Oaktree Strategic Credit Fund
Sponsored by Oaktree. BDC structure focused on private credit.
BDCPrivate Credit
- Net assets
- $4.40B
source
Quarterly report (Form 10-Q) · filed 2026-05-14 · period 2026-03-31
Stockholders equity
“{'end': '2026-03-31', 'val': 4402669000, 'accn': '0001872371-26-000009', 'fy': 2026, 'fp': 'Q2', 'form': '10-Q', 'filed': '2026-05-14', 'frame': 'CY2026Q1I', 'unit': 'USD'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $22.38
source
Quarterly report (Form 10-Q) · filed 2026-05-14 · period 2026-03-31
Net asset value per share
“{'end': '2026-03-31', 'val': 22.38, 'accn': '0001872371-26-000009', 'fy': 2026, 'fp': 'Q2', 'form': '10-Q', 'filed': '2026-05-14', 'frame': 'CY2026Q1I', 'unit': 'USD/shares'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2026-03-31 - Net flows, last qtr
- -1.2% qtr ended 2026-03-31
- Distribution coverage (NII)
- 91% period ended 2026-03-31
- Leverage in use
- Not captured debt / equity 0.59x
- Total return, 12m
- +3.3% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
NAV per share fell 2.4% from $22.93 to $22.38 (2026-03-31).
NAV per share fell 2.4% from $22.93 to $22.38 (2026-03-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)
Why it matters and what changed
Private-market NAVs move slowly by construction, so a 2%+ single-month markdown is a genuine valuation event, not noise.
22.93 -> 22.38 (down 2.4% vs prior period); trailing 4-period average 22.88; same period prior year 23.28; comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: us-gaap:NetAssetValuePerShare | accession 0001872371-26-000009 | 10-Q filed 2026-05-14
Net investment income covered only 91% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.
Net investment income covered only 91% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
93.68 -> 91.17 (down 2.7% vs prior period); trailing 4-period average 86.65; same period prior year 84.79; breach persisted 11 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)
Net investment income covered only 94% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains.
Net investment income covered only 94% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
76.94 -> 93.68 (up 21.8% vs prior period); trailing 4-period average 85.62; same period prior year 87.09; breach persisted 10 consecutive periods (escalated per the two-stage ladder); comparison interval: ~6 months (2025-06-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)
Historical findings (11)
Net investment income covered only 77% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
Net investment income covered only 85% of distributions in the period ended 2025-03-31; the gap was funded from capital or gains.
Net investment income covered only 87% of distributions in the period ended 2024-12-31; the gap was funded from capital or gains.
Net investment income covered only 90% of distributions in the period ended 2024-06-30; the gap was funded from capital or gains.
NAV per share ($23.61) is -0.2% below its trailing four-observation average ($23.57) as of 2024-03-31.
Net investment income covered only 95% of distributions in the period ended 2024-03-31; the gap was funded from capital or gains.
NAV per share ($23.62) is 99.6% below its trailing four-observation average ($5,872.66) as of 2023-12-31.
Net investment income covered only 76% of distributions in the period ended 2023-12-31; the gap was funded from capital or gains.
NAV per share ($23.56) is 99.6% below its trailing four-observation average ($5,872.57) as of 2023-09-30.
Net investment income covered only 88% of distributions in the period ended 2023-06-30; the gap was funded from capital or gains.
Net investment income covered only 79% of distributions in the period ended 2023-03-31; the gap was funded from capital or gains.
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
- Non-accruals
- 0.1% 2026-03-31
- PIK income share
- 1.2% 2026-03-31
| Date | Position change |
|---|---|
| 2026-03-31 | Saratoga, Credit Linked Note (1.1% of portfolio value in the 2025-12-31 report, $83,386,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | New position Recess Topco Partnership LP: 1.3% of portfolio value ($91,113,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position RWK Midco AB: 1.1% of portfolio value ($77,036,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position Tequilas Premium, Inc.: 1.0% of portfolio value ($71,264,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | Arches Buyer Inc, First Lien Term Loan (1.3% of portfolio value in the 2025-09-30 report, $92,790,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Aurelia Netherlands B.V, First Lien Term Loan (1.7% of portfolio value in the 2025-09-30 report, $116,216,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Creek Parent, Inc., First Lien Term Loan (1.5% of portfolio value in the 2025-09-30 report, $103,944,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Draken International, LLC., First Lien Term Loan 3 (1.1% of portfolio value in the 2025-09-30 report, $78,390,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | New position Arches Buyer Inc., First Lien Term Loan: 1.2% of portfolio value ($92,554,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position Aurelia Netherlands B.V., First Lien Term Loan: 1.6% of portfolio value ($116,453,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position Creek Parent, Inc. , First Lien Term Loan: 1.4% of portfolio value ($103,990,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position Draken International, LLC , First Lien Term Loan 3: 1.1% of portfolio value ($80,148,000) as of 2025-12-31; absent from the 2025-09-30 report. |
Filed portfolio-health history
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-16 | 4.2% | 100% | 85% | filled |
| 2025-12-12 | 3.1% | 100% | 61% | filled |
| 2025-09-12 | 0.9% | 100% | 18% | filled |
| 2025-06-12 | 4.2% | 100% | 83% | filled |
| 2025-03-14 | 0.3% | 100% | 5% | filled |
| 2024-12-13 | 0.4% | 100% | 8% | filled |
| 2024-09-12 | 0.3% | 100% | 7% | filled |
| 2024-06-12 | 0.3% | 100% | 6% | filled |
| 2024-03-14 | 0.3% | 100% | 6% | filled |
| 2023-12-13 | 0.1% | 100% | 2% | filled |
| 2023-09-12 | 0.0% | 100% | 0% | filled |
| 2023-06-12 | 0.0% | 100% | 0% | filled |
| 2023-03-15 | 0.0% | 100% | 0% | filled |
| 2022-12-13 | 0.0% | 100% | 0% | filled |
| 2022-09-12 | 0.0% | 100% | 0% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.25% of net assets per year. source. The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. Net assets means our total assets determined on a consolidated basis in accordance with GAAP. For the fiscal year ended September 30, 2025, base management fees were $49.4 million, none of which was waived (the Adviser had waived the fee through November 2022, a past, expired waiver).
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. Net assets means our total assets determined on a consolidated basis in accordance with GAAP. For the fiscal year ended September 30, 2025, base management fees were $49.4 million, none of which was waived (the Adviser had waived the fee through November 2022, a past, expired waiver). | 1.25 pct_annual_of_net_assets | Date not captured |
| repurchase_program_terms | Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of Shares outstanding per quarter (most recently confirmed 2026-06-12). Oaktree Strategic Credit Fund | 5.0 pct_of_shares_outstanding_per_quarter | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-24 | 8-K | 0001193125-26-281036 |
| 2026-06-17 | SC TO-I/A | 0001193125-26-274221 |
| 2026-05-27 | 8-K | 0001193125-26-241880 |
| 2026-05-20 | 8-K | 0001193125-26-231657 |
| 2026-05-15 | SC TO-I | 0001193125-26-227240 |
| 2026-05-15 | SC TO-I/A | 0001193125-26-227228 |
| 2026-05-14 | 10-Q | 0001872371-26-000009 |
| 2026-04-24 | 8-K | 0001193125-26-177254 |
| 2026-03-27 | SC TO-I/A | 0001193125-26-126996 |
| 2026-03-27 | 8-K | 0001193125-26-126991 |
| 2026-02-25 | 8-K | 0001193125-26-071526 |
| 2026-02-17 | SC TO-I | 0001193125-26-055096 |
| 2026-02-17 | SC TO-I/A | 0001193125-26-055081 |
| 2026-02-12 | 10-Q | 0001872371-26-000004 |
| 2026-02-11 | 8-K | 0001193125-26-046734 |