The blue line in the chart represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 13.6% as of 24 April (up 178bps YTD and 198bps YoY). The yield increase is a function of lower BDC equity prices relative to trailing dividend distributions, with a broad portion of the sector trading below NAV. Listed BDCs are currently at their widest NAV discounts in over five years, with the median price-to-forward 12-month NAV at roughly 0.74x as of end-March, as per LSEG data.
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