The blue line in the chart represents the current dividend yield of the *VanEck BDC Income ETF (BIZD), which stood at 13.8% as of 13 April (up 199bps YTD). The yield increase is a function of lower BDC equity prices relative to trailing distributions, with a broad portion of the sector trading below NAV. The primary reason remains elevated portfolio company credit concerns, higher default risk in AI-exposed middle-market names, and tighter liquidity conditions. 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 represents the BofA US High Yield Index, currently at 6.87% as of 13 April, down from 8.15% on 14 April 2025. The index tracks USD-denominated, below-investment-grade corporate debt publicly issued in the US market.
Debtwire Middle-Market – 4/13/2026
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