Ares Capital to Acquire MFIC in $2.6 Billion Stock-and-Cash Deal

Ares Capital Corporation announced an agreement to acquire MidCap Financial Investment Corporation (MFIC) in a stock-and-cash transaction valued at approximately $2.6 billion in total enterprise value.

MFIC stockholders are expected to receive total consideration of $10.88 per fully diluted share, comprising approximately $1.21 in cash and approximately $9.67 in Ares Capital common stock, subject to adjustments for an expected MFIC special dividend.

• The $10.88 per-share consideration represents premiums of approximately 30.1% to MFIC’s October 26 closing price and 25.8% to its 30-day VWAP.
• MFIC’s preliminary net asset value per share as of September 30, 2026, was approximately $12.86.
• Ares Capital may issue up to approximately 41 million common shares to MFIC stockholders, subject to the special-dividend exchange-ratio adjustment.
• Following the transaction, existing Ares Capital stockholders are expected to own approximately 95% of the combined company and MFIC stockholders approximately 5%, excluding the special-dividend impact.
• The transaction is expected to close in the first half of 2027, subject to MFIC stockholder approval, regulatory approvals and other customary conditions.