While other business development companies (“BDCs”) were cutting their dividends as a result of the pandemic, Oaktree Specialty Lending Corp (OCSL) not only maintained theirs, but has also significantly increased it in each of the past five quarters. Moreover, the shares are trading at an attractive price relative to net asset value (“NAV”). In this report, we review the health of the business, the highly-experienced management team, its balance sheet, liquidity, dividend safety, valuation and risks. We conclude with our opinion on investing.