Revenue has contracted to $8.2M in 2025Q4 from a 2024Q4 peak of $11.1M, though the fund maintains high operational efficiency with a 95.0% operating margin.
| Metric | 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 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 15.08M | 18.78M | 17.95M | 11.78M | 24.6M | 11.32M | 16.9M | 2.93M | 18.3M | 12.81M | 12.47M | 13.32M | 12.83M | 13.45M |
| Gross Margin % | 88.18% | 92.49% | 89.22% | 83.81% | 93.03% | 85.8% | 90.9% | 63.61% | 91.7% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -19.73% | 4.64% | 52.37% | -52.13% | 117.27% | -32.99% | 476.84% | -83.99% | 42.84% | 2.76% | -6.41% | 3.85% | -4.63% | - |
| Operating Expenses | -298.91K | 1.11M | 1.07M | 2.36M | 2.24M | 1.95M | 780.77K | 965.61K | 823.76K | 557.63K | 3.3M | 3.79M | 1.55M | 4.67M |
| OpEx % of Revenue | -1.75% | 5.46% | 5.32% | 16.77% | 8.47% | 14.81% | 4.2% | 20.97% | 4.13% | 4.35% | 26.47% | 28.47% | 12.05% | 34.74% |
| Selling, General & Admin | 0 | 1.11M | 2.55M | 924.15K | 816.76K | 692.25K | 780.77K | 965.61K | 823.76K | 1.88M | 2.09M | 2.04M | 1.99M | 1.87M |
| SG&A % of Revenue | - | 5.46% | 12.68% | 6.58% | 3.09% | 5.24% | 4.2% | 20.97% | 4.13% | 14.64% | 16.79% | 15.31% | 15.5% | 13.93% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 15.38M | 18.45M | 17.56M | 11.7M | 10.06M | 11.24M | 17.81M | 4.25M | 19.75M | 10.94M | 10.38M | 11.28M | 10.84M | 11.58M |
| Operating Margin % | 89.93% | 90.86% | 87.32% | 83.23% | 38.03% | 85.19% | 95.8% | 92.35% | 98.95% | 85.36% | 83.21% | 84.69% | 84.5% | 86.07% |
| Operating Income Growth % | -16.66% | 5.04% | 50.15% | 16.3% | -10.54% | -36.87% | 318.76% | -78.47% | 80.58% | 5.41% | -8.05% | 4.09% | -6.37% | - |
| EBITDA | 15.38M | 18.37M | 17.54M | 16.8M | 747.24K | 6.49M | 14.05M | 17.73M | 16.62M | 0 | 0 | 0 | 0 | 0 |
| EBITDA Margin % | 89.93% | 90.49% | 87.19% | 119.57% | 2.83% | 49.15% | 75.58% | 384.93% | 83.28% | - | - | - | - | - |
| EBITDA Growth % | -16.32% | 4.77% | 4.37% | 2148.88% | -88.48% | -53.83% | -20.73% | 6.64% | - | - | - | - | - | - |
| D&A (Non-Cash Add-back) | 0 | -74.77K | -25.77K | 5.11M | -9.31M | 0 | -3.76M | 13.47M | -3.13M | -10.94M | -10.38M | -11.28M | -10.84M | -11.58M |
| EBIT | 15.38M | 19.32M | 19.82M | 8.55M | 27.44M | 6.49M | 18.99M | 0 | 21.37M | 10.94M | 10.38M | 11.28M | 10.84M | 0 |
| Net Interest Income | 15.87M | 17.14M | 18.59M | 12.76M | 11M | 12.17M | 12.32M | 12.59M | 11.84M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 17.66M | 18.66M | 19.84M | 13.78M | 11.62M | 12.79M | 12.93M | 13.2M | 12.46M | 613.5K | 613.5K | 613.5K | 613.5K | 613.5K |
| Interest Expense | 1.8M | 1.52M | 1.25M | 1.01M | 622.86K | 613.5K | 613.5K | 613.5K | 613.5K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 13.58M | 17.67M | 18.56M | 7.34M | 25.63M | 6.35M | 17.81M | 3.64M | 19.14M | 11.64M | 8.56M | 16.5M | 13.76M | 17.51M |
| Pretax Margin % | 79.43% | 87.03% | 92.27% | 52.21% | 96.91% | 48.1% | 95.8% | 79.03% | 95.87% | 90.86% | 68.61% | 123.87% | 107.27% | 130.18% |
| Income Tax | 350.9K | 425.2K | 441.37K | 377.85K | 247.15K | 0 | 0 | 0 | 21.99M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 2.58% | 2.41% | 2.38% | 5.15% | 0.96% | 0% | 0% | 0% | 114.88% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 13.23M | 17.25M | 18.12M | 6.96M | 25.38M | 6.35M | 17.81M | 3.64M | 19.14M | 11.64M | 8.56M | 16.5M | 13.76M | 17.51M |
| Net Margin % | 77.37% | 84.94% | 90.08% | 49.53% | 95.98% | 48.1% | 95.8% | 79.03% | 95.87% | 90.86% | 68.61% | 123.87% | 107.27% | 130.18% |
| Net Income Growth % | -23.31% | -4.81% | 160.31% | -72.58% | 299.81% | -64.35% | 389.34% | -80.98% | 64.37% | 36.08% | -48.16% | 19.92% | -21.41% | - |
| Net Income (Continuing) | 13.23M | 17.25M | 18.12M | 6.96M | 25.38M | 6.35M | 17.81M | 3.64M | 19.14M | 11.64M | 8.56M | 16.5M | 13.76M | 17.51M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.23 | 1.62 | 1.71 | 0.66 | 2.39 | 0.60 | 1.69 | 0.35 | 1.84 | 1.12 | 0.83 | 1.60 | 1.34 | 1.72 |
| EPS Growth % | -24.07% | -5.26% | 159.09% | -72.38% | 298.33% | -64.5% | 382.86% | -80.98% | 64.29% | 34.94% | -48.13% | 19.4% | -22.09% | - |
| EPS (Basic) | 1.23 | 1.62 | 1.71 | 0.66 | 2.39 | 0.60 | 1.69 | 0.35 | 1.84 | 1.12 | 0.83 | 1.60 | 1.34 | 1.72 |
| Diluted Shares Outstanding | 10.75M | 10.68M | 10.6M | 10.6M | 10.6M | 10.6M | 10.54M | 10.4M | 10.4M | 10.39M | 10.33M | 10.3M | 10.24M | 10.18M |
| Basic Shares Outstanding | 10.73M | 10.68M | 10.6M | 10.6M | 10.6M | 10.6M | 10.54M | 10.4M | 10.4M | 10.39M | 10.33M | 10.3M | 10.24M | 10.18M |
| Dividend Payout Ratio | - | 89.38% | 69.04% | 124.89% | 33.41% | 145.21% | 63.98% | 311.12% | 58.77% | 96% | 130.16% | 67.18% | 80.09% | 62.52% |
Concentrated Private Credit Exposure
Based on the provided financial data, MPV's revenue has experienced significant volatility, peaking at $11.1M in 2024Q4 before retreating to $8.2M by 2025Q4, suggesting a contraction in the fund's income-generating capacity that warrants close monitoring of its underlying private placement origination pipeline.
The recent decline in top-line figures indicates that the fund may be struggling to recycle capital into high-yielding opportunities within the competitive middle-market space. This trend suggests that the portfolio's ability to sustain historical distribution levels may be under pressure as the asset base potentially shrinks or shifts toward lower-yielding instruments.
As reported in the income statement, MPV maintains robust operating margins, which reached 95.0% in 2025Q4, demonstrating that the fund's cost structure remains highly efficient even as the total revenue base experiences a period of notable decline compared to previous fiscal periods.
The fund's ability to preserve high operating margins suggests that management fees and administrative costs are well-contained, reflecting the inherent scalability of the closed-end fund model. However, investors should consider whether these margins are sustainable if the fund is forced to increase its reliance on lower-margin, more liquid assets to maintain its investment mandate.
According to historical income statements, MPV's net income has shown extreme variance, ranging from a low of $207.3K in 2022Q2 to $13.0M in 2021Q4, which highlights the significant impact of non-operating items and unrealized valuation adjustments on the fund's bottom-line performance.
The disparity between operating income and net income suggests that the fund's earnings are heavily influenced by the fair value adjustments of its Level 3 private placement portfolio. This implies that reported EPS may not always reflect the underlying cash-generating capability of the debt holdings, necessitating a focus on recurring interest income over headline net income.
While the fund's 0.23% debt-to-equity ratio is often cited as a safety feature, analysis of the income statement suggests this conservative posture may be limiting total return potential in a high-rate environment, potentially leaving the fund at a disadvantage compared to more aggressive peers.
The lack of meaningful leverage may indicate an inability to find attractive, risk-adjusted opportunities to deploy capital, which could lead to long-term underperformance. Investors should investigate whether this defensive stance is a deliberate strategy to mitigate credit risk or a symptom of a lack of proprietary deal flow from the Barings platform.
Quick answers to the most common questions about buying MPV stock.
Barings Participation Investors (MPV) is profitable, generating $13.2M in net income for the fiscal year ending 2025 with a net profit margin of 77.4%.
Barings Participation Investors (MPV) reported an operating income of $15.4M, resulting in an operating profit margin of 89.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Barings Participation Investors (MPV) generated $15.1M in gross profit for the year, representing a gross profit margin of 88.2%. This demonstrates the company's core pricing power and production efficiency.