This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Oct. 28, 2026--S&P Global Ratings today said that Ares Capital Corp.'s (ARCC) acquisition of MidCap Financial Investment Corp (MFIC), at a meaningful discount to MFIC’s net asset value, will incrementally grow ARCC's scale. While the acquisition introduces higher-risk assets, we think the significant purchase price discount and ARCC's existing scale mitigate the impact on overall credit quality and leverage. ARCC (BBB/Stable/--), a publicly traded BDC managed by Ares Management Corp., will acquire MFIC, a publicly traded BDC managed by Apollo, for an enterprise value of $2.6 billion, growing its investments at fair value from $29 billion as of Sept. 30, 2026 to about $32 billion. We expect
