Ashley Pak
About Ashley Pak
Ashley Pak is Chief Compliance Officer of Oaktree Specialty Lending Corporation (OCSL), serving since November 2021; she is 46 years old and a Managing Director in Oaktree’s Compliance Department . She holds a B.A. in Business Administration from Seattle University and an MBA from the University of Massachusetts Amherst (Isenberg) . During her tenure, OCSL reported Net Income of $57.9 million in FY 2024 and $33.9 million in FY 2025 , and Cash from Operations of $19.1 million in FY 2024 and $228.4 million in FY 2025 . As a BDC, OCSL’s board regularly meets in executive session with the Chief Compliance Officer at least annually, underscoring her governance role in risk oversight .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Associated Securities Corp. | Compliance/Legal Specialist | Prior to 2007 | Foundational compliance experience prior to joining Oaktree; supported legal/compliance workflows |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Oaktree Capital Management | Managing Director, Compliance Department | 2007–present | Leads compliance frameworks supporting Oaktree-advised BDCs; integrates with firm-wide Code of Ethics and Rule 17j-1 controls |
| Oaktree Strategic Credit Fund (OSCF) | Chief Compliance Officer | Dec 2021–present | Oversees registered BDC compliance; reporting, pre-clearance, sanctions processes |
| Oaktree Gardens OLP, LLC (OLPG) | Chief Compliance Officer | Feb 2023–present | Manages compliance for private BDC; coordinates allocation/conflicts protocols |
| Oaktree Strategic Income II, Inc. (OSI2) | Chief Compliance Officer | Nov 2021–Jan 2023 | Transitioned compliance coverage through OSI2 merger into OCSL |
Fixed Compensation
OCSL’s executive officers do not receive direct compensation from the company; compensation for the CFO and Chief Compliance Officer (and their staffs) is set by Oaktree Fund Administration, LLC (Oaktree Administrator) and reimbursed by OCSL under the Administration Agreement . The Investment Company Act prohibits OCSL from issuing equity incentive compensation (options, RSUs, etc.) to officers .
| Item | FY 2024 |
|---|---|
| Compensation expenses incurred by Oaktree Administrator for CFO/CCO and support personnel | $1.5 million |
| Reimbursed by OCSL (allocable portion) | $1.1 million |
| Administration fees incurred (total) | ~$1.9 million |
Notes:
- Compensation Committee approves reimbursement of CFO/CCO compensation and non-investment professional costs .
- Administration Agreement may be terminated without penalty on 60 days’ written notice by the board, a majority of outstanding voting securities, or Oaktree Administrator .
Performance Compensation
- Equity incentives (stock options, restricted stock, RSUs/PSUs) are prohibited for BDC officers under the Investment Company Act; OCSL does not maintain a stock or option plan or non-equity incentive plan for directors or officers .
- No company-level bonus targets, vesting schedules, or performance-metric-linked compensation are disclosed for the Chief Compliance Officer; pay is determined and paid by Oaktree Administrator, with OCSL reimbursing the allocable portion .
Equity Ownership & Alignment
| Metric | FY 2024 (as of Jan 4, 2024) | FY 2025 (as of Jan 6, 2025) |
|---|---|---|
| Shares beneficially owned | 2,083 | 2,359 |
| Percent of shares outstanding | <1% | <1% |
Additional alignment and trading policy disclosures:
- Securities Trading Policy prohibits short sales and transactions in puts, calls, or derivatives on OCSL securities; share pledges are permitted only with pre-approval of the Chief Compliance Officer .
- During FY 2024, no officers or directors adopted or terminated Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements .
- One Form 4 was filed late by Ashley Pak on April 12, 2023 (reporting one late transaction), per Section 16(a) disclosures .
- Access Persons must use designated brokers, pre-clear personal trades, and file quarterly/annual holdings reports; the Chief Compliance Officer reviews and enforces the Code (sanctions may include censure or termination) .
Employment Terms
- Role: Chief Compliance Officer of OCSL since November 2021; also CCO of OSCF and OLPG .
- Governance integration: The board’s risk oversight includes active monitoring by the Chief Compliance Officer; independent directors meet with the CCO in executive session at least annually .
- Compensation mechanism: Compensation for the CCO and staff is established by Oaktree Administrator and reimbursed by OCSL per the Administration Agreement .
- Contract terms: Administration Agreement termination allowed with 60 days’ notice by the board, stockholders, or Oaktree Administrator; no separate individual employment contract, severance, or change-of-control terms for the CCO are disclosed by OCSL .
Company Performance Context (during Pak’s tenure)
| Metric (USD) | FY 2024 | FY 2025 |
|---|---|---|
| Net Income - (IS) | $57.905 million | $33.92 million |
| Cash from Operations | $19.076 million | $228.373 million |
Investment Implications
- Alignment: Pak holds a de minimis personal stake (<1%); BDC restrictions prevent equity incentives, limiting traditional pay-for-performance alignment via company stock. However, stringent compliance oversight, trading pre-clearance, and anti-derivatives policies reduce hedging/pledging misalignment risks; pledging is only permitted with CCO pre-approval .
- Selling pressure: No Rule 10b5-1 plans were adopted/terminated in FY 2024, lowering mechanical insider selling pressure signals . The single late Form 4 in 2023 appears administrative rather than indicative of systemic issues .
- Retention and continuity: Compensation is set and paid by Oaktree Administrator with reimbursement by OCSL; absence of disclosed severance/change-of-control terms suggests retention depends on Oaktree’s internal compensation policies rather than company-level guarantees .
- Execution risk: As CCO across multiple Oaktree BDCs, Pak’s role is central to compliance, conflicts, and co-investment governance; annual board/CCO executive sessions and codified sanctions support robust compliance culture—reducing regulatory risk, which is critical to BDC valuation and capital market access .