Earnings Releases·Oct 27, 2026, 6:40 AM ET

Ares Capital Corporation — Q3 2026 M&A Earnings Summary

Ares Capital announced a $2.6 billion acquisition of MFIC, offering $10.88 per share (approx. $1.21 cash + $9.67 stock) representing a 30.1% premium to MFIC's Oct 26 closing price, with the deal expected to be modestly accretive to core earnings per share.
The combined pro forma entity will exceed 800 portfolio companies and $31 billion in investments, strengthening Ares Capital's position as the largest publicly traded BDC while increasing the sponsor count to over 600.
Closing is targeted for the first half of 2027, subject to regulatory and stockholder approvals, supported by $750 million in additional secured financing from Wells Fargo.
Existing Ares Capital shareholders are projected to own approximately 95% of the combined company, while MFIC shareholders will hold roughly 5%, with MFIC stock consideration adjusted dollar-for-dollar for an upcoming special dividend.