Oaktree Strategic Credit Fund Sees 3.8% of Shares Tendered in Undersubscribed Quarterly Offer
Investors who tendered will not learn what they are being paid until November, when the fund sets its September 30 net asset value.
September 17, 2026
Oaktree Strategic Credit Fund‘s third-quarter tender offer closed with roughly 7.2 million shares tendered and not withdrawn, about 3.8% of the shares outstanding as of June 30, 2026, according to preliminary results the fund disclosed this week. The offer opened August 14 and expired at 11:59 p.m. Eastern on September 11. It had been sized to repurchase up to 9,580,537 shares across the fund’s Class I, Class S, Class D and Class T shares.
Demand came in below that ceiling. Because tendered shares fell short of the maximum the fund offered to buy, participating shareholders should not face proration, unlike tenders in which demand exceeds the cap and each holder is cut back pro rata.
The undersubscription is a change from the pattern SQX Alts reported in August, when the fund’s nine-month results showed repurchases running well ahead of new subscriptions and one earlier quarterly tender exceeding its 5% target. Whether the softer third-quarter take-up signals easing redemption pressure or simply timing will become clearer when the fund reports capital flows for the quarter.
Price to Be Set in November
Shares accepted in the offer will be purchased at the fund’s net asset value per share as of September 30, 2026. The fund will determine that figure and disclose the purchase price in November, so tendering shareholders committed to sell before knowing what they will receive. That sequencing is standard for the quarterly liquidity programs of non-traded business development companies, which price repurchases off a quarter-end NAV struck after the tender window closes.
For context, the fund’s NAV per share stood at $22.32 as of June 30, down from $23.09 at its September 2025 fiscal year end, according to the results SQX Alts covered in August. The March distribution declaration that reset the monthly payout to $0.16 per share was covered earlier this year.
The fund, a Delaware statutory trust managed by Oaktree Fund Advisors, filed the preliminary results as an amendment to its Schedule TO on September 15, alongside a third-quarter tender offer update sent to shareholders. The remaining terms of the offer are unchanged. A final amendment reporting definitive results will follow once the purchase price is fixed.
