Quick Read Putnam BDC Income ETF (PBDC) faces dividend cuts risk as falling rates compress BDC loan spreads and coverage thins. The ETF’s top four holdings—Ares Capital, Blue Owl Technology Finance, Blue Owl Capital, and Hercules Capital—show deteriorating earnings coverage ratios. PBDC’s distribution remains vulnerable to further cuts in 2026 if short-term rates stay near current levels. The analyst who called NVIDIA in 2010 just named his top 10 stocks and Putnam BDC Income ETF wasn't one of the ...