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 ~~June~~December 3031, 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 ~~August~~February 108, ~~2021~~2022
Common stock, $0.001 par value						17,401,121

OAKTREE STRATEGIC INCOME II, INC.

FORM 10-Q FOR THE QUARTER ENDED ~~JUNE~~DECEMBER 3031, 2021

TABLE OF CONTENTS

		PART I — FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements:
		Consolidated Statements of Assets and Liabilities as of June 30, 2021 (unaudited) and September 30, 2020	3
		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 and nine months ended June 30, 2021 and 2020	4
		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 and nine months ended June 30, 2021 and 2020	5
		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 nine months ended June 30, 2021 and 2020	6
		Consolidated Statements of Cash Flows (unaudited) for the three months ended December 31, 2021 and 2020	6
		Consolidated Schedule of Investments as of June 30, 2021 (unaudited)	7
		Consolidated Schedule of Investments as of December 31, 2021 (unaudited)	7
		Consolidated Schedule of Investments as of September 30, 2020	16
		Consolidated Schedule of Investments as of September 30, 2021	17
		Notes to Consolidated Financial Statements (unaudited)	2427
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		5052
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		6970
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		6970
Item 3.	Defaults Upon Senior Securities		6970
Item 4.	Mine Safety Disclosures		6970
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

June 30, 2021 (unaudited)

September 30,2020

December 31, 2021 (unaudited)

September 30, 2021

ASSETS

Assets:

Investments – Non-control/Non-affiliate, at fair value (cost June 30, 2021: $535,334,187; cost September 30, 2020: $428,740,923)

542,933,998

429,851,146

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

2118,~~066~~300,~~269~~053

2819,~~742~~255,~~283~~047

Restricted cash

25,~~698~~214,~~855~~207

24,~~273~~317,~~803~~968

Interest receivable

23,~~637~~020,~~867~~908

13,~~485~~196,~~133~~194

Receivables from unsettled transactions

32,~~497~~316,~~995~~511

111,~~113~~349,~~367~~581

Deferred financing costs

21,~~091~~739,~~605~~540

1,~~669~~915,~~903~~573

Derivative asset at fair value

~~756~~340,~~797~~640

—618,004

Other assets

~~190~~309,~~173~~247

~~504~~364,~~847~~450

Total assets

~~575~~630,~~873~~373,~~559~~645

~~465~~616,~~640~~446,~~482~~249

LIABILITIES AND NET ASSETS

Liabilities:

Accounts payable, accrued expenses and other liabilities

~~410~~518,~~407~~600

~~771~~482,~~862~~680

Base management fee and incentive fees payable

6,~~658~~796,~~511~~081

46,~~468~~433,~~874~~876

Due to affiliates

~~934~~591,~~937~~927

~~570~~1,~~134~~055,391

Interest payable

1,~~142~~134,~~564~~305

~~581~~884,~~762~~294

Payables from unsettled transactions

716,~~373~~240,~~035~~258

~~6,594,355~~—

Derivative liability at fair value

—

647,889

Director fees payable

38,750

—

Deferred tax liability

~~108~~103,~~545~~960

3117,~~839~~374

Secured borrowings

109,~~000~~969,~~000~~425

—9,969,425

Credit facilities payable

~~203~~254,000,000

~~105~~251,000,000

Total liabilities

~~229~~289,~~627~~393,~~999~~306

~~118~~269,~~638~~943,~~715~~040

Commitments and contingencies (Note 12)

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 June 30, 2021 and September 30, 2020

17,401

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

Preferred stock, $0.001 par value per share, 100,000,000 shares authorized; none issued and outstanding at June 30, 2021 and September 30, 2020

—

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

Accumulated distributable earnings (loss)

83,~~890~~624,~~161~~940

9,~~646~~147,~~368~~810

Total net assets (equivalent to $19.90 and $19.94 per common share at June 30, 2021 and September 30, 2020, respectively) (Note 11)

346,245,560

347,001,767

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

~~575~~630,~~873~~373,~~559~~645

~~465~~616,~~640~~446,~~482~~249

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Operations

(unaudited)

Three months ended June 30, 2021

Three months ended June 30, 2020

Nine months ended June 30, 2021

Nine months ended June 30, 2020

Three months ended December 31, 2021

Three months ended December 31, 2020

Interest income:

Non-control/Non-affiliate investments

1112,~~410~~428,~~618~~151

78,~~076~~395,~~789~~347

~~29,385,238~~

~~18,353,788~~

Interest on cash and cash equivalents

(17185)

~~2,584~~4

~~(133)~~

~~53,552~~

Total interest income

1112,~~410~~427,~~601~~966

78,~~079~~395,~~373~~351

~~29,385,105~~

~~18,407,340~~

PIK interest income:

Non-control/Non-affiliate investments

1957,~~063,850~~872

~~493~~836,~~661~~758

~~2,960,403~~

~~1,019,286~~

Total PIK interest income

1957,~~063,850~~872

~~493~~836,~~661~~758

~~2,960,403~~

~~1,019,286~~

Fee income:

Non-control/Non-affiliate investments

1243,~~927,862~~902

~~534~~1,~~247~~270,883

~~4,031,867~~

~~1,111,561~~

Total fee income

1243,~~927,862~~902

~~534~~1,~~247~~270,883

~~4,031,867~~

~~1,111,561~~

Total investment income

1413,~~402~~629,~~313~~740

810,~~107~~502,~~281~~992

~~36,377,375~~

~~20,538,187~~

Expenses:

Base management fee

1,~~398~~476,~~118~~111

~~974~~1,~~234~~141,527

~~3,845,876~~

~~2,626,879~~

Investment income incentive fee

21,~~149~~929,~~705~~968

1,~~150~~563,~~807~~232

~~5,371,468~~

~~2,004,535~~

Capital gains incentive fee

96169,~~473~~538

—1,113,049

~~1,920,041~~

~~(427,572)~~

Professional fees

~~257~~328,~~669~~134

~~218~~287,~~178~~729

~~741,431~~

~~639,954~~

Director fees

38,750

~~116,250~~

~~116,387~~

Interest expense

1,~~630~~747,~~614~~643

~~797~~877,~~125~~956

~~3,847,862~~

~~3,784,294~~

Administrator expense

~~105~~115,~~792~~684

~~132~~90,~~370~~956

~~313,934~~

~~376,657~~

General and administrative expenses

~~212~~273,~~813~~577

~~192~~249,~~590~~911

~~644,648~~

~~596,599~~

Total expenses

56,~~889~~079,~~934~~405

35,~~504~~363,~~054~~110

~~16,801,510~~

~~9,717,733~~

Net investment income

87,~~512~~550,~~379~~335

45,~~603~~139,~~227~~882

~~19,575,865~~

~~10,820,454~~

Unrealized appreciation (depreciation):

Non-control/Non-affiliate investments

~~(492~~38,~~162)~~643

295,~~502~~141,~~986~~980

~~6,488,932~~

~~(7,823,096)~~

Foreign currency forward contracts

~~394~~(277,~~129~~364)

~~(214~~43,~~309)~~374

~~1,404,687~~

~~(236,609)~~

Net unrealized appreciation (depreciation)

(98238,~~033~~721)

295,~~288~~185,~~677~~354

~~7,893,619~~

~~(8,059,705)~~

Realized gains (losses):

Non-control/Non-affiliate investments

~~963~~144,~~603~~719

1,~~524~~238,~~050~~352

~~3,630,619~~

~~2,115,004~~

Foreign currency forward contracts

~~(267~~928,~~789)~~279

~~124~~(853,~~791~~748)

~~(1,809,120)~~

~~165,752~~

Net realized gains (losses)

~~695~~1,~~814~~072,998

1384,~~648,841~~604

~~1,821,499~~

~~2,280,756~~

Provision for income tax (expense) benefit

~~(104~~13,~~025)~~414

(58,~~977~~017)

~~(117,259)~~

~~(11,532)~~

Net realized and unrealized gains (losses), net of taxes

~~493~~847,~~756~~691

305,~~931~~561,~~541~~941

~~9,597,859~~

~~(5,790,481)~~

Net increase (decrease) in net assets resulting from operations

98,~~006~~398,~~135~~026

3510,~~534~~701,~~768~~823

~~29,173,724~~

~~5,029,973~~

Net investment income per common share — basic and diluted

0.4943

0.30

~~1.12~~

~~1.01~~

Earnings (loss) per common share — basic and diluted (Note 5)

0.5248

20.3062

~~1.68~~

~~0.47~~

Weighted average common shares outstanding — basic and diluted

17,401,121

1517,~~479~~401,~~844~~121

~~17,401,121~~

~~10,750,736~~

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Changes in Net Assets

(unaudited)

	Three months ended June 30, 2021		Three months ended June 30, 2020		Nine months ended June 30, 2021		Nine months ended June 30, 2020
	Three months ended December 31, 2021		Three months ended December 31, 2020
Operations:
Net investment income	$	87,~~512~~550,~~379~~335	$	45,~~603~~139,~~227~~882	$	~~19,575,865~~	$	~~10,820,454~~
Net unrealized appreciation (depreciation)	(98238,~~033~~721)		295,~~288~~185,~~677~~354		~~7,893,619~~		~~(8,059,705)~~
Net realized gains (losses)	~~695~~1,~~814~~072,998		1384,~~648,841~~604		~~1,821,499~~		~~2,280,756~~
Provision for income tax (expense) benefit	~~(104~~13,~~025)~~414		(58,~~977~~017)		~~(117,259)~~		~~(11,532)~~
Net increase (decrease) in net assets resulting from operations	98,~~006~~398,~~135~~026		3510,~~534~~701,~~768~~823		~~29,173,724~~		~~5,029,973~~
Capital share transactions:
Distributions to stockholders	(613,~~960~~920,~~449~~896)		(316,~~306~~879,~~213~~089)		~~(29,929,931)~~		~~(10,951,285)~~
Issuance of common stock	—		101,180,199		—		168,716,998
Net increase (decrease) in net assets from capital share transactions	(13,920,896)		(16,879,089)
Net increase (decrease) in net assets from capital share transactions	(6,960,449)		97,873,986		(29,929,931)		157,765,713
Total increase (decrease) in net assets	(5,522,870)		(6,177,266)
Total increase (decrease) in net assets	2,045,686		133,408,754		(756,207)		162,795,686
Net assets at beginning of period	346,503,209		347,001,767
Net assets at beginning of period	344,199,874		201,013,682		347,001,767		171,626,750
Net assets at end of period	$	340,980,339	$	340,824,501
Net assets at end of period	$	346,245,560	$	334,422,436	$	346,245,560	$	334,422,436
Net asset value per common share	$	19.60	$	19.59
Net asset value per common share	$	19.90	$	19.22	$	19.90	$	19.22
Common shares outstanding at end of period	17,401,121		17,401,121
Common shares outstanding at end of period	17,401,121		17,401,121		17,401,121		17,401,121

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Cash Flows

(unaudited)

Nine months ended June 30, 2021

Nine months ended June 30, 2020

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

298,~~173~~398,~~724~~026

510,~~029~~701,~~973~~823

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:

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

(7238,~~893,619)~~721

8(5,~~059~~185,~~705~~354)

Net realized (gains) losses

(1,~~821~~072,~~499~~998)

(2384,~~280,756~~604)

PIK interest income

(2957,~~960,403~~872)

(1836,~~019,286~~758)

Accretion of original issue discount on investments

(31,~~626~~289,~~166~~295)

(1958,~~962,304~~653)

Amortization of deferred financing costs

~~456~~176,~~987~~033

~~475~~131,~~560~~226

Deferred taxes

~~104~~(13,~~706~~414)

11(2,~~532~~189)

Purchases of investments

(~~278~~68,~~278~~632,~~107~~605)

(~~274~~107,~~685~~795,~~855~~724)

Proceeds from sales and repayments of investments

~~180~~48,~~298~~955,~~197~~462

~~157~~76,~~471~~870,~~414~~578

Changes in operating assets and liabilities:

(Increase) decrease in interest receivable

(~~949~~91,~~787~~685)

(~~177~~154,~~237~~305)

(Increase) decrease in receivables from unsettled transactions

(29,~~384~~033,~~628)~~070

(~~913~~5,~~169~~414,966)

(Increase) decrease in other assets

~~314~~55,~~674~~203

(~~329~~8,~~361~~690,070)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

~~(434~~35,~~942)~~920

(~~540~~121,~~231~~040)

Increase (decrease) in base management fee and incentive fees payable

2362,~~189,637~~205

~~996~~804,~~383~~000

Increase (decrease) in due to affiliates

~~364~~(463,~~803~~464)

~~(301~~108,~~127)~~027

Increase (decrease) in interest payable

~~560~~250,~~802~~011

~~(671~~53,~~785)~~295

Increase (decrease) in payables from unsettled transactions

~~778~~16,~~680~~240,258

~~(37~~38,~~072~~207,~~059)~~991

Increase (decrease) in director fees payable

—38,750

~~38,750~~—

Net cash used in operating activities

(84,106,941)

(147,869,853)

Net cash provided by (used in) operating activities

11,262,326

(2,666,723)

Financing activities:

Distributions paid in cash

(2913,~~929~~920,~~931~~896)

(1016,~~951~~879,~~285~~089)

Borrowings under the credit facilities

~~108~~26,000,000

~~159~~30,000,000

Repayments of borrowings under the credit facilities

(1023,000,000)

~~(147,000,000)~~—

Proceeds from secured borrowings

10,000,000

—

Deferred financing costs paid

—

(194,863)

Proceeds from the issuance of common stock

—

169,064,498

Net cash provided by (used in) financing activities

(10,920,896)

12,926,048

Deferred financing costs paid

(805,202)

(320,775)

Effect of exchange rate changes on foreign currency

(400,185)

(157,612)

Net cash provided by financing activities

77,264,867

169,792,438

Net increase (decrease) in cash and cash equivalents and restricted cash

(58,755)

10,101,713

Effect of exchange rate changes on foreign currency

(408,888)

(45,309)

Cash and cash equivalents and restricted cash, beginning of period

23,573,015

31,016,086

Net increase (decrease) in cash and cash equivalents and restricted cash

(7,250,962)

21,877,276

Cash and cash equivalents and restricted cash, end of period

23,514,260

41,117,799

Cash and cash equivalents and restricted cash, beginning of period

31,016,086

11,348,126

Cash and cash equivalents and restricted cash, end of period

23,765,124

33,225,402

Supplemental information:

Cash paid for interest

21,~~830~~321,~~073~~599

3693,~~980,519~~435

Non-cash financing activities:

Accrued deferred financing costs

~~73,487~~—

(~~342~~26,~~000~~904)

Reconciliation to the Consolidated Statement of Assets and Liabilities

~~June~~December 3031, 2021

September 30, ~~2020~~2021

Cash and cash equivalents

2118,~~066~~300,~~269~~053

2819,~~742~~255,~~283~~047

Restricted cash

25,~~698~~214,~~855~~207

24,~~273~~317,~~803~~968

Total cash and cash equivalents and restricted cash

23,~~765~~514,~~124~~260

3123,~~016~~573,~~086~~015

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

~~June~~December 3031, 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	%		$	1587,~~148,535~~437	$	1567,~~110,798~~535	$	1652,~~153,490~~501	(5)(8)(9)
						1,110,798		1,153,490
						567,535		652,501
A.T. Holdings II SÀRL			Biotechnology
First Lien Term Loan, 9.50% cash due 12/22/2022				1211,~~812~~190,~~000~~228		1211,~~717~~136,~~402~~116		1211,~~747~~166,~~940~~728		(8)(10)
						12,717,402		12,747,940
						11,136,116		11,166,728
Access CIG, LLC			Diversified Support Services
First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025	3.84	%		7,417,349		7,372,401		7,382,339		(5)
						7,372,401		7,382,339
Accupac, Inc.			Personal Products
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026	7.00	%		4,~~525~~502,~~057~~145		4,~~465~~449,~~051~~129		4,~~525~~502,~~057~~144		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026				—		(1110,~~358~~086)		—		(5)(8)(9)
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026	7.00	%		~~571~~428,~~008~~256		~~563~~421,~~436~~532		~~571~~428,~~008~~256		(5)(8)(9)
						5,017,129		5,096,065
						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,~~318~~326,~~561~~014		4,377,~~612~~174		(5)(8)
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025	~~8.00~~	%		~~37,488~~—		30(6,~~526~~144)		~~37,019~~(515)		(5)(8)(9)
						4,349,087		4,414,631
						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	%		78,~~831~~586,~~667~~554		78,~~654~~424,~~356~~047		78,~~711~~510,~~059~~606		(5)(8)
						7,654,356		7,711,059
						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,~~630~~638,~~182~~647		65,~~088~~848,~~568~~281		(5)(8)(10)
						5,630,182		6,088,568
						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	%		25,~~646~~018,~~943~~269		24,~~428~~771,~~442~~182		24,~~612~~811,~~215~~266		(5)
						2,428,442		2,612,215
						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,~~044~~295,~~826~~508		3,~~109~~368,~~198~~731		(8)(10)(11)
Fixed Rate Bond 15% PIK Tranche B due 6/24/2025				2,909,948		23,~~857~~091,~~854~~709		23,~~909~~152,~~948~~849		(8)(10)(11)
3,690 Common Shares						854,309		854,309		(8)(10)
5,930 Common Shares						854,331		848,168		(8)(10)
						6,756,989		6,873,455
						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,~~097~~056,500		7,~~814~~795,~~260~~693		7,~~955~~828,~~794~~219		(5)(8)(10)
						7,814,260		7,955,794
						7,795,693		7,828,219
Anastasia Parent, LLC			Personal Products
First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025	3.9097	%		1,~~828~~280,~~412~~585		1,~~449~~011,~~072~~190		1,~~470~~154,~~098~~607		(5)
						1,449,072		1,470,098
						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,~~433~~421,~~970~~979		(5)(8)
						2,362,030		2,~~433~~421,~~970~~979
Apptio, Inc.			Application Software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025	8.25	%		7,129,297		7,~~044~~056,~~163~~448		7,~~001~~072,~~804~~982		(5)(8)
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025	8.25	%		184,615		179,~~187~~970		~~176~~180,~~362~~970		(5)(8)(9)
						7,223,350		7,178,166
						7,236,418		7,253,952

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

~~June~~December 3031, 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+5.4375% cash 2.26875% PIK due 7/14/2026	6.44	%		€	1,040,859	$	1,157,949	$	1,229,418	(5)(8)(10)
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+5.4375% cash 2.26875% PIK due 7/14/2026	6.19	%		£	9,886,650	12,299,120		13,657,914		(5)(8)(10)(12)
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)
Fixed Rate Bond, 11.50% cash due 1/15/2027				$	844,898	836,959		929,046		(10)
						13,657,253		14,871,504
						14,294,028		15,816,378
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+6.00% cash due 10/17/2023	7.00	%		1,290,329		1,290,329		1,263,860		(5)(8)(9)
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		6241,~~687~~791		(8)
100,285 Preferred Units, 6%						110,285		~~122~~126,~~416~~827		(8)
7,621 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029						—		—		(8)
						1,483,327		1,448,963
						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	%		~~913~~910,~~116~~391		~~799~~817,~~470~~971		~~862~~803,~~570~~420		(5)
						799,470		862,570
						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,~~053~~097,~~584~~743		12,~~390~~328,~~617~~195		(8)(10)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026				—		(86,693)		(4678,~~816~~027)		(8)(9)(10)
97,205 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027						334,385		899,~~429~~721		(8)(10)
						12,301,276		12,433,230
						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,~~406~~368,~~250~~750		7,~~261~~237,~~282~~917		6,~~969~~978,~~281~~205		(5)(8)(10)
						7,261,282		6,969,281
						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	%		54,~~492~~681,~~131~~789		54,~~441~~654,~~491~~176		54,~~542~~730,~~177~~331		(5)(8)(9)
Subordinated Delayed Draw Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023	12.75	%		1,~~250~~102,~~316~~222		1,~~239~~096,~~001~~066		1,~~251~~102,~~564~~394		(5)(8)~~(9)~~
						6,680,492		6,793,741
						5,750,242		5,832,725
BAART Programs, Inc.			Health Care ~~Equipment~~Services
First Lien Term Loan, LIBOR+5.00% cash due 6/11/2027	6.00	%		1,~~350~~194,000		1,~~336~~182,~~500~~060		1,~~343~~188,~~250~~030		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027	6.00	%		—376,440		(1363,~~500)~~256		~~(750)~~369,731		(5)(8)(9)
Second Lien Term Loan, LIBOR+8.50% cash due 6/11/2028	9.50	%		21,~~631~~754,000		21,~~591~~727,~~535~~690		21,~~617~~745,~~845~~230		(5)(8)
						3,926,535		3,960,345
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/2028				—		(39,263)		(13,380)		(5)(8)(9)
Blumenthal Temecula, LLC			Automotive Retail
						3,233,743		3,289,611
First Lien Term Loan, 9.00% cash due 9/24/2023				1,277,827		1,277,827		1,277,827		(8)
Berner Food & Beverage, LLC			Soft Drinks
415,294 Preferred Units in Unstoppable Automotive AMV, LLC						415,294		415,294		(8)
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)
95,837 Preferred Units in Unstoppable Automotive VMV, LLC						95,837		95,837		(8)
First Lien Revolver, LIBOR+6.50% cash due 7/30/2027	7.50	%		314,146		301,994		301,430		(5)(8)(9)
95,837 Common Units in Unstoppable Automotive AMV, LLC						95,837		95,837		(8)
						8,228,925		8,222,286
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+3.25% cash 5.25% PIK due 11/14/2023	4.25	%		3,146,595		3,116,754		2,889,832		(5)(8)
						3,116,754		2,889,832
Chief Power Finance II, LLC			Independent Power Producers & Energy Traders
First Lien Term Loan, LIBOR+6.50% cash due 12/31/2022	7.50	%		7,756,250		7,664,329		7,581,734		(5)(8)
						7,664,329		7,581,734

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

~~June~~December 3031, 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	~~651,370~~	$633,030	~~631,383~~	$640,603	~~648,928~~	(5)
						631,383		648,928
						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	%		75,~~128~~651,~~838~~697		75,~~057~~595,~~550~~180		75,~~186~~658,~~796~~762		(5)
						7,057,550		7,186,796
						5,595,180		5,658,762
Continental Intermodal Group LP			Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025				9,641,328		9,641,328		8,098,715		(5)(8)
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						—		~~488~~454,~~304~~000		(8)
						9,641,328		8,587,019
						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,~~804~~774,~~385~~695		5,~~650~~638,~~225~~634		5,~~752~~668,~~929~~239		(5)
						5,650,225		5,752,929
						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,~~732~~713,~~338~~392		3,~~683~~670,~~888~~702		3,~~698~~686,~~747~~251		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025	6.50	%		~~443~~707,~~438~~273		~~427~~691,~~866~~742		~~431~~697,~~425~~543		(5)(8)(9)
First Lien Revolver, PRIME+4.50% cash due 12/13/2025	7.75	%		111,500		~~102~~103,~~816~~809		~~105~~106,~~479~~610		(5)(8)(9)
401 Class A2 Common Units in CorEvitas Group Holdings, L.P.						378,610		~~429~~980,~~503~~600		(8)
						4,593,180		4,665,154
						4,844,863		5,471,004
Coty Inc.			Personal Products
First Lien Revolver, LIBOR+1.75% cash due 4/5/2023				—		(457,344)		(~~254~~95,~~080~~280)		(5)(8)(9)(10)
						(457,344)		(~~254~~95,~~080~~280)
CPC Acquisition Corp.			Specialty Chemicals
Second Lien Term Loan, LIBOR+7.75% cash due 12/29/2028	8.50	%		727,000		716,095		~~732~~717,~~453~~913		(5)(8)
						716,095		~~732~~717,~~453~~913
Curium Bidco S.à.r.l.			Biotechnology
Second Lien Term Loan, LIBOR+7.75% cash due 10/27/2028	8.50	%		53,788,000		53,~~701~~731,180		53,~~903~~830,~~760~~615		(5)(~~8)(~~10)
						5,701,180		5,903,760
						3,731,180		3,830,615
Digital.AI Software Holdings, Inc.			Application Software
Dialyze Holdings, LLC			Health Care Equipment
First Lien Term Loan, LIBOR+7.00% cash due 2/10/2027	8.00	%		2,644,341		2,570,116		2,599,387		(5)(8)
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 Revolver, LIBOR+7.00% cash due 2/10/2027				—		(7,973)		(4,829)		(5)(8)(9)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash 2.00% PIK due 8/4/2026				—		(29,599)		(28,384)		(5)(8)(9)
						2,562,143		2,594,558
993,431 Class A Warrants (exercise price $1.00) expiration date 8/4/2028						258,292		248,358		(8)
EHR Canada, LLC			Food Retail
						4,392,416		4,382,472
First Lien Term Loan, LIBOR+8.00% cash due 12/31/2021	9.00	%		250,000		249,271		249,750		(5)(8)
						249,271		249,750
Enviva Holdings, LP			Forest Products
First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026	6.50	%		1,964,339		1,944,696		1,986,438		(5)(8)(10)
						1,944,696		1,986,438
Fortress Biotech, Inc.			Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/2025				2,943,000		2,793,986		2,869,425		(8)(10)
85,811 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030						90,960		112,412		(8)(10)
						2,884,946		2,981,837
GI Chill Acquisition LLC			Managed Health Care
First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025	4.15	%		1,945,000		1,935,275		1,944,397		(5)(8)
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026	7.65	%		2,000,000		1,987,220		1,990,000		(5)(8)
						3,922,495		3,934,397
Gibson Brands, Inc.			Leisure Products
First Lien Term Loan, LIBOR+5.00% cash due 6/25/2028	5.75	%		1,500,000		1,485,000		1,500,000		(5)
						1,485,000		1,500,000

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

~~June~~December 3031, 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	~~1,070,494~~	$1,052,234	~~1,055,645~~	$1,062,503	~~1,074,695~~	(5)
First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025	5.75	%		3,754,434		3,688,657		3,775,552		(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)
						4,744,302		4,850,247
						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,~~990~~970,000		3,~~879~~872,~~968~~691		43,~~059~~991,~~825~~498		(5)(10)
						3,879,968		4,059,825
						3,872,691		3,991,498
Gulf Operating, LLC			Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+5.25% cash due 8/25/2023	6.25	%		602,477		409,384		513,076		(5)
First Lien Revolver, LIBOR+4.00% cash due 12/27/2021				—		(242,900)		(130,125)		(5)(8)(9)
						166,484		382,951
iCIMs, Inc.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024	7.50	%		2,517,618		2,~~485~~490,~~218~~373		2,~~503~~509,~~268~~033		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024	7.50	%		88,235		87,~~034~~225		87,~~732~~934		(5)(8)
						2,572,252		2,591,000
						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,~~348~~336,~~609~~747		2,~~311~~304,~~000~~089		2,~~325~~301,~~123~~696		(5)(8)
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025	9.00	%		5,~~856~~961,~~256~~487		5,~~764~~880,~~636~~833		5,~~797~~901,~~694~~872		(5)(8)
						8,075,636		8,122,817
						8,184,922		8,203,568
Indivior Finance S.À.R.L.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 6/28/2026	6.00	%		2,000,000		1,960,000		1,960,000		(5)(10)
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)
						1,960,000		1,960,000
						1,953,557		1,978,388
Infinite Bidco LLC			Electric Utilities
Second Lien Term Loan, LIBOR+7.00% cash due 3/2/2029	7.50	%		2,969,000		2,954,155		2,998,690		(5)
						2,954,155		2,998,690
Intelsat Jackson Holdings S.A.			Alternative Carriers
First Lien Term Loan, PRIME+4.75% cash due 11/27/2023	8.00	%		986,227		~~961~~966,~~697~~888		1986,~~004,309~~429		(5)(10)
						961,697		1,004,309
						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,~~571~~548,~~543~~628		4,~~529~~514,~~748~~762		4,~~525~~504,~~827~~506		(5)(8)
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024	9.50	%		2,750,000		2,~~699~~707,~~039~~031		2,~~695~~702,~~000~~425		(5)(8)
						7,228,787		7,220,827
						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,~~925~~775,000		11,~~573~~458,~~988~~584		11,~~686~~539,500		(5)(8)
						11,573,988		11,686,500
						11,458,584		11,539,500
Ivanti Software, Inc.			Application Software
IPC Corp.			Application Software
Second Lien Term Loan, LIBOR+8.50% cash due 12/1/2028	9.50	%		7,975,000		7,745,408		7,975,000		(5)(8)
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)
						7,745,408		7,975,000
						6,054,385		6,058,856
Jazz Acquisition, Inc.			Aerospace & Defense
Itafos Inc.			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027	8.50	%		5,941,105		5,731,079		5,923,282		(5)(8)
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)
First Lien Delayed Draw Term Loan, LIBOR+7.50% cash due 1/29/2027				—		—		—		(5)(8)(9)
						5,053,451		5,044,122
						5,731,079		5,923,282
Latam Airlines Group S.A.			Airlines
First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/2022				4,078,447		4,020,240		4,090,710		(5)(8)(9)(10)
						4,020,240		4,090,710
Lightbox Intermediate, L.P.			Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026	5.15	%		8,820,000		8,727,783		8,775,900		(5)(8)
						8,727,783		8,775,900
Lightstone Holdco LLC			Electric Utilities
First Lien Term Loan, LIBOR+3.75% cash due 1/30/2024	4.75	%		1,902,000		1,613,023		1,474,801		(5)
						1,613,023		1,474,801
LTI Holdings, Inc.			Electronic Components
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026	6.85	%		1,396,000		1,374,092		1,396,007		(5)
						1,374,092		1,396,007

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

~~June~~December 3031, 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	~~5,925,833~~	$3,859,845	~~5,866,575~~	$3,920,764	~~5,957,329~~	(5)
						5,866,575		5,957,329
						3,859,845		3,920,764
Marinus Pharmaceuticals, Inc.			Pharmaceuticals
First Lien Term Loan, 11.50% cash due 5/11/2026				~~843~~2,~~240~~529,720		~~826~~2,~~846~~485,692		~~826~~2,~~375~~493,039		(8)(10)
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026				—		—		—		(8)(9)(10)
						826,846		826,375
						2,485,692		2,493,039
MedAssets Software Intermediate Holdings, Inc.			Health Care Technology
Mesoblast, Inc.			Biotechnology
Second Lien Term Loan, LIBOR+7.75% cash due 1/29/2029	8.50	%		4,874,000		4,781,211		4,813,075		(5)(8)
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)
						4,781,211		4,813,075
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	%		78,~~357~~598,~~378~~850		78,~~269~~501,~~899~~576		68,~~996~~452,~~866~~669		(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025				—		(97,~~208~~915)		(3712,~~333~~952)		(5)(8)(9)
						7,260,691		6,959,533
						8,493,661		8,439,717
MRI Software LLC			Application Software
Mosaic Companies, LLC			Home Improvement Retail
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026	6.50	%		6,524,803		6,478,890		6,532,959		(5)(8)
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)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026				—		(13,975)		946		(5)(8)(9)
						11,315,429		11,292,081
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026				—		(4,612)		576		(5)(8)(9)
						6,460,303		6,534,481
Navisite, LLC			Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/2026	9.50	%		7,779,000		7,636,415		7,701,210		(5)(8)
						7,636,415		7,701,210
NeuAG, LLC			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024	7.00	%		13,170,073		12,771,978		12,853,991		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024				—		(62,040)		(37,224)		(5)(8)(9)
						12,709,938		12,816,767
NN, Inc.			Industrial Machinery
First Lien Term Loan, LIBOR+6.88% cash due 9/19/2026	7.88	%		14,839,808		14,488,008		14,468,812		(5)(8)(10)
						14,488,008		14,468,812
OEConnection LLC			Application Software
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026	4.10	%		9,347,805		9,304,979		9,347,805		(5)
						9,304,979		9,347,805
Olaplex, Inc.			Personal Products
First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026	7.50	%		11,621,307		11,458,407		11,621,307		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 1/8/2025				—		(14,455)		(8,413)		(5)(8)(9)
						11,443,952		11,612,894
Park Place Technologies, LLC			Internet Services & Infrastructure
First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027	6.00	%		4,987,500		4,805,759		5,011,191		(5)
						4,805,759		5,011,191
PaySimple, Inc.			Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025	5.61	%		8,877,303		8,752,179		8,832,916		(5)(8)
						8,752,179		8,832,916
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 3/12/2026	9.00	%		4,419,923		4,336,071		4,464,122		(5)(8)
						4,336,071		4,464,122

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

~~June~~December 3031, 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	~~12,430,697~~	$15,089,890	~~12,191,842~~	$15,090,892	~~12,182,083~~	(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 4/6/2027				—		(2018,~~328~~532)		(2118,~~159~~620)		(5)(8)(9)
						12,171,514		12,160,924
						15,071,358		15,072,272
PRGX Global, Inc.			Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+6.75% cash due 3/3/2026	7.75	%		8,277,409		8,122,740		8,111,860		(5)(8)
First Lien Revolver, LIBOR+6.75% cash due 3/3/2026				—		(11,387)		(12,188)		(5)(8)(9)
19,485 Class B Common Units						19,485		19,485		(8)
						8,130,838		8,119,157
ProFrac Services, LLC			Industrial Machinery
First Lien Term Loan, LIBOR+8.50% cash due 9/15/2023	9.75	%		1,176,313		1,171,106		1,152,787		(5)(8)
						1,171,106		1,152,787
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		1,500,000		(5)(8)
						1,500,000		1,500,000
Pug LLC			Internet & Direct Marketing Retail
First Lien Term Loan, LIBOR+8.00% cash due 2/12/2027	8.75	%		5,528,225		5,237,355		5,618,059		(5)
						5,237,355		5,618,059
Quantum Bidco Limited			Food Distributors
First Lien Term Loan, UK LIBOR+6.00% cash due 1/29/2028	6.11	%		£	1,125,000	1,484,088		1,521,106		(5)(10)
						1,484,088		1,521,106
Relativity ODA LLC			Application Software
First Lien Term Loan, LIBOR+7.50% PIK due 5/12/2027				$	5,479,363	5,346,540		5,353,338		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 5/12/2027				—		(13,282)		(12,505)		(5)(8)(9)
						5,333,258		5,340,833
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		1,141,699		(5)
						1,129,465		1,141,699
RS Ivy Holdco, Inc.			Oil & Gas Exploration & Production
First Lien Term Loan, LIBOR+5.50% cash due 12/23/2027	6.50	%		2,487,500		2,450,188		2,489,055		(5)(8)
						2,450,188		2,489,055
Sabert Corporation			Metal & Glass Containers
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	5.50	%		2,734,805		2,707,457		2,738,237		(5)
						2,707,457		2,738,237
Scilex Pharmaceuticals Inc.			Pharmaceuticals
Fixed Rate Zero Coupon Bond due 8/15/2026				1,172,478		971,316		1,048,195		(8)
						971,316		1,048,195
Sirva Worldwide, Inc.			Diversified Support Services
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025	5.60	%		1,477,649		1,455,484		1,395,920		(5)
						1,455,484		1,395,920
SM Wellness Holdings, Inc.			Health Care Services
Second Lien Term Loan, LIBOR+8.00% cash due 4/15/2029	8.75	%		2,925,000		2,881,125		2,954,250		(5)(8)
						2,881,125		2,954,250
Sorenson Communications, LLC			Communications Equipment
First Lien Term Loan, LIBOR+5.50% cash due 3/17/2026	6.25	%		4,871,100		4,822,389		4,919,811		(5)
						4,822,389		4,919,811
Sorrento Therapeutics, Inc.			Biotechnology
25,600 Common Stock Units						63,040		155,040		(10)
						63,040		155,040
Star US Bidco LLC			Industrial Machinery
First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027	5.25	%		5,234,366		4,964,146		5,237,664		(5)
						4,964,146		5,237,664

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

~~June~~December 3031, 2021

(unaudited)

Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
SumUp Holdings Luxembourg S.À.R.L.			Other Diversified Financial Services
PRGX Global, Inc.			Data Processing & Outsourced Services
First Lien Delayed Draw Term Loan, EURIBOR+8.50% cash due 3/10/2026	10.00	%		€	5,001,333	$	5,797,578	$	5,809,764	(5)(8)(9)(10)
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)
						5,797,578		5,809,764
First Lien Revolver, LIBOR+6.75% cash due 3/3/2026				—		(6,764)		(6,378)		(5)(8)(9)
Sunland Asphalt & Construction, LLC			Construction & Engineering
19,485 Class B Common Units						19,485		19,485		(8)
First Lien Term Loan, LIBOR+6.00% cash due 1/13/2026	7.00	%		$	11,750,485	11,537,119		11,550,726		(5)(8)
						8,111,524		8,119,721
First Lien Revolver, LIBOR+6.00% cash due 1/13/2022	7.00	%		1,480,335		1,460,758		1,451,170		(5)(8)(9)
ProFrac Services, LLC			Industrial Machinery
						12,997,877		13,001,896
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)
Supermoose Borrower, LLC			Application Software
						1,172,308		1,164,550
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025	3.90	%		2,902,302		2,624,177		2,720,908		(5)
Project Boost Purchaser, LLC			Application Software
						2,624,177		2,720,908
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)
Tacala, LLC			Restaurants
						1,500,000		1,496,250
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028	8.25	%		3,394,977		3,345,641		3,409,847		(5)
Quantum Bidco Limited			Food Distributors
						3,345,641		3,409,847
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)
Tecta America Corp.			Construction & Engineering
						1,488,636		1,503,757
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)
Relativity ODA LLC			Application Software
						1,645,935		1,671,000
First Lien Term Loan, LIBOR+7.50% PIK due 5/12/2027				$	5,728,471	5,607,187		5,619,630		(5)(8)
Telestream Holdings Corporation			Application Software
First Lien Revolver, LIBOR+6.50% cash due 5/12/2027				—		(12,128)		(10,330)		(5)(8)(9)
First Lien Term Loan, LIBOR+8.75% cash due 10/15/2025	9.75	%		5,288,425		5,202,731		5,209,099		(5)(8)
						5,595,059		5,609,300
First Lien Revolver, LIBOR+8.75% cash due 10/15/2025				—		(8,700)		(7,515)		(5)(8)(9)
Renaissance Holding Corp.			Diversified Banks
						5,194,031		5,201,584
Second Lien Term Loan, LIBOR+7.00% cash due 5/29/2026	7.10	%		1,138,000		1,129,465		1,144,401		(5)
TerSera Therapeutics LLC			Pharmaceuticals
						1,129,465		1,144,401
Second Lien Term Loan, LIBOR+10.00% cash due 3/30/2026	11.00	%		6,100,000		5,943,697		6,153,162		(5)(8)
RumbleOn, Inc.			Automotive Retail
						5,943,697		6,153,162
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)
Thermacell Repellents, Inc.			Leisure Products
First Lien Delayed Draw Term Loan, LIBOR+8.25% cash due 8/31/2026				—		(234,098)		(98,491)		(5)(8)(9)(10)
First Lien Term Loan, LIBOR+6.00% cash due 12/4/2026	7.00	%		6,651,354		6,618,097		6,618,097		(5)(8)
39,794 Class B Common Stock Warrants (exercise price $33.00) expiration date 2/28/2023						290,496		431,765		(8)(10)
First Lien Revolver, LIBOR+6.00% cash due 12/4/2026	7.00	%		395,833		391,667		391,667		(5)(8)(9)
						8,681,040		9,273,541
						7,009,764		7,009,764
Sabert Corporation			Metal & Glass Containers
Thrasio, LLC			Internet & Direct Marketing Retail
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	5.50	%		2,657,207		2,630,635		2,660,542		(5)
First Lien Term Loan, LIBOR+7.00% cash due 12/18/2026	8.00	%		5,903,936		5,767,354		5,844,897		(5)(8)
						2,630,635		2,660,542
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 12/18/2026	8.00	%		1,187,002		1,123,200		1,147,831		(5)(8)(9)
Scilex Pharmaceuticals Inc.			Pharmaceuticals
2,182 Shares of Series C-3 Preferred Stock in Thrasio Holdings, Inc.						26,665		26,664		(8)
Fixed Rate Zero Coupon Bond due 8/15/2026				1,135,694		982,645		1,073,117		(8)
73,648 Shares of Series C-2 Preferred Stock in Thrasio Holdings, Inc.						600,000		899,981		(8)
						982,645		1,073,117
4,000 Shares of Series X Preferred Stock in Thrasio Holdings, Inc.						4,000,200		4,226,211		(8)(9)
SiO2 Medical Products, Inc.			Metal & Glass Containers
						11,517,419		12,145,584
First Lien Term Loan, 11.00% cash due 12/21/2026				3,500,786		3,414,697		3,414,079		(8)
TIBCO Software Inc.			Application Software
Common Stock Warrants (exercise price $0.75) expiration date 7/31/2028						123,557		123,557		(8)
First Lien Term Loan, LIBOR+3.75% cash due 6/30/2026	3.86	%		9,342,897		9,349,245		9,331,218		(5)
						3,538,254		3,537,636
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/2028	7.36	%		3,894,000		3,866,120		3,961,541		(5)
Sirva Worldwide, Inc.			Diversified Support Services
						13,215,365		13,292,759
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025	5.60	%		431,814		425,336		392,950		(5)
Transact Holdings Inc.			Application Software
						425,336		392,950
First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026	4.85	%		7,860,000		7,742,100		7,820,700		(5)(8)
SM Wellness Holdings, Inc.			Health Care Services
						7,742,100		7,820,700
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)
Uniti Fiber Holdings Inc.			Specialized REITs
						2,881,125		2,946,938
Fixed Rate Bond, 7.88% cash due 2/15/2025				556,000		556,000		596,938		(10)
Sorenson Communications, LLC			Communications Equipment
						556,000		596,938
First Lien Term Loan, LIBOR+5.50% cash due 3/17/2026	6.25	%		4,601,092		4,555,081		4,621,245		(5)
Velocity Commercial Capital, LLC			Thrifts & Mortgage Finance
						4,555,081		4,621,245
First Lien Term Loan, LIBOR+8.00% cash due 2/5/2026	9.00	%		3,874,548		3,766,601		3,855,176		(5)(8)
Sorrento Therapeutics, Inc.			Biotechnology
						3,766,601		3,855,176
16,000 Common Stock Units						63,040		74,400		(10)
Veritas US Inc.			Application Software
						63,040		74,400
First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025	6.00	%		7,443,844		7,318,642		7,501,534		(5)
						7,318,642		7,501,534

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

~~June~~December 3031, 2021

(unaudited)

Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Verscend Holding Corp.			Health Care Technology
Star US Bidco LLC			Industrial Machinery
First Lien Term Loan, LIBOR+4.00% cash due 8/27/2025	4.10	%		$	5,099,576	$	5,098,058	$	5,119,617	(5)
First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027	5.25	%		$	3,432,976	$	3,269,230	$	3,430,847	(5)
						5,098,058		5,119,617
						3,269,230		3,430,847
Virgin Pulse, Inc.			Application Software
SumUp Holdings Luxembourg S.À.R.L.			Other Diversified Financial Services
Second Lien Term Loan, LIBOR+7.25% cash due 4/6/2029	8.00	%		3,040,000		3,009,600		3,047,600		(5)
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)
						3,009,600		3,047,600
						7,947,291		7,639,368
Win Brands Group LLC			Housewares & Specialties
Sunland Asphalt & Construction, LLC			Construction & Engineering
First Lien Term Loan, LIBOR+9.00% cash 5.00% PIK due 1/22/2026	10.00	%		647,674		641,294		644,435		(5)(8)
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)
48 Class F Warrants in Brand Value Growth LLC (exercise price $0.01) expiration date 1/25/2027						—		—		(8)
First Lien Revolver, LIBOR+6.00% cash due 1/13/2022				—		(999)		(1,823)		(5)(8)(9)
						641,294		644,435
						11,501,974		11,549,317
Windstream Services II, LLC			Integrated Telecommunication Services
Supermoose Borrower, LLC			Application Software
First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027	7.25	%		10,889,768		10,501,799		10,940,133		(5)
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025	3.97	%		2,887,419		2,644,578		2,733,245		(5)
						10,501,799		10,940,133
						2,644,578		2,733,245
WP CPP Holdings, LLC			Aerospace & Defense
SVP-Singer Holdings Inc.			Home Furnishings
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025	4.75	%		3,902,813		3,886,252		3,830,611		(5)
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)
						3,886,252		3,830,611
						4,725,230		4,772,608
WPEngine, Inc.			Application Software
Tacala, LLC			Restaurants
First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026	7.50	%		5,118,050		5,017,020		5,043,839		(5)(8)
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028	8.25	%		3,394,977		3,349,450		3,394,281		(5)
First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026				—		(187,626)		(137,822)		(5)(8)(9)
						3,349,450		3,394,281
						4,829,394		4,906,017
Tahoe Bidco B.V.			Application Software
Zephyr Bidco Limited			Specialized Finance
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)
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/2026	7.55	%		£	2,000,000	2,582,573		2,745,632		(5)(10)
First Lien Revolver, LIBOR+6.00% cash due 10/1/2027				—		(8,081)		(8,417)		(5)(8)(9)(10)
						2,582,573		2,745,632
						5,494,531		5,490,363
Total Non-Control/Non-Affiliate Investments (156.8% of net assets)						$	535,334,187	$	542,933,998
Tecta America Corp.			Construction & Engineering
Cash and Cash Equivalents and Restricted Cash (6.9% of net assets)						$	23,765,124	$	23,765,124
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)
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (163.7% of net assets)						$	559,099,311	$	566,699,122
						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

Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation (Depreciation)
Foreign currency forward contract	$	13,268,959	€	10,900,857	8/12/2021	Bank of New York Mellon	$	330,310
Foreign currency forward contract	$	17,791,136	£	12,568,533	8/12/2021	Bank of New York Mellon	$	426,487
							$	756,797

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

~~June~~December 3031, 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 ~~June~~December 3031, 2021, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 0.10%, the 60-day LIBOR at 0.1316%, the 90-day LIBOR at 0.1522%, the 180-day LIBOR at 0.1735%, the 360-day LIBOR at 0.2559%, the PRIME at 3.25%, the 30-day UK LIBOR at 0.0518%, the 180-day UK LIBOR at 0.0409%, the 30-day EURIBOR at (0.5864)%, the 90-day EURIBOR at (0.5560)% and the 180-day EURIBOR at (0.5453)%. 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 ~~June~~December 3031, 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 ~~June~~December 3031, 2021, qualifying assets represented 7978.67% of the Company's total assets and non-qualifying assets represented 2021.43% of the Company's total assets.

(11)~~Payment-in-kind ("~~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 ~~three~~year ~~months~~ ended ~~June~~September 30, 2021. As a result, the principal amount of the investment does not increase over time for accumulated PIK interest. As of ~~June~~December 3031, 2021, the accumulated PIK interest balance for each of the Alvotech Holdings S.A. ("Alvotech") A notes and the B notes was ~~less than~~ $0.12 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 ~~June~~December 3031, 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, 2020

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)
A.T. Holdings II SÀRL			Biotechnology
First Lien Term Loan, 12.00% cash due 4/27/2023				$	8,160,000	$	8,160,000	$	9,547,200	(8)(10)
First Lien Delayed Draw Term Loan, 12.00% cash due 4/27/2023				544,000		544,000		641,920		(8)(9)(10)
						8,704,000		10,189,120
Access CIG, LLC			Diversified Support Services
First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025	3.91	%		7,474,804		7,420,203		7,331,175		(5)
						7,420,203		7,331,175
Accupac, Inc.			Personal Products
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026	7.00	%		4,559,424		4,489,026		4,559,424		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026				—		(13,225)		—		(5)(8)(9)
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026	7.00	%		571,008		562,191		571,008		(5)(8)
						5,037,992		5,130,432
Acquia Inc.			Application Software
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025	8.00	%		4,381,994		4,307,622		4,287,781		(5)(8)
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025				—		(8,163)		(10,075)		(5)(8)(9)
						4,299,459		4,277,706
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	5,615,605		5,892,283		(5)(8)(10)
						5,615,605		5,892,283
Airbnb, Inc.			Hotels, Resorts & Cruise Lines
First Lien Term Loan, LIBOR+7.50% cash due 4/17/2025	8.50	%		$	5,678,768	5,547,333		6,161,463		(5)
						5,547,333		6,161,463
Aldevron, L.L.C.			Biotechnology
First Lien Term Loan, LIBOR+4.25% cash due 10/12/2026	5.25	%		5,459,283		5,415,785		5,470,639		(5)
						5,415,785		5,470,639
Algeco Scotsman Global Finance Plc			Construction & Engineering
Fixed Rate Bond, 8.00% cash due 2/15/2023				566,000		574,355		563,518		(10)
						574,355		563,518
Alvogen Pharma US, Inc.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023	6.25	%		2,646,943		2,363,107		2,563,127		(5)(8)
						2,363,107		2,563,127
Alvotech Holdings S.A.			Biotechnology
Fixed Rate Bond 15% PIK Note A due 12/13/2023				2,000,000		2,546,909		2,695,778		(8)(10)(11)
Fixed Rate Bond 15% PIK Note B due 12/13/2023				2,000,000		2,546,909		2,591,649		(8)(10)(11)
						5,093,818		5,287,427
Amplify Finco Pty Ltd.			Movies & Entertainment
First Lien Term Loan, LIBOR+4.00% cash due 11/26/2026	4.75	%		5,970,000		5,910,300		5,134,200		(5)(8)(10)
						5,910,300		5,134,200
Anastasia Parent, LLC			Personal Products
First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025				1,842,513		1,491,750		813,580		(5)(12)
						1,491,750		813,580
Apptio, Inc.			Application Software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025	8.25	%		7,129,297		7,026,133		6,989,242		(5)(8)
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025				—		(6,578)		(9,067)		(5)(8)(9)
						7,019,555		6,980,175

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, ~~2020~~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+7.50% cash due 7/14/2026	8.50	%		€	1,028,928	$	1,138,894	$	1,171,582	(5)(8)(10)
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+7.50% cash due 7/14/2026	8.25	%		£	8,076,170	9,826,368		10,138,087		(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)
First Lien Delayed Draw Term Loan, UK LIBOR+7.50% cash due 7/14/2026				£	—	—		—		(5)(8)(9)(10)
						13,624,213		14,797,626
Fixed Rate Bond, 11.50% cash due 1/15/2027				$	1,588,000	1,572,120		1,611,820		(10)
						12,537,382		12,921,489
Assembled Brands Capital LLC			Specialized Finance
First Lien Revolver, LIBOR+6.00% cash due 10/17/2023	7.00	%		507,309		507,309		454,090		(5)(8)(9)
174,131 Class A Units						82,713		52,239		(8)
100,285 Preferred Units, 6%						110,285		118,004		(8)
7,621 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029						—		—		(8)
						700,307		624,333
Associated Asphalt Partners, LLC			Construction Materials
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024	6.25	%		921,290		775,603		747,977		(5)
						775,603		747,977
Asurion, LLC			Property & Casualty Insurance
Second Lien Term Loan, LIBOR+6.50% cash due 8/4/2025	6.65	%		1,071,848		1,074,144		1,075,755		(5)
						1,074,144		1,075,755
Athenex, Inc.			Pharmaceuticals
First Lien Term Loan, 11.00% cash due 6/19/2026				10,403,541		9,956,839		10,325,514		(8)(10)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026				—		(117,157)		(62,421)		(8)(9)(10)
97,205 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027						334,385		286,755		(8)(10)
						10,174,067		10,549,848
Aurora Lux Finco S.À.R.L.			Airport Services
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026	7.00	%		7,462,500		7,296,513		6,940,125		(5)(8)(10)
						7,296,513		6,940,125
Ball Metalpack Finco, LLC			Metal & Glass Containers
First Lien Term Loan, LIBOR+4.50% cash due 7/31/2025	4.76	%		570,830		568,843		551,422		(5)(8)
						568,843		551,422
BCP Renaissance Parent L.L.C.			Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+3.50% cash due 10/31/2024	4.50	%		426,906		406,271		397,691		(5)
						406,271		397,691
Boxer Parent Company Inc.			Systems Software
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025	4.40	%		8,486,987		8,341,896		8,260,342		(5)
						8,341,896		8,260,342
BX Commercial Mortgage Trust 2020-VIVA			Diversified Real Estate Activities
Class D Variable Notes due 3/9/2044	3.67	%		6,182,239		5,160,955		5,638,202		(5)(8)(10)
Class E Variable Notes due 3/9/2044	3.67	%		3,062,761		2,366,106		2,656,333		(5)(8)(10)
						7,527,061		8,294,535
Cadence Aerospace, LLC			Aerospace & Defense
First Lien Term Loan, LIBOR+3.25% cash 5.25% PIK due 11/14/2023	4.25	%		3,031,817		3,001,900		2,784,421		(5)(8)
						3,001,900		2,784,421

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, ~~2020~~2021

Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Carrols Restaurant Group, Inc.			Restaurants
Assembled Brands Capital LLC			Specialized Finance
First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026	7.25	%		$	4,978,523	$	4,731,295	$	4,941,184	(5)
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)
						4,731,295		4,941,184
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	%		87,~~075~~650,000		7,~~931~~574,~~626~~559		7,~~691~~554,~~438~~375		(5)(8)
						7,931,626		7,691,438
						7,574,559		7,554,375
CITGO Holding, Inc.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023	8.00	%		656,343		628,977		618,810		(5)
						628,977		618,810
CITGO Petroleum Corp.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024	6.00	%		7,183,535		7,111,700		6,842,317		(5)
						7,111,700		6,842,317
Connect U.S. Finco LLC			Alternative Carriers
First Lien Term Loan, LIBOR+4.50% cash due 12/11/2026	5.50	%		1,618,923		1,581,789		1,573,399		(5)(10)
						1,581,789		1,573,399
Continental Intermodal Group LP			Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025				8,906,534		8,906,534		7,830,625		(5)(8)
Common Stock Warrants expiration date 7/28/2025						—		601,898		(8)
						8,906,534		8,432,523
Convergeone Holdings, Inc.			IT Consulting & Other Services
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026	5.15	%		5,848,920		5,667,844		5,386,505		(5)
						5,667,844		5,386,505
Corrona, LLC			Health Care Services
First Lien Term Loan, LIBOR+5.50% cash due 12/13/2025	6.50	%		3,760,757		3,703,741		3,706,978		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025				—		(11,699)		(19,119)		(5)(8)(9)
First Lien Revolver, PRIME+4.50% cash due 12/13/2025	7.75	%		111,500		101,357		101,933		(5)(8)(9)
401 Class A2 Common Units in Corrona Group Holdings, L.P.						378,610		378,610		(8)
						4,172,009		4,168,402
CTOS, LLC			Trading Companies & Distributors
First Lien Term Loan, LIBOR+4.25% cash due 4/18/2025	4.40	%		2,939,810		2,956,400		2,919,599		(5)
						2,956,400		2,919,599
Dcert Buyer, Inc.			Internet Services & Infrastructure
First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026	4.15	%		7,960,000		7,940,100		7,879,166		(5)
						7,940,100		7,879,166
Dealer Tire, LLC			Distributors
First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025	4.40	%		8,566,819		8,460,606		8,395,483		(5)
						8,460,606		8,395,483
EHR Canada, LLC			Food Retail
First Lien Term Loan, LIBOR+8.00% cash due 12/4/2020	9.00	%		457,407		456,711		466,555		(5)(8)
						456,711		466,555
eResearch Technology, Inc.			Application Software
First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027	5.50	%		3,990,000		3,950,100		3,979,187		(5)
						3,950,100		3,979,187
Fortress Biotech, Inc.			Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/2025				2,943,000		2,765,443		2,788,493		(8)(10)
85,811 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030						90,960		147,595		(8)(10)
						2,856,403		2,936,088
Frontier Communications Corporation			Integrated Telecommunication Services
Fixed Rate Bond, 8.50% cash due 4/1/2026				2,216,000		2,077,839		2,238,160
						2,077,839		2,238,160

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, ~~2020~~2021

Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
GI Chill Acquisition LLC			Managed Health Care
CITGO Holding, Inc.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025	4.22	%		$	1,960,000	$	1,950,200	$	1,925,700	(5)(8)
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023	8.00	%		$	649,713	$	632,186	$	642,891	(5)
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026	7.72	%		2,000,000		1,985,347		1,870,000		(5)(8)
						632,186		642,891
						3,935,547		3,795,700
CITGO Petroleum Corp.			Oil & Gas Refining & Marketing
Global Medical Response, Inc.			Health Care Services
First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024	7.25	%		7,110,606		7,039,500		7,134,320		(5)
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025	5.25	%		1,078,814		1,060,828		1,049,146		(5)
						7,039,500		7,134,320
First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025	5.75	%		3,773,300		3,697,834		3,695,476		(5)
Continental Intermodal Group LP			Oil & Gas Storage & Transportation
						4,758,662		4,744,622
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025				9,902,357		9,902,357		8,311,048		(5)(8)
Gulf Operating, LLC			Oil & Gas Storage & Transportation
Common Stock Warrants expiration date 7/28/2025						—		486,258		(8)
First Lien Term Loan, LIBOR+5.25% cash due 8/25/2023	6.25	%		974,423		552,330		691,436		(5)
						9,902,357		8,797,306
						552,330		691,436
Convergeone Holdings, Inc.			IT Consulting & Other Services
Helios Software Holdings, Inc.			Systems Software
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026	5.08	%		5,789,540		5,644,359		5,772,258		(5)
First Lien Term Loan, LIBOR+4.25% cash due 10/24/2025	4.52	%		2,977,267		2,947,495		2,941,927		(5)
						5,644,359		5,772,258
						2,947,495		2,941,927
CorEvitas, LLC			Health Care Services
iCIMs, Inc.			Application Software
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 Term Loan, LIBOR+6.50% cash due 9/12/2024	7.50	%		1,671,765		1,649,272		1,658,391		(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, LIBOR+6.50% cash due 9/12/2024				—		(1,482)		(706)		(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)
						1,647,790		1,657,685
401 Class A2 Common Units in CorEvitas Group Holdings, L.P.						378,610		429,503		(8)
Immucor, Inc.			Health Care Supplies
						4,852,693		4,924,263
First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025	6.75	%		2,366,402		2,321,432		2,319,074		(5)(8)
Coty Inc.			Personal Products
First Lien Revolver, LIBOR+5.75% cash due 7/2/2025				—		(3,757)		(3,954)		(5)(8)(9)
First Lien Revolver, LIBOR+1.75% cash due 4/5/2023				—		(457,344)		(254,080)		(5)(8)(9)(10)
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025	9.00	%		5,703,532		5,595,816		5,589,461		(5)(8)
						(457,344)		(254,080)
						7,913,491		7,904,581
CPC Acquisition Corp.			Specialty Chemicals
Intelsat Jackson Holdings S.A.			Alternative Carriers
Second Lien Term Loan, LIBOR+7.75% cash due 12/29/2028	8.50	%		727,000		716,095		732,453		(5)
First Lien Term Loan, PRIME+4.75% cash due 11/27/2023	8.00	%		986,227		954,078		994,442		(5)(10)
						716,095		732,453
						954,078		994,442
Curium Bidco S.à.r.l.			Biotechnology
KIK Custom Products Inc.			Household Products
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)
First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023	5.00	%		1,330,425		1,287,373		1,325,423		(5)(10)
						3,731,180		3,851,941
						1,287,373		1,325,423
Dialyze Holdings, LLC			Health Care Equipment
Lightbox Intermediate, L.P.			Real Estate Services
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 Term Loan, LIBOR+5.00% cash due 5/9/2026	5.15	%		8,887,500		8,780,169		8,487,563		(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)
						8,780,169		8,487,563
993,431 Class A Warrants (exercise price $1.00) expiration date 8/4/2028						258,292		268,226		(8)
LogMeIn, Inc.			Application Software
						4,351,936		4,368,523
First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027	4.91	%		6,000,000		5,850,886		5,810,640		(5)
Digital.AI Software Holdings, Inc.			Application Software
Second Lien Term Loan, LIBOR+9.00% cash due 8/31/2028	9.16	%		3,289,000		3,125,399		3,272,555		(5)
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)
						8,976,285		9,083,195
First Lien Revolver, LIBOR+7.00% cash due 2/10/2027	8.00	%		47,339		39,724		41,090		(5)(8)(9)
LTI Holdings, Inc.			Electronic Components
						2,606,721		2,620,773
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026	6.90	%		1,000,000		1,000,000		887,000		(5)
DirecTV Financing, LLC			Cable & Satellite
						1,000,000		887,000
First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027	5.75	%		9,000,000		8,910,000		9,015,930		(5)
Maravai Intermediate Holdings, LLC			Biotechnology
						8,910,000		9,015,930
First Lien Term Loan, LIBOR+4.25% cash due 8/1/2025	5.25	%		1,274,000		1,261,260		1,277,185		(5)(8)
EHR Canada, LLC			Food Retail
						1,261,260		1,277,185
First Lien Term Loan, LIBOR+8.00% cash due 12/31/2021	9.00	%		250,000		249,637		250,000		(5)(8)
Mauser Packaging Solutions Holding Company			Metal & Glass Containers
						249,637		250,000
Fixed Rate Bond, 8.50% cash due 4/15/2024				4,482,000		4,440,731		4,661,280
Enviva Holdings, LP			Forest Products
						4,440,731		4,661,280
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)
Mindbody, Inc.			Internet Services & Infrastructure
						1,939,746		1,964,238
First Lien Term Loan, LIBOR+7.00% cash 1.5% PIK due 2/14/2025	8.00	%		7,274,318		7,168,802		6,706,921		(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025				—		(11,107)		(60,190)		(5)(8)(9)
						7,157,695		6,646,731
MRI Software LLC			Application Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026	6.50	%		5,211,063		5,164,802		5,085,138		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026				—		(20,812)		(51,144)		(5)(8)(9)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026				—		(4,612)		(11,145)		(5)(8)(9)
						5,139,378		5,022,849

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, ~~2020~~2021

Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Navicure, Inc.			Health Care Technology
Fortress Biotech, Inc.			Biotechnology
First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026	4.15	%		$	7,589,860	$	7,277,744	$	7,436,507	(5)
First Lien Term Loan, 11.00% cash due 8/27/2025				$	2,943,000	$	2,803,017	$	2,869,425	(8)(10)(12)
						7,277,744		7,436,507
85,811 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030						90,960		88,385		(8)(10)
NeuAG, LLC			Fertilizers & Agricultural Chemicals
						2,893,977		2,957,810
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024	7.00	%		12,494,992		12,003,849		11,995,192		(5)(8)
GI Chill Acquisition LLC			Managed Health Care
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024						(62,040)		(62,040)		(5)(8)(9)
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)
						11,941,809		11,933,152
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)
Northwest Fiber, LLC			Integrated Telecommunication Services
						3,918,152		3,925,150
First Lien Term Loan, LIBOR+5.50% cash due 4/30/2027	5.66	%		4,384,013		4,226,498		4,389,493		(5)
Gibson Brands, Inc.			Leisure Products
						4,226,498		4,389,493
First Lien Term Loan, LIBOR+5.00% cash due 8/11/2028	5.75	%		1,500,000		1,485,000		1,492,500		(5)
NuStar Logistics, L.P.			Oil & Gas Refining & Marketing
						1,485,000		1,492,500
Unsecured Delayed Draw Term Loan, 12.00% cash due 4/19/2023				—		—		—		(8)(9)
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)
OEConnection LLC			Application Software
First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025	5.75	%		3,745,001		3,683,273		3,764,194		(5)
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026	4.15	%		8,852,234		8,809,281		8,752,647		(5)
						4,737,191		4,837,386
First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026				—		(2,488)		(6,304)		(5)(9)
Grab Holdings Inc.			Interactive Media & Services
						8,806,793		8,746,343
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)
Olaplex, Inc.			Personal Products
						3,876,279		4,033,053
First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026	7.50	%		9,381,250		9,216,479		9,381,250		(5)(8)
Gulf Operating, LLC			Oil & Gas Storage & Transportation
First Lien Revolver, LIBOR+6.50% cash due 1/8/2025	7.50	%		513,000		495,479		513,000		(5)(8)(9)
First Lien Revolver, LIBOR+4.00% cash due 12/27/2021				—		(242,900)		(26,025)		(5)(8)(9)
						9,711,958		9,894,250
						(242,900)		(26,025)
OZLM Funding III, Ltd.			Multi-Sector Holdings
iCIMs, Inc.			Application Software
Class DR Notes, LIBOR+7.77% cash due 1/22/2029	8.03	%		835,000		598,367		765,132		(5)(10)
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)
						598,367		765,132
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024	7.50	%		88,235		87,128		87,859		(5)(8)
P & L Development, LLC			Pharmaceuticals
						2,574,896		2,594,735
First Lien Term Loan, LIBOR+7.50% cash due 6/28/2024	9.50	%		4,053,488		3,976,882		4,033,220		(5)(8)
Immucor, Inc.			Health Care Supplies
						3,976,882		4,033,220
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)
PaySimple, Inc.			Data Processing & Outsourced Services
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)
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025	5.65	%		10,897,661		10,716,366		10,516,243		(5)(8)
						8,129,966		8,168,802
						10,716,366		10,516,243
Indivior Finance S.À.R.L.			Pharmaceuticals
ProFrac Services, LLC			Industrial Machinery
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)
First Lien Term Loan, LIBOR+7.50% cash due 9/15/2023	8.75	%		1,243,477		1,236,109		954,369		(5)(8)
						1,956,371		1,988,347
						1,236,109		954,369
Intelsat Jackson Holdings S.A.			Alternative Carriers
Project Boost Purchaser, LLC			Application Software
First Lien Term Loan, PRIME+4.75% cash due 11/27/2023	8.00	%		986,227		964,264		1,001,020		(5)(10)
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/2027	8.15	%		1,500,000		1,500,000		1,350,000		(5)(8)
						964,264		1,001,020
						1,500,000		1,350,000
Inventus Power, Inc.			Electrical Components & Equipment
Pug LLC			Internet & Direct Marketing Retail
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)
First Lien Term Loan, LIBOR+8.00% cash due 2/12/2027	8.75	%		5,570,000		5,237,942		5,416,825		(5)
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)
						5,237,942		5,416,825
						7,225,215		7,227,759
Recorded Books Inc.			Publishing
INW Manufacturing, LLC			Personal Products
First Lien Term Loan, LIBOR+4.00% cash due 8/29/2025	4.16	%		7,417,467		7,381,464		7,380,379		(5)
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)
First Lien Term Loan, LIBOR+4.25% cash due 8/31/2025	4.75	%		2,000,000		1,980,000		1,980,000		(5)
						11,516,219		11,613,000
						9,361,464		9,360,379
Itafos Inc.			Fertilizers & Agricultural Chemicals
Sabert Corporation			Metal & Glass Containers
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)
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	5.50	%		2,828,250		2,799,968		2,790,549		(5)
						5,231,669		5,235,204
						2,799,968		2,790,549
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, ~~2020~~2021

Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Scilex Pharmaceuticals Inc.			Pharmaceuticals
Lightbox Intermediate, L.P.			Real Estate Services
Fixed Rate Zero Coupon Bond due 8/15/2026				$	2,337,718	$	1,810,344	$	1,870,175	(8)
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)
						1,810,344		1,870,175
						8,710,292		8,753,513
Signify Health, LLC			Health Care Services
Lightstone Holdco LLC			Electric Utilities
First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024	5.50	%		6,893,939		6,841,863		6,652,652		(5)
First Lien Term Loan, LIBOR+3.75% cash due 1/30/2024	4.75	%		1,902,000		1,641,216		1,578,793		(5)
						6,841,863		6,652,652
						1,641,216		1,578,793
Sirva Worldwide, Inc.			Diversified Support Services
LTI Holdings, Inc.			Electronic Components
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025	5.65	%		1,912,500		1,883,813		1,596,938		(5)
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026	6.83	%		1,396,000		1,375,156		1,394,255		(5)
						1,883,813		1,596,938
						1,375,156		1,394,255
Sorrento Therapeutics, Inc.			Biotechnology
Maravai Intermediate Holdings, LLC			Biotechnology
40,000 Common Stock Warrants (exercise price $3.94) expiration date 11/3/2029						—		359,200		(8)(10)
First Lien Term Loan, LIBOR+3.75% cash due 10/19/2027	4.75	%		5,909,583		5,850,488		5,933,606		(5)
						—		359,200
						5,850,488		5,933,606
Star US Bidco LLC			Industrial Machinery
Marinus Pharmaceuticals, Inc.			Pharmaceuticals
First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027	5.25	%		5,274,020		4,971,359		5,036,689		(5)
First Lien Term Loan, 11.50% cash due 5/11/2026				2,529,720		2,483,088		2,491,774		(8)(10)
						4,971,359		5,036,689
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026				—		—		—		(8)(9)(10)
Sunshine Luxembourg VII SARL			Personal Products
						2,483,088		2,491,774
First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026	5.25	%		4,372,943		4,236,816		4,356,894		(5)(10)
MedAssets Software Intermediate Holdings, Inc.			Health Care Technology
						4,236,816		4,356,894
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)
Supermoose Borrower, LLC			Application Software
						4,784,294		4,813,075
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025	3.90	%		2,924,628		2,594,025		2,636,742		(5)
MHE Intermediate Holdings, LLC			Diversified Support Services
						2,594,025		2,636,742
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)
Surgery Center Holdings, Inc.			Health Care Facilities
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 Term Loan, LIBOR+3.25% cash due 9/3/2024	4.25	%		820,056		642,365		775,293		(5)(10)
First Lien Revolver, LIBOR+5.75% cash due 7/21/2027				—		(6,908)		(7,143)		(5)(8)(9)
						642,365		775,293
						4,041,598		4,038,664
Tacala, LLC			Restaurants
Mindbody, Inc.			Internet Services & Infrastructure
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028	7.65	%		2,647,000		2,606,482		2,511,341		(5)
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)
						2,606,482		2,511,341
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025				—		(8,568)		(14,476)		(5)(8)(9)
TerSera Therapeutics LLC			Pharmaceuticals
						7,295,613		7,230,779
Second Lien Term Loan, LIBOR+10.00% cash due 3/30/2026	11.00	%		6,100,000		5,919,074		6,100,000		(5)(8)
Mosaic Companies, LLC			Home Improvement Retail
						5,919,074		6,100,000
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)
TIBCO Software Inc.			Application Software
						11,374,657		11,374,695
First Lien Term Loan, LIBOR+3.75% cash due 6/30/2026	3.90	%		9,413,677		9,422,515		9,213,636		(5)
MRI Software LLC			Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/2028	7.40	%		3,278,000		3,261,610		3,226,781		(5)
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)
						12,684,125		12,440,417
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026				—		(8,232)		(145)		(5)(8)(9)
Transact Holdings Inc.			Application Software
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026				—		(4,612)		(288)		(5)(8)(9)
First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026	4.90	%		7,920,000		7,801,200		7,489,390		(5)(8)
						6,973,202		7,027,015
						7,801,200		7,489,390
Navisite, LLC			Data Processing & Outsourced Services
Uniti Fiber Holdings Inc.			Specialized REITs
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)
Fixed Rate Bond, 7.88% cash due 2/15/2025				2,073,000		2,073,000		2,199,971		(10)
						7,642,947		7,646,757
Fixed Rate Bond, 8.25% cash due 10/15/2023				1,814,000		1,735,726		1,790,191		(10)
NeuAG, LLC			Fertilizers & Agricultural Chemicals
						3,808,726		3,990,162
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)
U.S. Renal Care, Inc.			Health Care Services
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024				—		(62,040)		(34,122)		(5)(8)(9)
First Lien Term Loan, LIBOR+5.00% cash due 6/26/2026	5.15	%		404,932		337,218		395,669		(5)
						12,976,892		13,076,624
						337,218		395,669
NN, Inc.			Industrial Machinery
Veritas US Inc.			Application Software
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)
First Lien Term Loan, LIBOR+5.50% cash due 9/1/2025	6.50	%		7,500,000		7,351,242		7,356,263		(5)
						14,468,636		14,580,576
						7,351,242		7,356,263
Verscend Holding Corp.			Health Care Technology
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025	4.65	%		9,125,728		9,107,394		9,065,270		(5)
						9,107,394		9,065,270

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, ~~2020~~2021

Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
William Morris Endeavor Entertainment, LLC			Movies & Entertainment
OEConnection LLC			Application Software
First Lien Term Loan, LIBOR+8.50% cash due 5/18/2025	9.50	%		$	13,114,337	$	12,443,394	$	13,114,337	(5)(8)
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026	4.08	%		$	9,324,115	$	9,281,397	$	9,312,460	(5)
						12,443,394		13,114,337
						9,281,397		9,312,460
Windstream Services II, LLC			Integrated Telecommunication Services
Olaplex, Inc.			Personal Products
First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027	7.25	%		10,972,500		10,534,635		10,647,933		(5)
First Lien Term Loan, LIBOR+6.25% cash due 1/8/2026	7.25	%		11,546,327		11,392,153		11,459,729		(5)(8)
						10,534,635		10,647,933
First Lien Revolver, LIBOR+6.25% cash due 1/8/2025				—		(13,422)		(16,108)		(5)(8)(9)
WP CPP Holdings, LLC			Aerospace & Defense
						11,378,731		11,443,621
First Lien Term Loan, LIBOR+3.50% cash due 4/30/2025	4.50	%		3,931,575		3,911,636		3,463,718		(5)
OTG Management, LLC			Airport Services
						3,911,636		3,463,718
First Lien Term Loan, LIBOR+10.00% cash due 9/1/2025	11.00	%		3,205,000		3,142,216		3,140,900		(5)(8)
WPEngine, Inc.			Application Software
First Lien Delayed Draw Term Loan, LIBOR+10.00% cash due 9/1/2025				—		(5,979)		(6,104)		(5)(8)(9)
First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026	7.50	%		5,118,050		5,001,080		5,032,066		(5)(8)
						3,136,237		3,134,796
First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026				—		(217,234)		(159,683)		(5)(8)(9)
Park Place Technologies, LLC			Internet Services & Infrastructure
						4,783,846		4,872,383
First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027	6.00	%		4,975,000		4,800,895		4,980,696		(5)
Total Non-Control/Non-Affiliate Investments (123.9% of net assets)						$	428,740,923	$	429,851,146
						4,800,895		4,980,696
Cash and Cash Equivalents and Restricted Cash (8.9% of net assets)						$	31,016,086	$	31,016,086
Performance Health Holdings, Inc.			Health Care Distributors
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (132.8% of net assets)						$	459,757,009	$	460,867,232
First Lien Term Loan, LIBOR+6.00% cash due 7/12/2027	7.00	%		4,915,000		4,820,334		4,816,700		(5)(8)
						4,820,334		4,816,700
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	%		4,408,845		4,329,641		4,430,889		(5)(8)
						4,329,641		4,430,889
Pluralsight, LLC			Application Software
First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027	9.00	%		15,361,250		15,076,598		15,069,387		(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 4/6/2027				—		(19,440)		(20,101)		(5)(8)(9)
						15,057,158		15,049,286
PRGX Global, Inc.			Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+6.75% cash due 3/3/2026	7.75	%		8,256,663		8,110,702		8,118,504		(5)(8)
First Lien Revolver, LIBOR+6.75% cash due 3/3/2026				—		(10,773)		(10,197)		(5)(8)(9)
19,485 Class B Common Units						19,485		19,485		(8)
						8,119,414		8,127,792
ProFrac Services, LLC			Industrial Machinery
First Lien Term Loan, LIBOR+8.50% cash due 9/15/2023	9.75	%		1,176,313		1,171,701		1,164,550		(5)(8)
						1,171,701		1,164,550
Project Boost Purchaser, LLC			Application Software
Second Lien Term Loan, LIBOR+8.00% cash due 5/31/2027	8.08	%		1,500,000		1,500,000		1,492,500		(5)(8)
						1,500,000		1,492,500
Quantum Bidco Limited			Food Distributors
First Lien Term Loan, UK LIBOR+6.00% cash due 1/29/2028	6.11	%		£	1,125,000	1,486,303		1,501,725		(5)(10)
						1,486,303		1,501,725
Relativity ODA LLC			Application Software
First Lien Term Loan, LIBOR+7.50% PIK due 5/12/2027				$	5,601,876	5,474,760		5,484,237		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 5/12/2027				—		(12,712)		(11,418)		(5)(8)(9)
						5,462,048		5,472,819
Renaissance Holding Corp.			Diversified Banks
Second Lien Term Loan, LIBOR+7.00% cash due 5/29/2026	7.08	%		1,138,000		1,129,465		1,144,401		(5)
						1,129,465		1,144,401

Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation (Depreciation)
Foreign currency forward contract	$	6,662,097	€	6,026,830	11/12/2020	Bank of New York Mellon	$	(411,465)
Foreign currency forward contract	$	9,893,413	£	7,833,885	11/12/2020	Bank of New York Mellon	$	(236,424)
							$	(647,889)

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
RumbleOn, Inc.			Automotive Retail
First Lien Term Loan, LIBOR+8.25% cash due 8/31/2026	9.25	%		$	9,192,486	$	8,616,072	$	8,613,359	(5)(8)(10)
First Lien Delayed Draw Term Loan, LIBOR+8.25% cash due 8/31/2026				—		(247,035)		(248,197)		(5)(8)(9)(10)
39,794 Class B Common Stock Warrants (exercise price $33.00) expiration date 2/28/2023						290,496		375,257		(8)(10)
						8,659,533		8,740,419
Sabert Corporation			Metal & Glass Containers
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	5.50	%		2,727,699		2,700,422		2,737,928		(5)
						2,700,422		2,737,928
Scilex Pharmaceuticals Inc.			Pharmaceuticals
Fixed Rate Zero Coupon Bond due 8/15/2026				1,153,753		976,809		1,075,413		(8)
						976,809		1,075,413
SIO2 Medical Products, Inc.			Metal & Glass Containers
Subordinated Debt, 11.25% cash due 2/28/2022				2,883,000		2,749,617		2,724,435		(8)
Subordinated Delayed Draw Debt, 11.25% cash due 2/28/2022				—		(19,881)		(21,623)		(8)(9)
Common Stock Warrants (exercise price $0.75) expiration date 7/31/2028						123,557		124,249		(8)
						2,853,293		2,827,061
Sirva Worldwide, Inc.			Diversified Support Services
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025	5.58	%		434,731		428,210		410,958		(5)
						428,210		410,958
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	%		4,746,200

Filing Compare · Oaktree Strategic Income II, Inc.