BIZD VanEck BDC Income ETF

$BIZD The private-credit redemption story just split into two tiers. Goldman Sachs' non-traded BDC got repurchase requests for only 2% of shares in Q3, down from 3.24% in Q2 and 4.99% in Q1. Third straight quarter under the 5% gate, per PitchBook. Most peer funds are still blowing through theirs. Q1 was the first quarter on record where non-traded BDC withdrawals (6.9B honored) exceeded new fundraising (4.9B, down 59% YoY). Q2 raised just ~2B, the lowest since 2020. The listed proxies are pricing the stress: BIZD down ~13% this year, Blackstone ~28%, Blue Owl Capital ~41%. Blue Owl permanently halted redemptions at its OBDC II retail fund in February and is winding it down. Goldman's investor letter says new-loan terms are actually improving for lenders, with spreads ~25bps wider than year-end 2025 and tighter covenants. Two private-credit trades now: one where the queue is shrinking, and one where it is still growing.

$BIZD STILL dogshit, do not buy this - just but ARCC or MAIN…the distribution here is pathetic. paying .24 cents a share