The blue line in the chart represents the current dividend yield of the *VanEck BDC Income ETF (BIZD), which rose to 13.4% by 30 March (up 157bps YTD vs. 11.79% on 31 December 2025), as BDCs repriced lower with many trading below NAV amid potential increase in default rates among portfolio companies due to AI disruption and liquidity concerns. BIZD tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses that tend to be below investment grade or not rated, with most lending comprising of senior secured loans). The brown line displays the BofA Merrill Lynch US High Yield (currently at 7.4% as of 30 March, down from its one-year peak of 8.5% on 7 April 2025), which tracks the performance of USD denominated below investment grade corporate debt publicly issued in the US.
Debtwire Middle-Market – 3/30/2026
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