MidCap Financial Investment (MFICL) SEC Filings

MidCap Financial Investment Corporation (MFIC) reported net investment income of $0.34 per share for the quarter ended September 30, 2026, versus $0.40 in the prior quarter and $0.38 a year earlier. Total net investment income was $27.6 million, versus $35.3 million a year earlier. Net realized and unrealized losses were $44.0 million, and operations reduced net assets by $16.4 million, compared with a $27.5 million increase a year earlier. NAV was $12.86 per share, versus $13.37 as of June 30, 2026.

The board declared a $0.31-per-share quarterly dividend, payable December 22, 2026, to holders of record December 8. MFIC made no share repurchases during the quarter; its repurchase program is suspended and its dividend reinvestment plan will be suspended in the near term. Under a definitive merger agreement, Ares Capital Corporation will acquire MFIC, subject to stockholder approval, required regulatory approvals and other closing conditions. As of September 30, 2026, debt outstanding was $1.58 billion, with $962 million of remaining Facility capacity subject to borrowing-base compliance. Upon closing, the Facility is expected to be repaid in full and terminated.

MidCap Financial Investment Corporation (MFIC) and Ares Capital Corporation entered a definitive agreement for Ares to acquire MFIC in a stock-and-cash transaction. The purchase price reflects an approximately 30% premium to MFIC’s pre-announcement stock price. Completion is subject to MFIC stockholder approval and other conditions, including any required regulatory approvals. Apollo Global Management Chief Financial Officer Martin Kelly said the transaction’s financial impact is embedded in Apollo’s 2027 management-fee outlook. Apollo expects 20%-plus FRE growth and 15%-plus management-fee growth; the latter reflects reduced fees from MFIC and ARI and includes a low-single-digit or approximately 2% estimated contribution from the combination of Fund XI and Fund X.

MidCap Financial Investment Corp. (MFIC) reported third-quarter net investment income of $27.596 million, compared with $35.307 million a year earlier, and a $16.435 million net decrease in assets from operations versus a $27.454 million increase. Net investment income was $0.34 per share, compared with $0.40 in the prior quarter; NAV was $12.86 per share as of September 30, 2026, versus $13.37 as of June 30, 2026. The board declared a $0.31 quarterly dividend, payable December 22, 2026, to stockholders of record December 8, 2026.

Under a definitive merger agreement, Ares Capital Corporation (ARCC) is to acquire MFIC, subject to stockholder approval and other closing conditions. In connection with the transaction, MFIC has suspended its share repurchase program and will suspend its dividend reinvestment plan in the near term. At September 30, 2026, debt outstanding was $1.58 billion and remaining capacity under its revolving credit facility was $962 million, subject to borrowing-base compliance. Upon closing, the facility is expected to be repaid in full and terminated; ARCC may request optional redemption notices for MFIC's senior unsecured notes, conditioned on closing.

MidCap Financial Investment Corp. (MFICL) is the target of Ares Capital Corporation’s announced acquisition agreement; the transaction remains pending. Ares Capital expects it to be modestly accretive to core earnings per share. The transaction is expected to add $2.5 billion of assets and 229 portfolio companies, including 12 companies that overlap with Ares Capital’s portfolio; management expects its portfolio to exceed 800 companies. Management said most of the discount to NAV was concentrated in a small share of investments it viewed as having more uncertain outcomes and wider bid-ask spreads.

Ares Capital said its existing liquidity and funding commitment provide sufficient capacity to acquire the portfolio without additional debt capital. Completion depends on MFIC stockholder approval and any required regulatory approvals.

MidCap Financial Investment Corporation (MFIC) agreed to merge with Ares Capital Corporation, the acquirer, in a transaction with approximately $2.6 billion in total enterprise value. If completed, MFIC stockholders would receive $10.88 per fully diluted share: approximately $1.21 in cash and approximately $9.67 in Ares Capital common stock, with the stock portion reduced for qualifying MFIC tax dividends. The exchange ratio is tied to Ares Capital’s net asset value per share and share price; MFIC holders share 50% of any share-price premium up to 104.5% of net asset value, with maximum stock value equal to 102.25% of net asset value.

Both boards unanimously approved the agreement. Closing is expected in the first half of 2027, subject to MFIC stockholder approval and other conditions. MFIC suspended its share repurchase program. Apollo Principal Holdings A, L.P. and MidCap Financial Trust, Apollo affiliates that together beneficially own approximately 5.2% of MFIC common stock, agreed to vote for the merger and against competing proposals. MFIC’s preliminary net asset value estimate was approximately $12.86 per share as of September 30, 2026. Under specified termination circumstances, MFIC must pay Ares Capital a $31,360,000 fee.

MidCap Financial Investment Corporation reported results for the quarter ended June 30, 2026. Net investment income was $32.8 million, or $0.40 per share, compared with $0.39 per share in the prior-year quarter and $0.38 per share in the prior quarter. Net realized and unrealized losses of $50.3 million led to a net decrease in net assets from operations of $17.5 million, or $(0.21) per share.

Net asset value was $13.37 per share as of June 30, 2026, down from $13.82 as of March 31, 2026. During the quarter, the company repurchased 2,755,221 shares for $31.9 million at an average price of $11.58, about a 15% discount to average NAV, generating roughly $0.07 per share of NAV accretion. The board declared a $0.31 per share quarterly dividend, payable September 24, 2026, to stockholders of record on September 8, 2026.

MidCap Financial Investment Corporation held its Annual Meeting of Stockholders on June 18, 2026, where stockholders voted on director elections and auditor ratification. As of the April 22, 2026 record date, 82,372,628 common shares were eligible to vote.

Stockholders elected Class I directors Emanuel Pearlman and Tanner Powell to three-year terms. Pearlman received 26,016,665 votes for and 7,974,177 withheld, while Powell received 32,255,769 votes for and 1,735,073 withheld, with 25,515,223 broker non-votes on each.

Stockholders also ratified Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026, with 57,957,195 votes for, 755,211 against and 793,659 abstentions.

MidCap Financial Investment Corporation reported first-quarter 2026 results highlighted by stable income but weaker portfolio marks. Net investment income was $0.38 per share for the quarter ended March 31, 2026, compared with $0.39 per share in the prior quarter, while net asset value per share declined to $13.82 from $14.18.

The Board declared a quarterly dividend of $0.31 per share, payable June 25, 2026, to stockholders of record on June 9, 2026. The company recorded a net loss driven by $61.1 million of realized and unrealized losses, and continued to repurchase shares at a discount to NAV, reducing total assets and debt levels.