MidCap Financial Announces Inaugural Investment Grade Financing

$3.1 Billion Unsecured Funding Offering Strengthens Capital Structure and Marks Transformational Credit Profile Enhancement

BETHESDA, Md., Jan. 09, 2026 (GLOBE NEWSWIRE) -- MidCap Financial (“MidCap” or the “Company”) today announced the signing of approximately $3.1 billion of senior unsecured notes and junior subordinated notes, with funding expected on January 15, 2026. The transaction represents a transformative milestone for MidCap, materially enhancing balance sheet strength, financial flexibility and long-term funding efficiency. As a result of the issuance, the Company expects its Senior Unsecured credit rating to improve to investment grade status.

The Company believes the issuance represents one of the most significant credit profile improvements to be achieved in private credit, further expanding access to capital markets and reinforcing its ability to serve its approximately 600 borrowers. The transaction also diversifies MidCap’s funding sources, extends liability duration and is expected to lower the Company’s cost of capital over time, enhancing competitive positioning and supporting continued growth across its lending platforms.

“This is a transformational moment for MidCap,” said David Moore, Co-Founder and Vice Chairman of MidCap. “This transaction fundamentally reshapes our balance sheet and accelerates our evolution into an investment-grade institution. It is a powerful validation of our business model and disciplined long-term growth strategy.”

“This inaugural investment grade financing will fuel our continued expansion as a leading, diversified private credit platform. I could not be prouder of our team's achievements and dedication that have led to this important milestone and am excited by what this means for our Company, capital partners and clients,” said Josh Groman, Chief Executive Officer of MidCap.

MidCap is committed to maintaining a conservative, investment-grade-oriented financial policy. The Company intends to operate with a target adjusted net leverage ratio below 2.5x, net secured debt to total assets below 30% and net senior unsecured leverage below 1.5x, while maintaining at least $2 billion of liquidity. These policies are designed to support balance sheet resilience, preserve financial flexibility and sustain an investment-grade capital structure through economic cycles.

About MidCap Financial

MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of December 31, 2025, MidCap Financial provides administrative or other services for over $62 billion of commitments*. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $908 billion as of September 30, 2025.

For more information about MidCap Financial, please visit www.midcapfinancial.com.

For more information about Apollo, please visit www.apollo.com.

*Including $6.7 billion of commitments managed by MidCap Financial Services Capital Management LLC, a registered investment adviser, as reported under Item 5.F on Part 1 of its Form ADV

Contact

Kim Sobel
MidCap Head of Marketing & Business Strategy
ksobel@apollo.com

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