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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 12.18% as of 2 July, up from 11.09% a year earlier and broadly in line with the latest one-year average of 12.3%. BIZD’s price remains materially weaker YoY, closing at USD 12.51 on 2 July 2026 versus USD 16.04 on 2 July 2025. The elevated yield reflects broader weakness across listed BDC equities, with most of the sector still valued below reported NAV, pointing to continued investor caution around portfolio marks, dividend sustainability and middle-market borrower stress.
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