The Board of Trustees of Barings Corporate Investors (NYSE: MCI)
(the "Trust") met on August 15, 2024, and would like to report its
preliminary financial results for the second quarter of 2024.
Financial
Highlights(1)
Three Months Ended June
30, 2024
Three Months Ended
March 31, 2024
Total Amount
Per
Share(5)
Total Amount
Per Share(4)
Net investment income(2)
$
8,623,260
$
0.42
$
8,072,938
$
0.40
Net realized (losses) / gains(3)
$
(1,165,538
)
$
(0.06
)
$
1,770,637
$
0.08
Net unrealized appreciation /
(depreciation)
$
(642,281
)
$
(0.03
)
$
552,329
$
0.03
Net increase in net assets resulting from
operations
$
6,633,072
$
0.33
$
10,293,583
$
0.51
Total net assets (equity)
$
350,112,108
$
17.22
$
350,763,288
$
17.28
(1) All figures for 2024 are unaudited
(2) June 30, 2024 figures net of less than
$0.01 per share of taxes
(3) June 30, 2024 figures net of less than
$0.01 per share of taxes
(4) Based on shares outstanding at the end
of the period of 20,298,644
(5) Based on shares outstanding at the end
of the period of 20,334,874
Key Highlights:
Commenting on the quarter, Christina Emery, President, stated,
"The Trust earned $0.42 per share of net investment income, net of
taxes, for the second quarter of 2024, compared to $0.40 per share
in the previous quarter. The increase in net investment income was
predominantly due to $0.03 per share of non-recurring income
(repayment of past due income) received in the second quarter. The
Trust has increased dividends for the last eight quarters, which is
further confirmation of our credit philosophy, where we focus on
leading businesses backed by strong sponsor ownership and
conservative capital structures. This approach has historically
generated stable returns and relative stability during economic
stress. During the quarter, Barings continued to drive origination
flow into quality, 1st lien senior secured middle-market
investments. When constructing portfolios, we focus on investing in
high-quality businesses that are leaders in their space and offer
defensive characteristics that will allow them to perform through
economic cycles.”
The Board of Trustees declared a quarterly dividend of $0.40 per
share, payable on September 13, 2024, to shareholders of record on
August 26, 2024. This represents an increase of $0.01 per share or
2.6% over the previous dividend of $0.39 per share.
During the three months ended June 30, 2024, the Trust reported
total investment income of $10.5 million, net investment income of
$8.6 million, or $0.42 per share, and a net increase in net assets
resulting from operations of 6.8 million, or $0.33 per share.
Net asset value ("NAV") per share as of June 30, 2024, was
$17.22, as compared to $17.28 as of March 31, 2024. The decrease in
NAV per share was primarily attributable to net realized losses on
investments, net of taxes of $0.06 per share.
The next scheduled meeting of the Board of Trustees will be held
on November 14, 2024.
Recent Portfolio
Activity
During the three months ended June 30, 2024, the Trust made five
new investments totaling $4.5 million and 22 add-on investments in
existing portfolio companies totaling 5.4 million. During the three
months ended June 30, 2024, the Trust had ten loans repaid at par
totaling $29.0 million and realized three equity investments that
generated realized gains of $1.8 million.
Liquidity and
Capitalization
As of March 31, 2024, the Trust had cash and short-term
investments of $26.9 million and $30.0 million of borrowings
outstanding. The Trust had unfunded commitments of $21.8 million as
of June 30, 2024.
Net Capital Gains
The Trust realized net capital losses of $1,165,538 or $0.06 per
share during the quarter ended June 30, 2024. By comparison, for
the quarter ended March 31, 2024, the Trust realized net capital
gains of $1,770,637 or $0.08 per share.
About Barings Corporate
Investors
Barings Corporate Investors is a closed-end management
investment company advised by Barings LLC. Its shares are traded on
the New York Stock Exchange under the trading symbol ("MCI").
About Barings LLC
Barings is a $409+ billion* global investment manager sourcing
differentiated opportunities and building long-term portfolios
across public and private fixed income, real estate, and specialist
equity markets. With investment professionals based in North
America, Europe and Asia Pacific, the firm, a subsidiary of
MassMutual, aims to serve its clients, communities, and employees,
and is committed to sustainable practices and responsible
investment. Learn more at www.barings.com.
*Assets under management as of June 30, 2024
Per share amounts are rounded to the nearest cent.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
RESULTS
Cautionary Notice: Certain statements contained in this press
release may be "forward looking" statements. Investors are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date on which they are made
and which reflect management’s current estimates, projections,
expectations or beliefs, and which are subject to risks and
uncertainties that may cause actual results to differ materially.
These statements are subject to change at any time based upon
economic, market or other conditions and may not be relied upon as
investment advice or an indication of the fund's trading intent.
References to specific securities are not recommendations of such
securities, and may not be representative of the fund's current or
future investments. We undertake no obligation to publicly update
forward looking statements, whether as a result of new information,
future events, or otherwise.
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