UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)


			x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
						OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2021


			¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
						OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 000-55975

Oaktree Strategic Income II, Inc.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


DELAWARE (State or jurisdiction of incorporation or organization)						83-0566439 (I.R.S. Employer Identification No.)

333 South Grand Avenue, 28th Floor Los Angeles, CA (Address of principal executive office)						90071 (Zip Code)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE:

(213) 830-6300

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 periods as the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ¨ NO ¨

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

Large accelerated filer o

Accelerated filer o

Non-accelerated filer x

Smaller reporting company o

Emerging growth company x

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 x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) YES ¨ NO x

Securities registered pursuant to Section 12(b) of the Act


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

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


Class						Outstanding at February 8, 2022
Common stock, $0.001 par value						17,401,121

OAKTREE STRATEGIC INCOME II, INC.

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2021

TABLE OF CONTENTS



		PART I — FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements:
		Consolidated Statements of Assets and Liabilities as of December 31, 2021 (unaudited) and September 30, 2021	3
		Consolidated Statements of Operations (unaudited) for the three months ended December 31, 2021 and 2020	4
		Consolidated Statements of Changes in Net Assets (unaudited) for the three months ended December 31, 2021 and 2020	5
		Consolidated Statements of Cash Flows (unaudited) for the three months ended December 31, 2021 and 2020	6
		Consolidated Schedule of Investments as of December 31, 2021 (unaudited)	7
		Consolidated Schedule of Investments as of September 30, 2021	17
		Notes to Consolidated Financial Statements (unaudited)	27
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		52
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		67
Item 4.	Controls and Procedures		69
		PART II — OTHER INFORMATION
Item 1.	Legal Proceedings		69
Item 1A.	Risk Factors		70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		70
Item 3.	Defaults Upon Senior Securities		70
Item 4.	Mine Safety Disclosures		70
Item 5.	Other Information		70
Item 6.	Exhibits		71
Signatures			72

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Assets and Liabilities


	December 31, 2021 (unaudited)		September 30, 2021
ASSETS
Assets:
Investments – Non-control/Non-affiliate, at fair value (cost December 31, 2021: $591,969,113; cost September 30, 2021: $568,303,425)	$	599,132,539	$	575,429,432
Cash and cash equivalents	18,300,053		19,255,047
Restricted cash	5,214,207		4,317,968
Interest receivable	3,020,908		3,196,194
Receivables from unsettled transactions	2,316,511		11,349,581
Deferred financing costs	1,739,540		1,915,573
Derivative asset at fair value	340,640		618,004
Other assets	309,247		364,450
Total assets	$	630,373,645	$	616,446,249
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	518,600	$	482,680
Base management fee and incentive fees payable	6,796,081		6,433,876
Due to affiliates	591,927		1,055,391
Interest payable	1,134,305		884,294
Payables from unsettled transactions	16,240,258		—
Director fees payable	38,750		—
Deferred tax liability	103,960		117,374
Secured borrowings	9,969,425		9,969,425
Credit facilities payable	254,000,000		251,000,000
Total liabilities	289,393,306		269,943,040
Commitments and contingencies (Note 11)
Net assets:
Common stock, $0.001 par value per share, 250,000,000 shares authorized; 17,401,121 shares issued and outstanding at December 31, 2021 and September 30, 2021	17,401		17,401
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized; none issued and outstanding at December 31, 2021 and September 30, 2021	—		—
Additional paid-in-capital	337,337,998		337,337,998
Accumulated distributable earnings (loss)	3,624,940		9,147,810
Total net assets (equivalent to $19.60 and $19.91 per common share at December 31, 2021 and September 30, 2021, respectively) (Note 10)	340,980,339		346,503,209
Total liabilities and net assets	$	630,373,645	$	616,446,249

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Operations

(unaudited)


	Three months ended December 31, 2021		Three months ended December 31, 2020
Interest income:
Non-control/Non-affiliate investments	$	12,428,151	$	8,395,347
Interest on cash and cash equivalents	(185)		4
Total interest income	12,427,966		8,395,351
PIK interest income:
Non-control/Non-affiliate investments	957,872		836,758
Total PIK interest income	957,872		836,758
Fee income:
Non-control/Non-affiliate investments	243,902		1,270,883
Total fee income	243,902		1,270,883
Total investment income	13,629,740		10,502,992
Expenses:
Base management fee	1,476,111		1,141,527
Investment income incentive fee	1,929,968		1,563,232
Capital gains incentive fee	169,538		1,113,049
Professional fees	328,134		287,729
Director fees	38,750		38,750
Interest expense	1,747,643		877,956
Administrator expense	115,684		90,956
General and administrative expenses	273,577		249,911
Total expenses	6,079,405		5,363,110
Net investment income	7,550,335		5,139,882
Unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	38,643		5,141,980
Foreign currency forward contracts	(277,364)		43,374
Net unrealized appreciation (depreciation)	(238,721)		5,185,354
Realized gains (losses):
Non-control/Non-affiliate investments	144,719		1,238,352
Foreign currency forward contracts	928,279		(853,748)
Net realized gains (losses)	1,072,998		384,604
Provision for income tax (expense) benefit	13,414		(8,017)
Net realized and unrealized gains (losses), net of taxes	847,691		5,561,941
Net increase (decrease) in net assets resulting from operations	$	8,398,026	$	10,701,823
Net investment income per common share — basic and diluted	$	0.43	$	0.30
Earnings (loss) per common share — basic and diluted (Note 5)	$	0.48	$	0.62
Weighted average common shares outstanding — basic and diluted	17,401,121		17,401,121

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Changes in Net Assets

(unaudited)


	Three months ended December 31, 2021		Three months ended December 31, 2020
Operations:
Net investment income	$	7,550,335	$	5,139,882
Net unrealized appreciation (depreciation)	(238,721)		5,185,354
Net realized gains (losses)	1,072,998		384,604
Provision for income tax (expense) benefit	13,414		(8,017)
Net increase (decrease) in net assets resulting from operations	8,398,026		10,701,823
Capital share transactions:
Distributions to stockholders	(13,920,896)		(16,879,089)
Net increase (decrease) in net assets from capital share transactions	(13,920,896)		(16,879,089)
Total increase (decrease) in net assets	(5,522,870)		(6,177,266)
Net assets at beginning of period	346,503,209		347,001,767
Net assets at end of period	$	340,980,339	$	340,824,501
Net asset value per common share	$	19.60	$	19.59
Common shares outstanding at end of period	17,401,121		17,401,121

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Cash Flows

(unaudited)


	For the three months ended December 31, 2021		For the three months ended December 31, 2020
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	8,398,026	$	10,701,823
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation	238,721		(5,185,354)
Net realized (gains) losses	(1,072,998)		(384,604)
PIK interest income	(957,872)		(836,758)
Accretion of original issue discount on investments	(1,289,295)		(958,653)
Amortization of deferred financing costs	176,033		131,226
Deferred taxes	(13,414)		(2,189)
Purchases of investments	(68,632,605)		(107,795,724)
Proceeds from sales and repayments of investments	48,955,462		76,870,578
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	(91,685)		(154,305)
(Increase) decrease in receivables from unsettled transactions	9,033,070		(5,414,966)
(Increase) decrease in other assets	55,203		(8,690,070)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	35,920		(121,040)
Increase (decrease) in base management fee and incentive fees payable	362,205		804,000
Increase (decrease) in due to affiliates	(463,464)		108,027
Increase (decrease) in interest payable	250,011		53,295
Increase (decrease) in payables from unsettled transactions	16,240,258		38,207,991
Increase (decrease) in director fees payable	38,750		—
Net cash provided by (used in) operating activities	11,262,326		(2,666,723)
Financing activities:
Distributions paid in cash	(13,920,896)		(16,879,089)
Borrowings under the credit facilities	26,000,000		30,000,000
Repayments of borrowings under the credit facilities	(23,000,000)		—
Deferred financing costs paid	—		(194,863)
Net cash provided by (used in) financing activities	(10,920,896)		12,926,048
Effect of exchange rate changes on foreign currency	(400,185)		(157,612)
Net increase (decrease) in cash and cash equivalents and restricted cash	(58,755)		10,101,713
Cash and cash equivalents and restricted cash, beginning of period	23,573,015		31,016,086
Cash and cash equivalents and restricted cash, end of period	$	23,514,260	$	41,117,799
Supplemental information:
Cash paid for interest	$	1,321,599	$	693,435
Non-cash financing activities:
Accrued deferred financing costs	$	—	$	(26,904)

Reconciliation to the Consolidated Statement of Assets and Liabilities	December 31, 2021		September 30, 2021
Cash and cash equivalents	$	18,300,053	$	19,255,047
Restricted cash	5,214,207		4,317,968
Total cash and cash equivalents and restricted cash	$	23,514,260	$	23,573,015

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Non-Control/Non-Affiliate Investments										(7)
109 Montgomery Owner LLC			Real Estate Operating Companies
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 2/2/2023	7.50	%		$	587,437	$	567,535	$	652,501	(5)(8)(9)
						567,535		652,501
A.T. Holdings II SÀRL			Biotechnology
First Lien Term Loan, 9.50% cash due 12/22/2022				11,190,228		11,136,116		11,166,728		(8)(10)
						11,136,116		11,166,728
Accupac, Inc.			Personal Products
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026	7.00	%		4,502,145		4,449,129		4,502,144		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026				—		(10,086)		—		(5)(8)(9)
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026	7.00	%		428,256		421,532		428,256		(5)(8)(9)
						4,860,575		4,930,400
Acquia Inc.			Application Software
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025	8.00	%		4,381,994		4,326,014		4,377,174		(5)(8)
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025				—		(6,144)		(515)		(5)(8)(9)
						4,319,870		4,376,659
ADB Companies, LLC			Construction & Engineering
First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025	7.25	%		8,586,554		8,424,047		8,510,606		(5)(8)
						8,424,047		8,510,606
AI Sirona (Luxembourg) Acquisition S.a.r.l.			Pharmaceuticals
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/2026	7.25	%		€	5,147,000	5,638,647		5,848,281		(5)(8)(10)
						5,638,647		5,848,281
AIP RD Buyer Corp.			Distributors
Second Lien Term Loan, SOFR+7.75% cash due 12/23/2029	8.75	%		$	3,459,000	3,390,080		3,389,820		(5)(8)
3,460 Common Units in RD Holding LP						346,000		346,000		(8)
						3,736,080		3,735,820
Alvogen Pharma US, Inc.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023	6.25	%		5,018,269		4,771,182		4,811,266		(5)
						4,771,182		4,811,266
Alvotech Holdings S.A.			Biotechnology
Fixed Rate Bond 15% PIK Tranche A due 6/24/2025				3,109,198		3,295,508		3,368,731		(8)(10)(11)
Fixed Rate Bond 15% PIK Tranche B due 6/24/2025				2,909,948		3,091,709		3,152,849		(8)(10)(11)
5,930 Common Shares						854,331		848,168		(8)(10)
						7,241,548		7,369,748
American Tire Distributors, Inc.			Distributors
First Lien Term Loan, LIBOR+6.25% cash due 10/20/2028	7.00	%		6,009,000		5,933,888		6,058,364		(5)
						5,933,888		6,058,364
Amplify Finco Pty Ltd.			Movies & Entertainment
First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026	5.00	%		8,056,500		7,795,693		7,828,219		(5)(8)(10)
						7,795,693		7,828,219
Anastasia Parent, LLC			Personal Products
First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025	3.97	%		1,280,585		1,011,190		1,154,607		(5)
						1,011,190		1,154,607
Ankura Consulting Group LLC			Research & Consulting Services
Second Lien Term Loan, LIBOR+8.00% cash due 3/19/2029	8.75	%		2,398,000		2,362,030		2,421,979		(5)(8)
						2,362,030		2,421,979
Apptio, Inc.			Application Software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025	8.25	%		7,129,297		7,056,448		7,072,982		(5)(8)
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025	8.25	%		184,615		179,970		180,970		(5)(8)(9)
						7,236,418		7,253,952

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Ardonagh Midco 3 PLC			Insurance Brokers
First Lien Term Loan, EURIBOR+6.75% cash due 7/14/2026	7.75	%		€	1,052,732	$	1,174,720	$	1,209,139	(5)(8)(10)
First Lien Term Loan, UK LIBOR+6.75% cash due 7/14/2026	7.50	%		£	9,987,149	12,482,533		13,662,365		(5)(8)(10)
						13,657,253		14,871,504
ASP-R-PAC Acquisition Co LLC			Paper Packaging
First Lien Term Loan, LIBOR+6.00% cash due 12/29/2027	6.75	%		$	3,326,043	3,259,674		3,259,522		(5)(8)(10)
First Lien Revolver, LIBOR+6.00% cash due 12/29/2027	6.75	%		79,191		71,290		71,272		(5)(8)(9)(10)
						3,330,964		3,330,794
Assembled Brands Capital LLC			Specialized Finance
First Lien Revolver, LIBOR+6.75% cash due 10/17/2023	7.75	%		1,729,426		1,729,426		1,701,403		(5)(8)(9)
174,131 Class A Units						82,713		41,791		(8)
100,285 Preferred Units, 6%						110,285		126,827		(8)
7,621 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029						—		—		(8)
						1,922,424		1,870,021
Associated Asphalt Partners, LLC			Construction Materials
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024	6.25	%		910,391		817,971		803,420		(5)
						817,971		803,420
Astra Acquisition Corp.			Application Software
First Lien Term Loan, LIBOR+5.25% cash due 10/25/2028	5.75	%		2,800,000		2,704,007		2,755,676		(5)
						2,704,007		2,755,676
Athenex, Inc.			Pharmaceuticals
First Lien Term Loan, 11.00% cash due 6/19/2026				12,484,249		12,097,743		12,328,195		(8)(10)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026				—		(86,693)		(78,027)		(8)(9)(10)
97,205 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027						334,385		9,721		(8)(10)
						12,345,435		12,259,889
Aurora Lux Finco S.À.R.L.			Airport Services
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026	7.00	%		7,368,750		7,237,917		6,978,205		(5)(8)(10)
						7,237,917		6,978,205
The Avery			Real Estate Operating Companies
First Lien Delayed Draw Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023	7.55	%		4,681,789		4,654,176		4,730,331		(5)(8)(9)
Subordinated Delayed Draw Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023	12.75	%		1,102,222		1,096,066		1,102,394		(5)(8)
						5,750,242		5,832,725
BAART Programs, Inc.			Health Care Services
First Lien Term Loan, LIBOR+5.00% cash due 6/11/2027	6.00	%		1,194,000		1,182,060		1,188,030		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027	6.00	%		376,440		363,256		369,731		(5)(8)(9)
Second Lien Term Loan, LIBOR+8.50% cash due 6/11/2028	9.50	%		1,754,000		1,727,690		1,745,230		(5)(8)
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/2028				—		(39,263)		(13,380)		(5)(8)(9)
						3,233,743		3,289,611
Berner Food & Beverage, LLC			Soft Drinks
First Lien Term Loan, LIBOR+6.50% cash due 7/30/2027	7.50	%		8,057,839		7,926,931		7,920,856		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 7/30/2027	7.50	%		314,146		301,994		301,430		(5)(8)(9)
						8,228,925		8,222,286

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Blumenthal Temecula, LLC			Automotive Retail
First Lien Term Loan, 9.00% cash due 9/24/2023				$	1,277,827	$	1,277,827	$	1,277,827	(8)
415,294 Preferred Units in Unstoppable Automotive AMV, LLC						415,294		415,294		(8)
95,837 Common Units in Unstoppable Automotive AMV, LLC						95,837		95,837		(8)
95,837 Preferred Units in Unstoppable Automotive VMV, LLC						95,837		95,837		(8)
31,946 Common Units in Unstoppable Automotive VMV, LLC						31,946		31,946		(8)
						1,916,741		1,916,741
Cadence Aerospace, LLC			Aerospace & Defense
First Lien Term Loan, LIBOR+6.50% cash 2.00% PIK due 11/14/2023	7.50	%		3,164,288		3,134,597		2,906,082		(5)(8)
						3,134,597		2,906,082
Chief Power Finance II, LLC			Independent Power Producers & Energy Traders
First Lien Term Loan, LIBOR+6.50% cash due 12/31/2022	7.50	%		6,329,464		6,279,913		6,323,135		(5)(8)
						6,279,913		6,323,135
CITGO Holding, Inc.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023	8.00	%		648,055		633,030		640,603		(5)
						633,030		640,603
CITGO Petroleum Corp.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024	7.25	%		5,651,697		5,595,180		5,658,762		(5)
						5,595,180		5,658,762
Continental Intermodal Group LP			Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+8.50% cash due 1/28/2025	9.50	%		9,762,682		9,762,682		8,200,653		(5)(8)
Common Stock Warrants expiration date 7/28/2025						—		454,000		(8)
						9,762,682		8,654,653
Convergeone Holdings, Inc.			IT Consulting & Other Services
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026	5.10	%		5,774,695		5,638,634		5,668,239		(5)
						5,638,634		5,668,239
CorEvitas, LLC			Health Care Services
First Lien Term Loan, LIBOR+5.50% cash due 12/13/2025	6.50	%		3,713,392		3,670,702		3,686,251		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025	6.50	%		707,273		691,742		697,543		(5)(8)(9)
First Lien Revolver, PRIME+4.50% cash due 12/13/2025	7.75	%		111,500		103,809		106,610		(5)(8)(9)
401 Class A2 Common Units in CorEvitas Group Holdings, L.P.						378,610		980,600		(8)
						4,844,863		5,471,004
Coty Inc.			Personal Products
First Lien Revolver, LIBOR+1.75% cash due 4/5/2023				—		(457,344)		(95,280)		(5)(8)(9)(10)
						(457,344)		(95,280)
CPC Acquisition Corp.			Specialty Chemicals
Second Lien Term Loan, LIBOR+7.75% cash due 12/29/2028	8.50	%		727,000		716,095		717,913		(5)(8)
						716,095		717,913
Curium Bidco S.à.r.l.			Biotechnology
Second Lien Term Loan, LIBOR+7.75% cash due 10/27/2028	8.50	%		3,788,000		3,731,180		3,830,615		(5)(10)
						3,731,180		3,830,615
Dialyze Holdings, LLC			Health Care Equipment
First Lien Term Loan, LIBOR+7.00% cash 2.00% PIK due 8/4/2026	8.00	%		4,451,870		4,163,723		4,162,498		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash 2.00% PIK due 8/4/2026				—		(29,599)		(28,384)		(5)(8)(9)
993,431 Class A Warrants (exercise price $1.00) expiration date 8/4/2028						258,292		248,358		(8)
						4,392,416		4,382,472

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Digital.AI Software Holdings, Inc.			Application Software
First Lien Term Loan, LIBOR+7.00% cash due 2/10/2027	8.00	%		$	2,631,086	$	2,563,934	$	2,575,833	(5)(8)
First Lien Revolver, LIBOR+7.00% cash due 2/10/2027	8.00	%		94,677		87,428		88,713		(5)(8)(9)
						2,651,362		2,664,546
DirecTV Financing, LLC			Cable & Satellite
First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027	5.75	%		8,797,500		8,709,525		8,816,942		(5)
						8,709,525		8,816,942
EHR Canada, LLC			Food Retail
First Lien Term Loan, LIBOR+8.00% cash due 2/28/2022	9.00	%		166,667		166,525		166,500		(5)(8)
						166,525		166,500
FINThrive Software Intermediate Holdings, Inc.			Health Care Technology
Second Lien Term Loan, LIBOR+6.75% cash due 12/17/2029	7.25	%		6,013,000		5,922,805		6,011,106		(5)
						5,922,805		6,011,106
Fortress Biotech, Inc.			Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/2025				2,452,500		2,343,537		2,427,975		(8)(10)(12)
85,811 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030						90,960		48,912		(8)(10)
						2,434,497		2,476,887
Gibson Brands, Inc.			Leisure Products
First Lien Term Loan, LIBOR+5.00% cash due 8/11/2028	5.75	%		1,500,000		1,485,000		1,488,750		(5)
						1,485,000		1,488,750
Global Medical Response, Inc.			Health Care Services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025	5.25	%		1,064,974		1,052,234		1,062,503		(5)
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025	5.25	%		3,735,567		3,677,954		3,725,294		(5)
						4,730,188		4,787,797
Grab Holdings Inc.			Interactive Media & Services
First Lien Term Loan, LIBOR+4.50% cash due 1/29/2026	5.50	%		3,970,000		3,872,691		3,991,498		(5)(10)
						3,872,691		3,991,498
iCIMs, Inc.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024	7.50	%		2,517,618		2,490,373		2,509,033		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024	7.50	%		88,235		87,225		87,934		(5)(8)
						2,577,598		2,596,967
Immucor, Inc.			Health Care Supplies
First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025	6.75	%		2,336,747		2,304,089		2,301,696		(5)(8)
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025	9.00	%		5,961,487		5,880,833		5,901,872		(5)(8)
						8,184,922		8,203,568
Indivior Finance S.À.R.L.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 6/30/2026	6.00	%		1,990,000		1,953,557		1,978,388		(5)(10)
						1,953,557		1,978,388
Intelsat Jackson Holdings S.A.			Alternative Carriers
First Lien Term Loan, PRIME+4.75% cash due 11/27/2023	8.00	%		986,227		966,888		986,429		(5)(10)
						966,888		986,429
Inventus Power, Inc.			Electrical Components & Equipment
First Lien Term Loan, LIBOR+5.00% cash due 3/29/2024	6.00	%		4,548,628		4,514,762		4,504,506		(5)(8)
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024	9.50	%		2,750,000		2,707,031		2,702,425		(5)(8)
						7,221,793		7,206,931
INW Manufacturing, LLC			Personal Products
First Lien Term Loan, LIBOR+5.75% cash due 5/7/2027	6.50	%		11,775,000		11,458,584		11,539,500		(5)(8)
						11,458,584		11,539,500
IPC Corp.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 10/1/2026	7.50	%		6,214,211		6,054,385		6,058,856		(5)(8)
						6,054,385		6,058,856
Itafos Inc.			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+8.25% cash due 8/25/2024	9.25	%		5,237,925		5,053,451		5,044,122		(5)(8)
						5,053,451		5,044,122

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Ivanti Software, Inc.			Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/1/2028	7.75	%		$	3,692,000	$	3,673,540	$	3,701,248	(5)
						3,673,540		3,701,248
Jazz Acquisition, Inc.			Aerospace & Defense
First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027	8.50	%		9,485,215		9,252,263		9,591,616		(5)(8)(12)
						9,252,263		9,591,616
LaserShip, Inc.			Air Freight & Logistics
Second Lien Term Loan, LIBOR+7.50% cash due 5/7/2029	8.25	%		1,150,000		1,138,500		1,160,068		(5)(8)
						1,138,500		1,160,068
Latam Airlines Group S.A.			Airlines
First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/2022				4,347,157		4,328,900		4,393,884		(5)(8)(9)(10)
First Lien Delayed Draw Term Loan, LIBOR+7.50% PIK due 3/29/2022				1,199,400		1,187,929		1,184,408		(5)(8)(9)(10)
						5,516,829		5,578,292
Lightbox Intermediate, L.P.			Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026	5.22	%		8,775,000		8,692,879		8,665,313		(5)(8)
						8,692,879		8,665,313
Lightstone Holdco LLC			Electric Utilities
First Lien Term Loan, LIBOR+3.75% cash due 1/30/2024	4.75	%		1,902,000		1,670,022		1,616,054		(5)
						1,670,022		1,616,054
Liquid Environmental Solutions Corporation			Environmental & Facilities Services
Second Lien Term Loan, LIBOR+8.50% cash due 11/30/2026	9.50	%		1,046,111		1,025,724		1,025,189		(5)(8)
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 11/30/2026	9.50	%		278,963		273,384		262,225		(5)(8)(9)
						1,299,108		1,287,414
Maravai Intermediate Holdings, LLC			Biotechnology
First Lien Term Loan, LIBOR+3.75% cash due 10/19/2027	4.75	%		3,898,833		3,859,845		3,920,764		(5)
						3,859,845		3,920,764
Marinus Pharmaceuticals, Inc.			Pharmaceuticals
First Lien Term Loan, 11.50% cash due 5/11/2026				2,529,720		2,485,692		2,493,039		(8)(10)
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026				—		—		—		(8)(9)(10)
						2,485,692		2,493,039
Mesoblast, Inc.			Biotechnology
First Lien Term Loan, 8.00% cash 1.75% PIK due 11/19/2026				1,708,522		1,662,384		1,662,021		(8)(10)
First Lien Delayed Draw Term Loan, 8.00% cash 1.75% PIK due 11/19/2026				—		359		362		(8)(9)(10)
						1,662,743		1,662,383
MHE Intermediate Holdings, LLC			Diversified Support Services
First Lien Term Loan, LIBOR+5.75% cash due 7/21/2027	6.75	%		4,096,875		4,021,145		4,018,453		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.75% cash due 7/21/2027	6.75	%		308,513		302,592		302,899		(5)(8)(9)
First Lien Revolver, LIBOR+5.75% cash due 7/21/2027				—		(6,602)		(6,836)		(5)(8)(9)
						4,317,135		4,314,516
Mindbody, Inc.			Internet Services & Infrastructure
First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/2025	8.00	%		8,598,850		8,501,576		8,452,669		(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025				—		(7,915)		(12,952)		(5)(8)(9)
						8,493,661		8,439,717
Mosaic Companies, LLC			Home Improvement Retail
First Lien Term Loan, LIBOR+6.75% cash due 7/2/2026	7.75	%		11,522,531		11,315,429		11,292,081		(5)(8)
						11,315,429		11,292,081

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
MRI Software LLC			Application Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026	6.50	%		$	7,245,653	$	7,199,973	$	7,240,038	(5)(8)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026				—		(4,612)		(357)		(5)(8)(9)
						7,195,361		7,239,681
Navisite, LLC			Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/2026	9.50	%		7,779,000		7,649,622		7,600,083		(5)(8)
						7,649,622		7,600,083
NeuAG, LLC			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024	7.00	%		13,645,484		13,310,784		13,399,865		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024				—		(62,040)		(27,918)		(5)(8)(9)
						13,248,744		13,371,947
NN, Inc.			Industrial Machinery
First Lien Term Loan, LIBOR+6.88% cash due 9/19/2026	7.88	%		14,765,423		14,449,545		14,470,114		(5)(8)(10)
						14,449,545		14,470,114
OEConnection LLC			Application Software
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026	4.10	%		6,311,565		6,282,655		6,303,676		(5)
Second Lien Term Loan, LIBOR+7.00% cash due 9/25/2027	7.50	%		1,804,000		1,768,211		1,767,920		(5)(8)
						8,050,866		8,071,596
Olaplex, Inc.			Personal Products
First Lien Term Loan, LIBOR+6.25% cash due 1/8/2026	7.25	%		11,471,346		11,325,964		11,500,024		(5)(8)
First Lien Revolver, LIBOR+6.25% cash due 1/8/2025				—		(12,366)		(5,848)		(5)(8)(9)
						11,313,598		11,494,176
OTG Management, LLC			Airport Services
First Lien Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/2025	3.00	%		3,269,812		3,211,153		3,204,416		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/2025				—		(5,587)		(6,104)		(5)(8)(9)
						3,205,566		3,198,312
Park Place Technologies, LLC			Internet Services & Infrastructure
First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027	6.00	%		4,962,500		4,796,149		4,963,542		(5)
						4,796,149		4,963,542
Performance Health Holdings, Inc.			Health Care Distributors
First Lien Term Loan, LIBOR+6.00% cash due 7/12/2027	7.00	%		4,902,713		4,812,490		4,815,077		(5)(8)
						4,812,490		4,815,077
PFNY Holdings, LLC			Leisure Facilities
First Lien Term Loan, LIBOR+7.00% cash due 12/31/2026	8.00	%		6,307,030		6,181,851		6,180,889		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 12/31/2026				—		(11,922)		(12,013)		(5)(8)(9)
First Lien Revolver, LIBOR+7.00% cash due 12/31/2026				—		(5,961)		(6,007)		(5)(8)(9)
						6,163,968		6,162,869
Planview Parent, Inc.			Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028	8.00	%		9,872,000		9,723,920		9,896,680		(5)(8)
						9,723,920		9,896,680
PLNTF Holdings, LLC			Leisure Facilities
First Lien Term Loan, LIBOR+8.00% cash due 3/22/2026	9.00	%		893,020		877,900		897,485		(5)(8)
						877,900		897,485
Pluralsight, LLC			Application Software
First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027	9.00	%		15,361,250		15,089,890		15,090,892		(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 4/6/2027				—		(18,532)		(18,620)		(5)(8)(9)
						15,071,358		15,072,272

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes

PRGX Global, Inc.			Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+6.75% cash due 3/3/2026	7.75	%		$	8,235,918	$	8,098,803	$	8,106,614	(5)(8)
First Lien Revolver, LIBOR+6.75% cash due 3/3/2026				—		(6,764)		(6,378)		(5)(8)(9)
19,485 Class B Common Units						19,485		19,485		(8)
						8,111,524		8,119,721
ProFrac Services, LLC			Industrial Machinery
First Lien Term Loan, LIBOR+8.50% cash due 9/15/2023	9.75	%		1,176,313		1,172,308		1,164,550		(5)(8)
						1,172,308		1,164,550
Project Boost Purchaser, LLC			Application Software
Second Lien Term Loan, LIBOR+8.00% cash due 5/31/2027	8.10	%		1,500,000		1,500,000		1,496,250		(5)(8)
						1,500,000		1,496,250
Quantum Bidco Limited			Food Distributors
First Lien Term Loan, UK LIBOR+6.00% cash due 1/29/2028	6.12	%		£	1,125,000	1,488,636		1,503,757		(5)(10)
						1,488,636		1,503,757
Relativity ODA LLC			Application Software
First Lien Term Loan, LIBOR+7.50% PIK due 5/12/2027				$	5,728,471	5,607,187		5,619,630		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 5/12/2027				—		(12,128)		(10,330)		(5)(8)(9)
						5,595,059		5,609,300
Renaissance Holding Corp.			Diversified Banks
Second Lien Term Loan, LIBOR+7.00% cash due 5/29/2026	7.10	%		1,138,000		1,129,465		1,144,401		(5)
						1,129,465		1,144,401
RumbleOn, Inc.			Automotive Retail
First Lien Term Loan, LIBOR+8.25% cash due 8/31/2026	9.25	%		9,169,505		8,624,642		8,940,267		(5)(8)(10)
First Lien Delayed Draw Term Loan, LIBOR+8.25% cash due 8/31/2026				—		(234,098)		(98,491)		(5)(8)(9)(10)
39,794 Class B Common Stock Warrants (exercise price $33.00) expiration date 2/28/2023						290,496		431,765		(8)(10)
						8,681,040		9,273,541
Sabert Corporation			Metal & Glass Containers
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	5.50	%		2,657,207		2,630,635		2,660,542		(5)
						2,630,635		2,660,542
Scilex Pharmaceuticals Inc.			Pharmaceuticals
Fixed Rate Zero Coupon Bond due 8/15/2026				1,135,694		982,645		1,073,117		(8)
						982,645		1,073,117
SiO2 Medical Products, Inc.			Metal & Glass Containers
First Lien Term Loan, 11.00% cash due 12/21/2026				3,500,786		3,414,697		3,414,079		(8)
Common Stock Warrants (exercise price $0.75) expiration date 7/31/2028						123,557		123,557		(8)
						3,538,254		3,537,636
Sirva Worldwide, Inc.			Diversified Support Services
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025	5.60	%		431,814		425,336		392,950		(5)
						425,336		392,950
SM Wellness Holdings, Inc.			Health Care Services
Second Lien Term Loan, LIBOR+8.00% cash due 4/16/2029	8.75	%		2,925,000		2,881,125		2,946,938		(5)(8)
						2,881,125		2,946,938
Sorenson Communications, LLC			Communications Equipment
First Lien Term Loan, LIBOR+5.50% cash due 3/17/2026	6.25	%		4,601,092		4,555,081		4,621,245		(5)
						4,555,081		4,621,245
Sorrento Therapeutics, Inc.			Biotechnology
16,000 Common Stock Units						63,040		74,400		(10)
						63,040		74,400

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Star US Bidco LLC			Industrial Machinery
First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027	5.25	%		$	3,432,976	$	3,269,230	$	3,430,847	(5)
						3,269,230		3,430,847
SumUp Holdings Luxembourg S.À.R.L.			Other Diversified Financial Services
First Lien Delayed Draw Term Loan, EURIBOR+8.50% cash due 3/10/2026	10.00	%		€	6,820,000	7,947,291		7,639,368		(5)(8)(10)
						7,947,291		7,639,368
Sunland Asphalt & Construction, LLC			Construction & Engineering
First Lien Term Loan, LIBOR+6.00% cash due 1/13/2026	7.00	%		$	11,691,437	11,502,973		11,551,140		(5)(8)
First Lien Revolver, LIBOR+6.00% cash due 1/13/2022				—		(999)		(1,823)		(5)(8)(9)
						11,501,974		11,549,317
Supermoose Borrower, LLC			Application Software
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025	3.97	%		2,887,419		2,644,578		2,733,245		(5)
						2,644,578		2,733,245
SVP-Singer Holdings Inc.			Home Furnishings
First Lien Term Loan, LIBOR+6.75% cash due 7/28/2028	7.50	%		5,059,320		4,725,230		4,772,608		(5)(8)
						4,725,230		4,772,608
Tacala, LLC			Restaurants
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028	8.25	%		3,394,977		3,349,450		3,394,281		(5)
						3,349,450		3,394,281
Tahoe Bidco B.V.			Application Software
First Lien Term Loan, LIBOR+6.00% cash due 9/29/2028	6.75	%		5,611,000		5,502,612		5,498,780		(5)(8)(10)
First Lien Revolver, LIBOR+6.00% cash due 10/1/2027				—		(8,081)		(8,417)		(5)(8)(9)(10)
						5,494,531		5,490,363
Tecta America Corp.			Construction & Engineering
Second Lien Term Loan, LIBOR+8.50% cash due 4/9/2029	9.25	%		1,671,000		1,645,935		1,671,000		(5)(8)
						1,645,935		1,671,000
Telestream Holdings Corporation			Application Software
First Lien Term Loan, LIBOR+8.75% cash due 10/15/2025	9.75	%		5,261,850		5,186,707		5,198,708		(5)(8)
First Lien Revolver, LIBOR+8.75% cash due 10/15/2025	9.75	%		200,400		192,733		194,388		(5)(8)(9)
						5,379,440		5,393,096
TerSera Therapeutics LLC			Pharmaceuticals
Second Lien Term Loan, LIBOR+10.00% cash due 3/30/2026	11.00	%		6,100,000		5,960,473		6,143,341		(5)(8)
						5,960,473		6,143,341
Thermacell Repellents, Inc.			Leisure Products
First Lien Term Loan, LIBOR+5.75% cash due 12/4/2026	6.75	%		6,619,375		6,585,989		6,586,567		(5)(8)
First Lien Revolver, LIBOR+5.75% cash due 12/4/2026	6.75	%		250,000		245,833		245,833		(5)(8)(9)
						6,831,822		6,832,400
Thrasio, LLC			Internet & Direct Marketing Retail
First Lien Term Loan, LIBOR+7.00% cash due 12/18/2026	8.00	%		9,771,690		9,551,184		9,722,831		(5)(8)
2,182 Shares of Series C-3 Preferred Stock in Thrasio Holdings, Inc.						26,665		44,186		(8)
73,648 Shares of Series C-2 Preferred Stock in Thrasio Holdings, Inc.						600,000		1,491,376		(8)
12,510 Shares of Series D Preferred Stock in Thrasio Holdings, Inc.						253,328		253,328		(8)
6,000 Shares of Series X Preferred Stock in Thrasio Holdings, Inc.						6,000,300		6,657,333		(8)(9)
						16,431,477		18,169,054
Touchstone Acquisition, Inc.			Health Care Supplies
First Lien Term Loan, LIBOR+6.00% cash due 12/21/2028	6.75	%		5,803,000		5,686,940		5,686,940		(5)(8)
						5,686,940		5,686,940
Velocity Commercial Capital, LLC			Thrifts & Mortgage Finance
First Lien Term Loan, LIBOR+8.00% cash due 2/5/2026	9.00	%		3,825,566		3,730,784		3,806,438		(5)(8)
						3,730,784		3,806,438

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Veritas US Inc.			Application Software
First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025	6.00	%		$	7,406,437	$	7,297,079	$	7,415,696	(5)
						7,297,079		7,415,696
Verscend Holding Corp.			Health Care Technology
First Lien Term Loan, LIBOR+4.00% cash due 8/27/2025	4.10	%		832,093		817,920		832,925		(5)
						817,920		832,925
Virgin Pulse, Inc.			Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 4/6/2029	8.00	%		1,540,000		1,524,600		1,526,525		(5)
						1,524,600		1,526,525
Win Brands Group LLC			Housewares & Specialties
First Lien Term Loan, LIBOR+9.00% cash 5.00% PIK due 1/22/2026	10.00	%		656,806		650,426		653,522		(5)(8)
62 Class F Warrants in Brand Value Growth LLC (exercise price $0.01) expiration date 1/25/2027						—		38,475		(8)
						650,426		691,997
Windstream Services II, LLC			Integrated Telecommunication Services
First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027	7.25	%		9,997,011		9,669,993		10,043,847		(5)
						9,669,993		10,043,847
WP CPP Holdings, LLC			Aerospace & Defense
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025	4.75	%		3,883,638		3,869,349		3,733,147		(5)
						3,869,349		3,733,147
WPEngine, Inc.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026	7.50	%		14,623,000		14,365,379		14,450,054		(5)(8)
						14,365,379		14,450,054
Zephyr Bidco Limited			Specialized Finance
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/2026	7.68	%		£	2,000,000	2,588,873		2,704,376		(5)(10)
						2,588,873		2,704,376
Total Non-Control/Non-Affiliate Investments (175.7% of net assets)						$	591,969,113	$	599,132,539
Cash and Cash Equivalents and Restricted Cash (6.9% of net assets)						$	23,514,260	$	23,514,260
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (182.6% of net assets)						$	615,483,373	$	622,646,799


Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation (Depreciation)
Foreign currency forward contract	$	14,771,300	€	12,710,431	2/10/2022	Bank of New York Mellon	$	305,478
Foreign currency forward contract	$	17,056,379	£	12,568,533	2/10/2022	Bank of New York Mellon	$	35,162
							$	340,640

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

December 31, 2021

(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)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.

(4)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.

(5)The interest rate on the principal balance outstanding for primarily all floating rate loans is indexed to the London Interbank Offered Rate ("LIBOR") 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 LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of December 31, 2021, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 0.10%, the 60-day LIBOR at 0.16%, the 90-day LIBOR at 0.22%, the 180-day LIBOR at 0.35%, the 360-day LIBOR at 0.59%, the PRIME at 3.25%, the 30-day UK LIBOR at 0.18%, the 180-day UK LIBOR at 0.09%, the 30-day EURIBOR at (0.64)%, the 90-day EURIBOR at (0.60)% and the 180-day EURIBOR at (0.53)%. Most loans include an interest floor, which generally ranges from 0% to 1%.

(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. 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 December 31, 2021, these investments are categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820") and were valued using significant unobservable inputs.

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

(10)Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2021, qualifying assets represented 78.7% of the Company's total assets and non-qualifying assets represented 21.3% of the Company's total assets.

(11)PIK interest income for this investment accrues at an annualized rate of 15%, however, the PIK interest is not contractually capitalized on the investment subsequent to a restructuring that occurred during the year ended September 30, 2021. As a result, the principal amount of the investment does not increase over time for accumulated PIK interest. As of December 31, 2021, the accumulated PIK interest balance for each of the Alvotech Holdings S.A. ("Alvotech") A notes and the B notes was $0.2 million. The fair value of this investment is inclusive of PIK interest income.

(12)The sale of all or a portion of this investment did not qualify for sale accounting under FASB ASC Topic 860, Transfers and Servicing ("ASC 860"), and therefore the investment remains on the Company's Consolidated Schedule of Investments as of December 31, 2021. See "Secured Borrowings" in Note 6 in the Consolidated Financial Statements for further details.

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Non-Control/Non-Affiliate Investments										(7)
109 Montgomery Owner LLC			Real Estate Operating Companies
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 2/2/2023	7.50	%		$	750,674	$	725,811	$	763,057	(5)(8)(9)
						725,811		763,057
A.T. Holdings II SÀRL			Biotechnology
First Lien Term Loan, 9.50% cash due 12/22/2022				12,812,000		12,733,548		12,747,940		(8)(10)
						12,733,548		12,747,940
Accupac, Inc.			Personal Products
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026	7.00	%		4,513,601		4,457,062		4,513,600		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026				—		(10,729)		—		(5)(8)(9)
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026	7.00	%		513,907		506,754		513,907		(5)(8)(9)
						4,953,087		5,027,507
Acquia Inc.			Application Software
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025	8.00	%		4,381,994		4,322,248		4,373,230		(5)(8)
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025	8.00	%		37,488		30,931		36,551		(5)(8)(9)
						4,353,179		4,409,781
ADB Companies, LLC			Construction & Engineering
First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025	7.25	%		7,716,667		7,551,815		7,628,697		(5)(8)
						7,551,815		7,628,697
AI Sirona (Luxembourg) Acquisition S.a.r.l.			Pharmaceuticals
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/2026	7.25	%		€	5,147,000	5,634,400		5,955,154		(5)(8)(10)
						5,634,400		5,955,154
Alvogen Pharma US, Inc.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023	6.25	%		$	5,082,606	4,799,993		4,920,090		(5)
						4,799,993		4,920,090
Alvotech Holdings S.A.			Biotechnology
Fixed Rate Bond 15% PIK Tranche A due 6/24/2025				3,109,198		3,047,984		3,109,198		(8)(10)(11)
Fixed Rate Bond 15% PIK Tranche B due 6/24/2025				2,909,948		2,860,464		2,909,948		(8)(10)(11)
3,690 Common Shares						854,309		854,309		(8)(10)
						6,762,757		6,873,455
Amplify Finco Pty Ltd.			Movies & Entertainment
First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026	5.00	%		8,077,000		7,804,890		7,871,723		(5)(8)(10)
						7,804,890		7,871,723
Anastasia Parent, LLC			Personal Products
First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025	3.88	%		1,823,712		1,445,347		1,549,015		(5)
						1,445,347		1,549,015
Ankura Consulting Group LLC			Research & Consulting Services
Second Lien Term Loan, LIBOR+8.00% cash due 3/19/2029	8.75	%		2,398,000		2,362,030		2,442,962		(5)(8)
						2,362,030		2,442,962
Apptio, Inc.			Application Software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025	8.25	%		7,129,297		7,050,240		7,018,308		(5)(8)
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025	8.25	%		184,615		179,575		177,430		(5)(8)(9)
						7,229,815		7,195,738
Ardonagh Midco 3 PLC			Insurance Brokers
First Lien Term Loan, EURIBOR+7.25 cash due 7/14/2026	8.25	%		€	1,052,732	1,173,350		1,223,724		(5)(8)(10)
First Lien Term Loan, UK LIBOR+7.25% cash due 7/14/2026	8.00	%		£	9,987,149	12,450,863		13,573,902		(5)(8)(10)
						13,624,213		14,797,626

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes

Assembled Brands Capital LLC			Specialized Finance
First Lien Revolver, LIBOR+6.00% cash due 10/17/2023	7.00	%		$	1,720,438	$	1,720,438	$	1,700,145	(5)(8)(9)
174,131 Class A Units						82,713		63,558		(8)
100,285 Preferred Units, 6%						110,285		124,622		(8)
7,621 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029						—		—		(8)
						1,913,436		1,888,325
Associated Asphalt Partners, LLC			Construction Materials
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024	6.25	%		913,116		809,832		847,865		(5)
						809,832		847,865
Athenex, Inc.			Pharmaceuticals
First Lien Term Loan, 11.00% cash due 6/19/2026				12,484,249		12,075,426		12,395,611		(8)(10)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026				—		(86,693)		(44,319)		(8)(9)(10)
97,205 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027						334,385		28,189		(8)(10)
						12,323,118		12,379,481
Aurora Lux Finco S.À.R.L.			Airport Services
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026	7.00	%		7,387,500		7,249,544		6,951,637		(5)(8)(10)
						7,249,544		6,951,637
The Avery			Real Estate Operating Companies
First Lien Delayed Draw Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023	7.55	%		5,120,365		5,081,993		5,171,494		(5)(8)(9)
Subordinated Delayed Draw Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023	12.75	%		1,184,147		1,175,581		1,185,820		(5)(8)(9)
						6,257,574		6,357,314
BAART Programs, Inc.			Health Care Services
First Lien Term Loan, LIBOR+5.00% cash due 6/11/2027	6.00	%		1,197,000		1,185,030		1,194,008		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027	6.00	%		90,000		87,103		89,250		(5)(8)(9)
Second Lien Term Loan, LIBOR+8.50% cash due 6/11/2028	9.50	%		1,754,000		1,727,690		1,745,230		(5)(8)
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/2028				—		(12,769)		(4,385)		(5)(8)(9)
						2,987,054		3,024,103
Berner Food & Beverage, LLC			Soft Drinks
First Lien Term Loan, LIBOR+6.50% cash due 7/30/2027	7.50	%		8,078,034		7,940,733		7,940,707		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 7/30/2027	7.50	%		149,593		136,880		136,878		(5)(8)(9)
						8,077,613		8,077,585
Blumenthal Temecula, LLC			Automotive Retail
First Lien Term Loan, 9.00% cash due 9/24/2023				1,277,827		1,277,827		1,277,827		(8)
415,294 Preferred Units in Unstoppable Automotive AMV, LLC						415,294		415,294		(8)
95,837 Preferred Units in Unstoppable Automotive VMV, LLC						95,837		95,837		(8)
95,837 Common Units in Unstoppable Automotive AMV, LLC						95,837		95,837		(8)
31,946 Common Units in Unstoppable Automotive VMV, LLC						31,946		31,946		(8)
						1,916,741		1,916,741
Cadence Aerospace, LLC			Aerospace & Defense
First Lien Term Loan, LIBOR+6.50% cash 2.00% PIK due 11/14/2023	7.50	%		3,155,766		3,125,999		2,898,255		(5)(8)
						3,125,999		2,898,255
Chief Power Finance II, LLC			Independent Power Producers & Energy Traders
First Lien Term Loan, LIBOR+6.50% cash due 12/31/2022	7.50	%		7,650,000		7,574,559		7,554,375		(5)(8)
						7,574,559		7,554,375

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
CITGO Holding, Inc.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023	8.00	%		$	649,713	$	632,186	$	642,891	(5)
						632,186		642,891
CITGO Petroleum Corp.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024	7.25	%		7,110,606		7,039,500		7,134,320		(5)
						7,039,500		7,134,320
Continental Intermodal Group LP			Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025				9,902,357		9,902,357		8,311,048		(5)(8)
Common Stock Warrants expiration date 7/28/2025						—		486,258		(8)
						9,902,357		8,797,306
Convergeone Holdings, Inc.			IT Consulting & Other Services
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026	5.08	%		5,789,540		5,644,359		5,772,258		(5)
						5,644,359		5,772,258
CorEvitas, LLC			Health Care Services
First Lien Term Loan, LIBOR+5.50% cash due 12/13/2025	6.50	%		3,722,865		3,677,272		3,691,221		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025	6.50	%		709,056		693,504		697,725		(5)(8)(9)
First Lien Revolver, PRIME+4.50% cash due 12/13/2025	7.75	%		111,500		103,307		105,814		(5)(8)(9)
401 Class A2 Common Units in CorEvitas Group Holdings, L.P.						378,610		429,503		(8)
						4,852,693		4,924,263
Coty Inc.			Personal Products
First Lien Revolver, LIBOR+1.75% cash due 4/5/2023				—		(457,344)		(254,080)		(5)(8)(9)(10)
						(457,344)		(254,080)
CPC Acquisition Corp.			Specialty Chemicals
Second Lien Term Loan, LIBOR+7.75% cash due 12/29/2028	8.50	%		727,000		716,095		732,453		(5)
						716,095		732,453
Curium Bidco S.à.r.l.			Biotechnology
Second Lien Term Loan, LIBOR+7.75% cash due 10/27/2028	8.50	%		3,788,000		3,731,180		3,851,941		(5)(8)(10)
						3,731,180		3,851,941
Dialyze Holdings, LLC			Health Care Equipment
First Lien Term Loan, LIBOR+7.00% cash 2.00% PIK due 8/4/2026	8.00	%		4,429,232		4,124,905		4,130,258		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash 2.00% PIK due 8/4/2026				—		(31,261)		(29,961)		(5)(8)(9)
993,431 Class A Warrants (exercise price $1.00) expiration date 8/4/2028						258,292		268,226		(8)
						4,351,936		4,368,523
Digital.AI Software Holdings, Inc.			Application Software
First Lien Term Loan, LIBOR+7.00% cash due 2/10/2027	8.00	%		2,637,713		2,566,997		2,579,683		(5)(8)
First Lien Revolver, LIBOR+7.00% cash due 2/10/2027	8.00	%		47,339		39,724		41,090		(5)(8)(9)
						2,606,721		2,620,773
DirecTV Financing, LLC			Cable & Satellite
First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027	5.75	%		9,000,000		8,910,000		9,015,930		(5)
						8,910,000		9,015,930
EHR Canada, LLC			Food Retail
First Lien Term Loan, LIBOR+8.00% cash due 12/31/2021	9.00	%		250,000		249,637		250,000		(5)(8)
						249,637		250,000
Enviva Holdings, LP			Forest Products
First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026	6.50	%		1,959,339		1,939,746		1,964,238		(5)(8)(10)
						1,939,746		1,964,238

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Fortress Biotech, Inc.			Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/2025				$	2,943,000	$	2,803,017	$	2,869,425	(8)(10)(12)
85,811 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030						90,960		88,385		(8)(10)
						2,893,977		2,957,810
GI Chill Acquisition LLC			Managed Health Care
First Lien Term Loan, LIBOR+3.75% cash due 8/6/2025	3.90	%		1,940,000		1,930,300		1,935,150		(5)(8)
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026	7.63	%		2,000,000		1,987,852		1,990,000		(5)(8)
						3,918,152		3,925,150
Gibson Brands, Inc.			Leisure Products
First Lien Term Loan, LIBOR+5.00% cash due 8/11/2028	5.75	%		1,500,000		1,485,000		1,492,500		(5)
						1,485,000		1,492,500
Global Medical Response, Inc.			Health Care Services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025	5.25	%		1,067,720		1,053,918		1,073,192		(5)
First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025	5.75	%		3,745,001		3,683,273		3,764,194		(5)
						4,737,191		4,837,386
Grab Holdings Inc.			Interactive Media & Services
First Lien Term Loan, LIBOR+4.50% cash due 1/29/2026	5.50	%		3,980,000		3,876,279		4,033,053		(5)(10)
						3,876,279		4,033,053
Gulf Operating, LLC			Oil & Gas Storage & Transportation
First Lien Revolver, LIBOR+4.00% cash due 12/27/2021				—		(242,900)		(26,025)		(5)(8)(9)
						(242,900)		(26,025)
iCIMs, Inc.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024	7.50	%		2,517,618		2,487,768		2,506,876		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024	7.50	%		88,235		87,128		87,859		(5)(8)
						2,574,896		2,594,735
Immucor, Inc.			Health Care Supplies
First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025	6.75	%		2,342,678		2,307,525		2,319,251		(5)(8)
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025	9.00	%		5,908,637		5,822,441		5,849,551		(5)(8)
						8,129,966		8,168,802
Indivior Finance S.À.R.L.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 6/30/2026	6.00	%		1,995,000		1,956,371		1,988,347		(5)(10)
						1,956,371		1,988,347
Intelsat Jackson Holdings S.A.			Alternative Carriers
First Lien Term Loan, PRIME+4.75% cash due 11/27/2023	8.00	%		986,227		964,264		1,001,020		(5)(10)
						964,264		1,001,020
Inventus Power, Inc.			Electrical Components & Equipment
First Lien Term Loan, LIBOR+5.00% cash due 3/29/2024	6.00	%		4,560,085		4,522,223		4,525,884		(5)(8)
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024	9.50	%		2,750,000		2,702,992		2,701,875		(5)(8)
						7,225,215		7,227,759
INW Manufacturing, LLC			Personal Products
First Lien Term Loan, LIBOR+5.75% cash due 5/7/2027	6.50	%		11,850,000		11,516,219		11,613,000		(5)(8)
						11,516,219		11,613,000
Itafos Inc.			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+8.25% cash due 8/25/2024	9.25	%		5,442,000		5,231,669		5,235,204		(5)(8)
						5,231,669		5,235,204
Ivanti Software, Inc.			Application Software
Second Lien Term Loan, LIBOR+8.50% cash due 12/1/2028	9.50	%		7,975,000		7,753,202		7,984,969		(5)(8)
						7,753,202		7,984,969
Jazz Acquisition, Inc.			Aerospace & Defense
First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027	8.50	%		9,509,160		9,263,766		9,490,379		(5)(8)(12)
						9,263,766		9,490,379
Latam Airlines Group S.A.			Airlines
First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/2022				4,208,032		4,169,586		4,238,488		(5)(8)(9)(10)
						4,169,586		4,238,488

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Lightbox Intermediate, L.P.			Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026	5.13	%		$	8,797,500	$	8,710,292	$	8,753,513	(5)(8)
						8,710,292		8,753,513
Lightstone Holdco LLC			Electric Utilities
First Lien Term Loan, LIBOR+3.75% cash due 1/30/2024	4.75	%		1,902,000		1,641,216		1,578,793		(5)
						1,641,216		1,578,793
LTI Holdings, Inc.			Electronic Components
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026	6.83	%		1,396,000		1,375,156		1,394,255		(5)
						1,375,156		1,394,255
Maravai Intermediate Holdings, LLC			Biotechnology
First Lien Term Loan, LIBOR+3.75% cash due 10/19/2027	4.75	%		5,909,583		5,850,488		5,933,606		(5)
						5,850,488		5,933,606
Marinus Pharmaceuticals, Inc.			Pharmaceuticals
First Lien Term Loan, 11.50% cash due 5/11/2026				2,529,720		2,483,088		2,491,774		(8)(10)
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026				—		—		—		(8)(9)(10)
						2,483,088		2,491,774
MedAssets Software Intermediate Holdings, Inc.			Health Care Technology
Second Lien Term Loan, LIBOR+7.75% cash due 1/29/2029	8.50	%		4,874,000		4,784,294		4,813,075		(5)(8)
						4,784,294		4,813,075
MHE Intermediate Holdings, LLC			Diversified Support Services
First Lien Term Loan, LIBOR+5.75% cash due 7/21/2027	6.75	%		4,107,143		4,027,699		4,025,000		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.75% cash due 7/21/2027	6.75	%		26,429		20,807		20,807		(5)(8)(9)
First Lien Revolver, LIBOR+5.75% cash due 7/21/2027				—		(6,908)		(7,143)		(5)(8)(9)
						4,041,598		4,038,664
Mindbody, Inc.			Internet Services & Infrastructure
First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/2025	8.00	%		7,385,581		7,304,181		7,245,255		(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025				—		(8,568)		(14,476)		(5)(8)(9)
						7,295,613		7,230,779
Mosaic Companies, LLC			Home Improvement Retail
First Lien Term Loan, LIBOR+6.75% cash due 7/2/2026	7.75	%		11,595,000		11,374,657		11,374,695		(5)(8)
						11,374,657		11,374,695
MRI Software LLC			Application Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026	6.50	%		7,031,843		6,986,046		7,027,448		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026				—		(8,232)		(145)		(5)(8)(9)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026				—		(4,612)		(288)		(5)(8)(9)
						6,973,202		7,027,015
Navisite, LLC			Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/2026	9.50	%		7,779,000		7,642,947		7,646,757		(5)(8)
						7,642,947		7,646,757
NeuAG, LLC			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024	7.00	%		13,405,671		13,038,932		13,110,746		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024				—		(62,040)		(34,122)		(5)(8)(9)
						12,976,892		13,076,624
NN, Inc.			Industrial Machinery
First Lien Term Loan, LIBOR+6.88% cash due 9/19/2026	7.88	%		14,802,615		14,468,636		14,580,576		(5)(8)(10)
						14,468,636		14,580,576

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021

Portfolio Company/Type of Investment (1)(2)(3)(4)

Cash Interest Rate (5)

Industry

Principal (6)

Cost

Fair Value

Notes

OEConnection LLC

Application Software

First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026

4.08

9,324,115

9,281,397

Oaktree Strategic Income II, Inc. 10-Q