BARINGS PARTICIPATION INVESTORS (MPV)
Barings Participation Investors is a closed ended fixed income mutual fund launched and managed by Barings LLC. The fund invests in the fixed income markets of the United States. It primarily invests in below-investment grade, long-term corporate debt obligations which are directly purchased from its issuers. The fund also seeks to invest in warrants, conversion rights, or other equity related instruments. It benchmarks the performance of its portfolio against Standard and Poor’s Industrials Composite, Russell 2000 Index, Lehman Brothers U.S. High Yield Index, and Lehman Brothers Intermediate U.S. Credit Index. The fund was formerly known as Babson Capital Participation Investors. Barings Participation Investors was formed on April 7, 1988 and is domiciled in the United States.
Industry: Asset Management
Barings Participation Investors
NYSE:MPVFinancial Services · Asset Management
-0.95%$16.61
AH Close$16.61+0.00%vs close
AH$16.61+0.00%vs close
Mkt Cap$178.94M
Float10.38M
O/S10.77M
Inst Own21.8%
Div Yield8.91%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$17.1M
Net Income$13.23M
Total Assets$208.34M
Free Cash Flow$10.68M
Debt & Equity
Debt 19%
Equity 81%
Total Debt$37.33M
Total Equity$163.82M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in MPV's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$208.34M
Liabilities$44.52M
Accounts Receivable$2.91M
Accounts Payable$6.31M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $17.1M | $20.3M | $20.12M | $14.05M | $26.45M | $13.2M | $18.59M | $4.61M | $19.96M | $12.81M | $12.47M | $13.32M | $12.83M | $13.45M |
| YoY Growth | -15.8% | 0.9% | 43.1% | -46.9% | 100.4% | -29.0% | 303.7% | -76.9% | 55.8% | 2.8% | -6.4% | 3.9% | -4.6% | - |
| Cost of Revenue | $2.02M | $1.52M | $2.17M | $1.87M | $1.84M | $1.64M | $1.69M | $1.68M | $1.66M | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $15.08M | $18.78M | $17.95M | $11.78M | $24.6M | $11.32M | $16.9M | $2.93M | $18.3M | $12.81M | $12.47M | $13.32M | $12.83M | $13.45M |
| Gross Margin | 88.2% | 92.5% | 89.2% | 83.8% | 93.0% | 85.8% | 90.9% | 63.6% | 91.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $1.09M | $1.11M | $2.55M | $924K | $817K | $692K | $781K | $966K | $824K | $1.88M | $2.09M | $2.04M | $1.99M | $1.87M |
| Other | -$1.39M | $0 | -$1.48M | $1.43M | $1.42M | $1.26M | $0 | -$613K | -$614K | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | -$299K | $1.11M | $1.07M | $2.36M | $2.24M | $1.95M | $781K | $966K | $824K | $558K | $3.3M | $3.79M | $1.55M | $4.67M |
| Operating Income (EBIT) | $15.38M | $18.45M | $17.56M | $11.7M | $10.06M | $11.24M | $17.81M | $4.25M | $19.75M | $10.94M | $10.38M | $11.28M | $10.84M | $11.58M |
| Operating Margin | 89.9% | 90.9% | 87.3% | 83.2% | 38.0% | 85.2% | 95.8% | 92.4% | 98.9% | 85.4% | 83.2% | 84.7% | 84.5% | 86.1% |
| Interest Expense | $1.8M | $1.52M | $1.25M | $1.01M | $623K | $614K | $614K | $614K | $614K | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $17.66M | $18.66M | $19.84M | $13.78M | $11.62M | $12.79M | $12.93M | $13.2M | $12.46M | $614K | $614K | $614K | $614K | $614K |
| Other Income (Expense) | -$1.8M | -$777K | $997K | -$4.36M | $15.57M | -$4.89M | $0 | -$614K | $7.18M | $705K | -$1.82M | $5.22M | $2.92M | $5.93M |
| Income Before Tax (EBT) | $13.58M | $17.67M | $18.56M | $7.34M | $25.63M | $6.35M | $17.81M | $3.64M | $19.14M | $11.64M | $8.56M | $16.5M | $13.76M | $17.51M |
| Income Tax Expense | $351K | $425K | $441K | $378K | $247K | $0 | $0 | $0 | $21.99M | $0 | $0 | $0 | $0 | $0 |
| Net Income | $13.23M | $17.25M | $18.12M | $6.96M | $25.38M | $6.35M | $17.81M | $3.64M | $19.14M | $11.64M | $8.56M | $16.5M | $13.76M | $17.51M |
| Net Income Margin | 77.4% | 84.9% | 90.1% | 49.5% | 96.0% | 48.1% | 95.8% | 79.0% | 95.9% | 90.9% | 68.6% | 123.9% | 107.3% | 130.2% |
| Supplementary Data | ||||||||||||||
| EPS | 1.23 | 1.62 | 1.71 | 0.66 | 2.39 | 0.60 | 1.69 | 0.35 | 1.84 | 1.12 | 0.83 | 1.60 | 1.34 | 1.72 |
| Diluted EPS | 1.23 | 1.62 | 1.71 | 0.66 | 2.39 | 0.60 | 1.69 | 0.35 | 1.84 | 1.12 | 0.83 | 1.60 | 1.34 | 1.72 |
| Weighted Average OS | 10.73M | 10.68M | 10.60M | 10.60M | 10.60M | 10.60M | 10.54M | 10.40M | 10.40M | 10.39M | 10.33M | 10.30M | 10.24M | 10.18M |
| EBITDA | $15.38M | $17.6M | $19.82M | $7.34M | $27.44M | $6.49M | $18.99M | $4.25M | $21.37M | $10.94M | $10.38M | $11.28M | $10.84M | $0 |
| EBITDA Margin | 89.9% | 86.7% | 98.5% | 52.2% | 103.8% | 49.2% | 102.1% | 92.4% | 107.1% | 85.4% | 83.2% | 84.7% | 84.5% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $13.79M | $7M | $6.49M | $4.88M | $11.62M | $12.64M | $13.12M | $16.44M | $5.77M | $4.2M | $6.68M | $6.46M | $10.1M | $3.55M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.5M |
| Cash and Short-Term Investments | $13.79M | $7M | $6.49M | $4.88M | $11.62M | $17.64M | $0 | $0 | $5.77M | $4.2M | $6.68M | $6.46M | $10.1M | $11.05M |
| Accounts Receivable | $2.91M | $5.11M | $3.19M | $2.63M | $1.96M | $1.12M | $1.08M | $1.18M | $1.29M | $1.9M | $1.61M | $1.48M | $1.26M | $1.13M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | -$18.76M | -$1.08M | -$1.18M | $0 | $0 | $0 | $0 | $0 | -$12.18M |
| Total Current Assets | $16.69M | $12.11M | $9.67M | $7.51M | $13.58M | $0 | $0 | $0 | $7.07M | $6.1M | $8.3M | $7.94M | $11.36M | $12.18M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $191.2M | $8.71M | $1.51M | $178.35M | $173.1M | $148.48M | $150.63M | $141.18M | $36.3M | $36.73M | $33.11M | $47.7M | $41.9M | $135.37M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $447K | $175.4M | $179.29M | $263K | $300K | -$148.48M | -$150.63M | -$141.18M | $123.02M | $112.99M | $113.31M | $102.14M | $97.66M | $67K |
| Total Long-Term Assets | $191.65M | $184.1M | $180.8M | $178.61M | $173.4M | $0 | $0 | $0 | $159.33M | $149.72M | $146.42M | $149.84M | $139.56M | $135.44M |
| Other Assets | $0 | $0 | $0 | $0 | $186.98M | $163.21M | $164.83M | $158.8M | $0 | $0 | $0 | $0 | $0 | $147.62M |
| Total Assets | $208.34M | $196.21M | $190.48M | $186.12M | $186.98M | $163.21M | $164.83M | $158.8M | $166.39M | $155.82M | $154.71M | $157.78M | $150.92M | $147.62M |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $6.31M | $6.61M | $3.94M | $2.59M | $3.06M | $3.58M | $2.89M | $3.81M | $0 | $0 | $0 | $0 | $171K | $0 |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $425K | $450K | $325K | $1.16M | $118K | $414K | $847K | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $9K | -$3.63M | -$4.97M | $4.64M | $3.31M | $3.26M | $4.23M | $3.1M | $4.28M |
| Total Current Liabilities | $6.99M | $6.61M | $3.94M | $2.59M | $3.06M | $4.03M | $0 | $0 | $5.14M | $3.8M | $3.86M | $4.8M | $3.83M | $0 |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $37.33M | $23.36M | $21.57M | $23.5M | $21M | $15M | $0 | $0 | $15M | $15M | $15M | $15M | $15M | $15M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $18K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $468K |
| Other Long-Term Liabilities | $7.17M | $1.12M | $1.6M | $1.1M | $1.84M | $0 | $0 | $0 | $770K | $415K | $509K | $410K | $671K | $4.28M |
| Total Long-Term Liabilities | $44.52M | $24.48M | $23.17M | $24.6M | $22.84M | $15M | $0 | $0 | $15.77M | $15.42M | $15.51M | $15.41M | $15.67M | $19.75M |
| Other Liabilities | $0 | $0 | $0 | $0 | $25.9M | $19.03M | $18.74M | $20.06M | $0 | $0 | $0 | $0 | $0 | $15.47M |
| Total Liabilities | $44.52M | $31.09M | $27.11M | $27.2M | $25.9M | $19.03M | $18.74M | $20.06M | $20.91M | $19.22M | $19.36M | $20.21M | $19.5M | $19.75M |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 |
| Common Stock | $108K | $107K | $106K | $106K | $106K | $106K | $106K | $105K | $105K | $104K | $103K | $103K | $102K | $102K |
| Retained Earnings | $18.2M | $20.54M | $19.09M | $14.21M | $15.96M | $1.96M | $3.95M | -$2.81M | $50.89M | $41.59M | $39.99M | $39.75M | $34.94M | $5.17M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | -$36K | $0 | $27.64M |
| Other Stockholders' Equity | $145.51M | $144.48M | $144.17M | $144.61M | $145.01M | $142.11M | $142.02M | $141.46M | $94.49M | $94.91M | $95.25M | $97.72M | $96.38M | $122.6M |
| Total Equity | $163.82M | $165.12M | $163.37M | $158.92M | $161.08M | $144.18M | $146.08M | $138.75M | $145.48M | $136.61M | $135.35M | $137.57M | $131.42M | $127.87M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $208.34M | $196.21M | $190.48M | $186.12M | $186.98M | $163.21M | $164.83M | $158.8M | $166.39M | $155.82M | $154.71M | $157.78M | $150.92M | $147.62M |
| Supplementary Data | ||||||||||||||
| Total Debt | $37.33M | $23.36M | $21.57M | $23.5M | $21M | $15M | $0 | $0 | $15M | $15M | $15M | $15M | $15M | $15M |
| Net Debt | $23.54M | $16.36M | $15.09M | $18.62M | $9.38M | -$12.64M | -$13.12M | -$16.44M | $9.23M | $10.8M | $8.32M | $8.54M | $4.9M | $11.45M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $13.23M | $17.25M | $18.12M | $6.96M | $25.38M | $6.35M | $17.81M | $3.64M | $19.14M | $11.64M | $8.56M | $16.5M | $13.76M | $17.51M |
| Depreciation & Amortization | $0 | -$75K | -$26K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $159K | $224K | $0 | $0 | -$770K | $355K | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $50K | -$1.92M | -$561K | -$670K | -$838K | -$44K | $108K | $110K | $606K | -$287K | -$134K | -$223K | -$127K | $79K |
| Inventory | $0 | $0 | $0 | $159K | $224K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$3K | $1.09M | $384K | -$924K | -$473K | $1.43M | -$922K | $923K | $20K | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | -$293K | $469K | -$537K | -$832K | $1.84M | -$1.37M | -$404K | -$1.01M | $1.3M | -$3.4M | $3.44M | -$10.27M | $3.48M | $0 |
| Total Working Capital Change | -$245K | -$917K | -$713K | -$2.27M | $751K | $12K | -$1.22M | -$744K | $2.28M | -$3.69M | $3.31M | -$10.49M | $3.35M | $79K |
| Other Non-Cash Items | -$2.31M | -$3.34M | -$1.52M | -$5.41M | -$24.85M | $2.15M | -$9.45M | $18.12M | -$9.6M | -$64K | -$874K | $682K | -$358K | -$7.64M |
| Net Cash from Operating | $10.68M | $12.91M | $15.86M | -$554K | $1.51M | $8.51M | $7.15M | $21.02M | $11.82M | $7.89M | $10.99M | $6.69M | $16.76M | $9.87M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | -$4 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$60.38M | -$3.83M | -$1.44M | -$5.25M | -$24.62M | $0 | -$9.45M | $0 | -$9.6M | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $58.28M | $0 | $0 | $0 | $24.62M | $2.15M | $9.45M | $18.12M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | -$193 | $4 | $0 | -$24.62M | $0 | -$9.45M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$2.1M | -$3.83M | -$1.44M | -$5.25M | -$24.62M | $2.15M | -$9.45M | $18.12M | -$9.6M | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | -$14M | -$1.75M | $1.75M | -$2.5M | -$6M | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $1.35M | $1.23M | $0 | $0 | $0 | $228K | $934K | $972K | $1M | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$16.92M | -$15.42M | -$12.51M | -$8.69M | -$8.48M | -$9.22M | -$11.39M | -$11.32M | -$11.25M | -$11.18M | -$11.14M | -$11.09M | -$11.02M | -$10.95M |
| Other Financing Activities | -$213K | $35K | $0 | $11K | -$54K | $0 | $934K | $972K | $1M | $807K | $369K | $752K | $818K | -$507K |
| Net Cash from Financing | -$1.78M | -$12.4M | -$14.26M | -$6.18M | -$2.54M | -$8.99M | -$10.46M | -$10.35M | -$10.24M | -$10.37M | -$10.77M | -$10.34M | -$10.21M | -$11.46M |
| Forex Effect | $296 | -$545 | $176 | -$463 | $24.62M | -$2.15M | $9.45M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $6.79M | $513K | $1.6M | -$6.74M | -$1.02M | -$481K | -$3.32M | $10.66M | $1.57M | -$2.48M | $223K | -$3.64M | $6.55M | -$1.58M |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $10.68M | $12.91M | $15.86M | -$554K | $1.51M | $8.51M | $7.15M | $21.02M | $11.82M | $7.89M | $10.99M | $6.69M | $16.76M | $9.87M |
| Capital Expenditure | $4 | $0 | -$4 | -$4 | $0 | -$3 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $10.68M | $12.91M | $15.86M | -$554K | $1.51M | $8.51M | $7.15M | $21.02M | $11.82M | $7.89M | $10.99M | $6.69M | $16.76M | $9.87M |
| Cash at Beginning | $7M | $6.49M | $4.88M | $11.62M | $12.64M | $13.12M | $16.44M | $5.77M | $4.2M | $6.68M | $6.46M | $10.1M | $3.55M | $5.13M |
| Cash at End | $13.79M | $7M | $6.49M | $4.88M | $11.62M | $12.64M | $13.12M | $16.44M | $5.77M | $4.2M | $6.68M | $6.46M | $10.1M | $3.55M |