Barings Corporate Investors Reports Preliminary Fourth Quarter 2020 Results
The Board of Trustees of Barings Corporate Investors (NYSE: MCI) reported preliminary financial results for Q4 2020 on January 28, 2021. The Trust achieved net investment income of $9.4 million ($0.47 per share) and net realized gains of $2.6 million ($0.13 per share). Total net assets were $304.8 million, reflecting an increase in NAV per share to $15.04 from $14.73 quarter-over-quarter. The Trust made investments totaling $39.3 million and had cash of $29.9 million. An annual meeting is scheduled for April 23, 2021, to discuss performance and elect board members.
- Net investment income increased to $9.4 million ($0.47 per share) in Q4 2020.
- Total net assets grew to $304.8 million, with NAV per share rising to $15.04.
- Realized gains of $2.6 million represent a recovery from previous losses.
- Net unrealized appreciation decreased significantly to $2.1 million compared to $12.3 million in the prior quarter.
- The Trust reported a high amount of unfunded commitments at $11.8 million, indicating potential liquidity concerns.
CHARLOTTE, N.C., Jan. 28, 2021 /PRNewswire/ -- The Board of Trustees of Barings Corporate Investors (NYSE: MCI) (the "Trust") met on January 28, 2021 and would like to report its preliminary financial results for the fourth quarter of 2020.
Financial Highlights(1) | Three Months Ended | Three Months Ended | ||
Total Amount | Per | Total Amount | Per | |
Net investment income | ||||
Net realized gains / (losses) | ||||
Net unrealized appreciation | ||||
Net increase in net assets resulting from operations | ||||
Total net assets (equity) | ||||
(1) All figures for 2020 are unaudited | ||||
(2) Based on shares outstanding at the end of the period of 20,261,719 |
Key Highlights:
Commenting on the quarter, Christina Emery, President, stated, "During the fourth quarter, Barings continued to drive origination flow into high quality, 1st lien senior secured middle-market investments while further continuing our efforts to realize value in select equity sales and mezzanine assets currently on non-accrual."
During the three months ended December 31, 2020, the Trust reported total investment income of
Net asset value ("NAV") per share as of December 31, 2020 was
Recent Portfolio Activity
During the three months ended December 31, 2020, the Trust made 10 new investments totaling
Liquidity and Capitalization
As of December 31, 2020, the Trust had cash of
Net Capital Gains
The Trust realized net capital gains of
The Trust retained all net long-term capital gains realized by the Trust in 2020 for future growth and paid the required federal capital gains tax thereon. IRS Form 2439, Notice to Shareholders of Undistributed Long-Term Capital Gains, will be mailed to shareholders by the end of January.
Annual Meeting
Due to ongoing concerns regarding the coronavirus (COVID-19) pandemic, the Board of the Trust announced that the Trust's annual shareholders' meeting will be held virtually on Friday, April 23, 2021 at the following website https://viewproxy.com/barings/broadridgevsm/. Shareholders of record at the close of business on February 22, 2021 will be entitled to vote at the meeting.
In addition to reviewing the Trust's performance during the past year, the shareholders will be asked to vote on the following matter at the April shareholder meeting:
-- Election of three members of the Trust's Board of Trustees— Edward P. Grace, III as an Independent Trustee and Clifford M. Noreen as an Interested Trustee for three year terms and Eric J. Lloyd as an Interested Trustee for a one-year term.
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
*Assets under management as of December 31, 2020
Contact
Cheryl Krauss, Barings, 980-417-5858, cheryl.krauss@barings.com
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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SOURCE Barings
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