Barings Participation Investors Reports Preliminary Fourth Quarter 2020 Results
Barings Participation Investors (NYSE: MPV) reported preliminary financial results for Q4 2020. The trust posted net investment income of $3.7 million ($0.35 per share) and realized gains of $241,437. Total net assets grew to $144.1 million ($13.59 per share) from $141.5 million ($13.35 per share) in Q3 2020. Key contributors included $0.16 per share from non-recurring income. The trust made $15.6 million in new investments and generated $6.8 million in net assets from operations. A virtual annual meeting is set for April 23, 2021, addressing trustee elections.
- Net investment income increased to $3.7 million from $2.1 million Q3 2020.
- Total net assets rose to $144.1 million from $141.5 million in Q3 2020.
- Realized gains of $241,437 compared to losses of $1.8 million in Q3 2020.
- Total investment income for the quarter was $4.3 million, driven by new investments.
- NAV per share increased to $13.59 from $13.35.
- Net unrealized appreciation declined to $2.1 million from $5.5 million in Q3 2020.
- Realized losses for the year amounted to $234,879, compared to gains of $1.3 million in 2019.
CHARLOTTE, N.C., Jan. 28, 2021 /PRNewswire/ -- The Board of Trustees of Barings Participation Investors (NYSE: MPV) (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 10,601,700 |
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
At the December 15, 2020 meeting of the Board of Trustees, the Trustees voted to have the Trust retain net long-term capital gains, if any, realized by the Trust in 2020 for future growth and to pay the required federal capital gains tax thereon. The Trust ended 2020 with no net long-term capital gains; therefore, IRS Form 2439, Notice to Shareholders of Undistributed Long-Term Capital Gains, will not be sent out to shareholders.
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 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
*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.
21-1496195
View original content to download multimedia:http://www.prnewswire.com/news-releases/barings-participation-investors-reports-preliminary-fourth-quarter-2020-results-301217585.html
SOURCE Barings
FAQ
What were the preliminary financial results of Barings Participation Investors for Q4 2020?
How did Barings Participation Investors' total net assets change in Q4 2020?
What were Barings Participation Investors' net realized gains or losses in Q4 2020?
When is the next annual meeting for Barings Participation Investors?
What was the NAV per share for Barings Participation Investors as of December 31, 2020?
