OCSL

Business Context and Reporting Period

This Form 8-K filing by Oaktree Specialty Lending Corp (OCSL) reports on events occurring on June 28, 2019, with the report filed on July 1, 2019. The filing details the results of a special meeting of stockholders held to approve two critical corporate governance and capital structure proposals.

Key Financial Metrics

The filing text does not provide specific financial performance metrics such as revenue, profit, cash flow, margins, or current debt levels. The document focuses exclusively on the voting outcomes of the special meeting.

• Outstanding Shares: 140,960,651 shares of common stock were outstanding and entitled to vote as of the record date (May 6, 2019).
• Securities Registered: Common stock (OCSL), 5.875% Unsecured Notes due 2024 (OSLE), and 6.125% Unsecured Notes due 2028 (OCSLL).

Material Changes and Voting Results

Stockholders approved two proposals at the special meeting:

1. New Investment Advisory Agreement: Approved a new agreement with Oaktree Capital Management, L.P., to replace the current agreement. This change is linked to Brookfield Asset Management Inc. acquiring a majority economic interest in the parent company of the Adviser.
   • Votes For: 81,109,977
   • Votes Against: 1,391,355
   • Abstain: 733,199
2. Reduced Asset Coverage Requirements: Approved the application of reduced asset coverage requirements under Section 61(a)(2) of the Investment Company Act of 1940. This permits the Company to double its maximum permitted leverage by reducing asset coverage requirements from 200% to 150%, effective June 29, 2019.
   • Votes For: 78,724,335
   • Votes Against: 3,886,104
   • Abstain: 624,092

Guidance, Outlook, and Risks

The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk disclosures beyond the structural changes approved. The primary operational change is the increased leverage capacity effective June 29, 2019, which alters the Company's capital structure constraints.

Investor Verification Checklist

• Verify the terms of the new Investment Advisory Agreement with Oaktree Capital Management, L.P., specifically regarding fee structures and the impact of the Brookfield Asset Management acquisition.
• Review the Company's updated leverage ratios and asset coverage calculations post-implementation of the 150% requirement.
• Confirm the effective date of the new advisory agreement relative to the closing of the Brookfield transaction.
• Assess the impact of increased leverage capacity on the Company's risk profile and dividend sustainability.