MFIC Mergers Approved by AFT and AIF Shareholders

Apollo Senior Floating Rate Fund Inc. (NYSE: AFT) and Apollo Tactical Income Fund Inc. (NYSE: AIF) have both received stockholder approval for their mergers with MidCap Financial Investment Corporation (NASDAQ: MFIC). Approximately 88% of AFT's common shares and 87% of AIF's common shares voted in favor of the proposal. The mergers are expected to close in late July, subject to satisfaction of customary closing conditions.

Upon the closing of the mergers, stockholders of AFT and AIF will receive a number of MFIC shares with a net asset value (NAV) equal to the NAV of the shares they hold in each respective CEF. The NAVs per share for the CEFs used in determining these amounts will be adjusted for the distribution of any previously undistributed net investment income and capital gains prior to closing.

MidCap Financial Investment Corporation is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940. For tax purposes, MFIC has elected to be treated as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986. MFIC is externally managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc. MFIC's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation.

The mergers are significant for the involved entities and represent a strategic move in the financial market. The market has reacted to these announcements by moving the company's shares -0.8% to a price of $14.97. If you want to know more, read the company's complete 8-K report here.

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