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 21 May (up ~198bps YTD and ~240bps 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 trading at an average price-to-NAV of 0.78x as of 22 May, with only 6 out of 45 trading at or above NAV, per BDC Investor.
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