Ares Capital Corporation — Q3 2026 M&A Earnings Summary

Ares Capital Corporation has entered into a definitive merger agreement to acquire MidCap Financial Corporation in a stock-and-cash transaction valued at approximately $2.6 billion. Under the terms of the deal, MFIC shareholders will receive $10.88 per share, comprising roughly $1.21 in cash and $9.67 in Ares Capital common stock, representing a 30.1% premium to MFIC's closing price. The transaction is expected to close in the first half of 2027, subject to shareholder and regulatory approvals, and will result in a combined entity with over $31 billion in investments and more than 800 portfolio companies.