Document:

EX-10.1

 Exhibit 10.1 

INVESTMENT ADVISORY AGREEMENT 

BETWEEN 
 OAKTREE
STRATEGIC INCOME CORPORATION 
 AND 

OAKTREE CAPITAL MANAGEMENT, L.P. 

This Investment Advisory Agreement (this “Agreement”) made effective as of September 30, 2019 (the
“Effective Date”), by and between OAKTREE STRATEGIC INCOME CORPORATION, a Delaware corporation (the “Company”), and OAKTREE CAPITAL MANAGEMENT, L.P., a Delaware limited partnership (the
“Adviser”). 
 WHEREAS, the Company is a closed-end management investment
fund that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and 

WHEREAS, the Adviser is registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); and

 WHEREAS, the Company desires to retain the Adviser to furnish investment advisory services to the Company on the terms and conditions
hereinafter set forth, and the Adviser wishes to be retained to provide such services; 
 NOW, THEREFORE, in consideration of the premises
and for other good and valuable consideration, the parties hereby agree as follows: 
  

	1.	 Duties of the Adviser. 

(a)    The Company hereby appoints the Adviser to act as the investment adviser to the Company and to manage the investment
and reinvestment of the assets of the Company, subject to the supervision of the Board of Directors of the Company, (the “Board”) for the period and upon the terms herein set forth, (i) in accordance with the investment
objective, policies and restrictions that are set forth in the reports and/or registration statements that the Company files with the Securities and Exchange Commission (the “SEC”) from time to time; (ii) in accordance
with all other applicable federal and state laws, rules and regulations, and the Company’s charter and by-laws; and (iii) in accordance with the Investment Company Act. Without limiting the
generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement (A) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of
implementing such changes; (B) identify, evaluate and negotiate the structure of the investments made by the Company; (C) execute, close, monitor and service the Company’s investments; (D) determine the securities and other
assets that the Company will purchase, retain, or sell; (E) perform due diligence on prospective portfolio companies; and (F) provide the Company with such other investment advisory, research and related services as the Company may, from
time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority on behalf of the 

 
Company to effectuate its investment decisions for the Company, including the negotiation, execution and delivery of all documents relating to the Company’s investments and the placing of
orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to obtain debt financing (or refinance such financing), the Adviser shall arrange for such financing on the Company’s behalf,
subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of the Company through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such
special purpose vehicle and to make such investments through such special purpose vehicle. 
 (b)    The Adviser hereby
accepts such appointment and agrees during the term hereof to render the services described herein for the compensation provided herein. 

(c)    The Adviser is hereby authorized to enter into one or more sub-advisory
agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to
assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Company’s
investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Company, subject to the oversight
of the Adviser and the Company. The Adviser, and not the Company, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement
entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act and other applicable federal and state law. 

(d)    The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except as
expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company. 

(e)    Subject to review by and the overall control of the Board, the Adviser shall keep and preserve, in the manner and
for the period required by the Investment Company Act, any books and records relevant to the provision of its investment advisory services to the Company and shall specifically maintain all books and records with respect to the Company’s
portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Company are the property of the Company and shall surrender
promptly to the Company any such records upon the Company’s request, provided that the Adviser may retain a copy of such records. 
  

	2.	 Company’s Responsibilities and Expenses Payable by the Company.

 All personnel of the Adviser, when and to the extent engaged in providing investment advisory services hereunder, and
the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company. The Company shall bear all other costs and expenses of its operations and
transactions, including (without limitation) fees and expenses relating to: (a) offering expenses; (b) diligence and monitoring of the Company’s financial, regulatory and legal affairs (to the extent an investment opportunity is being
considered for the Company and any other accounts 

  
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managed by Adviser or its affiliates, the Adviser’s out-of-pocket expenses related to the due diligence for
such investment will be shared with such other accounts pro rata based on the anticipated allocation of such investments opportunity between the Company and the other accounts); (c) the cost of calculating the Company’s net asset value;
(d) the cost of effecting sales and repurchases of shares of the Company’s common stock and other securities; (e) management and incentive fees payable pursuant to this Agreement; (f) fees payable to third parties relating to, or
associated with, making investments and valuing investments (including third-party valuation firms); (g) transfer agent and custodial fees; (h) fees and expenses associated with marketing efforts (including attendance at investment conferences
and similar events); (i) allocable out-of-pocket costs incurred in providing managerial assistance to those portfolio companies that request it; (j) fees, interest
or other costs payable on or in connection with any indebtedness; (k) federal and state registration fees; (l) any exchange listing fees; (m) federal, state and local taxes; (n) independent directors’ fees and expenses;
(o) brokerage commissions; (p) costs of proxy statements, stockholders’ reports and notices; (q) costs of preparing government filings, including periodic and current reports with the SEC; (r) fidelity bond, liability
insurance and other insurance premiums; (s) printing, mailing, independent accountants and outside legal costs; (t) all other direct expenses incurred by either the Company’s administrator or the Company in connection with
administering the Company’s business, including payments under the Company’s administration agreement with its administrator (as in effect from time to time, the “Administration Agreement”) that will be based upon
the Company’s allocable portion of overhead and other expenses incurred by the Company’s administrator in performing its obligations under the Administration Agreement; and (u) the compensation of the Company’s chief financial
officer and chief compliance officer, and their respective staffs. 
  

	3.	 Compensation of the Adviser. 

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base
management fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth. The Adviser may agree to temporarily or permanently waive or defer, in whole or in part, the Base
Management Fee and/or the Incentive Fee. See Appendix A for examples of how these fees are calculated. The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. Any
portion of a deferred fee payable to the Adviser shall be deferred without interest and may be paid in any quarter prior to the termination of this Agreement as the Adviser may determine upon written notice to the Company. 

(a)    The Base Management Fee shall be calculated at an annual rate of 1.00% of the Company’s gross assets,
including any investments made with borrowings, but excluding any cash and cash equivalents. For purposes of this Agreement, the term “cash and cash equivalents” will have the meaning ascribed to it from time to time in the notes to the
financial statements that the Company files with the SEC. The Base Management Fee shall be payable quarterly in arrears, and shall be calculated based on the average value of the Company’s gross assets at the end of the two most recently
completed quarters. The Base Management Fee for any partial month or quarter shall be appropriately prorated(upon termination of the investment advisory agreement, as of the termination date). 

  
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 (b)    The Incentive Fee shall consist of two parts, as follows: 

(i)    The first part shall be calculated and payable quarterly in arrears based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter (or upon termination of the investment advisory agreement, as of the termination date). For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees
or other fees that the Company receives from portfolio companies other than fees for providing managerial assistance) accrued during the quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee,
expenses payable under the Administration Agreement, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net
Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest
and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or
unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding
quarter, shall be compared to a “hurdle rate” of 1.5% per quarter (6% annualized), subject to a “catch-up” provision measured as of the end of each quarter. The Company’s net
investment income used to calculate this part of the incentive fee is also included in the amount of the Company’s gross assets used to calculate the 1% base management fee. The operation of the incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income for each quarter is as follows: 
  

	 	•	 	 No incentive fee is payable to the Adviser in any quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.5% (the “preferred return” or “hurdle”). 

 

	 	•	 	 100% of the Company’s Pre-Incentive Fee Net Investment Income with
respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 1.8182% in any quarter (7.2727% annualized) is payable to the Adviser.
This portion of the Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 1.8182%) is referred to as the
“catch-up.” The “catch-up” provision is intended to provide the Adviser with an incentive fee of 17.5% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company’s Pre- Incentive Fee Net Investment Income exceeds 1.8182% in any quarter.

  

	 	•	 	 17.5% of the amount of the Company’s Pre-Incentive Fee Net
Investment Income, if any, that exceeds 1.8182% in any quarter (7.2727% annualized) is payable to the Adviser once the hurdle is reached and the catch-up is achieved, (17.5% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser). 

  
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 (ii)    The second part of the incentive fee shall be
determined and payable in arrears as of the end of each fiscal year (or upon termination of the investment advisory agreement, as of the termination date), commencing the fiscal year ending September 30, 2019, and shall equal 17.5% of the
Company’s realized capital gains, if any, on a cumulative basis from the beginning of the fiscal year ending September 30, 2019 through the end of each subsequent fiscal year, computed net of all realized capital losses and unrealized
capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees under this Agreement. Any realized capital gains, realized capital losses, unrealized capital appreciation and unrealized
capital depreciation with respect to the Company’s portfolio as of the end of the fiscal year ending September 30, 2018 shall be excluded from the calculations of the second part of the incentive fee. 

(c)    In certain circumstances the Adviser, any Sub-Adviser, or any of their
respective affiliates, may receive compensation from a portfolio company in connection with the Company’s investment in such portfolio company. Any compensation received by the Adviser, Sub-Adviser, or
any of their respective affiliates, attributable to the Company’s investment in any portfolio company, in excess of any of the limitations in or exemptions granted from the 1940 Act, any interpretation thereof by the staff of the SEC, or the
conditions set forth in any exemptive relief granted to the Adviser, any Sub-Adviser or the Company by the SEC, shall be delivered promptly to the Company and the Company will retain such excess compensation
for the benefit of its shareholders. 
  

	4.	 Covenants of the Adviser. 

The Adviser covenants that it will maintain its registration as an investment adviser under the Advisers Act. The Adviser agrees that its
activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments. 
  

	5.	 Brokerage Commissions. 

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national
securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the
Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and
skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular
transaction or its overall responsibilities with respect to the Company’s portfolio, and constitutes the best net results for the Company. 

  
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	6.	 Other Activities of the Adviser. 

The services of the Adviser to the Company are not exclusive. Subject to the provisions of the Company’s charter and by-laws, the Adviser and its managers, partners, principals, officers, employees and agents shall be free to act for their own account or the account of any other Account, and to engage in any other business or
render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives
similar to those of the Company, so long as the Adviser’s services to the Company hereunder are not impaired thereby. The Company agrees that the Adviser may give advice and take action in the performance of its duties with respect to any of
its other clients which may differ from advice given or the timing or nature of action taken with respect to the investments of the Company. Nothing in this Agreement shall limit or restrict the right of any manager, partner, principal, officer,
employee or agent of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith
(including fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect,
the Adviser shall be the only investment adviser for the Company, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other
than to render the services called for hereunder. It is understood that directors, managers, officers, employees and stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees,
partners, principals, stockholders, members, managers, agents or otherwise, and that the Adviser and directors, officers, employees, partners, principals, stockholders, members, managers and agents of the Adviser and its affiliates are or may become
similarly interested in the Company as stockholders or otherwise. 
  

	7.	 Responsibility of Dual Directors, Officers and/or Employees. 

If any person who is a manager, partner, principal, officer, employee or agent of the Adviser is or becomes a director, manager, officer and/or
employee of the Company and acts as such in any business of the Company, then such manager, partner, principal, officer, employee and/or agent of the Adviser shall be deemed to be acting in such capacity solely for the Company, and not as a manager,
partner, principal, officer, employee or agent of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser. 
  

	8.	 Limitation of Liability of the Adviser; Indemnification. 

The Adviser (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees,
controlling persons and any other person or entity affiliated with the Adviser) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations
under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally
determined by judicial proceedings) with respect to the receipt of compensation for services, and the Company 

  
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shall indemnify, defend and protect the Adviser (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons
and any other person or entity affiliated with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages,
liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other
proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under this Agreement or otherwise as an
investment adviser of the Company. Notwithstanding the preceding sentence of this Paragraph 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the
Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance
of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement. 
  

	9.	 Effectiveness, Duration and Termination of Agreement. 

This Agreement shall become effective as of the Effective Date. This Agreement shall remain in effect for two years from the Effective Date,
and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Board or a majority of the outstanding voting securities of the Company
and (b) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in
accordance with the requirements of the Investment Company Act and each of whom is an “independent director” under applicable New York Stock Exchange listing standards. This Agreement may be terminated at any time, without the payment of
any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s directors or by the Adviser. This Agreement shall automatically terminate in the
event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled
to any amounts owed under Paragraph 3 through the date of termination or expiration. 
  

	10.	 Notices. 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its
principal office. 
  

	11.	 Amendments. 

This Agreement may be amended by mutual consent. 

  
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	12.	 Entire Agreement; Governing Law. 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Company is
regulated as a BDC under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of New York, or any
of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. To the fullest extent permitted by law, in the event of any dispute arising out of the terms and conditions of this Agreement, the
parties hereto consent and submit to the jurisdiction of the courts of the State of New York in the county of New York and of the U.S. District Court for the Southern District of New York. 

 

	13.	 Forum Selection. 

Any legal action or proceeding with respect to this Agreement or the services provided hereunder or for recognition and enforcement of any
judgment in respect hereof brought by the other party hereto or its successors or assigns must be brought and determined in the state or United States district courts of the State of New York (and may not be brought or determined in any other forum
or jurisdiction), and each party hereto submits with regard to any action or proceeding for itself and in respect of its property, generally and unconditionally, to the sole and exclusive jurisdiction of the aforesaid courts. 

 

	14.	 No Third Party Beneficiary. 

Other than expressly provided for in Paragraph 8 of this Agreement, this Agreement does not and is not intended to confer any rights or
remedies upon any person other than the parties to this Agreement; there are no third-party beneficiaries of this Agreement, including but not limited to stockholders of the Company. 

 

	15.	 Severability. 

Every term and provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason
whatsoever, such term or provision will be enforced to the maximum extent permitted by law and, in any event, such illegality or invalidity shall not affect the validity of the remainder of this Agreement. 

 

	16.	 Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall
constitute a single agreement. 
  

	17.	 Survival of Certain Provisions. 

The provisions of Paragraph 8 of this Agreement shall survive any termination or expiration of this Agreement and the dissolution, termination
and winding up of the Company. 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date above written. 
  

			
	OAKTREE STRATEGIC INCOME CORPORATION
		
	By:	 	 /s/ Mathew Pendo

	Name:	 	Mathew Pendo
	Title:	 	President and Chief Operating Officer
	
	OAKTREE CAPITAL MANAGEMENT, L.P.
		
	By:	 	 /s/ Mathew Pendo

	Name:	 	Mathew Pendo
	Title:	 	Managing Director
		
	By:	 	 /s/ Mary Gallegly

	Name:	 	Mary Gallegly
	Title:	 	Senior Vice President

 [Signature Page to Investment Advisory Agreement] 

 Appendix A 

Example 1: Incentive Fee on Income for Each Quarter 

Alternative 1 

Assumptions 
 Investment
income (including interest, dividends, fees, etc.) = 1.75% 
 Preferred return1 = 1.50%

 Management fee2 = 0.25% 

Other expenses (legal, accounting, custodian, transfer agent, etc.) = 0.20% 

Pre-Incentive Fee net investment income 

        (investment income – (management fee + other expenses)) = 1.30% 

Pre-Incentive Fee Net Investment Income does not exceed the Preferred Return, therefore there is no
Subordinated Incentive Fee on Income. 
 Alternative 2 

Assumptions 
 Investment
income (including interest, dividends, fees, etc.) = 2.25% 
 Preferred Return1 = 1.50%

 Management fee2 = 0.25% 

Other expenses (legal, accounting, custodian, transfer agent, etc.) = 0.20% 

Pre-Incentive Fee net investment income 

        (investment income – (management fee + other expenses)) = 1.80% 

Incentive Fee = 17.5% × pre-Incentive Fee net investment income, subject to “catch-up”3 

        = 100% × (1.80% – 1.5%) 

        = 0.30% 

 

	1 	 Represents 6.0% annualized preferred return. 

	2 	 Represents 1.5% annualized management fee. 

	3 	 The “catch-up” provision is intended to provide the Adviser
with an Incentive Fee of 17.5% on all of our pre-Incentive Fee net investment income as if a preferred return did not apply when our net investment income exceeds 1.5% in any calendar quarter and is not
applied once the Adviser has received 17.5% of investment income in a quarter. The “catch-up” portion of our pre-Incentive Fee Net Investment Income is the
portion that exceeds the 1.5% preferred return but is less than or equal to approximately 1.8182% (that is, 1.5% divided by (1 – 0.175)) in any fiscal quarter. 

  
 A-1 

 Alternative 3 

Assumptions 
 Investment
income (including interest, dividends, fees, etc.) = 3.5% 
 Preferred Return1 = 1.50%

 Management fee2 = 0.25% 

Other expenses (legal, accounting, custodian, transfer agent, etc.) = 0.20% 

Pre-Incentive Fee net investment income 

        (investment income – (management fee + other expenses)) = 3.05% 

Incentive Fee = 17.5% × pre-Incentive Fee net investment income, subject to “catch-up”3 
 Incentive Fee = 100% × “catch-up” + (17.5% × (pre-Incentive Fee net investment income – 1.8182%)) 

Catch-up = 1.8182% – 1.5% = 0.3182% 

Incentive Fee = (100% × 0.3182%) + (17.5% × (3.05% – 1.8182%)) 

        = 0.3182% + (17.5% × 1.2318%) 

        = 0.3182% + 0.2158% 

        = 0.534% 

Example 2: Incentive Fee on Capital Gains 

Assumptions 
  

	 	•	 	 Year 1: $10 million investment made in Company A (“Investment A”), $10 million investment
made in Company B (“Investment B”), $10 million investment made in Company C (“Investment C”), $10 million investment made in Company D (“Investment D”) and $10 million investment made in Company E
(“Investment E”). 

  

	 	•	 	 Year 2: Investment A sold for $20 million, fair market value (“FMV”) of Investment B determined to
be $8 million, FMV of Investment C determined to be $12 million, and FMV of Investments D and E each determined to be $10 million. 

  

	 	•	 	 Year 3: FMV of Investment B determined to be $8 million, FMV of Investment C determined to be
$14 million, FMV of Investment D determined to be $14 million and FMV of Investment E determined to be $16 million. 

  

	 	•	 	 Year 4: Investment D sold for $12 million, FMV of Investment B determined to be $10 million, FMV of
Investment C determined to be $16 million and FMV of Investment E determined to be $14 million. 

  

	 	•	 	 Year 5: Investment C sold for $20 million, FMV of Investment B determined to be $14 million and FMV of
Investment E determined to be $10 million 

  

	 	•	 	 Year 6: Investment B sold for $16 million and FMV of Investment E determined to be $8 million.

  
 A-2 

	 	•	 	 Year 7: Investment E sold for $8 million and FMV. 

These assumptions are summarized in the following chart: 
  

																	
	 	  	Investment A	  	Investment B	  	Investment C	  	Investment D	  	Investment E	  	Cumulative
Unrealized
Capital
Depreciation	  	Cumulative
Realized
Capital
Losses	  	Cumulative
Realized
Capital
Gains
	 Year 1
	  	$10 million
(cost basis)	  	$10 million
(cost basis)	  	$10 million
(cost basis)	  	$10 million
(cost basis)	  	$10 million
(cost basis)	  	—  	  	—  	  	—  
	 Year 2
	  	$20 million
 (sale price)
	  	$8 million
FMV	  	$12 million
FMV	  	$10 million
FMV	  	$10 million
FMV	  	$2 million	  	—  	  	$10 million
	 Year 3
	  	—  	  	$8 million
FMV	  	$14 million
FMV	  	$14 million
FMV	  	$16 million
FMV	  	$2 million	  	—  	  	$10 million
	 Year 4
	  	—  	  	$10 million
FMV	  	$16 million
FMV	  	$12 million
(sales price)	  	$14 million
FMV	  	—  	  	—  	  	$12 million
	 Year 5
	  	—  	  	$14 million
FMV	  	$20 million
(sale price)	  	—  	  	$10 million
FMV	  	—  	  	—  	  	$22 million
	 Year 6
	  	—  	  	$16 million
(sale price)	  	—  	  	—  	  	$8 million
FMV	  	$2 million	  	—  	  	$28 million
	 Year 7
	  	—  	  	—  	  	—  	  	—  	  	$8 million
(sale price)	  	—  	  	$2 million	  	$28 million

 The Incentive Fee on Capital Gains would be: 

 

	 	•	 	 Year 1: None 

  

	 	•	 	 Year 2: 

Capital Gains Fee = 17.5% multiplied by ($10 million realized capital gains on sale of Investment A less $2 million cumulative
capital depreciation) = $1.4 million 
  

	 	•	 	 Year 3: 

Capital Gains Fee = (17.5% multiplied by ($10 million cumulative realized capital gains less $2 million cumulative capital
depreciation)) less $1.4 million cumulative Capital Gains Fee previously paid = $1.4 million less $1.4 million = $0.00 million 
  

	 	•	 	 Year 4: 

Capital Gains Fee = (17.5% multiplied by ($12 million cumulative realized capital gains)) less $1.4 million cumulative Capital Gains
Fee previously paid = $2.1 million less $1.4 million = $0.7 million 
  

	 	•	 	 Year 5: 

Capital Gains Fee = (17.5% multiplied by ($22 million cumulative realized capital gains)) less $2.1 million cumulative Capital Gains
Fee previously paid = $3.85 million less $2.1 million = $1.75 million 
  

	 	•	 	 Year 6: 

Capital Gains Fee = (17.5% multiplied by ($28 million cumulative realized capital gains less $2 million cumulative capital
depreciation)) less $3.85 million cumulative Capital Gains Fee previously paid = $4.55 million less $3.85 million = $0.70 million 

  
 A-3 

	 	•	 	 Year 7: 

Capital Gains Fee = (17.5% multiplied by ($28 million cumulative realized capital gains less $2 million cumulative realized capital
losses)) less $4.55 million cumulative Capital Gains Fee previously paid = $4.55 million less $4.55 million = $0.00 million 

  
 A-4EX-10.2

 Exhibit 10.2 

ADMINISTRATION AGREEMENT 

This Agreement (“Agreement”) is made as of September 30, 2019 by and between OAKTREE STRATEGIC INCOME
CORPORATION, a Delaware corporation (the “Company”), and OAKTREE FUND ADMINISTRATION, LLC, a Delaware limited liability company (the “Administrator”). 

WITNESSETH: 
 WHEREAS, the
Company is a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended
(the “Investment Company Act”); and 
 WHEREAS, effective as of the date first set forth above, the Company desires
to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and 

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth; 

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Company and the Administrator hereby agree to as follows: 
  

	1.	 Duties of the Administrator 

(a)    Employment of Administrator. The Company hereby appoints the Administrator to act as administrator of the
Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Company (the
“Board”), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services
and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise
expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company. 

(b)    Services. The Administrator shall perform (or oversee, or arrange for, the performance of) the
administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping and record keeping services at
such facilities and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator may also, on behalf of the
Company, conduct relations and negotiate agreements with custodians, trustees, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate
fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be 

 
necessary or desirable. The Administrator shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of
the business and affairs of the Company, in each case, as it shall determine to be desirable or as reasonably requested by the Board; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not,
provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company pursuant to this Agreement. The Administrator shall provide
portfolio collections functions for interest income, fees and warrants and be responsible for the financial and other records that the Company is required to maintain and shall prepare, print and disseminate reports to stockholders, and reports and
other materials filed with the Securities and Exchange Commission (the “SEC”). In addition, the Administrator will assist the Company in determining and publishing the Company’s net asset value, overseeing the
preparation and filing of the Company’s tax returns, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. 

 

	2.	 Records 

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the
Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the Investment Company Act. In compliance with the requirements of Rule 31a-3 under the Investment Company
Act, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination
of the Agreement or otherwise on written request. The Administrator further agrees that all records that it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved
for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The
Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. 
  

	3.	 Confidentiality 

The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each
party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P of the SEC),
shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of
such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by
any regulatory or legal authority, or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation. 

  
 2 

	4.	 Compensation; Allocation of Costs and Expenses 

In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and
expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder. 
 The Company will
bear all costs and expenses that are incurred in its operation, administration and transactions and not specifically assumed by Oaktree Capital Management, L.P. (the “Adviser”) pursuant to that certain Investment Advisory
Agreement, dated as of September 30, 2019 (the “Investment Advisory Agreement”) by and between the Company and the Adviser. Costs and expenses to be borne by the Company include, but are not limited to, those relating
to: (a) offering expenses; (b) diligence and monitoring of the Company’s investments; (c) costs of calculating the Company’s net asset value; (d) the cost of effecting sales and repurchases of shares of the
Company’s common stock and other securities; (e) management and incentive fees payable pursuant to the Investment Advisory Agreement; (f) fees payable to third parties relating to, or associated with, making investments and valuing
investments (including third-party valuation firms); (g) transfer agent, trustee and custodial fees; (h) interest payments and other costs related to the Company’s borrowings; (i) fees and expenses associated with marketing efforts
(including attendance at investment conferences and similar events); (j) federal and state registration fees; (k) any exchange listing fees; (l) federal, state and local taxes; (m) independent directors’ fees and expenses;
(n) brokerage commissions; (o) costs of winding up and liquidation; (p) litigation, indemnification and other extraordinary or non-reoccurring expenses; (q) dues, fees and charges of any
trade association of which the Company is a member; (r) costs of proxy statements, stockholders’ reports and notices; (s) costs of preparing government filings, including periodic and current reports with the SEC; (t) fidelity
bond, liability insurance and other insurance premiums; (u) and printing, mailing, independent accountants and outside legal costs and all other direct expenses incurred by either the Administrator or the Company in connection with
administering the Company’s business, including payments under this Agreement. 
  

	5.	 Limitation of Liability of the Administrator; Indemnification 

The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity
affiliated with the Administrator, including without limitation its members, and any person affiliated with its members to the extent they are providing services for or otherwise acting on behalf of the Administrator, Adviser or the Company) shall
not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company, and the Company
shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation the Adviser,
each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and
amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its
security holders) arising out of or otherwise 

  
 3 

 
based upon the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of
this Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the
Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator’s duties or by reason of the reckless disregard
of the Administrator’s duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).

  

	6.	 Activities of the Administrator 

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each of its affiliates is free
to render services to others. It is understood that directors, officers, employees and stockholders of the Company are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners,
stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Company as stockholders or
otherwise. 
  

	7.	 Duration and Termination of this Agreement 

(a)    This Agreement shall become effective as of the first date above written. This Agreement may be terminated at any
time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s directors or by the Administrator. 

(b)    This Agreement shall remain in effect until September 30, 2021, and thereafter shall continue automatically
for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a
majority of the Company’s directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements
of the Investment Company Act and each of whom is an “independent director” under applicable securities exchange listing standards. 

(c)    This Agreement may not be assigned by a party without the consent of the other party; provided,
however, that the rights and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly-formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the Company to,
such newly-formed entity; provided, further, however, that the sole purpose of that merger or conveyance is to effect a mere change in the Company’s legal form into another limited liability entity. The provisions of
Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. 

  
 4 

	8.	 Amendments of this Agreement 

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties. 

 

	9.	 Governing Law 

This Agreement shall be construed in accordance with the laws of the State of New York and shall be construed in accordance with the applicable
provisions of the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. 

 

	10.	 Entire Agreement 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. 
  

	11.	 Notices 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its
principal office. 
 Remainder of Page Intentionally Left Blank 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	OAKTREE STRATEGIC INCOME CORPORATION
		
	By:	 	 /s/ Mathew Pendo

	Name:	 	Mathew Pendo
	Title:	 	President and Chief Operating Officer
	
	OAKTREE FUND ADMINISTRATION, LLC
		
	By:	 	Oaktree Capital Management, L.P.
	Its:	 	Managing Member
		
	By:	 	 /s/ Mathew Pendo

	Name:	 	Mathew Pendo
	Title:	 	Managing Director
		
	By:	 	 /s/ Mary Gallegly

	Name:	 	Mary Gallegly
	Title:	 	Senior Vice President

 [Signature Page to Administration Agreement]

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