This quarter, instead of annotating BDC conference call transcripts, we’re experimenting with providing our view of the highlights, and offer up a selection of key quotes. We begin with the Ares Capital IIIQ 2020 conclave.

Prior to the conference call, the BDC Reporter summarizes Ares Capital’s third quarter 2020 results from a reading of the press release and a quick glance at the 10-Q.

As October draws to a close, a new BDC-financed company files for Chapter 11. We re-publish an article from the BDC Credit Reporter and put this bankruptcy in context for a difficult year in credit.

The parent of Crescent Capital BDC’s external manager is being acquired by a trillion dollar financial services company. We review the details and what the implications are for the public BDC’s shareholders only months after going public.

Medley Capital announces the redemption of one of its two remaining Baby Bonds. The BDC Reporter discusses the implications for the BDC’s shareholders and remaining bond holders.

Golub Capital offers up some preliminary results for the quarter ended September 2020. The BDC Reporter analyzes the metrics in the context of a difficult year for the BDC and the sector generally.

In a much anticipated move both the shareholders of Portman Ridge and Garrison Capital formally agreed to a merger first mooted in mid-year. The BDC Reporter, though, has serious concerns about the post-merger balance sheet; leverage and liquidity of a super-sized Portman Ridge.

Another energy company files for bankruptcy and Sixth Street Specialty Lending is involved.

A portfolio company of Harvest Capital that was on non accrual and in Chapter 11 has been sold, as discussed by the BDC Credit Reporter. We provide some details about how this affects the BDC’s overall credit position.

Gladstone Investment announces unchanged IVQ 2020 distributions. The BDC Reporter discusses whether the BDC can continue to maintain an undisturbed payout in 2021.