The fund maintains a conservative financial profile with a low debt-to-equity ratio of 0.14 and a stable equity base of $350 million.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 16.98M | 27.29M | 21.38M | 18.69M | 25.07M | 32.33M | 26.19M | 29.58M | 10.17M | 18M | 12.44M | 15.48M | 26.22M | 7.11M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 595.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 383.56M | 378.95M | 372.23M | 367.36M | 362.03M | 311.7M | 320.58M | 300.7M | 336.52M | 303.94M | 303.29M | 307.38M | 282.15M | 38.48M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 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 | 428.22M | 0 | 372.23M | 0 | 0 | 309.35M | 320.58M | 300.7M | 48.34M | 46.22M | 47.83M | 68.52M | 46.64M | 38.48M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 400.54M | 406.24M | 393.93M | 386.05M | 387.1M | 344.03M | 346.77M | 330.28M | 346.69M | 321.94M | 315.72M | 322.86M | 308.38M | 299.4M |
| Asset Turnover | 0.10x | 0.11x | 0.10x | 0.07x | 0.14x | 0.05x | 0.12x | 0.03x | 0.13x | 0.09x | 0.08x | 0.09x | 0.09x | 0.10x |
| Asset Growth % | 17.21% | 3.12% | 2.04% | -0.27% | 12.52% | -0.79% | 4.99% | -4.73% | 7.69% | 1.97% | -2.21% | 4.7% | 3% | - |
| Total Current Liabilities | 320.95K | 13.74M | 7.9M | 5.86M | 6.82M | 7.9M | 6.39M | 6.16M | 11.63M | 9.36M | 8.68M | 11.58M | 8.36M | 11.12M |
| Accounts Payable | 320.95K | 13.74M | 7.9M | 5.86M | 6.82M | 2.9M | 186.23K | 6.16M | 0 | 0 | 0 | 0 | 520.11K | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 5M | 6.2M | -8.93M | 10.38M | 8.08M | 7.29M | 10.2M | 6.54M | 11.12M |
| Current Ratio | 52.90x | 1.99x | 2.71x | 3.19x | 3.68x | 4.09x | 4.10x | 4.80x | 0.87x | 1.92x | 1.43x | 1.34x | 3.14x | 0.64x |
| Quick Ratio | 52.90x | 1.99x | 2.71x | 3.19x | 3.68x | 4.09x | 4.10x | 4.80x | 0.87x | 1.92x | 1.43x | 1.34x | 3.14x | 0.64x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 50.17M | 48.94M | 42.31M | 48.55M | 42.24M | 30M | 30M | 30M | 31.53M | 31.01M | 31.13M | 31.15M | 31.33M | 30M |
| Long-Term Debt | 48.37M | 45.85M | 42.31M | 46M | 38M | 30M | 0 | 0 | 30M | 30M | 30M | 30M | 30M | 30M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 50.49M | 62.68M | 54.11M | 54.41M | 49.06M | 39.35M | 38.52M | 39.04M | 43.16M | 40.37M | 39.81M | 42.73M | 39.69M | 42.02M |
| Total Debt | 48.37M | 45.85M | 42.31M | 46M | 38M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 0 |
| Net Debt | 36.58M | 28.65M | 27.44M | 32.77M | 16.85M | 148.38K | 5.87M | 2.86M | 22.77M | 15.71M | 21.07M | 17.54M | 6.21M | -4.84M |
| Debt / Equity | 0.14x | 0.13x | 0.12x | 0.14x | 0.11x | 0.10x | 0.10x | 0.10x | 0.10x | 0.11x | 0.11x | 0.11x | 0.11x | - |
| Debt / EBITDA | - | 1.23x | 1.19x | - | 1.16x | - | 1.95x | - | 1.64x | - | - | - | - | - |
| Net Debt / EBITDA | - | 0.77x | 0.77x | - | 0.51x | - | 0.38x | - | 1.24x | - | - | - | - | - |
| Interest Coverage | 43.24x | 20.50x | 0.02x | 8.78x | 81.85x | 24.03x | 22.32x | 23.86x | 17.65x | - | - | - | - | - |
| Total Equity | 350.04M | 343.56M | 339.83M | 331.64M | 338.04M | 304.68M | 308.25M | 291.24M | 303.53M | 281.57M | 275.92M | 280.13M | 268.69M | 257.38M |
| Equity Growth % | 0.37% | 1.1% | 2.47% | -1.89% | 10.95% | -1.16% | 5.84% | -4.05% | 7.8% | 2.05% | -1.5% | 4.26% | 4.39% | - |
| Book Value per Share | 17.10 | 16.90 | 16.73 | 16.51 | 16.64 | 15.10 | 15.25 | 14.58 | 15.25 | 14.23 | 14.03 | 14.34 | 13.85 | 13.38 |
| Total Shareholders' Equity | 350.04M | 343.56M | 339.83M | 331.64M | 338.04M | 304.68M | 308.25M | 291.24M | 303.53M | 281.57M | 275.92M | 280.13M | 268.69M | 257.38M |
| Common Stock | 20.47M | 20.4M | 20.26M | 20.26M | 20.26M | 20.26M | 20.23M | 20.08M | 19.94M | 19.79M | 19.66M | 19.53M | 19.39M | 19.24M |
| Retained Earnings | 49.82M | 44.68M | 42.55M | 33.51M | 39.11M | 11.92M | 15.91M | 427.48K | 173.89M | 150.74M | 144.83M | 146.01M | 135.67M | 127.53M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 90 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Level 3 valuation lag
As reported in recent financial statements, MCI has maintained a remarkably stable equity base of approximately $350 million throughout 2025Q2, suggesting that despite revenue volatility, the fund's underlying net asset value has remained resilient against broader market pressures and shifting interest rate environments.
The consistency in total assets hovering around the $400 million mark indicates a disciplined approach to portfolio management, avoiding aggressive expansion that could compromise credit quality. This stability suggests that management is prioritizing capital preservation over rapid growth, which is appropriate given the fund's focus on private placement debt.
According to the latest quarterly filings, MCI maintains a very low debt-to-equity ratio of 0.14, which reflects a conservative capital structure that significantly mitigates refinancing risk compared to more highly levered peers in the closed-end fund sector.
The fund's minimal reliance on external debt suggests that its interest income is not being eroded by significant financing costs, providing a buffer against potential credit defaults within the portfolio. Investors should monitor whether this low leverage is a permanent strategic choice or a temporary response to current market uncertainty.
Based on the reported figures for 2025Q2, MCI holds $11.8 million in cash, providing a sufficient liquidity buffer to meet short-term obligations, although the current ratio of 52.90 appears unusually high due to the specific nature of the fund's short-term liability structure.
The significant jump in the current ratio from 10.04 in 2025Q1 to 52.90 in 2025Q2 warrants further investigation, as it may reflect a shift in the timing of liabilities rather than a fundamental change in liquidity. This liquidity position appears adequate to cover near-term operational needs, though it remains sensitive to the timing of private placement interest receipts.
As highlighted by the reliance on Level 3 assets, the balance sheet may not fully capture potential credit deterioration, as the $350 million in equity is based on internal models that may lag behind real-time market conditions for private debt.
The absence of goodwill and PPE on the balance sheet is expected for an asset management vehicle, but it shifts the entire risk profile to the valuation of the investment portfolio. Investors should be cautious, as the reported equity value may be subject to downward revisions if the underlying private credit market experiences a liquidity event.
Quick answers to the most common questions about buying MCI stock.
As of 2024, Barings Corporate Investors (MCI) had total assets of $406.2M including $27.3M in current assets.
Barings Corporate Investors (MCI) carries total debt of $45.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Barings Corporate Investors (MCI) has total shareholders' equity (book value) of $343.6M ($16.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Barings Corporate Investors (MCI) reported a current ratio of 1.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.