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 30, 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 August 5, 2022
Common stock, $0.001 par value						17,401,121

OAKTREE STRATEGIC INCOME II, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022

TABLE OF CONTENTS



		PART I — FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements:
		Consolidated Statements of Assets and Liabilities as of June 30, 2022 (unaudited) and September 30, 2021	3
		Consolidated Statements of Operations (unaudited) for the three and nine months ended June 30, 2022 and 2021	4
		Consolidated Statements of Changes in Net Assets (unaudited) for the three and nine months ended June 30, 2022 and 2021	5
		Consolidated Statements of Cash Flows (unaudited) for the nine months ended June 30, 2022 and 2021	6
		Consolidated Schedule of Investments as of June 3 0 , 2022 (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		54
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		70
Item 4.	Controls and Procedures		72
		PART II — OTHER INFORMATION
Item 1.	Legal Proceedings		72
Item 1A.	Risk Factors		73
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		73
Item 3.	Defaults Upon Senior Securities		73
Item 4.	Mine Safety Disclosures		73
Item 5.	Other Information		73
Item 6.	Exhibits		74
Signatures			75

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Assets and Liabilities


	June 30, 2022 (unaudited)		September 30, 2021
ASSETS
Assets:
Investments – Non-control/Non-affiliate, at fair value (cost June 30, 2022: $580,967,818; cost September 30, 2021: $568,303,425)	$	566,675,653	$	575,429,432
Cash and cash equivalents	21,175,177		19,255,047
Restricted cash	9,815,519		4,317,968
Interest receivable	2,673,301		3,196,194
Receivables from unsettled transactions	1,833,059		11,349,581
Deferred financing costs	1,391,387		1,915,573
Derivative asset at fair value	352,041		618,004
Other assets	279,586		364,450
Total assets	$	604,195,723	$	616,446,249
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	401,252	$	482,680
Base management fee and incentive fees payable	3,213,805		6,433,876
Due to affiliates	576,181		1,055,391
Interest payable	1,817,853		884,294
Payables from unsettled transactions	3,035,689		—
Director fees payable	12,500		—
Deferred tax liability	56,780		117,374
Secured borrowings	5,802,122		9,969,425
Credit facilities payable	264,000,000		251,000,000
Total liabilities	278,916,182		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 June 30, 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 June 30, 2022 and September 30, 2021	—		—
Additional paid-in-capital	337,337,998		337,337,998
Accumulated distributable earnings (loss)	(12,075,858)		9,147,810
Total net assets (equivalent to $18.69 and $19.91 per common share at June 30, 2022 and September 30, 2021, respectively) (Note 10)	325,279,541		346,503,209
Total liabilities and net assets	$	604,195,723	$	616,446,249

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Statements of Operations

(unaudited)


	Three months ended June 30, 2022		Three months ended June 30, 2021		Nine months ended June 30, 2022		Nine months ended June 30, 2021
Interest income:
Non-control/Non-affiliate investments	$	11,924,554	$	11,410,618	$	37,157,203	$	29,385,238
Interest on cash and cash equivalents	5,575		(17)		5,363		(133)
Total interest income	11,930,129		11,410,601		37,162,566		29,385,105
PIK interest income:
Non-control/Non-affiliate investments	1,120,082		1,063,850		3,010,940		2,960,403
Total PIK interest income	1,120,082		1,063,850		3,010,940		2,960,403
Fee income:
Non-control/Non-affiliate investments	558,320		1,927,862		1,271,325		4,031,867
Total fee income	558,320		1,927,862		1,271,325		4,031,867
Dividend income:
Non-control/Non-affiliate investments	24,712		—		24,712		—
Total dividend income	24,712		—		24,712		—
Total investment income	13,633,243		14,402,313		41,469,543		36,377,375
Expenses:
Base management fee	1,363,619		1,398,118		4,289,728		3,845,876
Investment income incentive fee	1,850,189		2,149,705		5,816,775		5,371,468
Capital gains incentive fee	(1,287,059)		96,473		(1,988,557)		1,920,041
Professional fees	252,017		257,669		801,637		741,431
Director fees	38,750		38,750		116,250		116,250
Interest expense	2,399,380		1,630,614		6,206,849		3,847,862
Administrator expense	108,141		105,792		342,356		313,934
General and administrative expenses	220,393		212,813		628,838		644,648
Total expenses	4,945,430		5,889,934		16,213,876		16,801,510
Net investment income	8,687,813		8,512,379		25,255,667		19,575,865
Unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	(16,185,425)		(492,162)		(21,452,202)		6,488,932
Foreign currency forward contracts	(503,166)		394,129		(265,963)		1,404,687
Net unrealized appreciation (depreciation)	(16,688,591)		(98,033)		(21,718,165)		7,893,619
Realized gains (losses):
Non-control/Non-affiliate investments	49,005		963,603		495,035		3,630,619
Foreign currency forward contracts	2,681,434		(267,789)		3,747,763		(1,809,120)
Net realized gains (losses)	2,730,439		695,814		4,242,798		1,821,499
Provision for income tax (expense) benefit	43,831		(104,025)		55,903		(117,259)
Net realized and unrealized gains (losses), net of taxes	(13,914,321)		493,756		(17,419,464)		9,597,859
Net increase (decrease) in net assets resulting from operations	$	(5,226,508)	$	9,006,135	$	7,836,203	$	29,173,724
Net investment income per common share — basic and diluted	$	0.50	$	0.49	$	1.45	$	1.12
Earnings (loss) per common share — basic and diluted (Note 5)	$	(0.30)	$	0.52	$	0.45	$	1.68
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 June 30, 2022		Three months ended June 30, 2021		Nine months ended June 30, 2022		Nine months ended June 30, 2021
Operations:
Net investment income	$	8,687,813	$	8,512,379	$	25,255,667	$	19,575,865
Net unrealized appreciation (depreciation)	(16,688,591)		(98,033)		(21,718,165)		7,893,619
Net realized gains (losses)	2,730,439		695,814		4,242,798		1,821,499
Provision for income tax (expense) benefit	43,831		(104,025)		55,903		(117,259)
Net increase (decrease) in net assets resulting from operations	(5,226,508)		9,006,135		7,836,203		29,173,724
Capital share transactions:
Distributions to stockholders	(7,656,494)		(6,960,449)		(29,059,871)		(29,929,931)
Net increase (decrease) in net assets from capital share transactions	(7,656,494)		(6,960,449)		(29,059,871)		(29,929,931)
Total increase (decrease) in net assets	(12,883,002)		2,045,686		(21,223,668)		(756,207)
Net assets at beginning of period	338,162,543		344,199,874		346,503,209		347,001,767
Net assets at end of period	$	325,279,541	$	346,245,560	$	325,279,541	$	346,245,560
Net asset value per common share	$	18.69	$	19.90	$	18.69	$	19.90
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, 2022		Nine months ended June 30, 2021
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	7,836,203	$	29,173,724
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	21,718,165		(7,893,619)
Net realized (gains) losses	(4,242,798)		(1,821,499)
PIK interest income	(3,010,940)		(2,960,403)
Accretion of original issue discount on investments	(3,999,618)		(3,626,166)
Amortization of deferred financing costs	524,186		456,987
Deferred taxes	(60,594)		104,706
Purchases of investments	(135,289,634)		(278,278,107)
Proceeds from sales and repayments of investments	134,529,728		180,298,197
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	128,022		(949,787)
(Increase) decrease in receivables from unsettled transactions	9,516,522		(2,384,628)
(Increase) decrease in other assets	84,864		314,674
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(81,428)		(434,942)
Increase (decrease) in base management fee and incentive fees payable	(3,220,071)		2,189,637
Increase (decrease) in due to affiliates	(479,210)		364,803
Increase (decrease) in interest payable	933,559		560,802
Increase (decrease) in payables from unsettled transactions	3,035,689		778,680
Increase (decrease) in director fees payable	12,500		—
Net cash provided by (used in) operating activities	27,935,145		(84,106,941)
Financing activities:
Distributions paid in cash	(29,059,871)		(29,929,931)
Borrowings under the credit facilities	54,000,000		108,000,000
Repayments of borrowings under the credit facilities	(41,000,000)		(10,000,000)
Proceeds from secured borrowings	15,771,906		10,000,000
Repayments of secured borrowings	(19,939,209)		—
Deferred financing costs paid	—		(805,202)
Net cash provided by (used in) financing activities	(20,227,174)		77,264,867
Effect of exchange rate changes on foreign currency	(290,290)		(408,888)
Net increase (decrease) in cash and cash equivalents and restricted cash	7,417,681		(7,250,962)
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	$	30,990,696	$	23,765,124
Supplemental information:
Cash paid for interest	$	4,749,104	$	2,830,073
Non-cash financing activities:
Accrued deferred financing costs	$	—	$	73,487

Reconciliation to the Consolidated Statement of Assets and Liabilities	June 30, 2022		September 30, 2021
Cash and cash equivalents	$	21,175,177	$	19,255,047
Restricted cash	9,815,519		4,317,968
Total cash and cash equivalents and restricted cash	$	30,990,696	$	23,573,015

See notes to Consolidated Financial Statements.

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 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 Term Loan, LIBOR+7.00% cash due 2/2/2023	8.33	%		$	527,084	$	522,929	$	558,106	(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 2/2/2023				—		(12,807)		7,309		(5)(8)(9)
						510,122		565,415
A.T. Holdings II SÀRL			Biotechnology
First Lien Term Loan, 9.50% PIK due 12/22/2022				11,447,137		11,420,464		11,475,755		(8)(10)
						11,420,464		11,475,755
Accupac, Inc.			Personal Products
First Lien Term Loan, SOFR+5.50% cash due 1/16/2026	7.59	%		4,479,233		4,432,903		4,468,035		(5)(8)
First Lien Delayed Draw Term Loan, SOFR+5.50% cash due 1/16/2026				—		—		(2,141)		(5)(8)(9)
First Lien Revolver, SOFR+5.50% cash due 1/16/2026	7.59	%		25,492		19,586		24,065		(5)(8)(9)
						4,452,489		4,489,959
Acquia Inc.			Application Software
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025	8.12	%		4,381,994		4,333,187		4,360,085		(5)(8)
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025	9.08	%		56,232		50,875		53,889		(5)(8)(9)
						4,384,062		4,413,974
ADB Companies, LLC			Construction & Engineering
First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025	8.50	%		8,362,365		8,223,688		8,224,386		(5)(8)
						8,223,688		8,224,386
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	5,644,386		4,923,552		(5)(8)(10)
						5,644,386		4,923,552
AIP RD Buyer Corp.			Distributors
Second Lien Term Loan, SOFR+7.75% cash due 12/23/2029	9.35	%		$	3,459,000	3,394,321		3,331,017		(5)(8)
3,460 Common Units in RD Holding LP						324,727		310,881		(8)
						3,719,048		3,641,898
Alvogen Pharma US, Inc.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023	7.50	%		4,889,596		4,708,121		4,319,959		(5)
						4,708,121		4,319,959
Alvotech Holdings S.A.			Biotechnology
Tranche A Fixed Rate Bond 10.00% cash due 6/24/2025				3,109,198		3,515,170		3,565,356		(8)(10)
Tranche B Fixed Rate Bond 10.00% cash due 6/24/2025				2,909,948		3,296,570		3,336,873		(8)(10)
79,437 Common Shares in Alvotech SA						722,763		652,178		(10)(11)
16,860 Seller Earn Out Shares in Alvotech SA						60,045		41,813		(8)(10)(11)
						7,594,548		7,596,220
American Auto Auction Group, LLC			Consumer Finance
Second Lien Term Loan, SOFR+8.75% cash due 1/2/2029	10.80	%		2,288,000		2,244,785		2,219,360		(5)(8)
						2,244,785		2,219,360
American Tire Distributors, Inc.			Distributors
First Lien Term Loan, LIBOR+6.25% cash due 10/20/2028	7.00	%		5,993,978		5,919,053		5,682,291		(5)
						5,919,053		5,682,291
Amplify Finco Pty Ltd.			Movies & Entertainment
First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026	5.92	%		8,015,500		7,776,126		7,821,765		(5)(8)(10)
						7,776,126		7,821,765
Anastasia Parent, LLC			Personal Products
First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025	6.00	%		1,005,452		791,605		806,750		(5)
						791,605		806,750

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 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	9.18	%		$	1,707,376	$	1,681,765	$	1,536,638	(5)(8)
						1,681,765		1,536,638
Apptio, Inc.			Application Software
First Lien Term Loan, LIBOR+6.00% cash due 1/10/2025	7.25	%		7,129,297		7,068,270		6,968,175		(5)(8)
First Lien Revolver, LIBOR+6.00% cash due 1/10/2025	7.25	%		184,615		180,724		174,184		(5)(8)(9)
						7,248,994		7,142,359
Ardonagh Midco 3 PLC			Insurance Brokers
First Lien Term Loan, EURIBOR+7.00% cash due 7/14/2026	8.00	%		€	1,052,732	1,176,661		1,100,579		(5)(8)(10)
First Lien Term Loan, SONIA+7.00% cash due 7/14/2026	8.19	%		£	9,987,149	12,501,398		12,128,893		(5)(8)(10)
						13,678,059		13,229,472
ASP-R-PAC Acquisition Co LLC			Paper Packaging
First Lien Term Loan, LIBOR+6.00% cash due 12/29/2027	7.67	%		$	3,317,728	3,256,946		3,238,102		(5)(8)(10)
First Lien Revolver, LIBOR+6.00% cash due 12/29/2027				—		(7,254)		(9,503)		(5)(8)(9)(10)
						3,249,692		3,228,599
Assembled Brands Capital LLC			Specialized Finance
First Lien Revolver, LIBOR+6.75% cash due 10/17/2023	9.00	%		2,353,872		2,353,872		2,300,538		(5)(8)(9)
174,131 Class A Units						82,713		60,946		(8)
100,285 Preferred Units, 6%						110,285		130,136		(8)
7,621 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029						—		—		(8)
						2,546,870		2,491,620
Associated Asphalt Partners, LLC			Construction Materials
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024	6.92	%		904,942		833,056		646,065		(5)
						833,056		646,065
Astra Acquisition Corp.			Application Software
First Lien Term Loan, LIBOR+5.25% cash due 10/25/2028	6.92	%		4,326,462		4,215,252		3,782,041		(5)
						4,215,252		3,782,041
athenahealth Group Inc.			Health Care Technology
2,888 Shares of Series A Preferred Stock in Minerva Holdco, Inc., 10.75%						2,830,529		2,658,288		(8)
						2,830,529		2,658,288
Athenex, Inc.			Pharmaceuticals
First Lien Term Loan, 11.00% cash due 6/19/2026				4,785,629		4,653,759		4,665,989		(8)(10)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026				—		(86,693)		(156,053)		(8)(9)(10)
First Lien Revenue Interest Financing Term Loan due 5/31/2031				2,348,000		2,334,697		2,334,697		(5)(8)(10)
97,205 Common Stock Warrants (exercise price $0.4955) expiration date 6/19/2027						334,386		12,636		(8)(10)
						7,236,149		6,857,269
Aurora Lux Finco S.À.R.L.			Airport Services
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026	7.63	%		7,331,250		7,213,913		6,957,356		(5)(8)(10)
						7,213,913		6,957,356
The Avery			Real Estate Operating Companies
First Lien Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023	9.09	%		4,006,593		3,993,721		4,048,392		(5)(8)
Subordinated Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023	14.53	%		967,734		964,812		975,527		(5)(8)
						4,958,533		5,023,919
BAART Programs, Inc.			Health Care Services
First Lien Term Loan, LIBOR+5.00% cash due 6/11/2027	6.67	%		1,277,325		1,265,445		1,258,165		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027	6.60	%		653,606		643,200		634,851		(5)(8)(9)
Second Lien Term Loan, LIBOR+8.50% cash due 6/11/2028	10.17	%		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	10.17	%		868,095		829,767		827,955		(5)(8)(9)
						4,466,102		4,448,661

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 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	%		$	8,017,449	$	7,898,660	$	7,744,855	(5)(8)
First Lien Revolver, PRIME+5.50% cash due 7/30/2026	10.25	%		478,698		468,017		455,511		(5)(8)(9)
						8,366,677		8,200,366
BioXcel Therapeutics, Inc.			Pharmaceuticals
First Lien Term Loan, 10.25% cash due 4/19/2027				1,245,098		1,192,826		1,195,170		(8)(10)
First Lien Delayed Draw Term Loan, 10.25% cash due 4/19/2027				—		—		—		(8)(9)(10)
First Lien Revenue Interest Financing Delayed Draw Term Loan due 9/30/2032				—		—		—		(5)(8)(9)(10)
4,954 Common Stock Warrants (exercise price $20.04) expiration date 4/19/2029						29,278		28,188		(8)(10)
						1,222,104		1,223,358
Blumenthal Temecula, LLC			Automotive Retail
First Lien Term Loan, 9.00% cash due 9/24/2023				1,277,827		1,277,827		1,271,438		(8)
415,294 Preferred Units in Unstoppable Automotive AMV, LLC						415,294		411,141		(8)
95,837 Preferred Units in Unstoppable Automotive VMV, LLC						95,837		94,879		(8)
95,837 Common Units in Unstoppable Automotive AMV, LLC						95,837		119,796		(8)
						1,884,795		1,897,254
Cadence Aerospace, LLC			Aerospace & Defense
First Lien Term Loan, LIBOR+6.50% cash 2.00% PIK due 11/14/2023	7.74	%		3,180,774		3,151,234		2,921,223		(5)(8)
						3,151,234		2,921,223
CCO Holdings LLC			Cable & Satellite
Fixed Rate Bond, 4.50% cash due 5/1/2032				400,000		334,649		325,234		(10)
						334,649		325,234
CITGO Holding, Inc.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023	8.67	%		639,982		629,763		633,115		(5)
						629,763		633,115
CITGO Petroleum Corp.			Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024	7.92	%		5,622,640		5,566,413		5,589,269		(5)
						5,566,413		5,589,269
Clear Channel Outdoor Holdings, Inc.			Advertising
Fixed Rate Bond, 5.125% cash due 8/15/2027				250,000		218,089		211,744		(10)
						218,089		211,744
Continental Intermodal Group LP			Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+8.50% cash due 1/28/2025	10.17	%		8,198,818		8,198,818		6,972,274		(5)(8)
Common Stock Warrants expiration date 7/28/2025						—		171,409		(8)
						8,198,818		7,143,683
Convergeone Holdings, Inc.			IT Consulting & Other Services
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026	6.67	%		5,745,005		5,626,217		4,940,733		(5)
						5,626,217		4,940,733
CorEvitas, LLC			Health Care Technology
First Lien Term Loan, SOFR+5.75% cash due 12/13/2025	7.38	%		5,018,968		4,960,891		4,971,790		(5)(8)
First Lien Revolver, PRIME+4.75% cash due 12/13/2025	9.50	%		111,500		104,765		105,211		(5)(8)(9)
401 Class A2 Common Units in CorEvitas Group Holdings, L.P.						251,644		853,635		(8)
						5,317,300		5,930,636
CPC Acquisition Corp.			Specialty Chemicals
Second Lien Term Loan, LIBOR+7.75% cash due 12/29/2028	10.00	%		727,000		716,095		648,848		(5)(8)
						716,095		648,848

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Dialyze Holdings, LLC			Health Care Equipment
First Lien Term Loan, LIBOR+9.00% cash 2.00% PIK due 8/4/2026	11.25	%		$	4,462,078	$	4,204,743	$	4,159,995	(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+9.00% cash 2.00% PIK due 8/4/2026				—		(26,434)		(32,231)		(5)(8)(9)
993,431 Class A Warrants (exercise price $1.00) expiration date 8/4/2028						258,292		248,358		(8)
						4,436,601		4,376,122
Digital.AI Software Holdings, Inc.			Application Software
First Lien Term Loan, LIBOR+7.00% cash due 2/10/2027	8.40	%		2,617,831		2,557,433		2,559,191		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 2/10/2027	7.90	%		66,274		59,721		57,185		(5)(8)(9)
						2,617,154		2,616,376
DirecTV Financing, LLC			Cable & Satellite
First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027	6.67	%		8,392,500		8,308,575		7,750,851		(5)
						8,308,575		7,750,851
FINThrive Software Intermediate Holdings, Inc.			Health Care Technology
Second Lien Term Loan, LIBOR+6.75% cash due 12/17/2029	8.42	%		6,013,000		5,922,805		5,381,635		(5)
						5,922,805		5,381,635
Fortress Biotech, Inc.			Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/2025				2,452,500		2,358,180		2,360,531		(8)(10)(12)
85,811 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030						90,960		14,588		(8)(10)
						2,449,140		2,375,119
Gibson Brands, Inc.			Leisure Products
First Lien Term Loan, LIBOR+5.00% cash due 8/11/2028	6.41	%		2,487,500		2,467,600		2,126,813		(5)(8)
						2,467,600		2,126,813
Global Medical Response, Inc.			Health Care Services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025	5.92	%		1,059,480		1,048,752		988,521		(5)
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025	5.25	%		3,716,701		3,666,879		3,466,994		(5)
						4,715,631		4,455,515
Grove Hotel Parcel Owner, LLC			Hotels, Resorts & Cruise Lines
First Lien Term Loan, SOFR+8.00% cash due 6/21/2027	9.45	%		3,309,767		3,243,934		3,243,572		(5)(8)
First Lien Delayed Draw Term Loan, SOFR+8.00% cash due 6/21/2027				—		(13,167)		(13,239)		(5)(8)(9)
First Lien Revolver, SOFR+8.00% cash due 6/21/2027				—		(6,583)		(6,620)		(5)(8)(9)
						3,224,184		3,223,713
Harbor Purchaser Inc.			Education Services
First Lien Term Loan, SOFR+5.25% cash due 4/9/2029	6.88	%		5,100,000		4,909,797		4,637,838		(5)
						4,909,797		4,637,838
iCIMs, Inc.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024	7.72	%		2,517,618		2,495,334		2,509,058		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024	7.72	%		88,235		87,409		87,935		(5)(8)
						2,582,743		2,596,993
Immucor, Inc.			Health Care Supplies
First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025	8.00	%		2,324,886		2,296,951		2,278,388		(5)(8)
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025	10.25	%		6,066,854		5,996,753		5,960,684		(5)(8)
						8,293,704		8,239,072
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	10.95	%		948,500		930,631		931,427		(5)(8)
						1,879,131		1,879,927

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Indivior Finance S.À.R.L.			Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 6/30/2026	7.57	%		$	1,980,000	$	1,947,701	$	1,933,807	(5)(8)(10)
						1,947,701		1,933,807
Innocoll Pharmaceuticals Limited			Health Care Technology
First Lien Term Loan, 11.00% cash due 1/26/2027				1,635,588		1,568,674		1,533,364		(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		30,087		(8)(10)
						1,600,949		1,563,451
Inventus Power, Inc.			Electrical Components & Equipment
First Lien Term Loan, SOFR+5.00% cash due 3/29/2024	7.32	%		4,525,713		4,499,409		4,378,627		(5)(8)
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024	10.75	%		2,750,000		2,714,723		2,633,125		(5)(8)
						7,214,132		7,011,752
INW Manufacturing, LLC			Personal Products
First Lien Term Loan, LIBOR+5.75% cash due 3/25/2027	8.00	%		11,550,000		11,269,423		10,914,750		(5)(8)
						11,269,423		10,914,750
IPC Corp.			Application Software
First Lien Term Loan, LIBOR+6.50% cash due 10/1/2026	7.50	%		6,229,786		6,086,118		6,023,580		(5)(8)
						6,086,118		6,023,580
Itafos Inc.			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+8.25% cash due 8/25/2024	9.82	%		4,114,683		3,996,649		3,971,081		(5)(8)
						3,996,649		3,971,081
Ivanti Software, Inc.			Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/1/2028	8.85	%		3,692,000		3,673,540		3,390,493		(5)
						3,673,540		3,390,493
Jazz Acquisition, Inc.			Aerospace & Defense
First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027	9.17	%		9,437,325		9,227,953		9,459,372		(5)(8)
Second Lien Term Loan, LIBOR+8.00% cash due 6/18/2027	10.03	%		137,300		123,570		125,424		(5)
						9,351,523		9,584,796
Kings Buyer, LLC			Environmental & Facilities Services
First Lien Term Loan, LIBOR+6.50% cash due 10/29/2027	8.75	%		3,277,071		3,244,301		3,195,145		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 10/29/2027	8.75	%		158,090		153,611		146,892		(5)(8)(9)
						3,397,912		3,342,037
LaserShip, Inc.			Air Freight & Logistics
Second Lien Term Loan, LIBOR+7.50% cash due 5/7/2029	10.38	%		1,150,000		1,138,500		1,089,625		(5)(8)
						1,138,500		1,089,625
Lightbox Intermediate, L.P.			Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026	7.25	%		8,730,000		8,657,515		8,511,750		(5)(8)
						8,657,515		8,511,750
Liquid Environmental Solutions Corporation			Environmental & Facilities Services
Second Lien Term Loan, LIBOR+8.50% cash due 11/30/2026	10.17	%		1,046,111		1,027,760		1,014,728		(5)(8)
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 11/30/2026	10.17	%		278,963		273,384		253,856		(5)(8)(9)
						1,301,144		1,268,584
LSL Holdco, LLC			Health Care Distributors
First Lien Term Loan, LIBOR+6.00% cash due 1/31/2028	7.67	%		4,615,633		4,529,682		4,477,164		(5)(8)
First Lien Revolver, LIBOR+6.00% cash due 1/31/2028	7.67	%		205,139		195,589		189,754		(5)(8)(9)
						4,725,271		4,666,918
Marinus Pharmaceuticals, Inc.			Pharmaceuticals
First Lien Term Loan, 11.50% cash due 5/11/2026				4,216,200		4,151,087		4,058,093		(8)(10)
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026				—		—		—		(8)(9)(10)
						4,151,087		4,058,093

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Mesoblast, Inc.			Biotechnology
First Lien Term Loan, 8.00% cash 1.75% PIK due 11/19/2026				$	1,723,588	$	1,579,307	$	1,525,375	(8)(10)
First Lien Delayed Draw Term Loan, 8.00% cash 1.75% PIK due 11/19/2026				—		323		341		(8)(9)(10)
50,289 Warrant Shares (exercise price $7.26) expiration date 11/19/2028						115,162		33,191		(8)(10)
						1,694,792		1,558,907
MHE Intermediate Holdings, LLC			Diversified Support Services
First Lien Term Loan, LIBOR+6.00% cash due 7/21/2027	7.29	%		4,609,168		4,532,323		4,494,860		(5)(8)
First Lien Revolver, LIBOR+6.00% cash due 7/21/2027				—		(6,018)		(8,857)		(5)(8)(9)
						4,526,305		4,486,003
Mindbody, Inc.			Internet Services & Infrastructure
First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/2025	8.38	%		8,664,181		8,582,205		8,499,561		(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025				—		(6,670)		(14,476)		(5)(8)(9)
						8,575,535		8,485,085
Mosaic Companies, LLC			Home Improvement Retail
First Lien Term Loan, LIBOR+6.75% cash due 7/2/2026	8.36	%		11,450,063		11,266,711		11,232,511		(5)(8)
						11,266,711		11,232,511
MRI Software LLC			Application Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026	7.75	%		7,208,857		7,163,409		7,064,680		(5)(8)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026				—		(4,612)		(9,224)		(5)(8)(9)
						7,158,797		7,055,456
Navisite, LLC			Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/2026	10.75	%		7,779,000		7,662,333		7,390,050		(5)(8)
						7,662,333		7,390,050
NeuAG, LLC			Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024	7.75	%		14,129,954		13,794,224		13,722,249		(5)(8)
						13,794,224		13,722,249
NN, Inc.			Industrial Machinery
First Lien Term Loan, LIBOR+6.88% cash due 9/19/2026	8.54	%		14,691,038		14,409,459		14,176,851		(5)(8)(10)
						14,409,459		14,176,851
OEConnection LLC			Application Software
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026	5.67	%		6,279,551		6,250,789		5,855,682		(5)
Second Lien Term Loan, LIBOR+7.00% cash due 9/25/2027	8.60	%		1,804,000		1,771,275		1,731,840		(5)(8)
						8,022,064		7,587,522
OTG Management, LLC			Airport Services
First Lien Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/2025	4.63	%		3,403,395		3,352,580		3,335,327		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/2025				—		(4,839)		(6,104)		(5)(8)(9)
						3,347,741		3,329,223
Park Place Technologies, LLC			Internet Services & Infrastructure
First Lien Term Loan, SOFR+5.00% cash due 11/10/2027	6.63	%		4,937,500		4,785,851		4,760,565		(5)
						4,785,851		4,760,565
Performance Health Holdings, Inc.			Health Care Distributors
First Lien Term Loan, LIBOR+6.00% cash due 7/12/2027	8.88	%		4,398,925		4,325,161		4,291,591		(5)(8)
						4,325,161		4,291,591
PFNY Holdings, LLC			Leisure Facilities
First Lien Term Loan, LIBOR+7.00% cash due 12/31/2026	8.00	%		6,291,262		6,178,657		6,165,437		(5)(8)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 12/31/2026	9.25	%		534,596		523,845		522,583		(5)(8)(9)
First Lien Revolver, LIBOR+7.00% cash due 12/31/2026				—		(5,376)		(6,007)		(5)(8)(9)
						6,697,126		6,682,013

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
Planview Parent, Inc.			Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028	8.92	%		$	9,872,000	$	9,723,920	$	9,477,120	(5)(8)
						9,723,920		9,477,120
PLNTF Holdings, LLC			Leisure Facilities
First Lien Term Loan, LIBOR+8.00% cash due 3/22/2026	10.10	%		686,139		675,873		665,555		(5)(8)
						675,873		665,555
Pluralsight, LLC			Application Software
First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027	9.00	%		15,361,250		15,115,202		14,931,135		(5)(8)
First Lien Revolver, LIBOR+8.00% cash due 4/6/2027				—		(16,803)		(29,622)		(5)(8)(9)
						15,098,399		14,901,513
PRGX Global, Inc.			Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+6.75% cash due 3/3/2026	8.95	%		8,194,427		8,074,069		8,034,636		(5)(8)
First Lien Revolver, LIBOR+6.75% cash due 3/3/2026				—		(8,951)		(11,883)		(5)(8)(9)
19,485 Class B Common Units						19,485		21,502		(8)
						8,084,603		8,044,255
Profrac Holdings II, LLC			Industrial Machinery
First Lien Term Loan, SOFR+8.50% cash due 3/4/2025	10.01	%		4,944,977		4,812,735		4,846,077		(5)(8)
						4,812,735		4,846,077
Project Boost Purchaser, LLC			Application Software
Second Lien Term Loan, LIBOR+8.00% cash due 5/31/2027	9.67	%		1,500,000		1,500,000		1,451,250		(5)(8)
						1,500,000		1,451,250
Quantum Bidco Limited			Food Distributors
First Lien Term Loan, SONIA+6.00% cash due 1/29/2028	7.31	%		£	1,125,000	1,491,941		1,137,408		(5)(8)(10)
						1,491,941		1,137,408
Radiology Partners, Inc.			Health Care Distributors
First Lien Term Loan, LIBOR+4.25% cash due 7/9/2025	5.89	%		$	2,100,000	1,975,875		1,893,675		(5)
						1,975,875		1,893,675
Relativity ODA LLC			Application Software
First Lien Term Loan, LIBOR+7.50% PIK due 5/12/2027				5,900,803		5,790,624		5,759,184		(5)(8)
First Lien Revolver, LIBOR+6.50% cash due 5/12/2027				—		(11,018)		(13,049)		(5)(8)(9)
						5,779,606		5,746,135
Renaissance Holding Corp.			Diversified Banks
Second Lien Term Loan, LIBOR+7.00% cash due 5/29/2026	8.67	%		1,138,000		1,129,465		1,063,558		(5)
						1,129,465		1,063,558
RP Escrow Issuer LLC			Health Care Distributors
Fixed Rate Bond, 5.25% cash due 12/15/2025				306,000		279,653		264,950
						279,653		264,950
RumbleOn, Inc.			Automotive Retail
First Lien Term Loan, LIBOR+8.25% cash due 8/31/2026	9.25	%		9,123,542		8,638,460		8,766,812		(5)(8)(10)
First Lien Delayed Draw Term Loan, LIBOR+8.25% cash due 8/31/2026	9.25	%		2,760,290		2,551,565		2,606,793		(5)(8)(9)(10)
39,794 Class B Common Stock Warrants (exercise price $33.00) expiration date 2/28/2023						290,496		18,703		(8)(10)
						11,480,521		11,392,308
Sabert Corporation			Metal & Glass Containers
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	6.19	%		2,590,677		2,564,770		2,467,619		(5)
						2,564,770		2,467,619
Scilex Pharmaceuticals Inc.			Pharmaceuticals
Fixed Rate Zero Coupon Bond due 8/15/2026				444,040		399,929		437,379		(8)
						399,929		437,379

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
SiO2 Medical Products, Inc.			Metal & Glass Containers
First Lien Term Loan, 5.50% cash 8.50% PIK due 12/21/2026				$	6,545,193	$	6,430,125	$	6,428,034	(8)(12)
Common Stock Warrants (exercise price $0.75) expiration date 7/31/2028						123,557		123,557		(8)
						6,553,682		6,551,591
SM Wellness Holdings, Inc.			Health Care Services
Second Lien Term Loan, LIBOR+8.00% cash due 4/16/2029	9.04	%		2,925,000		2,881,125		2,866,500		(5)(8)
						2,881,125		2,866,500
Sorenson Communications, LLC			Communications Equipment
First Lien Term Loan, LIBOR+5.50% cash due 3/17/2026	7.75	%		4,371,500		4,327,785		4,286,802		(5)
						4,327,785		4,286,802
Sorrento Therapeutics, Inc.			Biotechnology
16,000 Common Stock Units						63,040		32,160		(10)
						63,040		32,160
SPX Flow, Inc.			Industrial Machinery
First Lien Term Loan, SOFR+4.50% cash due 4/5/2029	6.13	%		1,490,683		1,420,360		1,393,043		(5)
						1,420,360		1,393,043
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	7,959,220		6,931,043		(5)(8)(10)
						7,959,220		6,931,043
Sunland Asphalt & Construction, LLC			Construction & Engineering
First Lien Term Loan, LIBOR+6.00% cash due 1/13/2026	8.88	%		$	11,632,389	11,467,695		11,376,476		(5)(8)
						11,467,695		11,376,476
Supermoose Borrower, LLC			Application Software
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025	6.00	%		2,872,535		2,663,364		2,608,176		(5)
						2,663,364		2,608,176
SVP-Singer Holdings Inc.			Home Furnishings
First Lien Term Loan, LIBOR+6.75% cash due 7/28/2028	9.00	%		5,033,960		4,726,358		4,546,320		(5)(8)
						4,726,358		4,546,320
Tacala, LLC			Restaurants
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028	9.17	%		3,394,977		3,353,116		3,185,626		(5)
						3,353,116		3,185,626
Tahoe Bidco B.V.			Application Software
First Lien Term Loan, LIBOR+6.00% cash due 9/29/2028	7.12	%		5,611,000		5,510,495		5,521,224		(5)(8)(10)
First Lien Revolver, LIBOR+6.00% cash due 10/1/2027				—		(7,391)		(7,154)		(5)(8)(9)(10)
						5,503,104		5,514,070
Tecta America Corp.			Construction & Engineering
Second Lien Term Loan, LIBOR+8.50% cash due 4/9/2029	10.17	%		1,671,000		1,645,935		1,637,580		(5)(8)
						1,645,935		1,637,580
Telestream Holdings Corporation			Application Software
First Lien Term Loan, SOFR+9.25% cash due 10/15/2025	10.59	%		5,235,275		5,170,202		5,125,334		(5)(8)
First Lien Revolver, SOFR+9.25% cash due 10/15/2025	10.59	%		200,400		193,726		189,879		(5)(8)(9)
						5,363,928		5,315,213

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 2022

(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)	Cash Interest Rate (5)		Industry	Principal (6)		Cost		Fair Value		Notes
TerSera Therapeutics LLC			Pharmaceuticals
Second Lien Term Loan, LIBOR+10.00% cash due 3/30/2026	12.25	%		$	6,100,000	$	5,976,617	$	6,034,730	(5)(8)
						5,976,617		6,034,730
Thrasio, LLC			Internet & Direct Marketing Retail
First Lien Term Loan, LIBOR+7.00% cash due 12/18/2026	9.25	%		9,722,338		9,537,133		9,382,056		(5)(8)
2,182 Shares of Series C-3 Preferred Stock in Thrasio Holdings, Inc.						26,665		32,163		(8)
73,648 Shares of Series C-2 Preferred Stock in Thrasio Holdings, Inc.						600,000		1,085,575		(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)
						16,417,426		17,603,064
Touchstone Acquisition, Inc.			Health Care Supplies
First Lien Term Loan, LIBOR+6.00% cash due 12/29/2028	7.67	%		5,788,493		5,680,377		5,614,838		(5)(8)
						5,680,377		5,614,838
Veritas US Inc.			Application Software
First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025	7.25	%		7,344,642		7,250,715		6,065,426		(5)
						7,250,715		6,065,426
Virgin Pulse, Inc.			Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 4/6/2029	8.92	%		1,540,000		1,524,600		1,328,250		(5)
						1,524,600		1,328,250
Win Brands Group LLC			Housewares & Specialties
First Lien Term Loan, LIBOR+9.00% cash 5.00% PIK due 1/22/2026	12.00	%		1,100,124		1,089,554		1,089,122		(5)(8)
62 Class F Warrants in Brand Value Growth LLC (exercise price $0.01) expiration date 1/25/2027						—		67,400		(8)
						1,089,554		1,156,522
Windstream Services II, LLC			Integrated Telecommunication Services
First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027	7.92	%		9,945,414		9,647,987		9,343,717		(5)
						9,647,987		9,343,717
WP CPP Holdings, LLC			Aerospace & Defense
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025	4.99	%		6,357,045		6,097,242		5,342,206		(5)
						6,097,242		5,342,206
WPEngine, Inc.			Application Software
First Lien Term Loan, LIBOR+6.00% cash due 3/27/2026	7.50	%		14,623,000		14,395,246		14,450,054		(5)(8)
						14,395,246		14,450,054
WWEX Uni Topco Holdings, LLC			Air Freight & Logistics
First Lien Term Loan, LIBOR+4.00% cash due 7/26/2028	5.46	%		997,494		936,397		911,360		(5)
						936,397		911,360
Zayo Group Holdings, Inc.			Alternative Carriers
First Lien Term Loan, LIBOR+3.00% cash due 3/9/2027	4.67	%		1,000,000		942,801		897,778		(5)
Fixed Rate Bond, 4.00% cash due 3/1/2027				150,000		125,880		124,718
						1,068,681		1,022,496
Zephyr Bidco Limited			Specialized Finance
Second Lien Term Loan, SONIA+7.50% cash due 7/23/2026	8.72	%		£	2,000,000	2,592,781		2,171,837		(5)(8)(10)
						2,592,781		2,171,837
Total Non-Control/Non-Affiliate Investments (174.2% of net assets)						$	580,967,818	$	566,675,653
Cash and Cash Equivalents and Restricted Cash (9.5% of net assets)						$	30,990,696	$	30,990,696
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (183.7% of net assets)						$	611,958,514	$	597,666,349

Oaktree Strategic Income II, Inc.

Consolidated Schedule of Investments

June 30, 2022

(unaudited)


Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation (Depreciation)
Foreign currency forward contract	$	13,453,877	€	12,710,431	8/11/2022	Bank of New York Mellon	$	129,570
Foreign currency forward contract	$	15,497,227	£	12,568,533	8/11/2022	Bank of New York Mellon	$	222,471
							$	352,041

(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 the reference rates 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 30, 2022, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 1.67%, the 90-day LIBOR at 2.25%, the 180-day LIBOR at 2.88%, the 360-day LIBOR at 3.61%, the PRIME at 4.75%, the 30-day SOFR at 1.53%, the 90-day SOFR at 2.05%, the SONIA at 1.19%, the 30-day EURIBOR at (0.54)%, the 90-day EURIBOR at (0.30)% and the 180-day EURIBOR at (0.38)%. Most loans include an interest floor, which generally ranges from 0% to 1%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(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 30, 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 June 30, 2022, qualifying assets represented 80.6% of the Company's total assets and non-qualifying assets represented 19.4% of the Company's total assets.

(11)One half of the Seller Earn Out Shares will vest if, at any time through June 16, 2027, the Alvotech SA common share price is at or above a volume weighted average price ("VWAP") of $15.00 per share for any ten trading days within any twenty trading day period, and the other half will vest, if at any time during such period, the common share price is at or above a VWAP of $20.00 per share for any ten trading days within any twenty trading day period.

(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 30, 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

Oaktree Strategic Income II, Inc. 10-Q