Barings Participation Investors (MPV) Balance Sheet

14Y historyFree accessUpdated daily

The fund maintains a conservative capital structure with a 0.23 debt-to-equity ratio, which may be limiting total return potential in the current interest rate environment.

Annual statement

MPV Balance Sheet

Barings Participation Investors (MPV) balance sheet — 14-year assets, liabilities & shareholders' equity history

Annual Quarterly

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

Cash & Short Term Investments	29.55M	13.79M	7M	6.49M	4.88M	11.62M	17.64M	0	0	5.77M	4.2M	6.68M	6.46M	10.1M	3.55M
Cash & Due from Banks	4.55M	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	0	5M	0	0	0	0	0	0	0	0
Total Investments	201.22M	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	35.81M
Investments Growth %	4849.51%	2095.8%	475.22%	-99.15%	3.03%	16.58%	-1.43%	6.69%	288.91%	-1.18%	10.95%	-30.59%	13.84%	17.02%	-
Long-Term Investments	409.26M	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	35.81M
Accounts Receivables	3.19M	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	0
Goodwill & Intangibles	0	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	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	398.23K	446.82K	175.4M	179.29M	262.93K	300.15K	-148.48M	-150.63M	-141.18M	123.02M	112.99M	113.31M	102.14M	97.66M	-35.81M
Total Current Assets	7.74M	16.69M	12.11M	9.67M	7.51M	13.58M	0	0	0	7.07M	6.1M	8.3M	7.94M	11.36M	4.68M
Total Non-Current Assets	201.69M	191.65M	184.1M	180.8M	178.61M	173.4M	0	0	0	159.33M	149.72M	146.42M	149.84M	139.56M	35.81M
Total Assets	209.43M	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
Asset Growth %	22.47%	6.18%	3.01%	2.34%	-0.46%	14.56%	-0.98%	3.79%	-4.56%	6.78%	0.72%	-1.94%	4.55%	2.23%	-
Return on Assets (ROA)	16.08%	6.54%	8.92%	9.62%	3.73%	14.5%	3.87%	11.01%	2.24%	11.88%	7.5%	5.48%	10.69%	9.22%	11.86%
Accounts Payable	631.29K	6.31M	6.61M	3.94M	2.59M	3.06M	3.58M	2.89M	3.81M	0	0	0	0	170.98K	0
Total Debt	37.35M	37.33M	23.36M	21.57M	23.5M	21M	15M	0	0	15M	15M	15M	15M	15M	0
Net Debt	32.8M	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	-3.55M
Long-Term Debt	37.35M	37.33M	23.36M	21.57M	23.5M	21M	15M	0	0	15M	15M	15M	15M	15M	15M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Liabilities	1.43M	7.17M	1.12M	1.6M	1.1M	1.84M	0	0	0	769.71K	415.01K	509.09K	409.62K	670.56K	-15M
Total Current Liabilities	1.43M	6.99M	6.61M	3.94M	2.59M	3.06M	4.03M	0	0	5.14M	3.8M	3.86M	4.8M	3.83M	4.28M
Total Non-Current Liabilities	38.78M	44.52M	24.48M	23.17M	24.6M	22.84M	15M	0	0	15.77M	15.42M	15.51M	15.41M	15.67M	15M
Total Liabilities	38.78M	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
Total Equity	170.64M	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
Equity Growth %	1.64%	-0.79%	1.07%	2.8%	-1.34%	11.72%	-1.3%	5.29%	-4.63%	6.5%	0.93%	-1.61%	4.68%	2.77%	-
Equity / Assets (Capital Ratio)	81.48%	78.63%	84.15%	85.77%	85.39%	86.15%	88.34%	88.63%	87.37%	87.43%	87.67%	87.48%	87.19%	87.08%	86.62%
Return on Equity (ROE)	19.45%	8.04%	10.5%	11.24%	4.35%	16.63%	4.37%	12.51%	2.56%	13.57%	8.56%	6.27%	12.27%	10.62%	13.7%
Book Value per Share	15.81	15.23	15.46	15.41	14.99	15.19	13.60	13.86	13.34	13.99	13.15	13.10	13.35	12.83	12.56
Tangible BV per Share	15.81	15.23	15.46	15.41	14.99	15.19	13.60	13.86	13.34	13.99	13.15	13.10	13.35	12.83	12.56
Common Stock	107.92K	107.56K	106.8K	106.02K	106.02K	106.02K	106.02K	105.87K	105.27K	104.58K	103.86K	103.28K	103.01K	102.44K	101.83K
Additional Paid-in Capital	146.13M	145.51M	144.48M	144.17M	144.61M	145.01M	142.11M	142.02M	141.46M	94.49M	94.91M	95.25M	97.75M	96.38M	0
Retained Earnings	24.41M	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	32.81M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0	0	1	-36K	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0

Key Metrics

Growth RegimeContracting

ProfitabilityStrong

Balance SheetHealthy

Cash FlowMixed

Top Statement Risk

Concentrated Private Credit Exposure

Asset Base Contraction Signals Stagnation

According to the latest quarterly data, MPV's total assets have fluctuated within a narrow range, reaching $208.3M in 2025Q4, yet the lack of sustained growth in the asset base suggests the fund is struggling to deploy capital effectively in the current middle-market private credit environment.

The stagnation in total assets indicates that the fund is not successfully scaling its investment portfolio, which may limit its ability to generate incremental income. Investors should monitor whether this trend reflects a deliberate defensive posture or an inability to source high-quality private placements.

Conservative Leverage Limits Return Potential

As reported in recent financial statements, MPV maintains a debt-to-equity ratio of 0.23 as of 2025Q4, a figure that highlights a highly conservative capital structure that may be failing to capitalize on yield-enhancing opportunities available through modest leverage in a high-interest-rate environment.

While low leverage provides a significant buffer against credit volatility, it appears to be an inefficient use of capital that constrains the fund's total return potential. This reliance on equity over debt financing suggests management prioritizes capital preservation over aggressive growth, which may frustrate investors seeking higher yield.

Cash Volatility Masks Liquidity Pressures

Based on the provided balance sheet figures, MPV's cash position has shown significant variance, rising to $13.8M in 2025Q4 from $4.2M in 2025Q2, which suggests that the fund's liquidity profile is heavily influenced by the timing of investment exits and capital calls rather than operational cash flow.

The erratic nature of the cash balance warrants caution, as it may indicate that the fund is periodically holding excess cash due to a lack of immediate investment opportunities. This liquidity profile could lead to cash drag on performance, potentially impacting the fund's ability to maintain consistent dividend distributions.

Retained Earnings Stability Supports Distributions

As indicated by the historical balance sheet data, MPV's retained earnings have remained relatively stable at $18.2M in 2025Q4, providing a modest foundation for the fund's ongoing dividend policy despite the broader challenges in growing the underlying investment portfolio's total value.

The stability of retained earnings suggests that the fund is managing to preserve its core capital base despite the recent revenue headwinds. However, investors should remain wary of whether this stability is sustainable if the underlying private placement portfolio continues to face valuation pressures or credit defaults.

MPV — Frequently Asked Questions

Quick answers to the most common questions about buying MPV stock.

What are the total assets of Barings Participation Investors (MPV)?

As of 2025, Barings Participation Investors (MPV) had total assets of $208.3M including $16.7M in current assets.

How much debt does Barings Participation Investors (MPV) have?

Barings Participation Investors (MPV) carries total debt of $37.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of Barings Participation Investors?

Barings Participation Investors (MPV) has total shareholders' equity (book value) of $163.8M ($15.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is Barings Participation Investors's current ratio and liquidity?

Barings Participation Investors (MPV) reported a current ratio of 2.39x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.