Revenue has decelerated to $9.2 million in 2025Q2, though the fund maintains a resilient 84.1% operating margin despite top-line pressure.
Barings Corporate Investors (MCI) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | 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 |
|---|
| Net Interest Income | -3.42M | 33.09M | 36.63M | 38.54M | 26.37M | 23.26M | 27.64M | 26.54M | 28.39M | 26.44M | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | -284% | -9.67% | -4.95% | 46.18% | 13.35% | -15.83% | 4.15% | -6.53% | 7.37% | - | - | - | - | - | - |
| Net Interest Margin % | -0.79% | 7.67% | 9.02% | 9.78% | 6.83% | 6.01% | 8.03% | 7.65% | 8.6% | 7.63% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 0 | 35.66M | 38.42M | 40.63M | 28.08M | 24.33M | 28.7M | 27.6M | 29.45M | 27.96M | 1.58M | 1.58M | 1.58M | 1.58M | 1.58M |
| Interest Expense | 1.38M | 2.57M | 1.78M | 2.08M | 1.71M | 1.07M | 1.06M | 1.06M | 1.06M | 1.52M | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | -1.38M | 0 | -100 | -2.08M | 0 | 0 | 0 | -1.06M | 0 | -1.52M | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 35.4M | -2.92M | 4.87M | 562.43K | 586.46K | 31.18M | -11.42M | 12.35M | -17.4M | 16.58M | 26.6M | 25.21M | 28.61M | 27.3M | 28.67M |
| Non-Interest Income % | 110.69% | -9.66% | 11.74% | 1.44% | 2.18% | 57.27% | -70.37% | 31.77% | -158.38% | 38.54% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 31.98M | 30.18M | 41.5M | 39.11M | 26.95M | 54.45M | 16.22M | 38.89M | 10.99M | 43.03M | 26.6M | 25.21M | 28.61M | 27.3M | 28.67M |
| Revenue Growth % | -18.13% | -27.29% | 6.13% | 45.08% | -50.49% | 235.61% | -58.29% | 253.94% | -74.46% | 61.76% | 5.49% | -11.88% | 4.82% | -4.79% | - |
| Non-Interest Expense | 5.75M | 1.41M | 1.39M | 5.62M | 1.18M | 1.05M | 889.01K | 937.22K | 1.4M | 964.49K | 641.25K | 7.93M | 4.14M | 4.88M | 11.15M |
| Efficiency Ratio | 17.97% | 4.66% | 3.34% | 14.36% | 4.38% | 1.93% | 5.48% | 2.41% | 12.76% | 2.24% | 2.41% | 31.45% | 14.48% | 17.88% | 38.9% |
| Operating Income | 29.65M | 28.77M | 37.54M | 35.57M | 23.32M | 53.39M | 25.45M | 39.01M | 10.65M | 45.1M | 23.76M | 22.01M | 25.57M | 24.45M | 26.09M |
| Operating Margin % | 92.73% | 95.34% | 90.45% | 90.96% | 86.51% | 98.07% | 156.85% | 100.31% | 96.88% | 104.81% | 89.31% | 87.29% | 89.37% | 89.59% | 91.02% |
| Operating Income Growth % | - | -23.37% | 5.54% | 52.54% | -56.33% | 109.83% | -34.78% | 266.47% | -76.39% | 89.83% | 7.94% | -13.93% | 4.56% | -6.29% | - |
| Pretax Income | 36.3M | 28.77M | 36.34M | 37.67M | 15.41M | 53.8M | 15.33M | 39.01M | 9.59M | 43.58M | 27.24M | 17.28M | 32.76M | 32.18M | 39.82M |
| Pretax Margin % | 113.51% | 95.34% | 87.56% | 96.32% | 57.17% | 98.81% | 94.52% | 100.31% | 87.24% | 101.28% | 102.41% | 68.55% | 114.48% | 117.88% | 138.9% |
| Income Tax | 598.8K | 710.2K | 758.43K | 706.22K | 1.15M | 991.85K | 0 | 0 | -161.14K | 26.77M | 0 | 0 | 0 | 0 | 2.12M |
| Effective Tax Rate % | 1.65% | 2.47% | 2.09% | 1.87% | 7.43% | 1.84% | 0% | 0% | -1.68% | 61.43% | 0% | 0% | 0% | 0% | 5.32% |
| Net Income | 36.05M | 28.06M | 35.58M | 36.96M | 14.26M | 52.81M | 15.33M | 39.01M | 9.59M | 43.58M | 27.24M | 17.28M | 32.76M | 32.18M | 37.7M |
| Net Margin % | 112.73% | 92.98% | 85.73% | 94.51% | 52.92% | 96.99% | 94.52% | 100.31% | 87.24% | 101.28% | 102.41% | 68.55% | 114.48% | 117.88% | 131.51% |
| Net Income Growth % | 12.77% | -21.14% | -3.73% | 159.1% | -72.99% | 244.39% | -60.7% | 306.96% | -78% | 59.98% | 57.61% | -47.24% | 1.8% | -14.66% | - |
| Net Income (Continuing) | 36.05M | 28.06M | 35.58M | 36.96M | 14.26M | 52.81M | 15.33M | 39.01M | 9.59M | 43.58M | 27.24M | 17.28M | 32.76M | 32.18M | 37.7M |
| EPS (Diluted) | 1.75 | 1.37 | 1.75 | 1.82 | 0.71 | 2.60 | 0.76 | 1.93 | 0.48 | 2.19 | 1.38 | 0.88 | 1.68 | 1.66 | 1.96 |
| EPS Growth % | 11.23% | -21.71% | -3.85% | 156.34% | -72.69% | 242.11% | -60.62% | 302.08% | -78.08% | 58.7% | 56.82% | -47.62% | 1.2% | -15.31% | - |
| EPS (Basic) | - | 1.37 | 1.75 | 1.82 | 0.71 | 2.60 | 0.76 | 1.93 | 0.48 | 2.19 | 1.38 | 0.88 | 1.68 | 1.66 | 1.96 |
| Diluted Shares Outstanding | 20.59M | 20.47M | 20.34M | 20.31M | 20.09M | 20.31M | 20.18M | 20.21M | 19.97M | 19.9M | 19.79M | 19.66M | 19.53M | 19.39M | 19.24M |
Quick answers to the most common questions about buying MCI stock.
For fiscal year 2025, Barings Corporate Investors (MCI) reported total revenue of $30.2M. This represents a 5.3% increase compared to $28.7M in 2012.
Barings Corporate Investors (MCI) is profitable, generating $28.1M in net income for the fiscal year ending 2025 with a net profit margin of 93.0%.
Barings Corporate Investors (MCI) reported an operating income of $28.8M, resulting in an operating profit margin of 95.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Barings Corporate Investors (MCI) generated $30.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Private credit valuation lag
Revenue Contraction Amid Market Headwinds
As indicated by the most recent quarterly filings, MCI's revenue has decelerated to $9.2 million in 2025Q2, representing a notable decline from the $11.4 million peak observed in late 2024, suggesting a tightening in the fund's ability to generate interest income from its private placement portfolio.
The recent revenue compression appears to reflect a challenging environment for private credit origination, potentially exacerbated by increased competition or a slowdown in deal flow within the Barings ecosystem. Investors should monitor whether this trend indicates a structural shift in the fund's ability to capture the illiquidity premium that historically supported its top-line performance.
Resilient Margins Despite Revenue Pressure
Based on reported financial statements, MCI maintains an exceptionally high operating margin of 84.1% as of 2025Q2, demonstrating that the fund's cost structure remains highly efficient even as top-line revenue experiences a period of contraction compared to the previous fiscal year's performance.
The fund's ability to sustain such elevated margins suggests that its management fee structure is well-aligned with its asset-light business model. However, the decline in net margin from over 90% in early 2023 to 72.7% in the most recent quarter warrants investigation into whether non-operating items or portfolio valuation adjustments are beginning to weigh on bottom-line profitability.
Operating Efficiency Remains Fundamentally Sound
According to historical income statement data, MCI has consistently maintained SG&A expenses at approximately $1.4 million to $1.5 million per quarter, indicating that management has successfully exercised strict expense discipline despite the volatility observed in the fund's quarterly revenue and net income figures.
This stability in overhead costs suggests that the fund is not experiencing significant operational bloat, allowing it to preserve a high percentage of interest income for shareholders. The lack of scaling in SG&A relative to revenue fluctuations implies that the fund's profitability is primarily sensitive to portfolio yield rather than internal cost management.
Valuation Lag and Yield Sustainability
As highlighted by the recent 21.4% year-over-year decline in EPS reported in 2025Q2, there is a growing risk that the fund's reliance on Level 3 asset valuations may mask underlying credit deterioration that could eventually necessitate downward adjustments to the net asset value.
Short-term observers should be wary that the current net income figures may not fully reflect the credit risk inherent in the private placement portfolio. If the current revenue deceleration persists, the fund may face pressure to either reduce distributions or risk eroding its capital base to maintain dividend payouts.