Slide out adjustment question

[Fla2RI]

Yesterday I noticed under my slideout that my 2007 Fleetwood has a vertical mounted threaded rod with a slotted channel welded to the top of the bolt. There are two adjustment nuts and washers at the bottom.
This threaded rod is not adjusted out enough and is just flopping around.

I am assuming that it should be adjusted out so the channel fits snug above onto the frame of the slideout.

Am I correct? Should I tighten this bolt? What is it an adjustment for?

Thanks