The Board of Trustees of Barings Participation Investors (NYSE:
MPV) (the "Trust") met on May 18, 2023 and would like to report its
preliminary financial results for the first quarter of 2023.
Financial
Highlights(1)
Three Months Ended
March 31, 2023
Three Months Ended
December 31, 2022
Total Amount
Per Share(4)
Total Amount
Per Share(4)
Net investment income(2)
$
4,241,315
$
0.40
$
2,886,244
$
0.27
Net realized (losses) / gains(3)
$
(86,833
)
$
(0.01
)
$
336,781
$
0.03
Net unrealized appreciation
$
712,560
$
0.07
$
76,791
$
0.01
Net increase in net assets resulting from
operations
$
4,836,869
$
0.46
$
3,299,816
$
0.31
Total net assets (equity)
$
163,760,443
$
15.45
$
158,923,575
$
14.99
(1) All figures for 2023 are unaudited
(2) December 31, 2022 figures net of
approximately $0.03 per share of excise tax. March 31, 2023 figures
include less than $0.01 per share of excise tax benefit
(3) December 31, 2022 figures net of
approximately $0.01 per share of capital gains tax
(4) Based on shares outstanding at the end
of the period of 10,601,700
Key Highlights:
Commenting on the quarter, Christina Emery, President, stated,
"The Trust earned $0.40 per share of net investment income, net of
taxes, for the first quarter of 2023, compared to $0.27 per share
in the previous quarter. The increase in net investment income was
predominantly due to higher base rates as well as the repayment of
past due income ($0.06) from an investment previously on
non-accrual. 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 $0.28 per
share, payable on June 9, 2023, to shareholders of record on May
31, 2023. This represents an increase of $0.04 per share or 16.7%
over the previous dividend of $0.24 per share and the third
consecutive quarterly increase. This represents the highest
quarterly dividend payment in the past ten years.
During the three months ended March 31, 2023, the Trust reported
total investment income of $5.2 million, net investment income of
$4.2 million, or $0.40 per share, and a net increase in net assets
resulting from operations of $4.8 million, or $0.46 per share.
Net asset value ("NAV") per share as of March 31, 2023, was
$15.45, as compared to $14.99 as of December 31, 2022. The increase
in NAV per share was primarily attributable to net investment
income, net of taxes, of $0.40 per share, net unrealized
appreciation on the Trust’s investment portfolio of approximately
$0.07 per share, partially offset by net realized losses of
approximately $0.01 per share.
Recent Portfolio
Activity
During the three months ended March 31, 2023, the Trust made
five new investments totaling $4.2 million and 14 add-on
investments in existing portfolio companies totaling $1.1 million.
During the three months ended March 31, 2023, the Trust had two
loans repaid at par totaling $2.6 million and one mezzanine debt
investment repaid at par totaling $1.4 million.
Liquidity and
Capitalization
As of March 31, 2023, the Trust had cash of $4.0 million and
$21.5 million of borrowings outstanding. The Trust had unfunded
commitments of $9.0 million as of March 31, 2023.
Net Capital Gains
The Trust realized net capital losses of $86,833 or $0.01 per
share during the quarter ended March 31, 2023. By comparison, for
the quarter ended December 31, 2022, the Trust realized net capital
gains of $76,791 or $0.01 per share.
Annual Meeting
At the Annual Meeting, which was held on Thursday, May 18, 2023,
shareholders elected Michael H. Brown, Barbara M. Ginader and
Maleyne M. Syracuse as Independent Trustees for three-year
terms.
About Barings Participation
Investors
Barings Participation 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 ("MPV").
About Barings LLC
Barings is a $362+ 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 March 31, 2023
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.
23-2909841
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