Putnam BDC Income ETF cuts dividend 14% to $0.71 per share
Putnam BDC Income ETF (PBDC) reduced its April 2026 distribution to $0.71 per share, a 14% decrease from December 2025 and the lowest payout in the fund's history.
Putnam BDC Income ETF () cut its April 2026 distribution to $0.71 per share, down 14% from the $0.8251 paid in December 2025 and the lowest payout since the fund's inception [1][3]. The dividend of $0.7127 per share declared on April 6, 2026, represented a decrease of $0.1124 from the last dividend paid [2]. shares closed at $26.33 on June 22, 2026, producing a trailing yield of roughly 11.5% [1].
The cut breaks a pattern of steady distributions and marks the first explicit reduction in the fund's operating history [1]. No prior guidance from Putnam quantified distribution risk, making the April announcement the first public signal of stress in the underlying portfolio of business development company loans.
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