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The bear market in private credit (listed BDCs) has caused the average yield to rise to 12.6% and the spread to surge to 893bps above the 5-year Treasury, up 247bps since 2021 and 216bps above the four-year average.
Given widespread double-digit NAV discounts, the average listed BDC yields 290bps more than the average non-traded BDC.

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