Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield
The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 10.7% as of 8 July, down 100bps from the highest level in last 12 months of 11.7% in October 2023) that 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).