities as of June 30, 2025 and September 30, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>($ in millions) | **Aggregate Principal Committed** | **Outstanding Principal** | **Unfunded Commitment** | **Unamortized Debt Financing Costs** | **Availability Period** | **Maturity Date** |
| ING Credit Agreement | $1235.0 | $630.0 | $605.0 | $9.0 | 4/11/2029 | 4/11/2030 |
| JPM SPV Facility | 500.0 | 375.0 | 125.0 | 4.4 | 5/29/2027 | 5/29/2029 |
| SMBC SPV Facility | 150.0 | 75.5 | 74.5 | 1.3 | 9/29/2026 | 9/29/2028 |
| CIBC SPV Facility | 350.0 | 245.0 | 105.0 | 0.4 | 11/21/2025 | 11/21/2025 |
| DBNY SPV Facility | 300.0 | 180.0 | 120.0 | 2.5 | 2/15/2027 | 2/15/2029 |
| MS SPV Facility | 200.0 | 133.4 | 66.6 | 1.8 | 2/23/2027 | 2/23/2029 |
| &nbsp;&nbsp;&nbsp;**Total** | $**2735.0** | $**1638.9** | $**1096.1** | $**19.4** |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|<br>($ in millions) | **Aggregate Principal Committed** | **Outstanding Principal** | **Unfunded Commitment** | **Unamortized Debt Financing Costs** | **Availability Period** | **Maturity Date** |
| ING Credit Agreement | $1185.0 | $415.0 | $770.0 | $6.8 | 6/28/2027 | 6/28/2028 |
| JPM SPV Facility | 500.0 | 230.0 | 270.0 | 5.2 | 5/29/2027 | 5/29/2029 |
| SMBC SPV Facility | 150.0 | 100.0 | 50.0 | 1.6 | 9/29/2026 | 9/29/2028 |
| CIBC SPV Facility | 350.0 | 225.0 | 125.0 | 1.3 | 11/21/2025 | 11/21/2025 |
| DBNY SPV Facility | 300.0 | 100.0 | 200.0 | 3.0 | 2/15/2027 | 2/15/2029 |
| MS SPV Facility | 200.0 | 25.0 | 175.0 | 2.2 | 2/23/2027 | 2/23/2029 |
| &nbsp;&nbsp;&nbsp;**Total** | $**2685.0** | $**1095.0** | $**1590.0** | $**20.1** |  |  |

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>($ in millions) | **Outstanding Principal** | **Unamortized Financing Costs** | **Unaccreted Discount** | **Swap Fair Value Adjustment** | **Carrying Value** | **Fair Value** | **Maturity Date** |
| 2028 Unsecured Notes | $350.0 | $(3.1) | $(1.2) | $9.0 | $354.7 | $377.1 | 11/14/2028 |
| 2029 Unsecured Notes | 400.0 | (4.1) | (1.9) | 6.1 | 400.1 | 409.1 | 7/23/2029 |
| &nbsp;&nbsp;&nbsp;**Total** | $**750.0** | $**(7.2)** | $**(3.1)** | $**15.1** | $**754.8** | $**786.2** |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|<br>($ in millions) | **Outstanding Principal** | **Unamortized Financing Costs** | **Unaccreted Discount** | **Swap Fair Value Adjustment** | **Carrying Value** | **Fair Value** | **Maturity Date** |
| 2028 Unsecured Notes | $350.0 | $(3.7) | $(1.5) | $12.4 | $357.2 | $378.6 | 11/14/2028 |
| 2029 Unsecured Notes | 400.0 | (4.8) | (2.3) | 9.2 | 402.1 | 412.0 | 7/23/2029 |
| &nbsp;&nbsp;&nbsp;**Total** | $**750.0** | $**(8.5)** | $**(3.8)** | $**21.6** | $**759.3** | $**790.6** |  |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in millions, except percentage) | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Nine Months Ended June 30, 2025** | **Nine Months Ended June 30, 2024** |
| Stated interest expense | $35.2 | $27.3 | $107.6 | $62.5 |
| Credit facility fees | 2.6 | 1.8 | 8.2 | 4.6 |
| Amortization of debt financing costs | 2.2 | 1.7 | 6.5 | 4.1 |
| Effect of interest rate swaps | 0.5 | 0.9 | 2.6 | 2.4 |
| Total interest expense | $**40.5** | $**31.7** | $**124.9** | $**73.6** |
| Weighted average interest rate <sup>(1)</sup> | 6.915% | 8.418% | 7.117% | 8.341% |
| Weighted average outstanding balance | $**2042.4** | $**1366.9** | $**2027.2** | $**1035.1** |

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_____________________

(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 July 1, 2025, we issued and sold pursuant to our continuous public offering 5,979,739 Class I shares for proceeds of $138.4 million, 810,134 Class S shares for proceeds of $18.7 million and 4,051 Class D shares for proceeds of $0.1 million.

*Distributions* 

On July 24, 2025, our Board of Trustees declared a regular distribution on our outstanding Common Shares in the amount per share set forth below:

---

| | | | |
|:---|:---|:---|:---|
| | **Gross Distribution** | **Shareholder Servicing and/or Distribution Fee** | **Net Distribution** |
| Class I shares | $0.2000 | $— | $0.2000 |
| Class S shares | $0.2000 | $0.0164 | $0.1836 |
| Class D shares | $0.2000 | $0.0048 | $0.1952 |

---

The distribution was payable to shareholders of record as of July 29, 2025 and will be paid on August 27, 2025. The distribution was paid in cash or reinvested in Common Shares for shareholders participating in our distribution reinvestment plan.

*Amendments to Credit Agreements*

On July 3, 2025, we entered into Amendment No. 3 (the "JPM Amendment") to the JPM Loan and Security Agreement. Among other things, the JPM Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased the commitment under the JPM Loan and Security Agreement from $500 million to $700 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced the interest rate margin on SOFR loans from 2.50% to (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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the reinvestment period from May 29, 2027 to July 3, 2029; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the final maturity date from May 29, 2029 to July 3, 2030.

On July 3, 2025, we also entered into First Amendment to Loan and Servicing Agreement (the "MS Amendment") to the MS Loan and Servicing Agreement. Among other things, the MS Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased the commitment under the MS Loan and Servicing Agreement from $200 million to $400 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adds 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced the interest rate margin on SOFR loans during the reinvestment period from 2.35% to (i) 1.60% if the borrowings are used to purchase broadly syndicated loans or (ii) 1.85% on all other borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the reinvestment period from February 23, 2027 to July 3, 2028; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the final maturity date from February 23, 2029 to July 3, 2029.

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.

On July 25, 2025, we entered into an Omnibus Amendment to Transaction Documents and Fourth Amendment (collectively, the "DBNY Amendment") to the DBNY Loan Financing and Servicing Agreement. Among other things, the DBNY Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased the commitment under the DBNY Loan Financing and Servicing Agreement from $300 million to $400 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced the interest rate margin on SOFR loans from 2.40% to 1.60%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the reinvestment period from February 15, 2027 to July 25, 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended the final maturity date from February 15, 2029 to July 25, 2029; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointed Computershare Trust Company, N.A. to replace Deutsche Bank National Trust Company as collateral agent and collateral custodian.

*2030 Unsecured Notes*

On July 15, 2025, we issued $400 million aggregate principal amount of our 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, commencing on January 15, 2026. The 2030 Unsecured Notes are our direct, unsecured obligations and rank senior in right of payment to our future indebtedness that is expressly subordinated in right of payment to the 2030 Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The 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, we 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 loans. Under the interest rate swap agreement, we receive a fixed interest rate of 6.190% and pays a floating interest rate of the three-month SOFR plus 2.49255% on a notional amount of $400 million.

*Amendment and Restatement of Amended and Restated Declaration of Trust*

On August 11, 2025, we amended and restated our Amended and Restated Declaration of Trust in order to (1) revise the definition of "Liquidity Event" to include the receipt by shareholders of listed equity securities, not unlisted equity securities, and (2) clarify that we may not purchase or lease assets in which a Trustee, the Adviser or any of its affiliates have an interest unless, among other things, the transaction was fully disclosed to shareholders in a prospectus or in a periodic report and occurred at our formation.

------

**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 June 30, 2025, 93.3% of our debt investment portfolio at fair value bore interest at floating rates. As of September 30, 2024, 92.0% of our debt investment portfolio at fair value bore interest at floating rates. The composition of our floating rate debt investments by interest rate floor as of June 30, 2025 and September 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|<br>**($ in thousands)** | **Fair Value** | **% of Floating<br>Rate Portfolio** | **Fair Value** | **% of Floating<br>Rate Portfolio** |
| 0% | $1485884 | 25.16% | $1213996 | 29.01% |
| >0% and <1% | 2856947 | 48.39 | 1605162 | 38.36 |
| 1% | 1306971 | 22.14 | 1065864 | 25.47 |
| >1% | 254486 | 4.31 | 299686 | 7.16 |
| **Total** | $**5904288** | **100.00%** | $**4184708** | **100.00%** |

---

Based on our Consolidated Statement of Assets and Liabilities as of June 30, 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 | $149331 | $(59723) | $89608 |
| 200 | 119465 | (47778) | 71687 |
| 150 | 89599 | (35834) | 53765 |
| 100 | 59732 | (23889) | 35843 |
| 50 | 29866 | (11945) | 17921 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Basis point decrease ($ in thousands)** | **(Decrease) in Interest Income** | **Decrease in Interest Expense** | **Net (decrease) in net assets resulting from operations** |
| 50 | $(29391) | $11945 | $(17446) |
| 100 | (58493) | 23889 | (34604) |
| 150 | (87058) | 35834 | (51224) |
| 200 | (115162) | 47778 | (67384) |
| 250 | (141839) | 59723 | (82116) |

---

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 June 30, 2025 and September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| **($ in thousands)** | **Debt Investments** | **Borrowings** | **Debt Investments** | **Borrowings** |
| Prime rate | $7727 | $— | $4826 | $— |
| CORRA |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30 day | $21164 |  |  |  |
| EURIBOR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;30 day | 62099 |  |  |  |
| &nbsp;&nbsp;&nbsp;90 day | 211759 |  | 182623 |  |
| &nbsp;&nbsp;&nbsp;180 day | 90395 |  | 34034 |  |
| NIBOR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;90 day | 68811 |  | 69157 |  |
| SOFR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;30 day | $1824721 | 705500 | $1333464 | 515000 |
| &nbsp;&nbsp;&nbsp;90 day (a) | 2998208 | 1683400 | 2284431 | 1330000 |
| &nbsp;&nbsp;&nbsp;180 day | 396459 |  | 213125 |  |
| SONIA | £221377 |  | £116493 |  |
| TONA | ¥2262960 |  |  |  |
| Fixed rate | $432048 |  | $366758 |  |

---

_____________________

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

**Item 4. *Controls and Procedures***

As of the end of the period covered by this report, management, with the participation of the Company's Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), evaluated the effectiveness of our disclosure controls and procedures as of June 30, 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 June 30, 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 June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II**

**Item 1. &nbsp;&nbsp;&nbsp;&nbsp;*Legal Proceedings***

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

**Item 1A. *Risk Factors***

In addition to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2024, we are subject to the following risk:

**Tariffs may adversely affect us or our portfolio companies.** 

Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could affect their results of operations. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us or our portfolio companies.

**Item 2.*&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds.***

There were no unregistered sales of our equity securities during the three months ended June 30, 2025.

**Item 3. *Defaults Upon Senior Securities***

None.

**Item 4. &nbsp;&nbsp;&nbsp;&nbsp;*Mine Safety Disclosures***

Not applicable.

**Item 5. *Other Information***

During the fiscal quarter ended June 30, 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 |
| <u>[3.1\*](exhibit31_oscf4thardeclara.htm)</u> | Fourth Amended and Restated Declaration of Trust of the Registrant. |
| <u>[3.2\*](exhibit32_oscfbylawsaugust.htm)</u> | Amended and Restated Bylaws of Registrant. |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1872371/000119312525082785/d121094dex101.htm)</u> | Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated as of April 11, 2025, by and among the Registrant, as borrower, OSCF Blocker Holdings, Inc., as subsidiary guarantor, the lenders party thereto and ING Capital LLC, as administrative agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01471), filed on April 16, 2025). |
| <u>[31.1\*](oscf-ex311_2025063010xq.htm)</u> | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended. |
| <u>[31.2\*](oscf-ex312_2025063010xq.htm)</u> | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended. |
| <u>[32.1\*](oscf-ex321_2025063010xq.htm)</u> | 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. |
| <u>[32.2\*](oscf-ex322_2025063010xq.htm)</u> | 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. |
| <u>101.INS\*</u> | 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. |
| <u>101.SCH\*</u> | Inline XBRL Taxonomy Extension Schema Document. |
| <u>101.DEF\*</u> | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| <u>101.LAB\*</u> | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| <u>101.PRE\*</u> | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| <u>104\*</u> | 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** | **OAKTREE STRATEGIC CREDIT FUND** |
| By: | /s/ Armen Panossian |
|  | Armen Panossian |
|  | Chairman, Chief Executive Officer and Co-Chief Investment Officer |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Christopher McKown |
|  | Christopher McKown |
|  | Chief Financial Officer and Treasurer |

---

Date: August 12, 2025

## Exhibit 3.1

**FOURTH AMENDED AND RESTATED DECLARATION OF TRUST <br>OF <br>OAKTREE STRATEGIC CREDIT FUND** 

**August 11, 2025** 

**\* \* \* \* \* \* \* \* \* \*** 

**Article I <br>NAME; DEFINITIONS** 

Section 1.1<u>Name</u>. The name of the statutory trust is Oaktree Strategic Credit Fund (the "Company"). So far as may be practicable, the business of the Company shall be conducted and transacted under that name, which name (and the word "Company" whenever used in this Fourth Amended and Restated Declaration of Trust (the "Declaration of Trust"), except where the context otherwise requires) shall refer to the Board of Trustees (as defined herein) collectively but not individually or personally and shall not refer to the Shareholders or to any officers, employees or agents of the Company or of such Trustees. Under circumstances in which the Trustees determine that the use of the name "Oaktree Strategic Credit Fund" is not practicable, they may use any other designation or name for the Company, subject to applicable law. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Statutory Trust Act (as defined below). Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration of Trust.

Section 1.2<u>Definitions</u>. As used in this Declaration of Trust, the following terms shall have the following meanings unless the context otherwise requires:

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>Acquisition Expenses</u>" means expenses, including but not limited to legal fees and expenses, travel and communication expenses, costs regarding determination of creditworthiness and due diligence on prospective portfolio holding companies, non-refundable option payments on assets not acquired, accounting fees and expenses, and miscellaneous expenses, relating to the purchase or acquisition of assets, whether or not acquired.

"<u>Acquisition Fees</u>" means any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Adviser) in connection with the initial purchase or acquisition of assets by the Company. Included in the computation of such fees or commissions shall be any commission, selection fee, supervision fee, financing fee, non-recurring management fee or any fee of a similar nature, however designated.

"<u>Administrator</u>" means Oaktree Fund Administration, LLC, any Person to whom the Administrator subcontracts any and all such services and any successor to an Administrator who enters into an administrative services agreement with the Company or who subcontracts with a successor Administrator.

"<u>Adviser</u>" means Oaktree Fund Advisors, LLC or an affiliated successor in interest thereto, any Person to whom the Adviser subcontracts substantially all such services pursuant to a sub-advisory agreement and any successor to an Adviser who enters into an Investment Advisory Agreement with the Company or who subcontracts with a successor Adviser. If the Adviser no longer serves as the investment adviser to the Company, the rights of the Adviser in this Declaration of Trust will become the rights of the Trustees.

"<u>Affiliate</u>" or "<u>Affiliated</u>" means (subject to the limits under the 1940 Act or an exemptive order from the SEC, as each may be applicable) with respect to any specified Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any other Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such specified Person;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any other Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any other Person directly or indirectly controlling, controlled by or under common control with such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any officer, director, trustee, partner, copartner or employee of such specified Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;if such specified Person is an investment company, any investment adviser thereof or any member of an advisory board thereof.

An affiliate also includes any legal entity on which an affiliate as defined above acts as an executive officer, director, trustee, or partner.

"<u>assessment</u>" means an additional amount of capital that may be mandatorily required of, or paid voluntarily by, a Shareholder beyond his or her subscription commitment excluding deferred payments.

"<u>Benefit Plan Investor</u>" means a benefit plan investor as defined in section 3(42) of ERISA.

"<u>Bylaws</u>" means the bylaws of the Company, as the same are in effect and may be amended from time to time.

"<u>capital contribution</u>" means the total investment, including the original investment and amounts reinvested pursuant to a distribution reinvestment plan in a program by a participant, or by all participants, as the case may be. Unless otherwise specified, capital contributions shall be deemed to include principal amounts to be received on account of deferred payments.

"<u>cash available for distribution</u>" means Cash Flow plus cash funds available for distribution from Company reserves less amounts set aside for restoration or creation of reserves.

"<u>Cash Flow</u>" means Company cash funds provided from operations, without deduction for depreciation, but after deducting cash funds used to pay all other expenses, debt payments, capital improvements and replacements. Cash withdrawn from reserves is not Cash Flow.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

"<u>Common Shares</u>" means the common Shares, par value $0.01 per share, of the Company that may be issued from time to time in accordance with the terms of this Declaration of Trust and applicable law, as described in Article V hereof, including any class or series of Common Shares.

"<u>Controlling Person</u>" shall mean (subject to the limits under the 1940 Act or an exemptive order from the SEC, as each may be applicable), all Persons, whatever their titles, who perform functions for the Sponsor similar to those of: (a) chairperson or member of the board of directors; (b) executive officers; and (c) those holding ten percent or more equity interest in the Sponsor or a Person having the power to direct or cause the direction of the Sponsor, whether through the ownership of voting securities, by contract, or otherwise.

"<u>Covered Security</u>" the term "Covered Security" shall have the meaning set forth in the Securities Act.

"<u>Delaware Trustee</u>" has the meaning ascribed to it in Article III hereof and includes any successor Delaware Trustees appointed in accordance with Section 3.3, but that any reference to "Trustee" or "Board of

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Trustees" in this Declaration of Trust and the Bylaws of the Company shall not be deemed to include or refer to the Delaware Trustee.

"<u>DGCL</u>" means Delaware General Corporation Law, 8 Del. C. § 100, et. seq., as amended from time to time, or any successor statute thereto.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

<u>"ERISA Controlling Person</u>" means a Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the Company or who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliate of such a Person within the meaning of 29 C.F.R. § 2510.3-101(f)(3).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Front End Fees</u>" means fees and expenses paid by any party for any services rendered to organize the Company and to acquire assets for the Company, including Organization and Offering Expenses, Acquisition Fees, Acquisition Expenses, and any other similar fees, however designated by the Board.

"<u>GAAP</u>" means generally accepted accounting principles as in effect in the United States of America from time to time or such other accounting basis mandated by the SEC.

"<u>Independent Expert</u>" means a Person with no material current or prior business or personal relationship with the Sponsor, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is qualified to perform such work.

"<u>Independent Trustee</u>" means a Trustee who is not an Interested Person.

"<u>Interested Person</u>" means a Person who is an "interested person", as that term is defined under Section 2(a)(19) of the 1940 Act, of the Company.

"<u>Investment Advisory Agreement</u>" means that certain investment advisory agreement between the Company and the Adviser named therein pursuant to which the Adviser will act as the investment adviser to the Company and provide investment advisory, investment management and other specified services to the Company, including any sub-advisory agreement.

"<u>Liquidity Event</u>" means a Listing or any merger, reorganization, business combination, share exchange, acquisition by any Person or related group of Persons (including any Affiliate of the Company or the Advisor) of beneficial ownership of all or substantially all of the Shares of the Company in one or more related transactions, or similar transaction involving the Company pursuant to which the Shareholders receive for their Shares, as full or partial consideration, cash, or Listed equity Securities or a combination thereof.

"<u>Listing</u>" means the listing of the Common Shares (or any successor thereof) on a national securities exchange or national securities association registered with the SEC or the receipt by the Shareholders of Securities that are approved for trading on a national securities exchange or national securities association registered with the SEC in exchange for the Common Shares. The term "Listed" shall have the correlative meaning. With regard to the Common Shares, upon commencement of trading of the Common Shares on a national securities exchange or national securities association registered with the SEC, the Common Shares shall be deemed Listed.

"<u>Net Asset Value</u>" has the meaning ascribed to it in Section 5.5 hereof.

"<u>Net Worth</u>" means the excess of total assets over total liabilities as determined by GAAP.

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"<u>Omnibus Guidelines</u>" means the Omnibus Guidelines Statement of Policy adopted by the North American Securities Administrators Association on March 29, 1992 and as amended on May 7, 2007 and from time to time.

"<u>Organization and Offering Expenses</u>" means any and all costs and expenses incurred by and to be paid from the assets of the Company in connection with and in preparing for the formation, qualification and registration of the Company, and the marketing and distribution of shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters' attorneys), expenses for printing, engraving, amending, supplementing, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow agents or holders, depositories, experts, fees, expenses and taxes related to the filing, registration and qualification of the sale of the shares under federal and state laws, including taxes and fees and accountants' and attorneys' fees.

"<u>Person</u>" means an individual, corporation, partnership, estate, trust joint venture, limited liability company or other entity or association.

"<u>Plan Asset Regulation</u>" means 29 C.F.R. § 2510.3-101, as modified by section 3(42) of ERISA.

"<u>Publicly Offered Securities</u>" means publicly offered securities as defined in 29 C.F.R. § 2510.3-101(b)(2) or any successor regulation thereto.

"<u>Roll-Up Entity</u>" means a partnership, trust, corporation, or similar entity that would be created or would survive after the successful completion of a proposed Roll-Up Transaction.

"<u>Roll-Up Transaction</u>" means a transaction involving the acquisition, merger, conversion or consolidation either directly or indirectly of the Company and the issuance of securities of a Roll-Up Entity to the Shareholders. Such term does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a transaction involving Securities of the Company that have been Listed for at least twelve (12) months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a transaction involving the conversion to another corporate form or to a trust or association form of only the Company, if, as a consequence of the transaction, there will be no significant adverse change in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the term of existence of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Adviser compensation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Company's investment objective.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Securities</u>" means Common Shares, any other Shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing if and only if any such item is treated as a "security" under the Exchange Act, or applicable state securities laws.

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"<u>Shareholders</u>" means the registered holders of the Company's Shares.

"<u>Shares</u>" means the unit of beneficial interest in the trust estate of the Company.

"<u>Sponsor</u>" means any person directly or indirectly instrumental in organizing, wholly or in part, a program or any person who will control, manage or participate in the management of a program, and any affiliate of such person. Not included is any person whose only relation with the program is that of an independent manager of a portion of program assets, and whose only compensation is as such. "Sponsor" does not include wholly independent third parties such as attorneys, accountants, and underwriters whose only compensation is for professional services rendered in connection with the offering of program interests. A person may also be deemed a Sponsor of the program by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;taking the initiative, directly or indirectly, in founding or organizing the business or enterprise of the program, either alone or in conjunction with one or more other persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;receiving a material participation in the program in connection with the founding or organizing of the business of the program, in consideration of services or property, or both services and property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;having a substantial number of relationships and contacts with the program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;possessing significant rights to control program properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;receiving fees for providing services to the program which are paid on a basis that is not customary in the industry; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;providing goods or services to the program on a basis which was not negotiated at arm's length with the program.

"<u>Statutory Trust Act</u>" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq., as such act may be amended from time to time.

"<u>Trustees</u>," "<u>Board of Trustees</u>" or "<u>Board</u>" means, collectively, the individuals named in Section 4.1 of this Declaration of Trust so long as they continue in office and all other individuals who have been duly elected and qualify as Trustees of the Company hereunder. For the avoidance of doubt, any references to "Trustee" or "Board of Trustee" or "Board" in this Declaration of Trust and the Bylaws of the Company shall not be deemed to include or refer to the Delaware Trustee.

**Article II<br>NATURE AND PURPOSE** 

The Company is a Delaware statutory trust within the meaning of the Statutory Trust Act, existing pursuant to this Declaration of Trust and the Company's certificate of trust filed with the Delaware Secretary of State's office on November 24, 2021 (which filing is hereby ratified), each as may be amended or amended and restated from time to time.

The purpose of the Company is to engage in any lawful act or activity for which trusts may be organized under the Statutory Trust Act as now or hereafter in force, including to conduct, operate and carry on the business of a non-diversified closed-end investment company operating as a business development company, as such terms are defined in the 1940 Act, subject to making an election therefor under the 1940 Act, and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust. In furtherance of the foregoing, it shall be the purpose of the Company to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a business

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development company regulated under the 1940 Act and which may be engaged in or carried on by a trust organized under the Statutory Trust Act, and in connection therewith the Company shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust. The Company may not, without the affirmative vote of a majority of the outstanding voting securities, as such term is defined under Section 2(a)(42) of the 1940 Act, of the Company entitled to vote on the matter, change the nature of the Company's business so that the Company ceases to be, or withdraws the Company's election to be, treated as a business development company under the 1940 Act.

Legal title to all of the assets of the Company shall be vested in the Company as a separate legal entity except that the Trustees shall have power to cause legal title to any assets of the Company to be held in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that such arrangement is permitted by the 1940 Act and the interest of the Company therein is appropriately protected.

**Article III<br>DELAWARE TRUSTEE** 

Section 3.1<u>Appointment</u>. Pursuant to Section 3807 of the Statutory Trust Act, the trustee of the Company in the State of Delaware shall be Wilmington Trust, National Association (the "Delaware Trustee"). The address of the principal office of Wilmington Trust, National Association is 1100 North Market Street, Wilmington, Delaware 19890.

Section 3.2<u>Concerning the Delaware Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Delaware Trustee is appointed to serve as the trustee of the Company in the State of Delaware for the sole purpose of satisfying the requirement pursuant to Section 3807(a) of the Statutory Trust Act that the Company have at least one trustee which has its principal place of business in the State of Delaware. The Company shall have at least one other trustee (other than the Delaware Trustee) to perform all obligations and duties other than fulfilling the Company's obligations pursuant to Section 3807(a) of the Statutory Trust Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The duties of the Delaware Trustee shall be limited to (i) accepting legal process served on the Company in the State of Delaware and (ii) the execution of any certificates required to be filed with the Delaware Secretary of State which the Delaware Trustee is required to execute under Section 3811 of the Statutory Trust Act. Except for the purpose of the foregoing sentence, the Delaware Trustee shall not be deemed a trustee, shall not be a member of the Board of Trustees and shall have no management responsibilities or owe any fiduciary duties to the Company or the Shareholders. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Company or the Shareholders, it is hereby understood and agreed by the other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set forth in this Declaration of Trust. The Delaware Trustee shall have no liability for the acts or omissions of any other Person, including, without limitation, the Trustees and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Delaware Trustee may be removed by the Trustees upon 30 days' prior written notice to the Delaware Trustee. The Delaware Trustee may resign upon 30 days' prior written notice to the Trustees. No resignation or removal of the Delaware Trustee shall be effective except upon the appointment of a successor Delaware Trustee appointed by the Trustees or a court of competent jurisdiction. If no successor Delaware Trustee has been appointed within such 30 day period, the Delaware Trustee may, at the expense of the Trust, petition a court of competent jurisdiction to appoint a successor Delaware Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any Person into which the Delaware Trustee may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Delaware Trustee shall be a party, or any Person which succeeds to all or substantially all of the corporate trust business of the Delaware Trustee, shall be the successor Delaware Trustee under this Declaration of Trust without the execution, delivery or filing of any paper or instrument or further act to be done on the part of the parties hereto, except as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Delaware Trustee shall be entitled to all of the same rights, protections, indemnities and immunities under this Declaration of Trust and with respect to the Company and the Shareholders as the Trustees. No amendment or waiver of any provision of this Declaration of Trust which adversely affects the Delaware Trustee shall be effective against it without its prior written consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Delaware Trustee shall not be liable for supervising or monitoring the performance and the duties and obligations of any other Person, including, without limitation, the Trustees, the Administrator or the Adviser or the Company under this Declaration of Trust or any related document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Delaware Trustee shall not be personally liable under any circumstances, except for its own willful misconduct or gross negligence. In particular, but not by way of limitation: (i) the Delaware Trustee shall not be personally liable for any error of judgment made in good faith; (ii) no provision of this Declaration of Trust shall require the Delaware Trustee to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Delaware Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; (iii) under no circumstances shall the Delaware Trustee be personally liable for any representation, warranty, covenant, agreement or indebtedness of the Trust; (iv) the Delaware Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Declaration of Trust or for the due execution hereof by any other party hereto; (v) the Delaware Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Delaware Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Delaware Trustee may for all purposes hereof rely on a certificate or resolution, signed by a Trustee or an officer of the Company as to such fact or matter, and such certificate shall constitute full protection to the Delaware Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon; (vi) in the exercise or administration of the Company hereunder, the Delaware Trustee (A) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the Delaware Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Delaware Trustee in good faith and (B) may consult with counsel, accountants and other skilled persons to be selected by it in good faith and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons; (vii) in accepting and performing its express duties hereunder the Delaware Trustee acts solely as Delaware Trustee hereunder and not in its individual capacity, and all persons having any claim against the Delaware Trustee by reason of the transactions contemplated by this Declaration of Trust shall look only to the Company for payment or satisfaction thereof; and (viii) the Delaware Trustee shall incur no liability if, by reason of any provision of any present or future law or regulation thereunder, or by any force majeure event, including but not limited to natural disaster, act of war or terrorism, or other circumstances beyond its reasonable control, the Delaware Trustee shall be prevented or forbidden from doing or performing any act or thing which the terms of this Declaration of Trust provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)In the event of the appointment of a successor Delaware Trustee, such successor shall cause an amendment to the certificate of trust of the Company to be filed with the Secretary of State of Delaware in accordance with Section 3810 of the Delaware Statutory Trust Act, indicating the change of the Delaware Trustee's identity.

Section 3.3<u>Compensation and Reimbursement of Expenses; Indemnity</u>. The Company hereby agrees to (i) compensate the Delaware Trustee in accordance with a separate fee agreement with the Delaware Trustee, (ii) reimburse the Delaware Trustee for all reasonable expenses relating to the services of the Delaware Trustee (including reasonable fees and expenses of counsel and other advisers retained by the Delaware Trustee) and (iii) indemnify, defend and hold harmless the Delaware Trustee, and its employees, agents, officers and trustees (the "Indemnified DE Trustee Parties") from and against any and all claims, actions, suits, demands, assessments, judgments, losses, liabilities, damages, costs, taxes, and expenses, including reasonable fees and expenses of counsel and including costs of enforcement of an Indemnified DE Trustee Party's rights hereunder (collectively, "Expenses"), to the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified DE Trustee Parties with respect to the performance of any duties contemplated by this Declaration of Trust or from the services provided or functions performed by the Delaware Trustee; provided, however, that the Company shall not be required to indemnify any Indemnified DE Trustee Parties for any Expenses which are a result of the willful misconduct or gross negligence of such Indemnified DE Trustee Parties. To the fullest extent permitted by law, Expenses to be incurred by any Indemnified DE Trustee Parties shall, from time to time, be advanced by, or on behalf of, the Company prior to the final disposition of any matter upon receipt by the Company of an undertaking by, or on behalf of, such Indemnified DE Trustee Parties to repay such amount if it shall be determined that the Indemnified DE Trustee Parties are not entitled to be indemnified under this Declaration of Trust.

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**Article IV<br>PROVISIONS FOR DEFINING, LIMITING <br>AND REGULATING CERTAIN POWERS OF THE <br>COMPANY AND OF THE SHAREHOLDERS AND TRUSTEES** 

Section 4.1<u>Number of Trustees</u>. The business and affairs of the Company shall be managed under the direction of the Board of Trustees (not including the Delaware Trustee). The Board of Trustees shall have full, exclusive and absolute power, control and authority over the Company's assets and over the business of the Company to the same extent as a board of directors of a Delaware corporation. The Board of Trustees may take any actions as in its sole judgment and discretion are necessary or desirable to conduct the business of the Company. Except as otherwise specifically provided in this Declaration of Trust and the Bylaws, each Trustee and officer of the Company shall have duties including fiduciary duties (and liability therefore) identical to those of directors and officers of a private corporation for profit organized under the DGCL and shall not have any other duties, including any fiduciary duties, except for fiduciary duties identical to those of directors and officers of a private corporation for profit organized under the DGCL. The number of Trustees of the Company is five, which number may be increased or decreased from time to time only by the Trustees pursuant to the Bylaws, but shall never be less than three (3), except for a period of up to sixty (60) days after the death, removal or resignation of a Trustee pending the election of such Trustee's successor. The names of the Trustees as of the date of this Declaration of Trust are as follows: Jay Ferguson, Deborah Gero, Allison Keller, Stephen Mosko and Armen Panossian.

A majority of the Board of Trustees shall be Independent Trustees, except for a period of up to sixty (60) days or such longer period permitted by law, after the death, removal or resignation of an Independent Trustee pending the election of such Independent Trustee's successor by the remaining Trustees.

Until such time, if any, as the Company has a classified Board in accordance with Section 4.2 hereof, each Trustee shall serve on the Board of Trustees until the death, resignation, removal or incapacity of such Trustee or until his or her successor is elected and qualified.

Subject to applicable requirements of the 1940 Act, in order that any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy shall serve for the remainder of the full term of the trusteeship in which such vacancy occurred and until a successor is duly elected and qualified. There shall be no cumulative voting in the election or removal of Trustees. Trustees shall be elected by a plurality of votes.

Section 4.2<u>Classes of Trustees</u>. Notwithstanding the foregoing, effective upon and following the occurrence of a Listing of any class of the Company's Shares, if any: the Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III, as nearly equal in number as possible, and the term of office of Trustees of one class shall expire at each annual meeting of Shareholders, and in all cases as to each Trustee such term shall extend until his or her successor shall be elected and shall qualify or until his or earlier resignation, removal from office, death or incapacity. Additional trusteeships resulting from an increase in number of Trustees shall be apportioned among the classes as equally as possible. The initial term of office of Trustees of Class I shall expire at the Company's next annual meeting of Shareholders; the initial term of office of Trustees of Class II shall expire at the Company's second annual meeting of Shareholders following the occurrence of a Listing of any class of the Company's Shares, if any; and the initial term of office of Trustees of Class III shall expire at the Company's third annual meeting of Shareholders following the occurrence of a Listing of any class of the Company's Shares, if any. Following such initial terms, at each annual meeting of Shareholders, a number of Trustees equal to the number of Trustees of the class whose term expires at the time of such meeting (or, if less, the number of Trustees properly nominated and qualified for election) shall be elected to hold office until the third succeeding annual meeting of Shareholders after their election. Each Trustee may be reelected to an unlimited number of succeeding terms in accordance with these provisions.

If the Board of Trustees is classified, at each annual election, Trustees chosen to succeed those whose terms then expire shall be of the same class as the Trustees they succeed, unless by reason of any intervening changes in the authorized number of Trustees, the Board of Trustees shall designate one or more trusteeships whose term then expires as trusteeships of another class in order to more nearly achieve equality of number of Trustees among the classes.

Notwithstanding the rule that the three classes shall be as nearly equal in number of Trustees as possible, in the event of any change in the authorized number of Trustees, each Trustee then continuing to serve as such shall

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nevertheless continue as a Trustee of the class of which such Trustee is a member until the expiration of his or her current term, or his or her prior death, resignation or removal. If any newly created trusteeship may, consistently with the rule that the three classes shall be as nearly equal in number of Trustees as possible, be allocated to any class, the Board of Trustees shall allocate it to that of the available class whose term of office is due to expire at the earliest date following such allocation.

The voting procedures and the number of votes required to elect a Trustee shall be as set forth in the Bylaws, which may be amended by the Board.

Section 4.3<u>Shareholder Voting</u>. Except as provided in Article II, Section 4.10, Section 6.2, Section 6.3, Section 10.2, Section 11.1 and Section 13.2 of this Declaration of Trust, notwithstanding any provision of law permitting any particular action to be approved by the affirmative vote of the Shareholders of the Company entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable and approved by the Board of Trustees, and approved by a majority of the votes cast at a meeting of Shareholders at which a quorum is present. All shares of all classes shall vote together as a single class provided that: (a) as to any matter with respect to which a separate vote of any class is required by the 1940 Act or any orders issued thereunder, such requirement as to a separate vote by that class shall apply in lieu of a general vote of all classes; (b) in the event that separate voting requirements apply with respect to one or more classes, then subject to subparagraph (c), the shares of all other classes not entitled to a separate vote shall vote together as a single class; and (c) as to any matter which in the judgment of the Board (which judgment shall be conclusive) does not affect the interest of a particular class, such class shall not be entitled to any vote and only the holders of shares of the one or more affected classes shall be entitled to vote. Notwithstanding any other provisions of this Declaration of Trust or the Bylaws to the contrary, for such matters that require the vote of a majority of the outstanding voting Shares of the Company under the 1940 Act, such majority vote shall be determined as set forth in Section 2(a)(42) of the 1940 Act. The provisions of this Section 4.3 shall be subject to the limitations of the 1940 Act and other applicable statutes or regulations.

Section 4.4<u>Quorum</u>. The determination of whether a quorum has been established for a meeting of the Company's Shareholders shall be as set forth in the Bylaws.

Section 4.5<u>Preemptive Rights</u>. Except as may be provided by the Board of Trustees in setting the terms of classified or reclassified Shares or as may otherwise be provided by contract approved by the Board, no Shareholder shall, as such Shareholder, have any preemptive right to purchase or subscribe for any additional Shares of the Company or any other Security of the Company that it may issue or sell.

Section 4.6<u>Appraisal Rights</u>. Except as may be provided by the Board of Trustees in setting the terms of any class or series of Shares, and except in connection with a Roll-Up Transaction as provided in Section 12.1, no Shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

Section 4.7<u>Determinations by the Board</u>. The determination as to any of the following matters, made in good faith by or pursuant to the direction of the Board of Trustees consistent with this Declaration of Trust shall be final and conclusive and shall be binding upon the Company and every Shareholder: (i) the amount of the net income of the Company for any period and the amount of assets at any time legally available for the payment of dividends, redemption or repurchase of its Shares or the payment of other distributions on its Shares; (ii) the amount of stated capital, capital surplus, net assets, other surplus, annual or other net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; (iii) the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); (iv) any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any class or series of Shares of the Company; (v) the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Company or any Shares of the Company; (vi) any matter relating to the acquisition, holding and disposition of any assets by the Company; or (vii) any other matter relating to the business and affairs of the Company or required or permitted by applicable law, this Declaration of Trust or the Bylaws or otherwise to be determined by the Board; provided, however, that any determination by the Board as to any of the preceding matters shall not render invalid or improper any action taken or omitted prior to such determination and no Trustee shall be liable for making or failing to make such a determination.

Section 4.8<u>Sole Discretion; Good Faith; Corporate Opportunities of Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding any other provision of this Declaration of Trust or otherwise applicable law, whenever in this Declaration of Trust the Trustees are permitted or required to make a decision:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

In furtherance of the Trustees' obligation to act in "good faith", this Section 4.8 shall not be interpreted to permit the Trustees' to disregard the interests of the Company and its Shareholders in order to advance their own personal interests. In addition, this Section 4.8 shall not be interpreted to permit a Trustee to disregard the interests of the Company in making a decision with respect to a matter in which he or she has an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless expressly provided otherwise herein or in the Company's offering document (as may be amended from time to time), the Adviser and any Affiliate of the Adviser may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Company and the doctrine of corporate opportunity, or any analogous doctrine. To the extent that the Adviser acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company, it shall not have any duty to communicate or offer such opportunity to the Company, subject to the requirements of the 1940 Act, the Investment Advisers Act of 1940, as amended, and any applicable co-investment order issued by the Commission, and the Adviser shall not be liable to the Company or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Adviser pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Company. Neither the Company nor any Shareholder shall have any rights or obligations by virtue of this Declaration of Trust or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Company, shall not be deemed wrongful or improper.

Section 4.9<u>Resignation and Removal of Trustees</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairperson, if any, and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any Trustee, or the entire Board, may be removed from office at any time (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 4.1 hereof) (i) by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an Interested Person a majority of the remaining Trustees that are not Interested Persons), but only for cause or (ii) upon a vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote with or without cause. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Company or the remaining Trustees any Company property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his resignation or removal, or any right to damages on account of a removal. For the purpose of this Section, "<u>cause</u>" shall mean, with respect to any particular Trustee, that the Trustee has (i) been convicted of a felony or a final judgment of a court of competent jurisdiction holding that such Trustee caused demonstrable, material harm to the Trust through bad faith or active and deliberate dishonesty, (ii) been the subject of any order or determination by the SEC or similar agency of any country for any securities violation involving insider trading, fraud, misappropriation, dishonesty or willful misconduct or (iii) been convicted of, or pleaded guilty or no contest to, a crime involving moral turpitude that is reasonably likely to injure, tarnish, damage or otherwise negatively affect the reputation of the Trust.

Section 4.10<u>Business Combination</u>. Notwithstanding any other provision of this Declaration of Trust or any contrary provision of law, but subject to Section 13.5 of this Declaration of Trust, the Board of Trustees may, upon affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company present in person or by proxy at a meeting of the Shareholders, cause the Company to convert into or merge, reorganize or consolidate with or into one or more trusts, partnerships, limited liability companies, corporations or other business entities. Approval of any agreement or applicable certificate of merger, reorganization, consolidation or conversion or other certificate may be signed by a majority of the Board of Trustees or an authorized officer of the Company. In accordance with Section 3815(f) of the Statutory Trust Act, but subject to Section 6.2 of this Declaration of Trust, such approval and approval from the Board will effect an amendment to this Declaration of

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Trust and/or effect the adoption of a new declaration of trust of the Company or change the name of the Company if the Company is the surviving or resulting entity in the merger or consolidation.

Section 4.11<u>Special Meetings</u>. A majority of the Independent Trustees or the Chief Executive Officer may call a special meeting of the Shareholders.

Section 4.12<u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 4.13<u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 4.14<u>Officers</u>. The Trustees shall elect a Chief Executive Officer, a Secretary and a Chief Financial Officer and may elect a Chairperson who shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chairperson, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. A Chairperson shall, and the Chief Executive Officer, Secretary and Chief Financial Officer may, but need not, be a Trustee. All officers shall owe to the Company and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the DGCL.

Section 4.15<u>Principal Transactions</u>. Except to the extent prohibited by applicable law and the Omnibus Guidelines, the Trustees may, on behalf of the Company, buy any securities from or sell any securities to, or lend any assets of the Company to, any Trustee or officer of the Company or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliate of the Company, investment adviser, investment sub-adviser, distributor or transfer agent for the Company or with any Interested Person of such Affiliate or other person; and the Company may employ any such Affiliate or other person, or firm or company in which such Affiliate or other person is an Interested Person, as broker, legal counsel, registrar, investment advisor, investment sub-advisor, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

Section 4.16<u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over all of the Company's property or to carry on any business in which the Company shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Company's property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Company holds or is about to acquire shares or any other interests.

Section 4.17<u>Delegation</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Company the doing of such things, including any matters set forth in this Declaration of Trust, and the execution of such instruments either in the name of the Company or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

Section 4.18<u>Meetings</u>. The Company shall hold a meeting of Shareholders at least annually to consider such matters as may appropriately come before such meeting. The Company's annual meeting of Shareholders will occur upon reasonable notice and within a reasonable period (not less than 30 days) following the delivery of the Company's annual report. The Board of Trustees, including the Independent Trustees, shall take reasonable steps to ensure that this requirement is met.

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**Article V<br>SHARES** 

Section 5.1<u>Authorized Shares</u>. The beneficial interest in the Company shall at all times be divided into an unlimited number of Shares. The Shares of the Company shall initially consist of Common Shares, with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. All Common Shares shall be fully paid and nonassessable when issued. Mandatory assessments of Common Shares shall be prohibited and the Company shall not make any mandatory assessment against any Shareholder beyond such Shareholder's subscription commitment. Any different classes or series shall be established and designated, and the variations in the relative rights and preferences as between the different classes shall be fixed and determined, by the Trustees without Shareholder approval. The Trustees may create a class of preferred shares (the "<u>Preferred Shares</u>") which may be divided into one or more series of Preferred Shares and with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. The Company is authorized to offer and issue an unlimited number of Common Shares and an unlimited number of Preferred Shares.

Section 5.2<u>Authorization by Board of Share Issuance</u>. The Board of Trustees may authorize the issuance from time to time of Shares of the Company of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration as the Board may deem advisable (or without consideration in the case of a split of Shares or dividend), subject to such restrictions or limitations, if any, as may be set forth in this Declaration of Trust or the Bylaws.

Section 5.3<u>Classification or Reclassification by the Board</u>. As contemplated by Section 5.1, the variations in the relative rights and preferences as between any classes of Common Shares and any potential Preferred Shares shall be fixed and determined by the Trustees; provided, that all Common Shares or Preferred Shares of the Company or of any series shall be identical to all other Common Shares or Preferred Shares of the Company or of the same series, as the case may be, except that, to the extent permitted by the 1940 Act, there may be variations between different classes as to allocation of expenses, rights of redemption, special and relative rights and preferences as to dividends and distributions and on liquidation, conversion rights, and conditions under which the several classes shall have separate voting rights. All of the outstanding Common Shares as of the date hereof issued to the sole initial shareholder shall be classified as Class I Shares with such terms as set forth in the initial prospectus of the Company, as thereafter subsequently modified from time to time. Any class of Preferred Shares shall have such rights and preferences and priorities over the Common Shares as may be established by the terms thereof; provided that the Company may not issue any shares of preferred shares that would limit or subordinate the voting rights of holders of Common Shares as set forth in the Omnibus Guidelines unless required by the 1940 Act.

The following provisions shall be applicable to any division of Shares of the Company into one or more classes or series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All provisions herein relating to the Shares, or any class or series of Shares of the Company, including common and preferred shares, shall apply equally to each class of Shares of the Company or of any series of the Company, except as the context requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The number of Shares of each class that may be issued shall be unlimited. The Trustees may classify or reclassify any Shares or any class of any Shares into one or more other classes that may be established and designated from time to time. The Company may purchase and hold Shares as treasury shares, reissue such treasury shares for such consideration and on such terms as the Trustees may determine, or cancel any Shares of any class acquired by the Company at the Trustees' discretion from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Liabilities, expenses, costs, charges and reserves related to the distribution of, and other identified expenses that should properly be allocated to, the Shares of a particular class or series within the class may be charged to and borne solely by such class or series, and the bearing of expenses solely by a class of shares or series may be appropriately reflected (in a manner determined by the Trustees) and cause differences in the net asset value attributable to, and the dividend, redemption and liquidation rights of, the Shares of different classes or series. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees in their reasonable judgment shall be conclusive and binding upon the Shareholders of all classes for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The establishment and designation of any class or series of Shares shall be effective upon a majority of the Trustees adopting a resolution which sets forth such establishment and designation and the

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relative rights and preferences of such class or series. Each such resolution shall be incorporated herein by reference upon adoption. The Trustees may, by resolution of a majority of the Trustees, abolish any class or series and the establishment and designation thereof. To the extent the provisions set forth in such resolution conflict with the provisions of this Declaration of Trust with respect to any such rights and privileges of the class or series of Shares, such resolution shall control.

Section 5.4<u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless otherwise expressly provided in this Declaration of Trust, the holders of each class or series of Shares shall be entitled to dividends and distributions in such amounts and at such times as may be determined by the Board, and the dividends and distributions paid with respect to the various classes or series of Shares may vary among such classes or series. Expenses related to the distribution of, and other identified expenses that properly should be allocated to the shares of, a particular class or series may be appropriately reflected (in a manner determined by the Board, in its discretion) and cause a difference in the Net Asset Value attributable to, and the dividend, redemption and liquidation rights of, the shares of each such class or series of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Company or to meet obligations of the Company, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)From time to time and not less than quarterly, the Company shall review the Company's accounts to determine whether cash distributions are appropriate. The Company may, subject to authorization by the Board of Trustees, distribute to the Shareholders funds received by the Company that the Board of Trustees deems unnecessary to retain in the Company. The Board may authorize the Company to declare and pay to Shareholders such dividends or distributions, in cash or other assets of the Company or in Securities of the Company or from any other source, as the Board in its discretion shall determine. The Board shall endeavor to authorize the Company to declare and pay such dividends and distributions: (i) as shall be necessary for the Company to qualify as a "Regulated Investment Company" under the Code and a business development company under the 1940 Act, and (ii) to the extent that the Board deems it unnecessary for the Company to retain funds received by it; provided, however, that in each case Shareholders shall have no right to any dividend or distribution unless and until authorized by the Board and declared by the Company. Distributions pursuant to this Section 5.4 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify. The exercise of the powers and rights of the Board pursuant to this Section 5.4 shall be subject to the provisions of any class or series of shares at the time outstanding. The receipt by any Person in whose name any shares are registered on the records of the Company or by his or her duly authorized agent shall be a sufficient discharge for all dividends or distributions payable or deliverable in respect of such shares and from all liability to see to the application thereof. Distributions in kind shall not be permitted, except for distributions of readily marketable Securities, distributions of cash from a liquidating trust established for the dissolution of the Company and the liquidation of its assets in accordance with the terms of this Declaration of Trust or distributions in which: (i) the Board advises each Shareholder of the risks associated with direct ownership of the property, (ii) the Board offers each Shareholder the election of receiving such in-kind distributions, and (iii) in-kind distributions are made only to those Shareholders that accept such offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Company to avoid or reduce liability for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If a declaration of dividends or distributions is made pursuant to this Section then (i) at any time prior to the related payment date, the Board may, in its sole discretion, rescind such declaration or change each of the record date and payment date to a later date or dates (in each case for a period of not greater than 180 days after each of the record date and payment date theretofore in effect and provided the payment date as so changed is not more than 60 days after the record date as so changed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In no event, however, shall funds be advanced or borrowed for purpose of distributions, if the amount of such distributions would exceed the Company's accrued and received revenues for the previous four quarters, less paid and accrued operating costs with respect to such revenues, determined in accordance with GAAP, consistently applied. Cash distributions from the Company to the Sponsor shall

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only be made in conjunction with distributions to Shareholders and only out of funds properly allocated to the Sponsor's account.

Section 5.5<u>Proportionate Rights</u>. All shares of each particular class shall represent an equal proportionate interest in the assets attributable to the class (subject to the liabilities of that class), and each share of any particular class shall be equal to each other share of that class. The Board of Trustees may, from time to time, divide or combine the shares of any particular class into a greater or lesser number of shares of that class without thereby changing the proportionate interest in the assets attributable to that class or in any way affecting the rights of holders of shares of any other class.

Section 5.6<u>Distributions in Liquidation</u>. Unless otherwise expressly provided in this Declaration of Trust, in the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the holders of all classes of Shares of the Company shall be entitled, after payment or provision for payment of the debts and other liabilities of the Company (as such liability may affect one or more of the classes and series of Shares of the Company), to share ratably in the remaining net assets of the Company.

Section 5.7<u>Deferred Payments</u>. The Company shall not have authority to make arrangements for deferred payments on account of the purchase price of shares of the Company's Shares unless all of the following conditions are met: (a) such arrangements are warranted by the Company's investment objectives; (b) the period of deferred payments coincides with the anticipated cash needs of the Company; (c) the deferred payments shall be evidenced by a promissory note of the Shareholder, which note shall be with recourse, shall not be negotiable, shall be assignable only subject to defenses of the maker and shall not contain a provision authorizing a confession of judgment; and (d) selling commissions and Front End Fees paid upon deferred payments are payable when payment is made on the note. The Company shall not sell or assign the deferred obligation notes at a discount. In the event of default in the payment of deferred payments by a Shareholder, the Shareholder may be subjected to a reasonable penalty.

Section 5.8<u>Fractional Shares</u>. The Company shall have authority to issue fractional shares. Any fractional Shares shall carry proportionately all of the rights of a whole share, including, without limitation, the right to vote and the right to receive dividends and other distributions.

Section 5.9<u>Declaration of Trust and Bylaws</u>. All persons who shall acquire Shares in the Company shall acquire the same subject to the provisions of this Declaration of Trust and the Bylaws.

Section 5.10<u>Redemptions</u>. Holders of Shares of the Company shall not be entitled to require the Company to repurchase or redeem Shares of the Company.

Section 5.11<u>Disclosure of Holding</u>. The holders of Shares or other securities of the Company shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Company as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

Section 5.12<u>Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Company voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Company.

Section 5.13<u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article V, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Company's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Company to comply with any provision of the 1940 Act, federal securities laws, state securities laws, or any securities exchange or association registered under the Exchange Act, or any order of exemption issued by the SEC, all as in effect now or hereafter amended or modified.

Section 5.14<u>ERISA Restrictions</u>. Notwithstanding any other provision herein, if and to the extent that any class of Shares do not constitute Publicly Offered Securities, in order to avoid the possibility that the underlying assets of the Company could be treated as assets of a Benefit Plan Investor pursuant to the Plan Asset Regulation, the Company, at the direction of the Board of Trustees or any duly-authorized committee of the Board, or, if

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authorized by the Board, any officer of the Company or the Adviser on behalf of the Company, shall have the power to (1) require any Person proposing to acquire Shares to furnish such information as may be necessary to determine whether such person is (i) a Benefit Plan Investor, or (ii) an ERISA Controlling Person, (2) exclude any Person from purchasing Shares (3) prohibit any repurchase of Shares to any Person, and (4) repurchase any or all outstanding Shares held by a Shareholder for such price and on such other terms and conditions as may be determined by or at the direction of the Board.

**Article VI<br>AMENDMENTS; CERTAIN EXTRAORDINARY ACTIONS** 

Section 6.1<u>Amendments Generally</u>. Subject to Section 6.2, the Board of Trustees reserves the right, without any vote of Shareholders, from time to time to make any amendment to this Declaration of Trust, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in this Declaration of Trust, of any outstanding Shares, provided, however, that if any amendment or new addition to this Declaration of Trust adversely affects the rights of Shareholders, such amendment or addition must be approved by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote thereon. All rights and powers conferred by this Declaration of Trust on Shareholders, Trustees and officers are granted subject to this reservation.

Section 6.2<u>Approval of Certain Declaration of Trust Amendments</u>. If the Company's Shares are Covered Securities, then the affirmative vote of the Shareholders entitled to cast at least two-thirds (2/3) of all Shares of the Company entitled to vote on the matter shall be necessary to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any amendment to this Declaration of Trust to make the Common Shares a "redeemable security" or to convert the Company, whether by merger or otherwise, from a "closed-end company" to an "open-end company" (as such terms are defined in the 1940 Act); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any amendment to Section 4.3, 4.10, Section 6.1 or this Section 6.2.

Notwithstanding anything to the contrary in this section 6.2, if the Company's Shares are not Covered Securities, or if the Board of Trustees approves a proposal or amendment pursuant to this Section 6.2 by a vote of at least two-thirds of the Board (excluding the Delaware Trustee), then only the affirmative vote of the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote thereon shall be required to approve such matter.

Section 6.3<u>Approval of Certain Amendments to Bylaws</u>. The Board of Trustees shall have the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws.

Section 6.4<u>Execution of Amendments</u>. Upon obtaining such approvals required by this Declaration of Trust and the Bylaws and without further action or execution by any other Person, including the Delaware Trustee or any Shareholder, (i) any amendment to this Declaration of Trust may be implemented and reflected in a writing executed solely by the requisite members of the Board of Trustees, and (ii) the Delaware Trustee and the Shareholders shall be deemed a party to and bound by such amendment of this Declaration of Trust; provided, however, the Delaware Trustee's written consent shall be required for any amendment that would affect the Delaware Trustee.

**Article VII<br>LIMITATION OF LIABILITY; INDEMNIFICATION AND <br>ADVANCE OF EXPENSES** 

Section 7.1<u>Limitation of Shareholder Liability</u>. Shareholders shall be entitled to the same limited liability extended to Shareholders of private Delaware for profit corporations formed under the DGCL. No Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Company by reason of being a Shareholder, nor shall any Shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any Person in connection with the Company's assets or the affairs of the Company by reason of being a Shareholder.

Section 7.2<u>Limitation of Trustee and Officer Liability</u>. To the fullest extent permitted by Delaware law, subject to any limitation set forth under the federal securities laws, or in this Article VII, no Trustee or officer of the Company shall be liable to the Company or its Shareholders for money damages. Neither the amendment nor repeal of this Section 7.2, nor the adoption or amendment of any other provision of this Declaration of Trust or

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Bylaws inconsistent with this Section 7.2, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act that occurred prior to such amendment, repeal or adoption. The Company may not incur the cost of that portion of liability insurance which insures the Adviser for any liability as to which the Adviser is prohibited from being indemnified.

Section 7.3<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (hereinafter a "proceeding"), by reason of the fact:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)that he or she is or was a Trustee, officer, employee, Controlling Person or agent of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)that he or she, being at the time a Trustee, officer, employee or agent of the Company, is or was serving at the request of the Company as a director, trustee, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (collectively, "another enterprise" or "other enterprise"), whether either in case (i) or in case (ii) the basis of such proceeding is alleged action or inaction (x) in an official capacity as a Trustee, officer, employee, Controlling Person or agent of the Company, or as a director, trustee, officer, employee or agent of such other enterprise, or (y) in any other capacity related to the Company or such other enterprise while so serving as a director, trustee, officer, employee or agent, shall be indemnified and held harmless by the Company to the fullest extent not prohibited by Delaware law and subject to paragraphs (b) and (c) below, from and against all liability, loss, judgments, penalties, fines, settlements, and reasonable expenses (including, without limitation, attorneys' fees and amounts paid in settlement and including costs of enforcement of enforcement of rights under this Section) (collectively, "Liability and Losses") actually incurred or suffered by such Person in connection therewith. The Persons indemnified hereunder are hereinafter referred to as "Indemnitees." Such indemnification as to such alleged action or inaction shall continue as to an Indemnitee who has after such alleged action or inaction ceased to be a Trustee, officer, employee, Controlling Person or agent of the Company, or director, officer, employee or agent of another enterprise; and shall inure to the benefit of the Indemnitee's heirs, executors and administrators. The right to indemnification conferred under this Article VII: (A) shall be a contract right; (B) shall not be affected adversely as to any Indemnitee by any amendment or repeal of this Declaration of Trust with respect to any action or inaction occurring prior to such amendment or repeal; and (C) shall vest immediately upon election or appointment of such Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Indemnitee has determined, in good faith, that any course of conduct of such Indemnitee giving rise to the Liability and Losses was in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Indemnitee was acting on behalf of or performing services for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Such Liability and Losses were not the result of (1) negligence or misconduct, in the case that the Indemnitee is a Trustee (other than an Independent Trustee), officer, employee, Sponsor, Controlling Person or agent of the Company, or (2) gross negligence or willful misconduct, in the case that the Indemnitee is an Independent Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Such indemnification is recoverable only out of the net assets of the Company and not from the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above for any Liability and Losses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee or (iii) a court of

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competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

Section 7.4<u>Payment of Expenses</u>. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by an Indemnitee in advance of final disposition of a proceeding if all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (ii) the Indemnitee provides the Company with written affirmation of the Indemnitee's good faith belief that the Indemnitee has met the standard of conduct necessary for indemnification by the Company as authorized by Section 7.3 hereof, (iii) the legal proceeding was initiated by a third party who is not a Shareholder or, if by a Shareholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (iv) the Indemnitee provides the Company with a written agreement to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined by final, non-appealable decision of a court of competent jurisdiction, that the Indemnitee is not entitled to indemnification.

Section 7.5<u>Limitations to Indemnification</u>. The provisions of this Article VII shall be subject to the limitations of the 1940 Act.

Section 7.6<u>Express Exculpatory Clauses in Instruments</u>. Neither the Shareholders nor the Trustees, officers, employees or agents of the Company shall be liable under any written instrument creating an obligation of the Company by reason of their being Shareholders, Trustees, officers, employees or agents of the Company, and all Persons shall look solely to the Company's net assets for the payment of any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument shall not affect the validity or enforceability of such instrument and shall not render any Shareholder, Trustee, officer, employee or agent liable thereunder to any third party, nor shall the Trustees or any officer, employee or agent of the Company be liable to anyone as a result of such omission.

Section 7.7<u>Non-exclusivity</u>. The indemnification and advancement of expenses provided or authorized by this Article VII shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which any Indemnitee may be entitled under the Bylaws, a resolution of Shareholders or Trustees, an agreement or otherwise.

Section 7.8<u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his or her duties hereunder.

Section 7.9<u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Company shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Company, and every other act or thing whatsoever executed in connection with the Company shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration of Trust or in their capacity as officers, employees or agents of the Company. The Trustees may maintain insurance for the protection of the Company's property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 7.10<u>Reliance on Experts, etc</u>. Each Trustee and officer or employee of the Company shall, in the performance of his or her duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel, or upon reports made to the Company by any of the Company's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Company, regardless of whether such counsel or expert may also be a Trustee.

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**Article VIII<br>ADVISER, ADMINISTRATOR AND CUSTODIAN; DISTRIBUTION ARRANGEMENTS** 

Section 8.1<u>Supervision of Adviser and Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the requirements of the 1940 Act, the Board of Trustees may exercise broad discretion in allowing the Adviser and, if applicable, the Administrator, to administer and regulate the operations of the Company, to act as agent for the Company, to execute documents on behalf of the Company and to make executive decisions that conform to general policies and principles established by the Board. The Board shall monitor the Adviser, or if any, the Administrator, to assure that the administrative procedures, operations and programs of the Company are in the best interests of the Shareholders and are fulfilled and that (i) the expenses incurred are reasonable in light of the investment performance of the Company, its net assets and its net income, (ii) all Front End Fees shall be reasonable and shall not exceed eighteen percent (18%) of the gross proceeds of any offering, regardless of the source of payment, and (iii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders' fees and all other items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Board of Trustees is responsible for determining that compensation paid to the Adviser is reasonable in relation to the nature and quality of services performed and the investment performance of the Company and that the provisions of the Investment Advisory Agreement are being carried out. The Board may consider all factors that they deem relevant in making these determinations. So long as the Company is a business development company under the 1940 Act, compensation to the Adviser shall be considered presumptively reasonable if the incentive fee is limited to the participation in net gains allowed by the 1940 Act.

Section 8.2<u>Fiduciary Obligations of Adviser</u>. The Investment Advisory Agreement shall provide that the Adviser has a fiduciary responsibility for the safekeeping and use of all funds and assets of the Company, whether or not in the Adviser's immediate possession or control, and that the Adviser shall not employ, or permit another to employ, such funds or assets in any manner except for the exclusive benefit of the Company. The Company shall not permit any Shareholder to contract away any fiduciary obligation owed by the Adviser under common law.

Section 8.3<u>Experience of Officers and Adviser</u>. The Board of Trustees shall determine the sufficiency and adequacy of the relevant experience and qualifications for the officers of the Company given the business objective of the Company. The Board shall determine whether any Adviser possesses sufficient qualifications to perform the advisory function for the Company and whether the compensation provided for in its contract with the Company is justified.

Section 8.4<u>Termination of Investment Advisory Agreement</u>. The Investment Advisory Agreement shall provide that it is terminable (a) by the Company upon sixty (60) days' written notice to the Adviser: (i) upon the affirmative vote of holders of a majority of the outstanding voting securities of the Company entitled to vote on the matter (as "majority" is defined in Section 2(a)(42) of the 1940 Act) or (ii) upon a vote of a majority of the Board of Trustees; or (b) by the Adviser upon not less than one hundred twenty (120) days' written notice to the Company, in each case without cause or penalty. In the event of termination, the Adviser will cooperate with the Company and the Board in making an orderly transition of the advisory function. In addition, if the Company elects to continue its operations following termination of the Investment Advisory Agreement by the Adviser, the Adviser shall pay all expenses incurred as a result of its withdrawal. Upon termination of the Investment Advisory Agreement, the Company shall pay the Adviser all amounts then accrued but unpaid to the Adviser. The method of payment will be in accordance with Section II.E.3 of the Omnibus Guidelines and must be fair and protect the solvency and liquidity of the Company.

Section 8.5<u>Organization and Offering Expenses Limitation</u>. Unless otherwise provided in any resolution adopted by the Board of Trustees, the Company shall reimburse the Adviser and its Affiliates for Organization and Offering Expenses incurred by the Adviser or its Affiliates; provided, however, that the total amount of all Organization and Offering Expenses shall be reasonable, as determined by the Board, and shall be included in Front End Fees for purposes of the limit on such Front End Fees set forth in Section 8.1.

Section 8.6<u>Acquisition Fees</u>. The Company may pay the Adviser and/or its Affiliates fees for the review and evaluation of potential investments; provided, however, that the Board of Trustees shall conclude that the

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total of all Acquisition Fees and Acquisition Expenses shall be reasonable. Acquisition Fees shall not include any fees for which the Adviser is paid for services rendered under the Investment Advisory Agreement.

Section 8.7<u>Reimbursement of Adviser</u>. The Company shall not reimburse the Adviser or its Affiliates for services for which the Adviser or its Affiliates are entitled to compensation in the form of a separate fee. Excluded from the allowable reimbursement shall be: (a) rent or depreciation, utilities, capital equipment, other administrative items of the Adviser; and (b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser.

Section 8.8<u>Reimbursement of Administrator</u>. In the event the Company executes an agreement for the provision of administrative services, the Company may reimburse the Administrator, at the end of each fiscal quarter, for all expenses of the Company incurred by the Administrator as well as the actual cost of goods and services used for or by the Company and obtained from entities not Affiliated with the Company. Notwithstanding any other provision in this Declaration of Trust, the Administrator may be reimbursed for the administrative services necessary for the prudent operation of the Company performed by it on behalf of the Company; provided, however, the reimbursement shall be an amount equal to the lower of the Administrator's actual cost or the amount the Company would be required to pay third parties for the provision of comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with GAAP. Except as otherwise provided herein, no reimbursement shall be permitted for services for which the Administrator is entitled to compensation by way of a separate fee.

Section 8.9<u>Custodians</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Trustees may employ a custodian or custodians meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Company. Any custodian shall have authority as agent of the Company as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Company and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to hold the securities owned by the Company and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to receive any receipt for any moneys due to the Company and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)if authorized by the Trustees, to keep the books and accounts of the Company and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)if authorized by the Trustees, to compute the net income or net asset value of the Company;

all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to such rules, regulations and orders as the SEC may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Company in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the SEC under the Exchange Act, or such other Person as may be permitted by the SEC, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Company.

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Section 8.10<u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters, distributors and/or placement agents to sell Shares and other securities of the Company. The Trustees may in their discretion from time to time enter into one or more contracts providing for the sale of securities of the Company whereby the Company may either agree to sell such securities to the other party to the contract or appoint such other party as its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article VIII or the Bylaws; and such contract may also provide for the repurchase or sale of securities of the Company by such other party as principal or as agent of the Company and may provide that such other party may enter into selected dealer agreements and servicing and similar agreements to further the purposes of the distribution or repurchase of the securities of the Company.

**Article IX<br>INVESTMENT OBJECTIVES AND LIMITATIONS** 

Section 9.1<u>Investment Objective</u>. The Company's investment objective is to generate stable current income and long-term capital appreciation. The Trustees shall have power with respect to the Company to manage, conduct, operate and carry on the business of a business development company.

Section 9.2<u>Investments, Generally</u>. All transactions entered into by the Company shall be consistent with the investment permissions and limitations as established for business development companies under the 1940 Act, including any applicable exemptive orders that have been or may be issued in the future by the SEC.

Section 9.3<u>Investments in General Partnerships and Joint Ventures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall be permitted to invest in general partnerships or joint ventures with non-Affiliates that own and operate specific assets if the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) below, acquires a controlling interest in such a general partnership or joint venture, but in no event shall the Company pay duplicate fees in connection with such general partnership or joint venture; provided, however that the foregoing is not intended to prevent the Company from carrying out its business of investing and reinvesting its assets in Securities of an Eligible Portfolio Company as defined in the 1940 Act or other issuers. For purposes of this Section, "<u>controlling interest</u>" means an equity interest possessing the power to direct or cause the direction of the management and policies of the general partnership or joint venture, including the authority to: (i) review all contracts entered into by the general partnership or joint venture that will have a material effect on its business or assets; (ii) cause a sale or refinancing of the assets or its interest therein subject, in certain cases where required by the partnership or joint venture agreement, to limits as to time, minimum amounts and/or a right of first refusal by the joint venture partner or consent of the joint venture partner; (iii) approve budgets and major capital expenditures, subject to a stated minimum amount; (iv) veto any sale or refinancing of the assets, or alternatively, to receive a specified preference on sale or refinancing proceeds; and (v) exercise a right of first refusal on any desired sale or refinancing by the joint venture partner of its interest in the assets, except for transfer to an Affiliate of the joint venture partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company shall be permitted to invest in general partnerships or joint ventures with other publicly registered Affiliates of the Company if all of the following conditions are met: (i) the Affiliate and the Company have substantially identical investment objectives; (ii) there are no duplicate fees; (iii) the compensation payable by the general partnership or joint venture to the Adviser and any other "sponsors" (as defined in the Omnibus Guidelines) in each of the Company and the Affiliates that invests in such partnership or joint venture is substantially identical; (iv) each of the Company and the Affiliate has a right of first refusal to buy if the other party wishes to sell assets held in the general partnership or joint venture; (v) the investment of each of the Company and its Affiliate is on substantially the same terms and conditions; and (vi) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions since neither the Company nor its Affiliate controls the general partnership or joint venture, and the potential risk that while either the Company or its Affiliate may have the right to buy the assets from the general partnership or joint venture, it may not have the resources to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company shall be permitted to invest in general partnerships or joint ventures with Affiliates other than publicly registered Affiliates of the Company only if all of the following conditions are met: (i) the investment is necessary to relieve the Adviser from any commitment to purchase the assets entered into in compliance with Section 10.1 prior to the closing of the offering period of the Company; (ii) there are no duplicate fees; (iii) the investment of the Company and its Affiliate is on substantially the same terms and conditions; (iv) the Company has a right of first refusal to buy if the Adviser wishes to sell assets

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held in the general partnership or joint venture; and (v) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company may be structured to conduct operations through separate single-purpose entities managed by the Adviser (multi-tier arrangements); provided, that the terms of any such arrangements do not result in the circumvention of any of the requirements or prohibitions contained herein or under applicable federal or state securities laws. Any agreements regarding such arrangements shall accompany any prospectus of the Company, if such agreement is then available, and the terms of such agreement shall contain provisions assuring that all of the following restrictions apply: (i) there will be no duplication or increase in Organization and Offering Expenses, fees payable to the Adviser, program expenses or other fees and costs; (ii) there will be no substantive alteration in the fiduciary and contractual relationship between the Adviser, the Company and the Shareholders; and (iii) there will be no diminishment in the voting rights of the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Other than as specifically permitted in subsections (b), (c) and (d) above, the Company shall not invest in a general partnership or joint venture with Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall be permitted to invest in general partnership interests of limited partnerships only if the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) above, acquires a "controlling interest" as defined in subsection (a) above, the Adviser and its Affiliates are not entitled to any duplicate fees, no additional compensation beyond that permitted under applicable law is paid to the Adviser, and the limited partnership agreement or other applicable agreement complies with this Section 9.3(f).

Section 9.4<u>Other Goods or Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company may accept other goods or other services provided by the Adviser in connection with the operation of assets, provided that: (i) the Adviser determines such self-dealing arrangement is in the best interest of the Company; (ii) the terms pursuant to which all such goods or services are provided to the Company by the Adviser shall be embodied in a written contract, the material terms of which must be fully disclosed to the Shareholders; (iii) the written contract may only be modified by vote of a majority of then-outstanding Shares; and (iv) the contract shall contain a clause allowing termination without penalty on sixty (60) days' prior notice. Without limitation to the foregoing, arrangements to provide such goods or other services must meet all of the following criteria: (X) the Adviser must be independently engaged in the business of providing such goods or services to persons other than its Affiliates and at least thirty-three percent (33%) of the Adviser's associated gross revenues must come from persons other than its Affiliates; (Y) the compensation, price or fee charged for providing such goods or services must be comparable and competitive with the compensation, price or fee charged by persons other than the Adviser in the same geographic location who provide comparable goods or services which could reasonably be made available to the Company; and (Z) except in extraordinary circumstances, the compensation and other material terms of the arrangement must be fully disclosed to the Shareholders. Extraordinary circumstances are limited to instances when immediate action is required and the goods or services are not immediately available from persons other than the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the foregoing subsection (a)(X), if the Adviser is not engaged in the business to the extent required by such clause, the Adviser may provide to the Company other goods or other services if all of the following additional conditions are met: (i) the Adviser can demonstrate the capacity and capability to provide such goods or services on a competitive basis; (ii) the goods or services are provided at the lesser of cost or the competitive rate charged by persons other than the Adviser and its Affiliates in the same geographic location who are in the business of providing comparable goods or services; (iii) the cost is limited to the reasonable necessary and actual expenses incurred by the Adviser on behalf of the Company in providing such goods or services, exclusive of expenses of the type which may not be reimbursed under applicable federal or state securities laws; and (iv) expenses are allocated in accordance with GAAP and are made subject to any special audit required by applicable federal and state securities laws.

Section 9.5<u>Borrowing Money or Utilizing Leverage</u>. The Trustees shall have the power to cause or permit the Company to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Company, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other

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person, firm, association or corporation. In addition and notwithstanding any other provision of this Declaration of Trust, the Company is hereby authorized to borrow funds, incur indebtedness and guarantee obligations of any Person, and in connection therewith, to the fullest extent permitted by law, the Trustees, on behalf of the Company, are hereby authorized to pledge, hypothecate, mortgage, assign, transfer or grant security interests in or other liens on (i) the Shareholders' subscription agreements and the Shareholders' obligations to make capital contributions thereunder and hereunder, and (ii) any other assets, rights or remedies of the Company or of the Trustees hereunder or under the subscription agreements, including without limitation, the right to issue capital call notices and to exercise remedies upon a default by a Shareholder in the payment of its capital contributions and the right to receive capital contributions and other payments, subject to the terms hereof and thereof. Notwithstanding any provision in this Declaration of Trust, (i) the Company may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Board of Trustees, in its sole discretion, determines is fair and reasonable to the Company, and (ii) in connection with any borrowing, indebtedness or guarantee by the Company, all capital contributions shall be payable to the account of the Company designated by the Board of Trustees, which may be pledged to any lender or other credit party of the Company. All rights granted to a lender pursuant to this Section 9.5 shall apply to its agents and its successors and permitted assigns.

**Article X<br>CONFLICTS OF INTEREST** 

Section 10.1<u>Sales and Leases to the Company</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC with respect to the purchase of assets, the Company shall not purchase or lease assets in which a Trustee, the Adviser or any Affiliate thereof has an interest unless all of the following conditions are met: (a) the transaction is fully disclosed to the Shareholders either in a prospectus or periodic report filed with the SEC or otherwise and must occur at the formation of the Company; and (b) the assets are sold or leased upon terms that are reasonable to the Company and at a price not to exceed the lesser of cost or fair market value as determined by an Independent Expert. Notwithstanding anything to the contrary in this Section 10.1, the Adviser may purchase assets in its own name (and assume loans in connection therewith) and temporarily hold title thereto, for the purposes of facilitating the acquisition of the assets, the borrowing of money, obtaining financing for the Company, or the completion of construction of the assets, provided that all of the following conditions are met: (i) the assets are purchased by the Company at a price no greater than the cost of the assets to the Adviser; (ii) all income generated by, and the expenses associated with, the assets so acquired shall be treated as belonging to the Company; and (iii) there are no other benefits arising out of such transaction to the Adviser apart from compensation otherwise contemplated by the Omnibus Guidelines.

Section 10.2<u>Sales and Leases to the Adviser, Trustees or Affiliates</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not sell assets to a Trustee, the Adviser or any Affiliate thereof unless such sale is duly approved by the holders of more than fifty percent (50%) of the outstanding voting securities of the Company. The Company shall not lease assets to the Adviser or any Trustee or Affiliate thereof unless all of the following conditions are met: (i) the transaction occurs at the commencement of the Company's initial public offering and the transaction is fully disclosed to the Shareholders either in a periodic report filed with the SEC or otherwise; and (ii) the terms of the transaction are fair and reasonable to the Company.

Section 10.3<u>Loans</u>. Except for the advancement of funds pursuant to Sections 7.3 and 7.4, no loans, credit facilities, credit agreements or otherwise shall be made by the Company to the Adviser or any Affiliate thereof.

Section 10.4<u>Commissions on Financing, Refinancing or Reinvestment</u>. The Company shall not pay, directly or indirectly, a commission or fee to the Adviser or any Affiliate thereof (except as otherwise specified in this Article X) in connection with the reinvestment of cash available for distribution and available reserves or of the proceeds of the resale, exchange or refinancing of assets. For the avoidance of any doubt, the foregoing limitation does not encompass the fees the Company pays to the Adviser pursuant to the Company's investment advisory agreement with the Adviser.

Section 10.5<u>Rebates, Kickbacks and Reciprocal Arrangements</u>. The Company shall cause the Adviser to agree that it shall not receive or accept any rebate or give-ups or similar arrangement that is prohibited under applicable federal or state securities laws or that would circumvent the restrictions of the Omnibus Guidelines. The Company shall cause the Adviser to agree that it shall not participate in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws or provisions of the Omnibus Guidelines governing conflicts of interest or investment restrictions, or enter into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal or state securities laws. The Company shall cause the Adviser to agree that it shall not directly or indirectly pay or award any fees or commissions or other compensation to any Person engaged to sell Shares or give investment advice to a

&nbsp;&nbsp;&nbsp;&nbsp;-22-

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potential Shareholder; provided, however, that this Section 10.5 shall not prohibit the payment to a registered broker-dealer or other properly licensed agent of normal sales commissions or other compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing Shares, including out of the Adviser's own assets, including those amounts paid to the Adviser under the Investment Advisory Agreement.

Section 10.6<u>Exchanges</u>. The Company may not acquire assets in exchange for Shares of the Company without approval of a majority of the Board of Trustees, including a majority of the Independent Trustees with consideration to an independent appraisal of such assets.

Section 10.7<u>Other Transactions</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not engage in any other transaction with the Adviser or a Trustee or Affiliate thereof unless: (a) such transaction complies with the Omnibus Guidelines, this Declaration of Trust and all applicable law and (b) a majority of the Trustees (including a majority of the Independent Trustees) not otherwise interested in such transaction approve such transaction as fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from non-Affiliated third parties.

Section 10.8<u>Lending Practices</u>. On financings made available to the Company by the Adviser, the Adviser may not receive interest in excess of the lesser of the Adviser's cost of funds or the amounts that would be charged by unrelated lending institutions on comparable loans for the same purpose. The Adviser shall not impose a prepayment charge or penalty in connection with such financings and the Adviser shall not receive points or other financing charges. The Adviser shall be prohibited from providing permanent financing for the Company. For purposes of this Section 10.8, "<u>permanent financing</u>" shall mean any financing with a term in excess of twelve (12) months.

Section 10.9<u>Commingling</u>. The funds of the Company shall not be commingled with the funds of any other Person; provided, however, that nothing in this section shall prohibit the Adviser from establishing a master fiduciary account pursuant to which separate sub-trust accounts are established for the benefit of affiliated programs; and provided further that the prohibition of this Section 10.9 shall not apply to any investments meeting the requirements of Section 9.3.

**Article XI<br>SHAREHOLDERS** 

Section 11.1<u>Certain Voting Rights of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the provisions of any class or series of shares then outstanding and the mandatory provisions of any applicable laws or regulations and subject to the other provisions of this Declaration of Trust (including Section 6.2), the following actions may be taken by the Shareholders, without concurrence by the Board of Trustees, upon a vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)modify this Declaration of Trust in accordance with Article VI hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)remove the Adviser and appoint a new Adviser pursuant to the procedures in Section 8.4; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)sell all or substantially all of the Company's assets other than in the ordinary course of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without the approval of holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matter, or such other approval as may be required under the mandatory provisions of any applicable laws or regulations, or other provisions of this Declaration of Trust, the Company shall not permit :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Adviser or the Board to modify this Declaration of Trust except for amendments which do not adversely affect the rights of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Adviser or the Board to appoint a new Adviser (other than a sub-adviser pursuant to the terms of an Investment Advisory Agreement and applicable law);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Adviser or the Board to sell all or substantially all of the Company's assets other than in the ordinary course of the Company's business or as otherwise permitted by law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Adviser, except as permitted under the Investment Advisory Agreement, to voluntarily withdraw as the Adviser unless such withdrawal would not affect the tax status of the Company and would not materially adversely affect the Shareholders.

Section 11.2<u>Voting Limitations on Shares Held by the Adviser, Trustees and Affiliates</u>. With respect to shares owned by the Adviser, any Trustees, or any of their respective Affiliates, neither the Adviser, nor such Trustee(s), nor any of their Affiliates may vote or consent on matters submitted to the Shareholders regarding the removal of the Adviser, such Trustee(s) or any of their Affiliates or any transaction between the Company and any of them. In determining the requisite percentage in interest of shares necessary to approve a matter on which the Adviser, such Trustee(s) and any of their Affiliates may not vote or consent, any shares owned by any of them shall not be included.

Section 11.3<u>Right of Inspection</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any Shareholder with any purpose reasonably related to the beneficial owner's interest as a beneficial owner of the statutory trust (a "proper purpose may"): (i) in person or by agent, on written request, inspect and copy at all reasonable times the books and records and ledger of the Company; (ii) present to any officer or resident agent of the Company a written request for a statement of its affairs; and (iii) in the event the Company does not maintain the original or a duplicate ledger at its principal office, present to any officer or resident agent of the Company a written request for the Shareholder List. As used in this Section 11.3, the term "<u>Shareholder List</u>" means an alphabetical list of names, addresses and business telephone numbers of the Shareholders of the Company along with the number of equity shares held by each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A copy of the Shareholder List, requested in accordance with this Section, shall be mailed within ten (10) days of the request and shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font). The Shareholder List shall be updated at least quarterly to reflect changes in the information contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company may impose a reasonable charge for expenses incurred in reproduction pursuant to the Shareholder request. A holder of Common Shares may request a copy of the Shareholder List in connection with matters relating to Shareholders' voting rights, the exercise of Shareholder rights under federal proxy laws or for any other proper and legitimate purpose. Each Shareholder who receives a copy of the Shareholder List shall keep such list confidential and shall sign a confidentiality agreement to the effect that such Shareholder will keep the Shareholder List confidential and share such list only with its employees, representatives or agents who agree in writing to maintain the confidentiality of the Shareholder List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Adviser or Trustees neglect or refuse to exhibit, produce or mail a copy of the Shareholder List as requested, the Adviser and the Trustees shall be liable to any Shareholder requesting the list for the costs, including attorneys' fees, incurred by that Shareholder for compelling the production of the Shareholder List, and for actual damages suffered by any Shareholder by reason of such refusal or neglect. It shall be a defense that the actual purpose and reason for the requests for inspection or for a copy of the Shareholder List is to secure such list of Shareholders or other information for the purpose of selling such list or copies thereof, or of using the same for a commercial purpose other than in the interest of the applicant as a Shareholder relative to the affairs of the Company. The Company may require the Shareholder requesting the Shareholder List to represent that the list is not requested for a commercial purpose unrelated to the Shareholder's interest in the Company. The remedies provided hereunder to Shareholders requesting copies of the Shareholder List are in addition to, and shall not in any way limit, other remedies available to Shareholders under federal law, or the laws of any state.

Section 11.4<u>Shareholder Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and delivered or made available by any reasonable means, including an electronic medium, to each Shareholder as of a record date after the end of the fiscal year, within one hundred twenty (120) days after the end of the fiscal year to which it relates, an annual report for each fiscal year ending after the commencement of the Company's initial public offering that shall include: (i) financial statements prepared in accordance with GAAP that are audited and reported on by

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independent certified public accountants; (ii) a report of the activities of the Company during the period covered by the report; and (iii) where forecasts have been provided to the Shareholders, a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (iv) a report setting forth distributions to Shareholders for the period covered thereby and separately identifying distributions from: (A) Cash Flow from operations during the period; (B) Cash Flow from operations during a prior period which have been held as reserves; (C) proceeds from disposition of assets of the Company; and (D) reserves from the gross proceeds. Such annual report must also contain a breakdown of the costs reimbursed to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and filed, as well as delivered or made available to Shareholders, within sixty (60) days after the end of each fiscal quarter of the Company, a Form 10-Q if required under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and delivered or made available within seventy-five (75) days after the end of each calendar year of the Company to each Person who was at any time during such fiscal year a Shareholder all information necessary for the preparation of the Shareholders' federal income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If capital stock has been purchased on a deferred payment basis, on which there remains an unpaid balance during any period covered by any report required by subsections (a) and (b) above; then such report shall contain a detailed statement of the status of all deferred payments, actions taken by the Company in response to any defaults, and a discussion and analysis of the impact on capital requirements of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Board of Trustees shall cause the Company, upon request from any state official or agency or official administering the securities laws of such state (a "<u>State Administrator</u>"), to submit to such State Administrator the reports and statements required to be distributed to Shareholders pursuant to this Section 11.4.

Section 11.5<u>Suitability of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Investor Suitability Standards</u>. During any public offering of its Shares and until the earlier of a Liquidity Event or the date the Company is no longer subject to the Omnibus Guidelines, the Company and those selling shares on its behalf shall, with respect to share offers and sales in which they are broker of record, assure that such shares are offered and sold only to prospective investors who, in each case, meet the income and Net Worth "Suitability Standards" as specified in the Company's prospectus for the Shares (as the same may be amended or supplemented from time to time) and the Omnibus Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Sponsor or each Person selling Common Shares on behalf of the Company shall make this determination on the basis of information it has obtained from a prospective Shareholder. Relevant information for this purpose will include at least the age, investment objectives, investment experience, income, net worth, financial situation and other investments of the prospective Shareholder, as well as any other pertinent factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain records of the information used to determine that an investment in Common Shares is suitable and appropriate for a Shareholder. The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain these records for at least six years.

**Article XII<br>ROLL-UP TRANSACTIONS** 

Section 12.1<u>Roll-up Transactions</u>. In connection with any proposed Roll-Up Transaction, an appraisal of all of the Company's assets shall be obtained from a competent Independent Expert. The Company's assets shall be appraised on a consistent basis, and the appraisal shall be based on the evaluation of all relevant information and shall indicate the value of the assets as of a date immediately prior to the announcement of the proposed Roll-Up Transaction. The appraisal shall assume an orderly liquidation of the assets over a twelve-month period. The terms of the engagement of the Independent Expert shall clearly state that the engagement is for the benefit of the Company and the Shareholders. A summary of the appraisal, indicating all material assumptions underlying the appraisal, shall be included in a report to Shareholders in connection with a proposed Roll-Up Transaction. In

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connection with a proposed Roll-Up Transaction, the Person sponsoring the Roll-Up Transaction shall offer to Shareholders who vote against the proposed Roll-Up Transaction the choice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)accepting the securities of a Roll-Up Entity offered in the proposed Roll-Up Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)remaining as Shareholders and preserving their interests therein on the same terms and conditions as existed previously; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receiving cash in an amount equal to the Shareholder's pro rata share of the appraised value of the net assets of the Company.

The Company is prohibited from participating in any proposed Roll-Up Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;that would result in the Shareholders having voting rights in a Roll-Up Entity that are less than the democracy and other voting rights provided for in Sections 11.1, 11.2 and 13.3 hereof or Section 3(b) of Article II of the Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;that includes provisions that would operate as a material impediment to, or frustration of, the accumulation of capital stock by any purchaser of the securities of the Roll-Up Entity (except to the minimum extent necessary to preserve the tax status of the Roll-Up Entity), or which would limit the ability of an investor to exercise the voting rights of its securities of the Roll-Up Entity on the basis of the capital stock held by that investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;in which investor's rights to access of records of the Roll-Up Entity will be less than those described in Section 11.3 hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;in which any of the costs of the Roll-Up Transaction would be borne by the Company if the Roll-Up Transaction is rejected by the Shareholders.

**Article XIII<br>DURATION OF THE COMPANY** 

Section 13.1<u>Duration of the Company</u>. The Company shall continue perpetually unless terminated pursuant to the provisions contained herein or pursuant to any applicable provision of the Statutory Trust Act.

Section 13.2<u>Dissolution by the Trustees</u>. The Company may be dissolved at any time upon affirmative vote by a majority of the Trustees. Shareholders of the Company shall not be entitled to vote on the dissolution or plan of liquidation of the Trust under this Article XIII except to the extent required by the 1940 Act.

Section 13.3<u>Dissolution by Shareholder Vote</u>. The Company may be dissolved at any time, without the necessity for concurrence by the Board, upon affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares entitled to vote on the matter.

Section 13.4<u>Liquidation</u>. Upon dissolution of the Company, the Board of Trustees shall cause the Company to liquidate and wind-up in a manner consistent with Section 3808 of the Statutory Trust Act, including the distribution to the Shareholders of any assets of the Company. Upon dissolution and the completion of the winding up of the affairs of the Company, the Company shall be terminated by the executing and filing, with the Secretary of State of the State of Delaware, by one or more Trustees, of a certificate of cancellation of the certificate of trust of the Company.

Section 13.5<u>Merger or Other Reorganization of the Company</u>. The Company may not permit the Adviser to cause the merger or other reorganization of the Company without the affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matter.

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**Article XIV<br>MISCELLANEOUS** 

Section 14.1<u>Construction and Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Declaration of Trust and the Bylaws, in combination, shall constitute the governing instrument of the Company, however to the extent that any provision of the Bylaws conflicts with this Declaration of Trust, the terms of this Declaration of Trust shall control. This Declaration of Trust and the Bylaws, and the rights and obligations of the Trustees and Shareholders hereunder, shall be governed by and construed and enforced in accordance with the Statutory Trust Act and the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the fullest extent permitted by law, the Shareholders and the Trustees of the Company shall be deemed to have waived any non-mandatory rights of beneficial owners or trustees under the Statutory Trust Act or general trust law, and the Company, the Shareholders, and the Trustees (including the Delaware Trustee) shall not be subject to any applicable provisions of law pertaining to trusts that, in a manner inconsistent with the express terms of this Declaration of Trust or Bylaws, relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding or investing trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of Trustees as set forth or referenced in this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Sections 3540 and 3561 of Title 12 of the Statutory Trust Act shall not apply to the Company.

Section 14.2<u>Conflicts of Law</u>. To the extent that any provision of the Statutory Trust Act or any provision of this Declaration of Trust or Bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of this Declaration of Trust or the Bylaws or render invalid or improper any action taken or omitted prior to such determination. If any provision of this Declaration of Trust or the Bylaws shall be held invalid or unenforceable in any jurisdiction, the invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

Section 14.3<u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Company. This Section 14.3(a) will not apply to claims brought under the federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition to the requirements set forth in Section 3816 of the Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Company only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim and shall be entitled to retain counsel or other advisors in considering the merits of the request.

Section 14.4<u>Direct Actions</u>. To the fullest extent permitted by Delaware law, the Shareholders' right to bring direct actions against the Company and/or its Trustees is eliminated, except for a direct action to enforce an individual Shareholder right to vote or a direct action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Statutory Trust Act. To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then the conditions required for the bringing of a derivative action pursuant to Section 14.3 of this

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Declaration of Trust and Section 3816 of the Statutory Trust Act shall be equally applicable to bringing a direct action. Notwithstanding the foregoing, this Section 14.4 will not apply to claims brought under federal securities laws.

Section 14.5<u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer, each Shareholder and each Person beneficially owning an interest in a share of the Company (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Company or its business and affairs, the Statutory Trust Act, this Declaration of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration of Trust or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Company to the Shareholders or the Trustees, or of officers or the Trustees to the Company, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Company, the officers, the Trustees or the Shareholders, or (D) any provision of the Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Statutory Trust Act, this Declaration of Trust or the Bylaws relating in any way to the Company or (F) the securities or antifraud laws of any international, national, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder (regardless, in every case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. In the event that any claim, suit, action or proceeding is commenced outside of the Court of Chancery of the State of Delaware in contravention of this Section 14.5, all reasonable and documented out of pocket fees, costs and expenses, including reasonable attorneys' fees and court costs, incurred by the prevailing party in such claim, suit, action or proceeding shall be reimbursed by the non-prevailing party. Notwithstanding the foregoing, this Section 14.5 will not be effective to require a waiver of compliance with any provision of the Securities Act, the Exchange Act, or the 1940 Act, or of any valid rule, regulation or order of the SEC thereunder. This Section 14.5 will not apply to claims brought under the federal securities laws of the United States or the securities laws of any state thereof.

Section 14.6<u>Agreement to be Bound</u>. EVERY PERSON, BY VIRTUE OF HAVING BECOME A SHAREHOLDER IN ACCORDANCE WITH THE TERMS OF THIS DECLARATION OF TRUST AND THE BYLAWS, AS AMENDED FROM TIME TO TIME, SHALL BE DEEMED TO HAVE EXPRESSLY ASSENTED AND AGREED TO THE TERMS OF, AND SHALL BE BOUND BY, THIS DECLARATION OF TRUST AND THE BYLAWS.

Section 14.7<u>Delivery by Electronic Transmission or Otherwise; Virtual Meetings</u>. Any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration of Trust or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law. In furtherance thereof, any meetings of the Trustees or Shareholders may be held by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a such meeting shall constitute presence in person at the meeting; provided, however, this Section 14.7 does not apply to any action of the Trustees pursuant to the 1940 Act, that requires the vote of the Trustees to be cast in person at a meeting.

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IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

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| |
|:---|
| /s/ Armen Panossian |
| Armen Panossian, as Trustee |
| /s/ Jay Ferguson |
| Jay Ferguson, as Trustee |
| /s/ Deborah Gero |
| Deborah Gero, as Trustee |
| /s/ Allison Keller |
| Allison Keller, as Trustee |
| /s/ Stephen Mosko |
| Stephen Mosko, as Trustee |

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[*Signature Page to Oaktree Strategic Credit Fund Fourth Amended and Restated Declaration of Trust*]

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| | | |
|:---|:---|:---|
| Wilmington Trust, National Association, as<br>Delaware Trustee | Wilmington Trust, National Association, as<br>Delaware Trustee | Wilmington Trust, National Association, as<br>Delaware Trustee |
| By: | /s/Neumann Marlett III | /s/Neumann Marlett III |
|  | Name: | Neumann Marlett III |
|  | Title: | Vice President |

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[*Signature Page to Oaktree Strategic Credit Fund Fourth Amended and Restated Declaration of Trust*]

## Exhibit 3.2

**OAKTREE STRATEGIC CREDIT FUND<br>AMENDED AND RESTATED BYLAWS** 

**Article I.<br>OFFICES** 

Section 1.<u>PRINCIPAL OFFICE</u>. The principal office of Oaktree Strategic Credit Fund (the "Company") in the State of Delaware shall be located at such place as the Board of Trustees of the Company (the "Trustees" or the "Board") may designate from time to time.

Section 2.<u>ADDITIONAL OFFICES</u>. The principal executive office of the Company is at 333 South Grand Avenue, 28th Floor, Los Angeles, CA. The Company may have additional offices at such places as the Board may from time to time determine or the business of the Company may require.

**Article II.<br>MEETINGS OF SHAREHOLDERS** 

Section 1.<u>PLACE</u>. All meetings of shareholders shall be held at the principal executive office of the Company or at such other place, or by virtual meeting as contemplated by Section 14.7 of the Third Amended and Restated Declaration of Trust of the Company, as further amended or restated from time to time (the "Declaration of Trust"), as shall be set by the Board and stated in the notice of the meeting.

Section 2.<u>ANNUAL MEETING</u>. Except as may be required by Section 4.18 of the Declaration of Trust, an annual meeting of shareholders shall not be required in any year in which the election of Trustees is not required to be held under the Investment Company Act of 1940, as amended from time to time, and the rules promulgated thereunder (the "1940 Act"). The failure to hold an annual meeting shall not invalidate the Company's existence or affect any otherwise valid corporate act of the Company.

Section 3.<u>SPECIAL MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. (1) The chairperson of the Board, (2) the chief executive officer, (3) the president, or (4) a majority of the Board may call a special meeting of the shareholders. Subject to subsection (b) of this Section 3, the secretary of the Company shall call a special meeting of shareholders upon the written request of the shareholders entitled to cast not less than ten percent (10%) of all the votes entitled to be cast at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Shareholder Requested Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Any shareholder of record seeking to have shareholders request a special meeting shall, by sending written notice to the secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Board to fix a record date to determine the shareholders entitled to request a special meeting (the "Request Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more shareholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such shareholder (or such agent) and shall set forth all information relating to each such shareholder that must be disclosed in solicitations of proxies for election of Trustees in an election contest (even if an election contest is not involved), or as otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act. Upon receiving the Record Date Request Notice and subject to Delaware Statutory Trust Act, as amended from time to time, (the "Statutory Trust Act"), the Board may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten (10) days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board. If the Board, within ten (10) days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth (10th) day after the first date on which the Record Date Request Notice is received by the secretary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)In order for any shareholder to request a special meeting, one or more written requests for a special meeting signed by shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than ten percent (10%) (the "Special Meeting Percentage") of all of the votes entitled to be cast at such meeting (the "Special Meeting Request") shall be delivered to the secretary. In addition, the Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to the matters set forth in the Record Date Request Notice received by the secretary), shall bear the date of signature of each such shareholder (or such agent) signing the Special Meeting Request, shall set forth the name and address, as they appear in the Company's books, of each shareholder signing such request (or on whose behalf the Special Meeting Request is signed) and the class, series and number of all shares of the Company which are owned by each such shareholder, and the nominee holder for, and number of, shares owned beneficially but not of record, shall be sent to the secretary by registered mail, return receipt requested, and shall be received by the secretary within sixty (60) days after the Request Record Date (the "Special Meeting Request Deadline"). Any requesting shareholder (or agent duly authorized in a writing accompanying the revocation or the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to the secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)If the Special Meeting Percentage is met by the Special Meeting Request Deadline, the secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including the Company's proxy materials). The secretary shall not be required to call a special meeting upon shareholder request and such meeting shall not be held unless, in addition to the documents required by this subsection, the secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the chief executive officer or the Board of Trustees, whoever has called the meeting. In the case of any special meeting called by the secretary upon the request of shareholders (a "Shareholder Requested Meeting"), such meeting shall be held at such place, date and time as may be designated by the Board of Trustees; provided, however, that the date of any Shareholder Requested Meeting shall be not more than sixty (60) days nor less than fifteen (15) days after the secretary gives notice for such meeting; and provided further that the date of any Shareholder Requested Meeting shall be not more than sixty (60) days after the record date for such meeting (the "Meeting Record Date"); and provided further that if the Board fails to designate, within ten (10) days after the date that a valid Special Meeting Request is actually received by the secretary (the "Delivery Date"), a date and time for a shareholder requested meeting, then such meeting shall be held at 2:00 p.m. local time on the sixtieth (60th) day after the Meeting Record Date or, if such sixtieth (60th) day is not a Business Day (as defined below), on the first preceding Business Day. The secretary shall provide a notice to all shareholders of such Shareholder Requested Meeting within ten (10) days of the Delivery Date, by person or by mail, of the date, time and location of such Shareholder Requested Meeting and the purpose of the Shareholder Requested Meeting; provided that in the event that the Board fails to designate a place for a shareholder requested meeting within ten (10) days after the Delivery Date, then such meeting shall be held at the principal executive office of the Company. In fixing a date for any special meeting, the chief executive officer or the Board of Trustees may consider such factors as the Trustees deem relevant within the good faith exercise of business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for meeting and any plan of the Board to call an annual meeting or a special meeting. In the case of any Shareholder Requested Meeting, the Board shall fix a Meeting Record Date that is a date not later than thirty (30) days after the Delivery Date. The Board of Trustees may revoke the notice for any Shareholder Requested Meeting in the event that the requesting shareholders fail to comply with the provisions of paragraph (3) of this Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)If written revocations of requests for the special meeting have been delivered to the secretary and the result is that shareholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting to the secretary, the secretary shall: (i) if the notice of meeting has not already been mailed, refrain from mailing the notice of the meeting and send to all requesting shareholders who have not revoked such requests written notice of any revocation of a request for the special meeting, or (ii) if the notice of meeting has been mailed and if the Secretary first sends to all requesting shareholders who have not revoked

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requests for a special meeting written notice of any revocation of a request for the special meeting and written notice of the secretary's intention to revoke the notice of the meeting, revoke the notice of the meeting at any time before ten (10) days before the commencement of the meeting. Any request for a special meeting received after a revocation by the secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)The Board, the chairperson of the Board, the chief executive officer or the president may appoint independent inspectors of elections to act as the agent of the Company for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered to the secretary until the earlier of (i) five (5) Business Days after receipt by the secretary of such purported request and (ii) such date as the independent inspectors certify to the Company that the valid requests received by the secretary represent, as of the Request Record Date, not less than the Special Meeting Percentage. Nothing contained in this subsection (6) shall in any way be construed to suggest or imply that the Company or any shareholder shall not be entitled to contest the validity of any request, whether during or after such five (5) Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or other day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 4.<u>NOTICE OF MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Method of Delivery; Minimum Contents; Waiver</u>. Written or printed notice of the purpose or purposes, in the case of a special meeting, and of the time and place of every meeting of the shareholders shall be given by the secretary of the Company to each shareholder of record entitled to vote at the meeting and to each other shareholder entitled to notice of the meeting, by: (1) presenting the notice to such shareholder personally, (2) placing the notice in the mail, (3) delivering the notice by overnight delivery service, (4) transmitting the notice by electronic mail or any other electronic means, or (5) any other means permitted by Delaware law, at least ten (10) days, but not more than ninety (90) days, prior to the date designated for the meeting, addressed to each shareholder at such shareholder's address appearing on the records of the Company or supplied by the shareholder to the Company for the purpose of notice. The notice shall state the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by statute or these Bylaws, the purpose for which the meeting is called. The notice of any meeting of shareholders may be accompanied by a form of proxy approved by the Board in favor of the actions or persons as the Board may select. Notice of any meeting of shareholders shall be deemed waived by any shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Scope of Notice</u>. Except as provided in Article II, Section 11, any business of the Company may be transacted at an annual meeting of shareholders without being specifically designated in the notice of such meeting, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice of such meeting.

Section 5.<u>ORGANIZATION AND CONDUCT</u>. Every meeting of shareholders shall be conducted by an individual appointed by the Board to be chairperson of the meeting or, in the absence of such appointment, by the chairperson of the Board, if any, or, in the case of a vacancy in the office or absence of the chairperson of the board, by one of the following officers present at the meeting: the chief executive officer, the president, if any, any vice president, the secretary, the treasurer or, in the absence of such officers, a chairperson chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by proxy. The secretary or, in the secretary's absence, an assistant secretary or, in the absence of both the secretary and assistant secretaries, an individual appointed by the Board or, in the absence of such appointment, an individual appointed by the chairperson of the meeting shall act as secretary. In the event that the secretary presides at a meeting of the shareholders, an assistant secretary, or, in the absence of assistant secretaries, an individual appointed by the Board or the chairperson of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chairperson of the meeting. The chairperson of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairperson, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting

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to shareholders of record of the Company, their duly authorized proxies or other such individuals as the chairperson of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Company entitled to vote on such matter, their duly authorized proxies or other such individuals as the chairperson of the meeting may determine; (d) limiting the time allotted to questions or comments by participants; (e) maintaining order and security at the meeting; (f) removing any shareholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairperson of the meeting; and (g) recessing or adjourning the meeting to a later date and time and place announced at the meeting. Unless otherwise determined by the chairperson of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 6.<u>QUORUM</u>. At any meeting of shareholders, the presence in person or by proxy of the shareholders of the Company holding at least fifty percent (50%) of the outstanding shares of the Company (without regard to class or series) shall constitute a quorum, except with respect to any such matter that, under applicable statutes or regulatory requirements, requires approval by a separate vote of one or more classes of capital shares of the Company, in which case the presence in person or by proxy of the holders of shares of the Company's capital shares holding at least fifty percent (50%) of the outstanding shares of such class shall constitute a quorum. This Section 6 shall not affect any requirement under any applicable law, any other provisions of these Bylaws or the Declaration of Trust, for the vote necessary for the adoption of any measure. If such quorum shall not be present at any meeting of the shareholders, then the chairperson of the meeting or the shareholders entitled to vote at such meeting, present in person or by proxy, shall have the power to adjourn the meeting to a date not more than one hundred twenty (120) days after the original record date without further notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.

Section 7.<u>VOTING</u>. A plurality of all votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee, provided that, in the case where the number of nominees for the trusteeships (or, if applicable, the trusteeships of a particular class of trustees) exceeds the number of such trustees to be elected, a majority of all votes cast shall be required to elect such nominee. Each share may be voted for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless more than a majority of the votes cast is required by the 1940 Act or other applicable law, the Declaration of Trust or Article III of these Bylaws. Unless otherwise provided in the Declaration of Trust, each outstanding share owned of record on the applicable record date, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders.

Section 8.<u>PROXIES</u>. A shareholder may vote the shares owned of record by the shareholder, either in person or by proxy executed in writing by the shareholder or by the shareholder's duly authorized agent as permitted by law. Such proxy shall be filed with the secretary of the Company before or at the meeting.

Section 9.<u>VOTING OF SHARES BY CERTAIN HOLDERS</u>. Shares of the Company registered in the name of a corporation, partnership, trust or other entity, if entitled to be voted, may be voted by the president or a vice president, a general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such share pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such share. Any fiduciary may vote shares registered in his or her name as such fiduciary, either in person or by proxy.

Shares of the Company directly owned by it or its subsidiaries shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board may adopt by resolution a procedure by which a shareholder may certify in writing to the Company that any shares registered in the name of the shareholder are held for the account of a specified person other than the shareholder. The resolution shall set forth the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date or closing of the shares transfer books, the time after the record date or closing of the shares transfer books within which the certification must be received by the Company; and any other provisions with respect to the procedure which the Board considers necessary or desirable. On receipt of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the

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certification, the shareholder of record of the specified shares in place of the shareholder who makes the certification.

Section 10.<u>INSPECTORS</u>. The Board in advance of any meeting of shareholders, or the chairperson of the meeting at any meeting of shareholders, may, but need not, appoint one or more individual inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the Board in advance of the meeting or at the meeting by the chairperson of the meeting. The inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, as defined in this Article II, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, and determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders. Each such report of an inspector shall be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors.

The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

Section 11.<u>ADVANCE NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEES AND OTHER SHAREHOLDER PROPOSALS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Annual Meetings of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Nominations of individuals for election to the Board at an annual meeting of shareholders called by the Board for such purpose and the proposal of other business to be considered by the shareholders may be made at an annual meeting of shareholders (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) by any shareholder of the Company who was a shareholder of record both at the time of giving of notice provided for in this Section 11(a) and at the time of the annual meeting, who is entitled to vote at the meeting and who has complied with this Section 11(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For nominations of individuals for election to the Board or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii) of subsection (a)(1) of this Section 11, the shareholder must have given timely notice thereof in writing to the secretary of the Company and such other business must otherwise be a proper matter for action by the shareholders at such meeting. To be timely, a shareholder's notice shall set forth all information required under this Section 11 and shall be delivered to the secretary at the principal executive office of the Company not less than one hundred twenty (120) days nor more than one hundred fifty (150) days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting; provided, however, that in the event that the date of the mailing of the notice for the annual meeting is advanced or delayed by more than thirty (30) days from the first anniversary of the date of mailing of the notice for the preceding year's annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the close of business on the one hundred fiftieth (150th) day prior to the date of mailing of the notice for such annual meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to the date of mailing of the notice for such annual meeting or the tenth (10th) day following the day on which public announcement of the date of mailing of the notice for such meeting is first made. In no event shall the public announcement of a postponement or adjournment of an annual meeting commence a new time period for the giving of a shareholder's notice as described above. Such shareholder's notice shall set forth: (i) as to each individual whom the shareholder proposes to nominate for election or reelection as a Trustee, all information relating to such person that is required to be disclosed in solicitations of proxies for election of Trustees, or is otherwise required, in each case pursuant to Regulation 14A (or any successor regulations) under the Exchange Act (including such person's written consent to being named in the proxy statement as a nominee and to serving as a Trustee if elected) and whether such shareholder believes any such individual is, or is not, an Interested Person (as such term is defined in the Declaration of Trust) of the Company and information regarding such individual that is sufficient, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to make such determination; (ii) as to any other business that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such

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business of such shareholder or any Shareholder Associated Person (as defined below) and of the beneficial owner, if any, on whose behalf the proposal is made; and (iii) as to the shareholder giving the notice, any Shareholder Associated Person and the beneficial owner, if any, on whose behalf the nomination or proposal is made, the name and address of such shareholder, as they appear on the Company's books, of any Shareholder Associated Person and of such beneficial owner and the class and number of shares of the Company which are owned beneficially and of record by such shareholder, Shareholder Associated Person and such beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)For purposes of this Section 11, "Shareholder Associated Person" of any shareholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such shareholder, (ii) any beneficial owner (as defined in the Declaration of Trust) of shares of the Company owned of record or beneficially by such shareholder and (iii) any person controlling, controlled by or under common control with such Shareholder Associated Person. For purposes of this Section 11, "control" shall have the meaning ascribed to it in Section 2 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Special Meetings of Shareholders</u>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Company's notice of meeting. Nominations of individuals for election to the Board may be made at a special meeting of shareholders at which Trustees are to be elected (1) pursuant to the Company's notice of meeting, (2) by or at the direction of the Board or (3) provided that the Board has determined that Trustees shall be elected at such special meeting, by any shareholder of the Company who is a shareholder of record both at the time of giving of notice provided for in this Section 11 and at the time of the special meeting, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 11. In the event the Company calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board, any such shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Company's notice of meeting, if the shareholder's notice required by subsection (a)(2) of this Section 11 shall be delivered to the secretary at the principal executive office of the Company not earlier than the one hundred fiftieth (150th) day prior to such special meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of a postponement or adjournment of a special meeting commence a new time period for the giving of a shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Upon written request by the secretary or the Board or any committee thereof, any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within five (5) Business Days of delivery of such request (or such other period as may be specified in such request), written verification, satisfactory, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 11. If a shareholder fails to provide such written verification within such period, the information as to which written verification was requested may be deemed not to have been provided in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election as Trustees, and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with this Section 11. The chairperson of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)For purposes of this Section 11, (a) the "date of mailing of the notice" shall mean the date of the proxy statement for the solicitation of proxies for election of Trustees and (b) "public announcement" shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press Business Wire, PR Newswire or comparable news service or (ii) in a document publicly filed by the Company with the U.S. Securities and Exchange Commission (the "Commission") pursuant to the Exchange Act or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Notwithstanding the foregoing provisions of this Section 11, a shareholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 11. Nothing in this Section 11 shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, nor the right of the Company to omit a proposal from, the Company's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.

Section 12.<u>VOTING BY BALLOT</u>. Voting on any question or in any election may be viva voce unless the presiding officer shall order or any shareholder shall demand that voting be by ballot.

**Article III.<br>TRUSTEES** 

Section 1.<u>GENERAL POWERS</u>. The business and affairs of the Company shall be managed under the direction of its Board. The Board may designate a chairperson of the Board, who may also be an officer of the Company, and who will have such powers and duties as determined by the Board from time to time.

Section 2.<u>NUMBER, TENURE AND QUALIFICATIONS</u>. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board may establish, increase or decrease the number of Trustees, provided that the number thereof shall never be fewer than three, except for a period of up to sixty (60) days after the death, removal or resignation of a Trustee pending the election of such Trustee's successor, and further provided that the tenure of office of a Trustee shall not be affected by any decrease in the number of Trustees. A majority of Trustees shall be Independent Trustees (for purposes of these Bylaws, as such term is defined in the Declaration of Trust).

Section 3.<u>ANNUAL AND REGULAR MEETINGS</u>. An annual meeting of the Board shall be held immediately after and at the same place (including by virtual meeting) as the annual meeting of shareholders, if any, no notice other than this Bylaw being necessary. In the event such meeting is not so held, the meeting may be held at such time and place (including by virtual meeting) as shall be specified in a notice given as hereinafter provided for special meetings of the Board. Regular meetings of the Board shall be held from time to time at such places and times (including by virtual meeting) as provided by the Board by resolution, without notice other than such resolution.

Section 4.<u>SPECIAL MEETINGS</u>. Special meetings of the Board may be called by or at the request of the chairperson of the Board, the chief executive officer, the president or by a majority of the Trustees then in office. The person or persons authorized to call special meetings of the Board may fix any place (including by virtual meeting) as the place for holding any special meeting of the Board called by them. The Board may provide, by resolution, the time and place (including by virtual meeting) for the holding of special meetings of the Board, without notice other than such resolution.

Section 5.<u>NOTICE</u>. Meetings of the Trustees may be held without call or notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

Section 6.<u>QUORUM</u>. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be a majority of the Trustees. Unless provided otherwise in the Declaration of Trust or these Bylaws and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees. Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in the Declaration of Trust, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent as provided in Section 10 of this Article III. With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under

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this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act. The Trustees present at a meeting which has been duly called and convened may continue to transact business until adjournment, notwithstanding the withdrawal of enough Trustees to leave less than a quorum.

Section 7.<u>VOTING</u>. The action of the majority of the Trustees present at a meeting at which a quorum, as defined in Section 6 of this Article III, is present shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust. If enough Trustees have withdrawn from a meeting to leave less than a quorum, as defined in Section 6 of this Article III, but the meeting is not adjourned, the action of the majority of the Trustees still present at such meeting shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust.

Section 8.<u>ORGANIZATION</u>. At each meeting of the Board, the chairperson of the Board or, in the absence of the chairperson, the chief executive officer shall act as chairperson of the meeting. In the absence of both the chairperson and the chief executive officer, the president, if any, or in the absence of the president, a Trustee chosen by a majority of the Trustees present shall act as chairperson of the meeting. The secretary or, in his or her absence, an assistant secretary of the Company, or in the absence of the secretary and all assistant secretaries, a person appointed by the chairperson, shall act as secretary of the meeting.

Section 9.<u>VIRTUAL MEETINGS</u>. As contemplated by Section 14.7 of the Declaration of Trust, any meetings of the Trustees or of any committee established by the Board pursuant to Article IV may be held by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a such meeting shall constitute presence in person at the meeting; provided however, this Section 9 does not apply to any action of the Trustees pursuant to the 1940 Act, that requires the vote of the Trustees to be cast in person at a meeting.

Section 10.<u>WRITTEN CONSENT BY TRUSTEES</u> Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees; provided however, this Section 10 does not apply to any action of the Trustees pursuant to the 1940 Act that requires the vote of the Trustees to be cast in person at a meeting.

Section 11.<u>VACANCIES</u>. If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Company or affect these Bylaws or the powers of the remaining Trustees hereunder, if any. Subject to applicable requirements of the 1940 Act, except as may be provided by the Board in setting the terms of any class or series of preferred shares, (a) any vacancy on the Board may be filled only by a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum, as defined in Section 6 of this Article III, and (b) any Trustee elected to fill a vacancy shall serve until a successor is elected and qualified.

Section 12.<u>COMPENSATION</u>. The Trustees shall have power to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation (if any) of all officers of the Company, employees of the Company (if any), and the Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

Nothing herein contained shall be construed to preclude any Trustees from serving the Company in any other capacity and receiving compensation therefor.

Section 13.<u>LOSS OF DEPOSITS</u>. No Trustee shall be liable for any loss which may occur by reason of the failure of the bank, trust company, savings and loan association, or other institution with whom moneys or stock have been deposited.

Section 14.<u>SURETY BONDS</u>. Unless required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

Section 15.<u>RELIANCE</u>. Each Trustee, officer, employee and agent of the Company shall, in the performance of his duties with respect to the Company, be fully justified and protected with regard to any act or failure to act in reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel or upon reports made to the Company by any of its officers or employees or by the advisers, accountants,

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appraisers or other experts or consultants selected by the Trustees or officers of the Company, regardless of whether such counsel or expert may also be a Trustee. Each Trustee, officer, employee and agent of the Company shall also otherwise be entitled to the benefit of Section 3806(k) of the Delaware Statutory Trust.

Section 16.<u>CERTAIN RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND AGENTS</u>. The Trustees shall have no responsibility to devote their full time to the affairs of the Company. Any Trustee, officer, employee or agent of the Company, in his or her personal capacity or in a capacity as an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage in business activities similar to or in addition to those of or relating to the Company, subject to the adoption of any policies relating to such interests and activities adopted by the Trustees and applicable law.

**Article IV.<br>COMMITTEES** 

Section 1.<u>NUMBER, TENURE AND QUALIFICATIONS</u>. The Board may, by resolution passed by a majority of the whole Board, appoint from among its members an Audit Committee of the Board, and other committees the Board shall determine from time to time to be in the best interests of the Company and its shareholders, each of which shall be composed of one or more Trustees, who will serve at the pleasure of the Board. Each such committee shall be composed entirely of Trustees who are not Interested Persons of the Company.

Section 2.<u>POWERS</u>. The Board may delegate to committees appointed under Section 1 of this Article IV any of the powers of the Board, except as prohibited by law.

Section 3.<u>MEETINGS</u>. Each committee, if deemed advisable by the Board, shall have a written charter. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board. A majority of the members of a committee shall constitute a quorum for the transaction of business at any meeting of such committee. The act of a majority of the committee members present at a meeting shall be the act of such committee. The Board may designate a chairperson of any committee, and such chairperson or, in the absence of a chairperson, any two members of any committee (if there are at least two (2) members of the committee) may fix the time and place of its meeting unless the Board shall otherwise provide. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Trustee to act in the place of such absent member. Each committee may fix rules of procedures for its business. Each committee shall keep minutes of its proceedings.

Section 4.<u>VACANCIES</u>. Subject to the provisions hereof, the Board shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee.

**Article V.<br>OFFICERS** 

Section 1.<u>GENERAL PROVISIONS</u>. The officers of the Company shall include a chief executive officer and/or a president, a secretary, a treasurer and/or chief financial officer and to the extent that Rule 38a-1 under the 1940 Act applies to the Company, a chief compliance officer, and may include one or more vice presidents, a chief operating officer, a chief investment officer, one or more assistant secretaries and one or more assistant treasurers. In addition, the Board may from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The officers of the Company shall be elected by the Board initially at the organizational meeting of the Company and from time to time thereafter, and at the first meeting of the Board following the annual meeting of shareholders in any year in which an annual meeting is held, except that the chief executive officer or president may from time to time appoint one or more vice presidents, assistant secretaries, assistant treasurers or other officers. Each officer shall hold office until his or her successor is elected and qualifies or until death, resignation or removal in the manner hereinafter provided. Any two (2) or more offices except president and vice president may be held by the same person although any person holding more than one office in the company may not act in more than one capacity to execute, acknowledge or verify an instrument required by law to be executed, acknowledged or verified by more than one officer. In their discretion, the Trustees may leave unfilled any office except that of the chief executive officer and/or president, the secretary and the chief compliance officer (to the extent that Rule 38a-1 under the 1940 Act applies to the Company). Election of an officer or agent shall not of itself create contract rights between the Company and such officer or agent.

Section 2.<u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Company may be removed, with or without cause, by a majority of the whole Board if in its judgment the best interests of the

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Company would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Company may resign at any time by giving written notice of his or her resignation to the Board, the chairperson of the Board, the chief executive officer, the president or the secretary. Any resignation shall take effect immediately upon its receipt or, if the time when it shall become effective is specified therein, at such later time specified in the notice of resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Company. In addition, the termination or resignation of the chief compliance officer shall be effected in accordance with Rule 38a-1(4) under the 1940 Act.

Section 3.<u>VACANCIES</u>. A vacancy in any office may be filled by the Board for the balance of the term.

Section 4.<u>CHIEF EXECUTIVE OFFICER</u>. The Board may designate a chief executive officer from among its Board or elected officers. In the absence of such designation, the president shall be the chief executive officer of the Company. The chief executive officer shall have general responsibility for implementation of the policies of the Company, as determined by the Board, and for the management of the business and affairs of the Company. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these Bylaws to some other officer or agent of the Company or shall be required by law to be otherwise executed, and in general shall perform all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Board from time to time.

Section 5.<u>CHIEF OPERATING OFFICER</u>. The Board may designate a chief operating officer. The chief operating officer, under the direction of the chief executive officer, shall have the responsibilities and perform the duties incident to the office of chief operating officer, including general management authority and responsibility for the day-to- day implementation of the policies of the Company and such other responsibilities and duties prescribed by the Board or the chief executive officer from time to time.

Section 6.<u>CHIEF INVESTMENT OFFICER</u>. The Board may designate a chief investment officer. The chief investment officer shall have the responsibilities and duties incident to the office of chief investment officer and such other duties as may be prescribed by the Board, the chief executive officer or the president.

Section 7.<u>CHIEF FINANCIAL OFFICER</u>. The Board may designate a chief financial officer. The chief financial officer shall have the responsibilities and duties incident to the office of chief financial officer and such other duties as may be prescribed as set forth by the Board, the chief executive officer or the president.

Section 8.<u>CHIEF COMPLIANCE OFFICER</u>. The Board shall designate a chief compliance officer to the extent required by, and consistent with the requirements of, the 1940 Act. The chief compliance officer, who shall also serve as the anti-money laundering officer and subject to the direction of, and reporting to, the Board, shall be responsible for the oversight of the Company's compliance with the U.S. federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the chief compliance officer must be approved by the Board, including a majority of the Independent Trustees of the Company. The chief compliance officer shall perform such executive, supervisory and management functions and duties as may be assigned to him or her from time to time by the Board, the chief executive officer or the president.

Section 9.<u>PRESIDENT</u>. In the absence of a designation of a chief executive officer by the Board, the president shall be the chief executive officer. He or she may sign with the secretary or any other proper officer of the Company authorized by the Board, deeds, mortgages, bonds, contracts, or other instruments which the Board has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Board or by these Bylaws to some other officer or agent of the Company, or shall be required by law to be otherwise signed or executed, and in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the Board from time to time.

Section 10.<u>VICE PRESIDENTS</u>. In the absence of the chief executive officer, president, the chief operating officer, or in the event of a vacancy in all such offices, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the president and when so acting shall have all the powers of and be subject to all the restrictions upon the chief executive officer and the president; and shall perform such other duties as from time to time may be assigned to such vice president by the chief executive officer, the chief operating officer, the president or by the Board. The Board may designate one or more vice presidents as executive vice president, senior vice president or as vice president for particular areas of responsibility.

Section 11.<u>SECRETARY</u>. The secretary shall: (a) keep or cause to be kept the minutes of the proceedings of the shareholders, the Board and committees of the Board in one or more books provided for that

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purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Company; (d) keep or cause to be kept a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) have general charge of the shares transfer books of the Company; and (f) in general perform such other duties as from time to time may be assigned by the chief executive officer, the president or by the Board.

Section 12.<u>TREASURER</u>. In the absence of a designation of a chief financial officer by the Board, the treasurer shall be the chief financial officer of the Company. In the absence of a designation of a treasurer by the Board, then the chief financial officer shall be responsible for the duties of the treasurer specified in this Section 12. The treasurer shall be responsible for: (a) the custody of the funds and securities of the Company; (b) the keeping of full and accurate accounts of receipts and disbursements in books belonging to the Company; and (c) the depositing of all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board.

The treasurer shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the president and Board, at the regular meetings of the Board or whenever it may so require, an account of all his or her transactions as treasurer and of the financial condition of the Company. The treasurer shall, if required by the Board, give bonds for the faithful performance of his or her duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

Section 13.<u>ASSISTANT SECRETARIES AND ASSISTANT TREASURERS</u>. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or treasurer, respectively, or by the chief executive officer, the president or the Board. The assistant treasurers shall, if required by the Board, give bonds for the faithful performance of their duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

**Article VI.<br>CONTRACTS, LOANS, CHECKS AND DEPOSITS** 

Section 1.<u>CONTRACTS</u>. The Board may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Company and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Company when authorized or ratified by action of the Board and executed by an authorized person.

Section 2.<u>CHECKS AND DRAFTS</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Company shall be signed by such officer or agent of the Company in such manner as shall from time to time be determined by the Board.

Section 3.<u>DEPOSITS</u>. All funds of the Company not otherwise employed shall be deposited from time to time to the credit of the Company in such banks, trust companies or other depositories as the Board may designate.

Section 4.<u>NO EXCLUSIVE RIGHT TO SELL</u>. The Company shall not grant any exclusive right to sell, or exclusive employment to sell, any assets of the Company.

Section 5.<u>COMMINGLING OF ASSETS</u>. The funds of the Company shall not be commingled with the funds of any other person and the Company funds will be protected from the claims of affiliated companies.

**Article VII.<br>SHARES** 

Section 1.<u>CERTIFICATES</u>. The Company will not issue share certificates. A shareholder's investment in the company will be recorded on the books of the Company. A shareholder wishing to transfer his or her Shares will be required to send a completed and executed form to the Company, such form to be provided upon a shareholder's request.

Section 2.<u>TRANSFERS</u>. All transfers of shares shall be made on the books of the Company, by the holder of the shares, in person or by his or her attorney, in such manner as the Board of Trustees or any officer of the Company may prescribe.

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The Company shall be entitled to treat the holder of record of any shares as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

Notwithstanding the foregoing, transfers of shares of any class or series of shares will be subject in all respects to the Declaration of Trust of the Company and all of the terms and conditions contained therein.

Section 3.<u>NOTICE OF ISSUANCE OR TRANSFER</u>. Upon issuance or transfer of shares in the Company, the Company shall send the shareholder a written statement that reflects such investment or transfer containing such information, at a minimum, as required by law. The Company, alternatively, may furnish notice that a full statement of the information contained in the foregoing sentence will be provided to any shareholder upon request and without charge.

Section 4.<u>CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE</u>. The Board may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of shareholders, not less than ten (10) days, before the date on which the meeting or particular action requiring such determination of shareholders of record is to be held or taken.

In the context of fixing a record date, the Board may provide that the shares transfer books shall be closed for a stated period but not longer than twenty (20) days. If the shares transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten (10) days before the date of such meeting.

If no record date is fixed and the shares transfer books are not closed for the determination of shareholders, (a) the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the notice of meeting is mailed or the thirtieth (30th) day before the meeting, whichever is the closer date to the meeting; and (b) the record date for the determination of shareholders entitled to receive payment of a dividend or an allotment of any other rights shall be the close of business on the day on which the resolution of the Trustees, declaring the dividend or allotment of rights, is adopted.

When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof, except when (i) the determination has been made through the closing of the transfer books and the stated period of closing has expired or (ii) the meeting is adjourned to a date more than one hundred twenty (120) days after the record date fixed for the original meeting, in either of which case a new record date shall be determined as set forth herein.

Section 5.<u>SHARES LEDGER</u>. The Company shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

Section 6.<u>FRACTIONAL SHARES; ISSUANCE OF SHARES</u>. The Board may issue fractional shares or provide for the issuance of scrip, all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Board may issue units consisting of different securities of the Company. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Company, except that the Board may provide that for a specified period securities of the Company issued in such unit may be transferred on the books of the Company only in such unit.

**Article VIII.<br>ACCOUNTING YEAR** 

The fiscal year of the Company shall end on September 30 of each fiscal year, and may thereafter be changed by duly adopted resolution of the Board from time to time.

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**Article IX.<br>DISTRIBUTIONS** 

Section 1.<u>AUTHORIZATION</u>. Dividends and other distributions upon the shares of the Company may be authorized by the Board, subject to the provisions of law and the Declaration of Trust. Dividends and other distributions may be paid in cash, property or shares of the Company, subject to the provisions of law and the Declaration of Trust.

Section 2.<u>CONTINGENCIES</u>. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Company available for dividends or other distributions such sum or sums as the Board may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends or other distributions, for repairing or maintaining any property of the Company or for such other purpose as the Board shall determine to be in the best interest of the Company, and the Board may modify or abolish any such reserve.

**Article X.<br>SEAL** 

Section 1.<u>SEAL</u>. The Board may authorize the adoption of a seal by the Company. The Board may authorize one or more duplicate seals and provide for the custody thereof.

Section 2.<u>AFFIXING SEAL</u>. Whenever the Company is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Company.

**Article XI.<br>WAIVER OF NOTICE** 

Whenever any notice is required to be given pursuant to the Declaration of Trust or these Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

**Article XII.<br>INVESTMENT COMPANY ACT** 

If and to the extent that any provision of the Statutory Trust Act, or any provision of the Declaration of Trust or these Bylaws conflicts with any provision of the 1940 Act, then the applicable provision of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of these Bylaws or the Declaration of Trust or render invalid or improper any action take or omitted prior to such determination.

**Article XIII.<br>AMENDMENT OF BYLAWS** 

The Board shall have the exclusive power to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws not inconsistent with the Declaration of Trust; provided, however, that Article II, Section 3(b) of these Bylaws may only be amended by the affirmative vote of the shareholders entitled to cast a majority of all the votes entitled to be cast on the matter. Notwithstanding anything to the contrary herein, the provision in the preceding sentence governing the amendment of Article II, Section 3(b) of the Bylaws may not be altered, amended or repealed except by an affirmative vote of a majority of the shareholders entitled to cast a majority of all the votes

&nbsp;&nbsp;&nbsp;&nbsp;-13-

------

entitled to be cast on the matter. To the extent any provisions of the Bylaws conflict with the Declaration of Trust, the Declaration of Trust shall control.

Adopted August 11, 2025

&nbsp;&nbsp;&nbsp;&nbsp;-14-

## Exhibit 31.1

**Exhibit 31.1**

I, Armen Panossian, Chief Executive Officer of Oaktree Strategic Credit Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2025 of Oaktree Strategic Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Armen Panossian |
|  | Armen Panossian<br>Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

I, Christopher McKown, Chief Financial Officer of Oaktree Strategic Credit Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2025 of Oaktree Strategic Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Christopher McKown |
|  | Christopher McKown<br>Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer**

**Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with the quarterly report on Form 10-Q for the quarter ended **June 30, 2025** (the "Report") of **Oaktree Strategic Credit Fund** (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, **Armen Panossian**, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;Armen Panossian |
| Name:&nbsp;&nbsp;&nbsp;&nbsp;Armen Panossian |
| Date: August 12, 2025 |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Chief Financial Officer**

**Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with the quarterly report on Form 10-Q for the quarter ended **June 30, 2025** (the "Report") of **Oaktree Strategic Credit Fund** (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, **Christopher McKown**, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;Christopher McKown |
| Name:&nbsp;&nbsp;&nbsp;&nbsp;Christopher McKown |
| Date: August 12, 2025 |

---

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