Barings Corporate Investors Reports Preliminary Second Quarter 2025 Results and Announces Quarterly Cash Dividend Of $0.40 Per Share
(1)
All figures for 2025 are unaudited
(2)
June 30, 2025 figures net of less than $0.01 per share of excise tax
(3)
June 30, 2025 figures net of less than $0.01 per share of capital gains tax
(4)
Based on shares outstanding at the end of the period of 20,444,621
(5)
Based on shares outstanding at the end of the period of 20,472,265
Key Highlights:
Commenting on the quarter, Christina Emery, President, stated, "The Trust earned $0.35 per share of net investment income, net of taxes, for the second quarter of 2025, compared to $0.35 per share in the previous quarter. Both credit quality and capital structure of portfolio companies are key factors in our analysis, along with the quality of the ownership and management groups. As fundamental long-term investors, we believe it is imperative to remain disciplined and underwrite capital structures which will remain sound through economic cycles (and varying interest rate environments). We also seek to maintain a high level of portfolio diversification overall, looking at both industry and individual credit concentration. This approach has historically generated stable returns and relative stability during economic stress.'
The Board of Trustees declared a quarterly dividend of $0.40 per share, payable on September 12, 2025, to shareholders of record on August 29, 2025.
During the three months ended June 30, 2025, the Trust reported total investment income of $9.3 million, net investment income of $7.2 million, or $0.35 per share, and a net increase in net assets resulting from operations of $8.8 million, or $0.43 per share.
Net asset value ("NAV") per share as of June 30, 2025, was $17.10, as compared to $17.07 as of March 31, 2024. The increase in NAV per share was primarily attributable to net investment income, net of taxes, of $0.35 per share, net realized gains on the Trust's investment portfolio of approximately $0.09 per share, offset by unrealized depreciation on investments of $0.02 per share and a dividend payment in the quarter of $0.40 per share.
Recent Portfolio Activity
During the three months ended June 30, 2025, the Trust made 15 new private investments totaling $21.2 million and 40 add-on investments in existing portfolio companies totaling $3.4 million.
Liquidity and Capitalization
As of June 30, 2025, the Trust had cash of $11.8 million and $48.5 million of borrowings outstanding. The Trust had unfunded commitments of $41.3 million as of June 30, 2025.
Net Capital Gains
The Trust realized net capital gains of $1,923,690 or $0.09 per share during the quarter ended June 30, 2025. By comparison, for the quarter ended March 31, 2024, the Trust realized net capital losses of $4,509,539 or $0.22 per share.
About Barings Corporate Investors
Barings Corporate Investors is a closed-end management investment company advised by Barings LLC. Its shares are traded on the New York Stock Exchange under the trading symbol ("MCI").
About Barings LLC
Barings is a $456+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions. Learn more at www.barings.com.
*Assets under management as of June 30, 2025
Per share amounts are rounded to the nearest cent.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
Cautionary Notice: Certain statements contained in this press release may be "forward looking" statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the fund's trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the fund's current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.
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