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 March 31, 2022


			¨			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 May 9, 2022
Common stock, $0.001 par value						17,401,121

OAKTREE STRATEGIC INCOME II, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022

TABLE OF CONTENTS



		PART I — FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements:
		Consolidated Statements of Assets and Liabilities as of March 31, 2022 (unaudited) and September 30, 2021	3
		Consolidated Statements of Operations (unaudited) for the three and six months ended March 31, 2022 and 2021	4
		Consolidated Statements of Changes in Net Assets (unaudited) for the three and six months ended March 31, 2022 and 2021	5
		Consolidated Statements of Cash Flows (unaudited) for the six months ended March 31, 2022 and 2021	6
		Consolidated Schedule of Investments as of March 31, 202 2 (unaudited)	7
		Consolidated Schedule of Investments as of September 30, 2021	17
		Notes to Consolidated Financial Statements (unaudited)	27
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		53
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		69
Item 4.	Controls and Procedures		71
		PART II — OTHER INFORMATION
Item 1.	Legal Proceedings		71
Item 1A.	Risk Factors		72
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		72
Item 3.	Defaults Upon Senior Securities		72
Item 4.	Mine Safety Disclosures		72
Item 5.	Other Information		72
Item 6.	Exhibits		73
Signatures			74

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Assets and Liabilities


	March 31, 2022 (unaudited)		September 30, 2021
ASSETS
Assets:
Investments – Non-control/Non-affiliate, at fair value (cost March 31, 2022: $594,539,748; cost September 30, 2021: $568,303,425)	$	596,409,095	$	575,429,432
Cash and cash equivalents	20,631,658		19,255,047
Restricted cash	6,943,543		4,317,968
Interest receivable	2,717,428		3,196,194
Receivables from unsettled transactions	2,116,748		11,349,581
Deferred financing costs	1,567,419		1,915,573
Derivative asset at fair value	855,207		618,004
Other assets	269,874		364,450
Total assets	$	631,510,972	$	616,446,249
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	552,572	$	482,680
Base management fee and incentive fees payable	4,773,673		6,433,876
Due to affiliates	616,613		1,055,391
Interest payable	1,375,160		884,294
Payables from unsettled transactions	1,947,516		—
Director fees payable	12,500		—
Deferred tax liability	100,611		117,374
Secured borrowings	9,969,784		9,969,425
Credit facilities payable	274,000,000		251,000,000
Total liabilities	293,348,429		269,943,040
Commitments and contingencies (Note 11)
Net assets:
Common stock, $0.001 par value per share, 250,000,000 shares authorized; 17,401,121 shares issued and outstanding at March 31, 2022 and September 30, 2021	17,401		17,401
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized; none issued and outstanding at March 31, 2022 and September 30, 2021	—		—
Additional paid-in-capital	337,337,998		337,337,998
Accumulated distributable earnings (loss)	807,144		9,147,810
Total net assets (equivalent to $19.43 and $19.91 per common share at March 31, 2022 and September 30, 2021, respectively) (Note 10)	338,162,543		346,503,209
Total liabilities and net assets	$	631,510,972	$	616,446,249

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Operations

(unaudited)


	Three months ended March 31, 2022		Three months ended March 31, 2021		Six months ended March 31, 2022		Six months ended March 31, 2021
Interest income:
Non-control/Non-affiliate investments	$	12,804,498	$	9,579,273	$	25,232,649	$	17,974,620
Interest on cash and cash equivalents	(27)		(120)		(212)		(116)
Total interest income	12,804,471		9,579,153		25,232,437		17,974,504
PIK interest income:
Non-control/Non-affiliate investments	932,986		1,059,795		1,890,858		1,896,553
Total PIK interest income	932,986		1,059,795		1,890,858		1,896,553
Fee income:
Non-control/Non-affiliate investments	469,103		833,122		713,005		2,104,005
Total fee income	469,103		833,122		713,005		2,104,005
Total investment income	14,206,560		11,472,070		27,836,300		21,975,062
Expenses:
Base management fee	1,449,998		1,306,231		2,926,109		2,447,758
Investment income incentive fee	2,036,618		1,658,531		3,966,586		3,221,763
Capital gains incentive fee	(871,036)		710,519		(701,498)		1,823,568
Professional fees	221,486		196,033		549,620		483,762
Director fees	38,750		38,750		77,500		77,500
Interest expense	2,059,826		1,339,292		3,807,469		2,217,248
Administrator expense	118,531		117,186		234,215		208,142
General and administrative expenses	134,868		181,924		408,445		431,835
Total expenses	5,189,041		5,548,466		11,268,446		10,911,576
Net investment income	9,017,519		5,923,604		16,567,854		11,063,486
Unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	(5,305,420)		1,839,114		(5,266,777)		6,981,094
Foreign currency forward contracts	514,567		967,184		237,203		1,010,558
Net unrealized appreciation (depreciation)	(4,790,853)		2,806,298		(5,029,574)		7,991,652
Realized gains (losses):
Non-control/Non-affiliate investments	301,311		1,428,664		446,030		2,667,016
Foreign currency forward contracts	138,050		(687,583)		1,066,329		(1,541,331)
Net realized gains (losses)	439,361		741,081		1,512,359		1,125,685
Provision for income tax (expense) benefit	(1,342)		(5,217)		12,072		(13,234)
Net realized and unrealized gains (losses), net of taxes	(4,352,834)		3,542,162		(3,505,143)		9,104,103
Net increase (decrease) in net assets resulting from operations	$	4,664,685	$	9,465,766	$	13,062,711	$	20,167,589
Net investment income per common share — basic and diluted	$	0.52	$	0.34	$	0.95	$	0.64
Earnings (loss) per common share — basic and diluted (Note 5)	$	0.27	$	0.54	$	0.75	$	1.16
Weighted average common shares outstanding — basic and diluted	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 Changes in Net Assets

(unaudited)


	Three months ended March 31, 2022		Three months ended March 31, 2021		Six months ended March 31, 2022		Six months ended March 31, 2021
Operations:
Net investment income	$	9,017,519	$	5,923,604	$	16,567,854	$	11,063,486
Net unrealized appreciation (depreciation)	(4,790,853)		2,806,298		(5,029,574)		7,991,652
Net realized gains (losses)	439,361		741,081		1,512,359		1,125,685
Provision for income tax (expense) benefit	(1,342)		(5,217)		12,072		(13,234)
Net increase (decrease) in net assets resulting from operations	4,664,685		9,465,766		13,062,711		20,167,589
Capital share transactions:
Distributions to stockholders	(7,482,481)		(6,090,393)		(21,403,377)		(22,969,482)
Net increase (decrease) in net assets from capital share transactions	(7,482,481)		(6,090,393)		(21,403,377)		(22,969,482)
Total increase (decrease) in net assets	(2,817,796)		3,375,373		(8,340,666)		(2,801,893)
Net assets at beginning of period	340,980,339		340,824,501		346,503,209		347,001,767
Net assets at end of period	$	338,162,543	$	344,199,874	$	338,162,543	$	344,199,874
Net asset value per common share	$	19.43	$	19.78	$	19.43	$	19.78
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)


	Six months ended March 31, 2022		Six months ended March 31, 2021
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	13,062,711	$	20,167,589
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	5,029,574		(7,991,652)
Net realized (gains) losses	(1,512,359)		(1,125,685)
PIK interest income	(1,890,858)		(1,896,553)
Accretion of original issue discount on investments	(3,010,921)		(2,079,341)
Amortization of deferred financing costs	348,153		280,954
Deferred taxes	(16,763)		3,028
Purchases of investments	(112,668,443)		(226,651,699)
Proceeds from sales and repayments of investments	93,404,484		117,748,607
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	172,788		(701,571)
(Increase) decrease in receivables from unsettled transactions	9,232,833		(9,125,540)
(Increase) decrease in other assets	94,576		175,248
Increase (decrease) in accounts payable, accrued expenses and other liabilities	69,892		(269,594)
Increase (decrease) in base management fee and incentive fees payable	(1,660,203)		1,510,104
Increase (decrease) in due to affiliates	(438,778)		241,297
Increase (decrease) in interest payable	490,866		251,622
Increase (decrease) in payables from unsettled transactions	1,947,516		7,505,346
Increase (decrease) in director fees payable	12,500		12,500
Net cash provided by (used in) operating activities	2,667,568		(101,945,340)
Financing activities:
Distributions paid in cash	(21,403,377)		(22,969,482)
Borrowings under the credit facilities	46,000,000		96,500,000
Repayments of borrowings under the credit facilities	(23,000,000)		—
Proceeds from secured borrowings	9,969,784		10,000,000
Repayments of secured borrowings	(9,969,425)		—
Deferred financing costs paid	—		(706,280)
Net cash provided by financing activities	1,596,982		82,824,238
Effect of exchange rate changes on foreign currency	(262,364)		(173,543)
Net increase (decrease) in cash and cash equivalents and restricted cash	4,002,186		(19,294,645)
Cash and cash equivalents and restricted cash, beginning of period	23,573,015		31,016,086
Cash and cash equivalents and restricted cash, end of period	$	27,575,201	$	11,721,441
Supplemental information:
Cash paid for interest	$	2,968,450	$	1,684,672
Non-cash financing activities:
Accrued deferred financing costs	$	—	$	172,409

Reconciliation to the Consolidated Statement of Assets and Liabilities	March 31, 2022		September 30, 2021
Cash and cash equivalents	$	20,631,658	$	19,255,047
Restricted cash	6,943,543		4,317,968
Total cash and cash equivalents and restricted cash	$	27,575,201	$	23,573,015

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(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	%		$	413,065	$	398,754	$	489,306	(5)(8)(9)
						398,754		489,306
A.T. Holdings II SÀRL			Biotechnology
First Lien Term Loan, 9.50% cash due 12/22/2022				11,190,228		11,149,606		11,145,467		(8)(10)
						11,149,606		11,145,467
Accupac, Inc.			Personal Products
First Lien Term Loan, LIBOR+5.50% cash due 1/17/2026	6.50	%		4,490,689		4,440,963		4,490,688		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 1/17/2026				—		—		—		(5)(8)(9)
First Lien Revolver, LIBOR+5.50% cash due 1/17/2026	6.50	%		399,705		393,382		399,705		(5)(8)(9)
						4,834,345		4,890,393
Acquia Inc.			Application Software
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025	8.00	%		4,381,994		4,329,541		4,373,230		(5)(8)
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025				—		(5,757)		(937)		(5)(8)(9)
						4,323,784		4,372,293
ADB Companies, LLC			Construction & Engineering
First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025	7.26	%		8,489,535		8,338,632		8,404,639		(5)(8)
						8,338,632		8,404,639
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	5,642,321		5,636,126		(5)(8)(10)
						5,642,321		5,636,126
AIP RD Buyer Corp.			Distributors
Second Lien Term Loan, SOFR+7.75% cash due 12/23/2029	8.75	%		$	3,459,000	3,392,165		3,389,820		(5)(8)
3,460 Common Units in RD Holding LP						324,727		327,800		(8)
						3,716,892		3,717,620
Alvogen Pharma US, Inc.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023	6.26	%		4,953,932		4,739,538		4,647,408		(5)
						4,739,538		4,647,408
Alvotech Holdings S.A.			Biotechnology
Fixed Rate Bond 15% PIK Tranche A due 6/24/2025				3,109,198		3,414,757		3,466,756		(8)(10)(11)
Fixed Rate Bond 15% PIK Tranche B due 6/24/2025				2,909,948		3,202,956		3,244,592		(8)(10)(11)
5,930 Common Shares						854,331		848,168		(8)(10)
						7,472,044		7,559,516
American Auto Auction Group, LLC			Consumer Finance
Second Lien Term Loan, SOFR+8.75% cash due 1/2/2029	9.50	%		2,288,000		2,243,131		2,253,680		(5)(8)
						2,243,131		2,253,680
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		5,971,444		(5)
						5,933,888		5,971,444
Amplify Finco Pty Ltd.			Movies & Entertainment
First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026	5.00	%		8,036,000		7,785,766		7,828,430		(5)(8)(10)
						7,785,766		7,828,430
Anastasia Parent, LLC			Personal Products
First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025	4.76	%		1,008,064		793,661		882,308		(5)
						793,661		882,308

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Ankura Consulting Group LLC			Research & Consulting Services
Second Lien Term Loan, LIBOR+8.00% cash due 3/19/2029	8.75	%		$	1,707,376	$	1,681,765	$	1,694,570	(5)(8)
						1,681,765		1,694,570
Apptio, Inc.			Application Software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025	8.25	%		7,129,297		7,062,260		7,072,982		(5)(8)
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025	8.25	%		184,615		180,341		180,970		(5)(8)(9)
						7,242,601		7,253,952
Ardonagh Midco 3 PLC			Insurance Brokers
First Lien Term Loan, EURIBOR+7.00% cash due 7/14/2026	8.00	%		€	1,052,732	1,175,913		1,183,036		(5)(8)(10)
First Lien Term Loan, SONIA+7.00% cash due 7/14/2026	7.75	%		£	9,987,149	12,495,159		13,281,076		(5)(8)(10)
						13,671,072		14,464,112
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	3,262,346		3,269,500		(5)(8)(10)
First Lien Revolver, LIBOR+6.00% cash due 12/29/2027				—		(7,583)		(6,731)		(5)(8)(9)(10)
						3,254,763		3,262,769
Assembled Brands Capital LLC			Specialized Finance
First Lien Revolver, LIBOR+6.75% cash due 10/17/2023	7.76	%		1,974,022		1,974,022		1,941,043		(5)(8)(9)
174,131 Class A Units						82,713		43,533		(8)
100,285 Preferred Units, 6%						110,285		127,930		(8)
7,621 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029						—		—		(8)
						2,167,020		2,112,506
Associated Asphalt Partners, LLC			Construction Materials
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024	6.25	%		907,666		825,376		748,012		(5)
						825,376		748,012
Astra Acquisition Corp.			Application Software
First Lien Term Loan, LIBOR+5.25% cash due 10/25/2028	5.75	%		4,788,000		4,660,723		4,659,323		(5)
						4,660,723		4,659,323
athenahealth Group Inc.			Health Care Technology
2,888 Shares of Series A Preferred Stock in Minerva Holdco, Inc., 10.75%						2,830,529		2,863,568		(8)
						2,830,529		2,863,568
Athenex, Inc.			Pharmaceuticals
First Lien Term Loan, 11.00% cash due 6/19/2026				10,403,540		10,098,862		10,143,452		(8)(10)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026				—		(86,693)		(156,053)		(8)(9)(10)
48,602.5 Common Stock Warrants (exercise price $1.10) expiration date 6/19/2027						167,193		14,095		(8)(10)
48,602.5 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027						167,193		486		(8)(10)
						10,346,555		10,001,980
Aurora Lux Finco S.À.R.L.			Airport Services
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026	7.00	%		7,350,000		7,225,823		6,931,049		(5)(8)(10)
						7,225,823		6,931,049
The Avery			Real Estate Operating Companies
First Lien Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023	7.75	%		4,140,978		4,122,530		4,155,173		(5)(8)
Subordinated Delayed Draw Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023	13.42	%		990,682		986,482		992,043		(5)(8)(9)
						5,109,012		5,147,216
BAART Programs, Inc.			Health Care Services
First Lien Term Loan, LIBOR+5.00% cash due 6/11/2027	6.00	%		1,280,550		1,268,640		1,264,543		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027	6.00	%		654,467		644,054		638,827		(5)(8)(9)
Second Lien Term Loan, LIBOR+8.50% cash due 6/11/2028	9.51	%		1,754,000		1,727,690		1,727,690		(5)(8)
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/2028	9.50	%		868,095		829,292		827,955		(5)(8)(9)
						4,469,676		4,459,015

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(unaudited)


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

Berner Food & Beverage, LLC			Soft Drinks
First Lien Term Loan, LIBOR+6.50% cash due 7/30/2027	7.50	%		$	8,037,644	$	7,912,714	$	7,851,974	(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 7/30/2026	7.50	%		344,064		332,731		329,255		(5)(8)(9)
						8,245,445		8,181,229
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)
						1,884,795		1,884,795
Cadence Aerospace, LLC			Aerospace & Defense
First Lien Term Loan, LIBOR+6.50% cash 2.00% PIK due 11/14/2023	7.50	%		3,172,775		3,143,160		2,913,877		(5)(8)
						3,143,160		2,913,877
CITGO Holding, Inc.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023	8.00	%		646,398		633,705		639,798		(5)
						633,705		639,798
CITGO Petroleum Corp.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024	7.25	%		5,637,169		5,580,797		5,634,153		(5)
						5,580,797		5,634,153
Continental Intermodal Group LP			Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+8.50% cash due 1/28/2025	9.50	%		9,623,007		9,623,007		8,083,326		(5)(8)
Common Stock Warrants expiration date 7/28/2025						—		454,000		(8)
						9,623,007		8,537,326
Convergeone Holdings, Inc.			IT Consulting & Other Services
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026	5.46	%		5,759,850		5,632,307		5,531,875		(5)
						5,632,307		5,531,875
CorEvitas, LLC			Health Care Services
First Lien Term Loan, SOFR+5.75% cash due 12/13/2025	6.75	%		5,031,784		4,970,866		4,995,006		(5)(8)
First Lien Revolver, PRIME+4.50% cash due 12/13/2025				—		(7,221)		(4,890)		(5)(8)(9)
401 Class A2 Common Units in CorEvitas Group Holdings, L.P.						251,644		853,635		(8)
						5,215,289		5,843,751
CPC Acquisition Corp.			Specialty Chemicals
Second Lien Term Loan, LIBOR+7.75% cash due 12/29/2028	8.76	%		727,000		716,095		705,190		(5)(8)
						716,095		705,190
Curium Bidco S.à.r.l.			Biotechnology
Second Lien Term Loan, LIBOR+7.75% cash due 10/27/2028	8.76	%		1,788,000		1,761,180		1,772,355		(5)(10)
						1,761,180		1,772,355
Dialyze Holdings, LLC			Health Care Equipment
First Lien Term Loan, LIBOR+9.00% cash 0.50% PIK due 8/4/2026	10.01	%		4,456,445		4,183,446		4,166,777		(5)(8)(12)
First Lien Delayed Draw Term Loan, LIBOR+9.00% cash 0.50% PIK due 8/4/2026				—		(28,043)		(28,384)		(5)(8)(9)
993,431 Class A Warrants (exercise price $1.00) expiration date 8/4/2028						258,292		248,358		(8)
						4,413,695		4,386,751
Digital.AI Software Holdings, Inc.			Application Software
First Lien Term Loan, LIBOR+7.00% cash due 2/10/2027	8.00	%		2,624,458		2,560,638		2,571,969		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 2/10/2027	7.50	%		94,677		87,770		88,997		(5)(8)(9)
						2,648,408		2,660,966

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
DirecTV Financing, LLC			Cable & Satellite
First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027	5.75	%		$	8,595,000	$	8,509,050	$	8,596,676	(5)
						8,509,050		8,596,676
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		5,940,844		(5)
						5,922,805		5,940,844
Fortress Biotech, Inc.			Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/2025				2,452,500		2,350,736		2,415,713		(8)(10)(12)
85,811 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030						90,960		29,176		(8)(10)
						2,441,696		2,444,889
Gibson Brands, Inc.			Leisure Products
First Lien Term Loan, LIBOR+5.00% cash due 8/11/2028	5.75	%		2,493,750		2,473,800		2,453,227		(5)
						2,473,800		2,453,227
Global Medical Response, Inc.			Health Care Services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025	5.25	%		1,062,227		1,050,479		1,057,484		(5)
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025	5.25	%		3,726,134		3,672,363		3,706,926		(5)
						4,722,842		4,764,410
Grab Holdings Inc.			Interactive Media & Services
First Lien Term Loan, LIBOR+4.50% cash due 1/29/2026	5.50	%		3,960,000		3,868,681		3,880,800		(5)(10)
						3,868,681		3,880,800
iCIMs, Inc.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024	7.50	%		2,517,618		2,492,811		2,509,033		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024	7.50	%		88,235		87,315		87,934		(5)(8)
						2,580,126		2,596,967
Immucor, Inc.			Health Care Supplies
First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025	6.76	%		2,330,817		2,300,488		2,290,027		(5)(8)
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025	9.01	%		6,013,650		5,938,184		5,938,479		(5)(8)
						8,238,672		8,228,506
Impel Neuropharma, Inc.			Health Care Technology
First Lien Revenue Interest Financing Term Loan due 2/15/2031				948,500		948,500		948,500		(5)(8)
First Lien Term Loan, SOFR+8.75% cash due 3/17/2027	9.75	%		948,500		929,686		929,530		(5)(8)
						1,878,186		1,878,030
Indivior Finance S.À.R.L.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 6/30/2026	6.26	%		1,985,000		1,950,601		1,972,594		(5)(8)(10)
						1,950,601		1,972,594
Innocoll Pharmaceuticals Limited			Health Care Technology
First Lien Term Loan, 11.00% cash due 1/26/2027				1,635,588		1,565,027		1,567,548		(8)(10)
First Lien Delayed Draw Term Loan, 11.00% cash due 1/26/2027				—		—		—		(8)(9)(10)
13,676 Tranche A Warrant Shares (exercise price $4.23) expiration date 1/26/2029						32,275		33,780		(8)(10)
						1,597,302		1,601,328
Inventus Power, Inc.			Electrical Components & Equipment
First Lien Term Loan, SOFR+5.00% cash due 3/29/2024	6.00	%		4,537,170		4,507,033		4,412,398		(5)(8)
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024	9.50	%		2,750,000		2,710,813		2,653,750		(5)(8)
						7,217,846		7,066,148
INW Manufacturing, LLC			Personal Products
First Lien Term Loan, LIBOR+5.75% cash due 5/7/2027	6.76	%		11,700,000		11,399,788		11,466,000		(5)(8)
						11,399,788		11,466,000
IPC Corp.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 10/1/2026	7.50	%		6,198,637		6,047,311		6,028,174		(5)(8)
						6,047,311		6,028,174

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Itafos Inc.			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+8.25% cash due 8/25/2024	9.25	%		$	4,318,758	$	4,180,526	$	4,163,283	(5)(8)
						4,180,526		4,163,283
Ivanti Software, Inc.			Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/1/2028	7.77	%		3,692,000		3,673,540		3,655,080		(5)
						3,673,540		3,655,080
Jazz Acquisition, Inc.			Aerospace & Defense
First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027	8.50	%		9,461,270		9,239,948		9,514,200		(5)(8)
						9,239,948		9,514,200
Kings Buyer, LLC			Environmental & Facilities Services
First Lien Term Loan, LIBOR+6.50% cash due 10/29/2027	7.50	%		3,285,305		3,252,452		3,236,026		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 10/29/2027	7.50	%		158,090		153,611		151,371		(5)(8)(9)
						3,406,063		3,387,397
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		1,147,125		(5)(8)
						1,138,500		1,147,125
Latam Airlines Group S.A.			Airlines
First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/2022				4,643,106		4,641,630		4,643,106		(5)(8)(9)(10)
First Lien Delayed Draw Term Loan, LIBOR+7.50% PIK due 3/29/2022				2,050,139		2,049,326		2,050,139		(5)(8)(9)(10)
						6,690,956		6,693,245
Lightbox Intermediate, L.P.			Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026	6.01	%		8,752,500		8,675,131		8,621,213		(5)(8)
						8,675,131		8,621,213
Lightstone Holdco LLC			Electric Utilities
First Lien Term Loan, LIBOR+3.75% cash due 1/30/2024	4.75	%		1,902,000		1,696,989		1,730,820		(5)
						1,696,989		1,730,820
Liquid Environmental Solutions Corporation			Environmental & Facilities Services
Second Lien Term Loan, LIBOR+8.50% cash due 11/30/2026	9.50	%		1,046,111		1,026,725		1,022,574		(5)(8)
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 11/30/2026	9.50	%		278,963		273,384		260,133		(5)(8)(9)
						1,300,109		1,282,707
LSL Holdco, LLC			Health Care Distributors
First Lien Term Loan, LIBOR+6.00% cash due 1/31/2028	6.75	%		4,615,633		4,525,848		4,523,320		(5)(8)
First Lien Revolver, LIBOR+6.00% cash due 1/31/2028	6.75	%		102,570		92,594		92,313		(5)(8)(9)
						4,618,442		4,615,633
Marinus Pharmaceuticals, Inc.			Pharmaceuticals
First Lien Term Loan, 11.50% cash due 5/11/2026				4,216,200		4,146,885		4,131,875		(8)(10)
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026				—		—		—		(8)(9)(10)
						4,146,885		4,131,875
Mesoblast, Inc.			Biotechnology
First Lien Term Loan, 8.00% cash 1.75% PIK due 11/19/2026				1,715,997		1,563,521		1,544,397		(8)(10)
First Lien Delayed Draw Term Loan, 8.00% cash 1.75% PIK due 11/19/2026				—		342		341		(8)(9)(10)
50,289 Warrant Shares (exercise price $7.26) expiration date 11/19/2028						115,390		95,776		(8)(10)
						1,679,253		1,640,514
MHE Intermediate Holdings, LLC			Diversified Support Services
First Lien Term Loan, LIBOR+5.75% cash due 7/21/2027	7.04	%		4,086,607		4,014,350		4,008,381		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.75% cash due 7/21/2027	6.88	%		307,739		301,828		297,514		(5)(8)(9)
First Lien Revolver, LIBOR+5.75% cash due 7/21/2027	6.75	%		14,286		7,971		7,449		(5)(8)(9)
						4,324,149		4,313,344

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Mindbody, Inc.			Internet Services & Infrastructure
First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/2025	8.38	%		$	8,631,095	$	8,541,342	$	8,501,628	(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025				—		(7,303)		(11,429)		(5)(8)(9)
						8,534,039		8,490,199
Mosaic Companies, LLC			Home Improvement Retail
First Lien Term Loan, LIBOR+6.75% cash due 7/2/2026	7.75	%		11,450,063		11,255,299		11,312,662		(5)(8)
						11,255,299		11,312,662
MRI Software LLC			Application Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026	6.51	%		7,227,255		7,181,691		7,203,224		(5)(8)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026				—		(4,612)		(1,533)		(5)(8)(9)
						7,177,079		7,201,691
Navisite, LLC			Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/2026	9.51	%		7,779,000		7,655,871		7,428,945		(5)(8)
						7,655,871		7,428,945
NeuAG, LLC			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024	7.00	%		13,884,280		13,579,573		13,703,784		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024				—		(62,040)		(20,163)		(5)(8)(9)
						13,517,533		13,683,621
NN, Inc.			Industrial Machinery
First Lien Term Loan, LIBOR+6.88% cash due 9/19/2026	7.88	%		14,728,230		14,429,269		14,389,481		(5)(8)(10)
						14,429,269		14,389,481
OEConnection LLC			Application Software
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026	4.46	%		6,295,558		6,266,722		6,206,350		(5)
Second Lien Term Loan, LIBOR+7.00% cash due 9/25/2027	7.50	%		1,804,000		1,769,717		1,758,900		(5)(8)
						8,036,439		7,965,250
OTG Management, LLC			Airport Services
First Lien Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/2025	3.00	%		3,335,208		3,280,403		3,268,504		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/2025				—		(5,219)		(6,104)		(5)(8)(9)
						3,275,184		3,262,400
Park Place Technologies, LLC			Internet Services & Infrastructure
First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027	6.00	%		4,950,000		4,790,901		4,935,571		(5)
						4,790,901		4,935,571
Performance Health Holdings, Inc.			Health Care Distributors
First Lien Term Loan, LIBOR+6.00% cash due 7/12/2027	7.01	%		4,398,925		4,321,507		4,320,294		(5)(8)
						4,321,507		4,320,294
PFNY Holdings, LLC			Leisure Facilities
First Lien Term Loan, LIBOR+7.00% cash due 12/31/2026	8.00	%		6,307,030		6,187,893		6,180,889		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 12/31/2026				—		(11,346)		(12,013)		(5)(8)(9)
First Lien Revolver, LIBOR+7.00% cash due 12/31/2026				—		(5,673)		(6,007)		(5)(8)(9)
						6,170,874		6,162,869
Planview Parent, Inc.			Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028	8.26	%		9,872,000		9,723,920		9,822,640		(5)(8)
						9,723,920		9,822,640
PLNTF Holdings, LLC			Leisure Facilities
First Lien Term Loan, LIBOR+8.00% cash due 3/22/2026	9.00	%		890,770		876,551		888,543		(5)(8)
						876,551		888,543
Pluralsight, LLC			Application Software
First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027	9.00	%		15,361,250		15,102,334		15,054,025		(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 4/6/2027				—		(17,682)		(21,159)		(5)(8)(9)
						15,084,652		15,032,866

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
PRGX Global, Inc.			Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+6.75% cash due 3/3/2026	7.76	%		$	8,215,172	$	8,086,321	$	8,086,194	(5)(8)
First Lien Revolver, LIBOR+6.75% cash due 3/3/2026				—		(9,558)		(9,568)		(5)(8)(9)
19,485 Class B Common Units						19,485		21,502		(8)
						8,096,248		8,098,128
Profrac Holdings II, LLC			Industrial Machinery
First Lien Term Loan, SOFR+8.50% cash due 3/4/2025	9.50	%		8,128,000		7,890,389		7,965,440		(5)(8)
						7,890,389		7,965,440
Project Boost Purchaser, LLC			Application Software
Second Lien Term Loan, LIBOR+8.00% cash due 5/31/2027	8.46	%		1,500,000		1,500,000		1,494,375		(5)(8)
						1,500,000		1,494,375
Quantum Bidco Limited			Food Distributors
First Lien Term Loan, SONIA+6.00% cash due 1/29/2028	6.28	%		£	1,125,000	1,490,568		1,444,815		(5)(8)(10)
						1,490,568		1,444,815
Relativity ODA LLC			Application Software
First Lien Term Loan, LIBOR+7.50% cash due 5/12/2027	8.50	%		$	5,815,361	5,699,536		5,704,869		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 5/12/2027				—		(11,582)		(10,330)		(5)(8)(9)
						5,687,954		5,694,539
Renaissance Holding Corp.			Diversified Banks
Second Lien Term Loan, LIBOR+7.00% cash due 5/29/2026	7.46	%		1,138,000		1,129,465		1,131,064		(5)
						1,129,465		1,131,064
RumbleOn, Inc.			Automotive Retail
First Lien Term Loan, LIBOR+8.25% cash due 8/31/2026	9.25	%		9,146,524		8,631,144		8,817,249		(5)(8)(10)
First Lien Delayed Draw Term Loan, LIBOR+8.25% cash due 8/31/2026	9.25	%		2,767,226		2,545,629		2,625,648		(5)(8)(9)(10)
39,794 Class B Common Stock Warrants (exercise price $33.00) expiration date 2/28/2023						290,496		236,376		(8)(10)
						11,467,269		11,679,273
Sabert Corporation			Metal & Glass Containers
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	5.50	%		2,657,207		2,630,635		2,560,883		(5)
						2,630,635		2,560,883
Scilex Pharmaceuticals Inc.			Pharmaceuticals
Fixed Rate Zero Coupon Bond due 8/15/2026				904,428		798,295		883,716		(8)
						798,295		883,716
SiO2 Medical Products, Inc.			Metal & Glass Containers
First Lien Term Loan, 5.50% cash 5.50% PIK due 12/21/2026				6,427,972		6,306,495		6,312,911		(8)(12)
Common Stock Warrants (exercise price $0.75) expiration date 7/31/2028						123,557		123,557		(8)
						6,430,052		6,436,468
Sirva Worldwide, Inc.			Diversified Support Services
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025	5.96	%		428,896		422,463		397,623		(5)
						422,463		397,623
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		2,939,625		(5)(8)
						2,881,125		2,939,625
Sorenson Communications, LLC			Communications Equipment
First Lien Term Loan, LIBOR+5.50% cash due 3/17/2026	6.51	%		4,496,400		4,451,436		4,496,400		(5)
						4,451,436		4,496,400
Sorrento Therapeutics, Inc.			Biotechnology
16,000 Common Stock Units						63,040		37,280		(10)
						63,040		37,280

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Star US Bidco LLC			Industrial Machinery
First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027	5.25	%		$	1,429,339	$	1,363,818	$	1,418,019	(5)
						1,363,818		1,418,019
SumUp Holdings Luxembourg S.À.R.L.			Other Diversified Financial Services
First Lien Term Loan, EURIBOR+8.50% cash due 3/10/2026	10.00	%		€	6,820,000	7,954,056		7,474,449		(5)(8)(10)
						7,954,056		7,474,449
Sunland Asphalt & Construction, LLC			Construction & Engineering
First Lien Term Loan, LIBOR+6.00% cash due 1/13/2026	7.00	%		$	11,661,913	11,485,172		11,445,002		(5)(8)
						11,485,172		11,445,002
Supermoose Borrower, LLC			Application Software
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025	4.76	%		2,879,977		2,653,741		2,719,173		(5)
						2,653,741		2,719,173
SVP-Singer Holdings Inc.			Home Furnishings
First Lien Term Loan, LIBOR+6.75% cash due 7/28/2028	7.76	%		5,046,640		4,725,617		4,743,842		(5)(8)
						4,725,617		4,743,842
Tacala, LLC			Restaurants
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028	8.25	%		3,394,977		3,351,252		3,356,784		(5)
						3,351,252		3,356,784
Tahoe Bidco B.V.			Application Software
First Lien Term Loan, LIBOR+6.00% cash due 9/29/2028	6.75	%		5,611,000		5,506,487		5,515,613		(5)(8)(10)
First Lien Revolver, LIBOR+6.00% cash due 10/1/2027				—		(7,742)		(7,575)		(5)(8)(9)(10)
						5,498,745		5,508,038
Tecta America Corp.			Construction & Engineering
Second Lien Term Loan, LIBOR+8.50% cash due 4/9/2029	9.25	%		1,671,000		1,645,935		1,687,710		(5)(8)
						1,645,935		1,687,710
Telestream Holdings Corporation			Application Software
First Lien Term Loan, LIBOR+8.75% cash due 10/15/2025	9.75	%		5,248,563		5,178,386		5,185,580		(5)(8)
First Lien Revolver, LIBOR+8.75% cash due 10/15/2025				—		(7,179)		(6,012)		(5)(8)(9)
						5,171,207		5,179,568
TerSera Therapeutics LLC			Pharmaceuticals
Second Lien Term Loan, LIBOR+10.00% cash due 3/30/2026	11.00	%		6,100,000		5,968,410		6,088,142		(5)(8)
						5,968,410		6,088,142
Thermacell Repellents, Inc.			Leisure Products
First Lien Term Loan, LIBOR+5.75% cash due 12/4/2026	6.76	%		6,602,708		6,569,406		6,569,755		(5)(8)
First Lien Revolver, LIBOR+5.75% cash due 12/4/2026	6.75	%		604,167		600,000		600,000		(5)(8)(9)
						7,169,406		7,169,755
Thrasio, LLC			Internet & Direct Marketing Retail
First Lien Term Loan, LIBOR+7.00% cash due 12/18/2026	8.01	%		9,747,014		9,550,979		9,634,922		(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		6,849,942		(8)(9)
						16,431,272		18,273,754
Touchstone Acquisition, Inc.			Health Care Supplies
First Lien Term Loan, LIBOR+6.00% cash due 12/29/2028	6.75	%		5,803,000		5,690,457		5,686,940		(5)(8)
						5,690,457		5,686,940

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(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	%		$	7,387,734	$	7,285,832	$	6,933,389	(5)
						7,285,832		6,933,389
Verscend Holding Corp.			Health Care Technology
First Lien Term Loan, LIBOR+4.00% cash due 8/27/2025	4.46	%		830,002		816,799		828,965		(5)
						816,799		828,965
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		1,520,750		(5)
						1,524,600		1,520,750
Win Brands Group LLC			Housewares & Specialties
First Lien Term Loan, LIBOR+9.00% cash 5.00% PIK due 1/22/2026	10.00	%		1,084,346		1,073,776		1,076,214		(5)(8)
62 Class F Warrants in Brand Value Growth LLC (exercise price $0.01) expiration date 1/25/2027						—		46,675		(8)
						1,073,776		1,122,889
Windstream Services II, LLC			Integrated Telecommunication Services
First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027	7.25	%		9,971,213		9,658,792		9,971,213		(5)
						9,658,792		9,971,213
WP CPP Holdings, LLC			Aerospace & Defense
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025	4.75	%		4,372,816		4,337,152		4,154,175		(5)
						4,337,152		4,154,175
WPEngine, Inc.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026	8.00	%		14,623,000		14,380,062		14,450,054		(5)(8)
						14,380,062		14,450,054
Zephyr Bidco Limited			Specialized Finance
Second Lien Term Loan, SONIA+7.50% cash due 7/23/2026	8.22	%		£	2,000,000	2,591,233		2,616,026		(5)(10)
						2,591,233		2,616,026
Total Non-Control/Non-Affiliate Investments (176.4% of net assets)						$	594,539,748	$	596,409,095
Cash and Cash Equivalents and Restricted Cash (8.2% of net assets)						$	27,575,201	$	27,575,201
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (184.5% of net assets)						$	622,114,949	$	623,984,296


Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation (Depreciation)
Foreign currency forward contract	$	14,546,300	€	12,710,431	5/12/2022	Bank of New York Mellon	$	385,532
Foreign currency forward contract	$	17,014,400	£	12,568,533	5/12/2022	Bank of New York Mellon	$	469,675
							$	855,207

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

March 31, 2022

(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 most of the 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. Certain loans may also be indexed to the secured overnight financing rate ("SOFR") or the sterling overnight index average ("SONIA"). 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 March 31, 2022, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 0.46%, the 90-day LIBOR at 1.01%, the 180-day LIBOR at 1.50%, the 360-day LIBOR at 2.20%, the PRIME at 3.50%, the SOFR at 0.28%, the SONIA at 0.69%, the 30-day EURIBOR at (0.53)%, the 90-day EURIBOR at (0.47)% and the 180-day EURIBOR at (0.38)%. 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 March 31, 2022, 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 March 31, 2022, qualifying assets represented 78.7% of the Company's total assets and non-qualifying assets represented 21.3% of the Company's total assets.

(11)PIK interest income for this investment accrues at an annualized rate of 15%, however, the PIK interest is not contractually capitalized on the investment subsequent to a restructuring that occurred during the year ended September 30, 2021. As a result, the principal amount of the investment does not increase over time for accumulated PIK interest. As of March 31, 2022, the accumulated PIK interest balance for the Alvotech Holdings S.A. ("Alvotech") A notes and the B notes was $0.4 million $0.3 million, respectively. 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 March 31, 2022. See "Secured Borrowings" in Note 6 in the Consolidated Financial Statements for further details.

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


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

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


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

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

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


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

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


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

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

September 30, 2021


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Lightbox Intermediate, L.P.			Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026	5.13	%		$	8,797,500	$	8,710,292	$	8,753,513	(5)(8)
						8,710,292		8,753,513
Lightstone Holdco LLC			Electric Utilities
First Lien Term Loan, LIBOR+3.75% cash due 1/30/2024	4.75	%		1,902,000		1,641,216		1,578,793		(5)
						1,641,216		1,578,793
LTI Holdings, Inc.			Electronic Components
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026	6.83	%		1,396,000		1,375,156		1,394,255		(5)
						1,375,156		1,394,255
Maravai Intermediate Holdings, LLC			Biotechnology
First Lien Term Loan, LIBOR+3.75% cash due 10/19/2027	4.75	%		5,909,583		5,850,488		5,933,606		(5)
						5,850,488		5,933,606
Marinus Pharmaceuticals, Inc.			Pharmaceuticals
First Lien Term Loan, 11.50% cash due 5/11/2026				2,529,720		2,483,088		2,491,774		(8)(10)
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026				—		—		—		(8)(9)(10)
						2,483,088		2,491,774
MedAssets Software Intermediate Holdings, Inc.			Health Care Technology
Second Lien Term Loan, LIBOR+7.75% cash due 1/29/2029	8.50	%		4,874,000		4,784,294		4,813,075		(5)(8)
						4,784,294		4,813,075
MHE Intermediate Holdings, LLC			Diversified Support Services
First Lien Term Loan, LIBOR+5.75% cash due 7/21/2027	6.75	%		4,107,143		4,027,699		4,025,000		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.75% cash due 7/21/2027	6.75	%		26,429		20,807		20,807		(5)(8)(9)
First Lien Revolver, LIBOR+5.75% cash due 7/21/2027				—		(6,908)		(7,143)		(5)(8)(9)
						4,041,598

Oaktree Strategic Income II, Inc. 10-Q