- Pays: quarterly, per its payment record since late 2022.
- First paid: December 2022 (inception September 2022); now distributed by Franklin Templeton following its acquisition of Putnam.
- The expense ratio that scares people: the headline 13.49% is a 0.75% management fee plus 12.74% of 'acquired fund fees' — the underlying BDCs' own costs, a disclosure artifact rather than a fee charged on top. Real direct cost: 0.75%.
- What it is: an actively managed ETF that picks among business development companies for current income — the manager's selection is the product.
- The reality check: a small fund (~$281M) with a 30-day SEC yield near 10.6% as of mid-2026 — and negative one-year market returns as BDC prices fell with the sector's 2026 dividend cuts.
Active management's pitch in BDCs is avoiding the cutters. 2026 is the live test: the year-by-year table and the compare tool against BIZD (the passive index version) show whether selection earned its 0.33% extra fee.
PBDC pays quarterly. Each point below is one distribution since December 2022.
Loading the latest data…
Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $3.05 per share across 4 payments — down 5% from $3.23 in the 12 months before. What a change like that does to your income →
- Current pace: recent payments annualize to $3.16 — 4% above the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: down 17% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 15 payments over 4 years; the largest single payment was $0.916 (Dec 2022).
- Payment drops ≥20% below trend, last 24 months: none. Get one short email if that changes →
Every figure above is computed from PBDC's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Distribution / Share |
|---|
"Next expected" is estimated from PBDC's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
BDCs are a sector where the dispersion is enormous — internally managed lenders with rising NAVs sit next to externally managed ones cutting dividends — which is exactly the argument for paying a manager to choose. PBDC is that bet in ETF form; BIZD is the index alternative that owns everything.
The honest scoreboard is total return after the sector's 2026 cut wave, PBDC vs BIZD vs the stalwarts (MAIN, HTGC, CSWC) — all on the compare tool.
| Year | Total Distributions / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is PBDC's Next Ex-Dividend Date?
PBDC pays quarterly. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from PBDC's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
A Young Record in a Hard Year
PBDC launched in September 2022 and began distributing that December — a record that covers the 2023-24 private-credit boom and the 2026 reckoning, when several large BDCs cut their dividends and the sector's share prices fell. The chart above shows every distribution.
The Case for Picking
In most sectors, indexing wins because dispersion is modest. In BDCs it isn't: the gap between a lender that compounds NAV and one that bleeds it is the whole return. An active BDC fund is a bet that a manager can sort the two — and the fee for that bet is 0.75%, not the 13% the disclosure rules print.
Reading the Chart Honestly
Judge PBDC by total return against BIZD across the same window — that's the only fair test of active selection — and remember that distributions from a BDC fund are only as durable as the BDC dividends underneath them. Next expected date on the live calendar.
Compare It Against Anything
Same chart, two tickers, one honest overlay — payouts and price erosion side by side.
Compare Any Two Funds