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
Filed fund value · as of 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
- Pending debt / equity 0.59x
- Total return, 12m
- Pending SEC-filed periodic 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.
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
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.
Pending
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.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 1.25% of net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001872371-25-000018.
Filed fee conditions
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).
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.25% | Pending | Pending | Pending | 7.14%filed basis*Filed label: Ratio of total expenses to average net assets (5)(7); period 2025-09-30. reported total expenses (explicit filing row); waiver state: before / excluding. SEC source 0001872371-25-000018 |
7.14%filed basis*Filed label: Ratio of net expenses to average net assets (5); period 2025-09-30. After waiver: yes; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001872371-25-000018 |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Performance · income | 12.50% | Pre-Incentive Fee Net Investment Income | 5.00% annualized hurdle* |
| Performance · capital gains | 12.50% | realized capital gains | No separate percentage hurdle disclosed |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| 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 | Pending |
| incentive_fee_schedule | Incentive Fee The Incentive Fee consists of two parts: the Investment Income Incentive Fee and the Capital Gains Incentive Fee (each defined below) (collectively referred to as the "Incentive Fee"). Investment Income Incentive Fee The Investment Income Incentive Fee is calculated based on the Company’s Pre-Incentive Fee Net Investment Income, which means consolidated interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee and any distribution and/or shareholder servicing fees). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero-coupon securities), accrued income that has not yet been received in cash. For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of any expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income. Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a hurdle of 1.25 % per quarter ( 5.0 % annualized) (the “Hurdle Rate”). The Company will pay the Adviser an incentive fee quarterly in arrears with respect to the Company’s Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: • Hurdle Rate Return: No incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate; • Catch-Up: 100 % of the Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than a 1.4286 % ( 5.714 % annualized) rate of return in any such calendar quarter (the “Catch-Up”), which is intended to provide the Adviser with approximately 12.5 % of the Pre-Incentive Fee Net Investment Income as if the Hurdle Rate did not apply, if the Pre-Incentive Fee Net Investment Income exceeds the Hurdle Rate in any calendar quarter; and 62 OAKTREE STRATEGIC CREDIT FUND NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except per share amounts and as otherwise indicated) (unaudited) • 87.5 / 12.5 Split: 12.5 % of the Pre-Incentive Fee Net Investment Income, if any, that exceeds a 1.4286 % ( 5.714 % annualized) rate of return in such calendar quarter so that once the Hurdle Rate is reached and the Catch-Up is achieved, 12.5 % of the Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser. For the three and six months ended March 31, 2026, the Investment Income Incentive Fee was $ 14.2 million and $ 29.0 million, respectively. For the three and six months ended March 31, 2025, the Investment Income Incentive Fee was $ 10.9 million and $ 21.7 million, 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”). | Text disclosure | Pending |
| 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 | Pending |
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 |