Fifth Street Finance Corp. and Fifth Street Senior Floating Rate Corp. announced that their respective stockholders have overwhelmingly approved, with over 98% of the votes cast, new investment advisory agreements with Oaktree Capital Management, L.P. At the closing of the transaction, Oaktree will replace Fifth Street Management LLC, an affiliate of FSAM, as the investment adviser to FSC and FSFR and an Oaktree affiliate will become their administrator.

Additionally, at the closing of the transaction, all current FSC board members except Richard P. Dutkiewicz, and all current FSFR board members except Richard W. Cohen, will resign. These directors will be replaced by Marc H. Gamsin, Craig Jacobson, Richard G. Ruben and Bruce Zimmerman as independent directors and John Frank, Vice Chairman of Oaktree, as an interested director.