HCXY - BDC Market Weekly Review: Drivers Of Recent BDC Dividend Hikes

• We take a look at the action in BDCs through the fourth week of February and highlight some of the key themes we are watching.
• The BDC sector was down marginally this week despite the support from higher short-term rates, flat to higher stocks and strong Q4 reporting.
• Two important ongoing sector dynamics are a deflation in high-valuation BDCs as well as a lower trendline of NAV increases.
• We discuss the drivers of a recent wave of dividend increases in the sector.
• And highlight earnings releases from TCPC, CGBD and HTGC.

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