MPV

MKT CAP:$192M

Barings Participation Investors

Market Cap

$192M

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$17.83+$1.24 (+7.47%)

Apr 21, 2026

Company Details

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 cor...

CEO

Clifford Michael Noreen

IPO Date

Oct 24, 1988

Website

www.babsoncapital.com/mpv

Key Metrics TTM

Revenue

$38M

+11.7% YoY

Net Income

$30M

EPS (Diluted)

$2.85

Free Cash Flow

$22M

Revenue / Share

$3.55

Gross Margin

94.7%

Operating Margin

88.6%

Net Margin

79.9%

FCF Margin

58.2%

P/S

5.0x

P/E

6.3x

Earnings Reports

FY 2025

Dec 30, 2025

$17M-15.8%EPS $1.23

Q4 2025

Dec 30, 2025

$8M-26.1%EPS $0.65

Q2 2025

Jun 30, 2025

$9M-10.8%EPS $0.58

FY 2024

Dec 31, 2024

$20M+0.9%EPS $1.62

Q4 2024

Dec 31, 2024

$11M+7.9%EPS $0.85

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 16	$7M	$7M	$6M
Q4 17	$7M	$7M	$6M
Q2 19	$7M	$7M	$6M
Q4 19	$6M	$6M	$5M
Q2 20	$6M	$6M	$5M
Q4 20	$7M	$7M	$6M
Q2 21	$6M	$6M	$4M
Q4 21	$7M	$7M	$6M
Q2 22	$6M	$6M	$5M
Q4 22	$8M	$8M	$7M
Q2 23	$10M	$10M	$9M
Q4 23	$10M	$10M	$9M
Q2 24	$10M	$10M	$9M
Q4 24	$11M	$11M	$10M
Q2 25	$9M	$9M	$8M
Q4 25	$8M	$6M	$8M

Valuation

Quarter	P/S	P/E
Q4 16	5.8x	7.3x
Q4 17	5.9x	7.5x
Q2 19	6.4x	5.7x
Q4 19	6.5x	5.6x
Q2 20	5.1x	7.0x
Q4 20	4.9x	5.4x
Q2 21	5.7x	5.4x
Q4 21	6.0x	4.8x
Q2 22	5.2x	3.4x
Q4 22	5.0x	4.1x
Q2 23	4.5x	4.8x
Q4 23	4.7x	6.4x
Q2 24	4.7x	5.4x
Q4 24	4.4x	5.1x
Q2 25	5.4x	6.6x
Q4 25	4.8x	6.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	$12M	$12M
Q4 18	$9M	$9M
Q2 19	$2M	$2M
Q4 19	$5M	$5M
Q2 20	$3M	$3M
Q4 20	$5M	$5M
Q2 21	$2M	$2M
Q4 21	-$88.6K	-$88.6K
Q2 22	-$4M	-$4M
Q4 22	$3M	$3M
Q2 23	$11M	$11M
Q4 23	$5M	$5M
Q2 24	$13M	$13M
Q4 24	$126.3K	$126.3K
Q2 25	$4M	$4M
Q4 25	$5M	$5M

Capital Expenditures

Quarter	CapEx
Q2 18	$0
Q4 18	$0
Q2 19	$0
Q4 19	$0
Q2 20	$0
Q4 20	$0
Q2 21	$0
Q4 21	$0
Q2 22	$0
Q4 22	$0
Q2 23	$0
Q4 23	$0
Q2 24	$3
Q4 24	$3
Q2 25	$3
Q4 25	$3

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 16	-2.6%	+1.2%
Q4 17	+3.4%	+19.6%
Q2 19	+18.7%	-6.1%
Q4 19	+3.1%	+0.3%
Q2 20	-7.1%	+29.3%
Q4 20	+2.3%	-25.8%
Q2 21	-20.6%	-0.7%
Q4 21	+7.3%	+15.1%
Q2 22	-1.5%	-1.6%
Q4 22	+13.7%	+50.0%
Q2 23	+77.5%	+15.6%
Q4 23	+52.1%	+12.4%
Q2 24	+62.7%	+15.5%
Q4 24	+40.0%	+7.2%
Q2 25	-9.5%	+6.3%
Q4 25	-20.3%	-68.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$0	—
Q4 18	$0	—
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 16	$860.6K
Q4 17	$1M
Q2 19	$1M
Q4 19	$1M
Q2 20	$1M
Q4 20	$842.9K
Q2 21	$1M
Q4 21	$1M
Q2 22	$1M
Q4 22	$1M
Q2 23	$1M
Q4 23	$1M
Q2 24	$1M
Q4 24	$1M
Q2 25	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$12M	$0	$12M
Q4 18	$16M	$0	$16M
Q2 19	$14M	$0	$14M
Q4 19	$13M	$0	$13M
Q2 20	$12M	$0	$12M
Q4 20	$13M	$0	$13M
Q2 21	$10M	$0	$10M
Q4 21	$12M	$0	$12M
Q2 22	$6M	$0	$6M
Q4 22	$5M	$0	$5M
Q2 23	$9M	$0	$9M
Q4 23	$6M	$0	$6M
Q2 24	$5M	$0	$5M
Q4 24	$7M	$0	$7M
Q2 25	$4M	$0	$4M
Q4 25	$14M	$0	$14M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 16	10M	+0.6%	+0.9%
Q4 17	11M	+0.9%	+1.9%
Q2 19	11M	+0.5%	+2.1%
Q4 19	11M	+0.5%	+2.5%
Q2 20	11M	-0.1%	+1.8%
Q4 20	11M	0.0%	+0.9%
Q2 21	11M	0.0%	+0.4%
Q4 21	11M	0.0%	-0.1%
Q2 22	11M	0.0%	0.0%
Q4 22	11M	0.0%	0.0%
Q2 23	11M	0.0%	0.0%
Q4 23	11M	0.0%	0.0%
Q2 24	11M	+0.4%	+0.4%
Q4 24	11M	+0.7%	+1.1%
Q2 25	11M	+0.0%	+1.1%
Q4 25	11M	+0.3%	+1.4%

Shares Outstanding