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‘Tis the season

The last vestiges of October and spooky season usually mean the pivot from cobwebs to pine firs, from the monster mash to Mariah Carey. But 2024 has a distinctly different feeling of uneasiness as America awaits one of its most consequential elections of its modern history.

And the bitter end of another grueling election season also coincides with one of private credit’s regularities: BDC earnings season. Ares Capital Corporation (ARCC), the largest public BDC, reported its results earlier this week, along with a few others, and the election question was asked in nearly every call.

“The big opportunity, and we’ll see if it comes to fruition, would be a lot more deal flow coming post-election and into 2025,” John Kline, president and CEO of New Mountain Finance Corporation (NMFC), said on its earnings call.