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.
Barings Participation Investors (MPV) 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 | 19.44M | 15.87M | 17.14M | 18.59M | 12.76M | 11M | 12.17M | 12.32M | 12.59M | 11.84M | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | 2848.03% | -7.42% | -7.83% | 45.68% | 16.01% | -9.62% | -1.18% | -2.14% | 6.28% | - | - | - | - | - | - |
| Net Interest Margin % | 9.28% | 7.62% | 8.73% | 9.76% | 6.86% | 5.88% | 7.46% | 7.47% | 7.93% | 7.12% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 21.4M | 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 | 1.95M | 1.8M | 1.52M | 1.25M | 1.01M | 622.86K | 613.5K | 613.5K | 613.5K | 613.5K | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 65.92K | 224.44K | 0 | 922.08K | 862.72K | 1.22M | 1.03M | 1.08M | 1.06M | 1.04M | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 13.92M | -566.36K | 1.64M | 275.26K | 278.81K | 14.82M | 412.82K | 5.66M | -8.6M | 7.5M | 12.2M | 11.86M | 12.71M | 12.22M | 12.84M |
| Non-Interest Income % | 41.72% | -3.7% | 8.75% | 1.46% | 2.14% | 57.4% | 3.28% | 31.48% | -215.33% | 38.79% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 33.36M | 15.3M | 18.78M | 18.87M | 13.04M | 25.83M | 12.59M | 17.98M | 3.99M | 19.35M | 12.2M | 11.86M | 12.71M | 12.22M | 12.84M |
| Revenue Growth % | - | -18.53% | -0.47% | 44.68% | -49.5% | 105.2% | -29.99% | 350.37% | -79.37% | 58.59% | 2.9% | -6.72% | 4.05% | -4.85% | - |
| Non-Interest Expense | -2.49M | -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 |
| Efficiency Ratio | -7.45% | -1.95% | 5.9% | 5.67% | 18.07% | 8.68% | 15.53% | 4.34% | 24.19% | 4.26% | 4.57% | 27.84% | 29.84% | 12.66% | 36.4% |
| Operating Income | 36.45M | 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 % | 109.26% | 100.49% | 98.23% | 93.08% | 89.69% | 38.95% | 89.34% | 99.07% | 106.55% | 102.08% | 89.65% | 87.52% | 88.78% | 88.75% | 90.18% |
| 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% | - |
| Pretax Income | 33.16M | 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 % | 99.4% | 88.75% | 94.1% | 98.36% | 56.27% | 99.25% | 50.45% | 99.07% | 91.18% | 98.91% | 95.43% | 72.16% | 129.84% | 112.66% | 136.4% |
| Income Tax | 693.36K | 350.9K | 425.2K | 441.37K | 377.85K | 247.15K | 0 | 0 | 0 | 21.99M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 2.09% | 2.58% | 2.41% | 2.38% | 5.15% | 0.96% | 0% | 0% | 0% | 114.88% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 32.47M | 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 % | 97.32% | 86.45% | 91.83% | 96.02% | 53.37% | 98.29% | 50.45% | 99.07% | 91.18% | 98.91% | 95.43% | 72.16% | 129.84% | 112.66% | 136.4% |
| 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) | 32.47M | 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 |
| 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 | 10.79M | 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 |
Quick answers to the most common questions about buying MPV stock.
For fiscal year 2025, Barings Participation Investors (MPV) reported total revenue of $15.3M. This represents a 19.2% increase compared to $12.8M in 2012.
Barings Participation Investors (MPV) is profitable, generating $13.2M in net income for the fiscal year ending 2025 with a net profit margin of 86.4%.
Barings Participation Investors (MPV) reported an operating income of $15.4M, resulting in an operating profit margin of 100.5%. 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 98.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Concentrated Private Credit Exposure
Revenue Contraction Amid Portfolio Stagnation
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.
Resilient Margins Despite Revenue Headwinds
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.
Earnings Volatility Driven by Valuations
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.
Structural Risks of Conservative Leverage
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.