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Middle market debt held by BDCs vs High yield vs Treasury yields
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The blue line represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 13.95% as of 18 June, compared with 13.80% on 5 June and 13.77% on 21 May. The dividend yield is up 216 bps YTD and 284 bps YoY. The elevated yield reflects weaker BIZD equity pricing relative to trailing dividend distributions, with investor focus remaining on portfolio credit quality, borrower debt-service capacity, realized defaults, payment modifications and sector exposures, including software and services borrowers facing potential AI-related revenue, pricing or margin pressure.
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