Barings Participation Investors Reports Preliminary Second Quarter 2024 Results and Announces Increased Quarterly Cash Dividend Of $0.37 Per Share
In This Article:
CHARLOTTE, N.C., August 15, 2024--(BUSINESS WIRE)--The Board of Trustees of Barings Participation Investors (NYSE: MPV) (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 | Three Months Ended | ||||||||
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| Total Amount | Per Share(5) | Total Amount | Per | ||||||
| Net investment income(2) | $ | 4,066,456 |
| $ | 0.38 |
| $ | 3,803,027 | $ | 0.36 |
| Net realized (losses) / gains(3) | $ | (580,926 | ) | $ | (0.05 | ) | $ | 1,215,599 | $ | .11 |
| Net unrealized depreciation / appreciation | $ | (214,820 | ) | $ | (0.02 | ) | $ | 369,810 | $ | 0.03 |
| Net increase in net assets resulting from operations | $ | 3,178,814 |
| $ | 0.30 |
| $ | 5,018,627 | $ | 0.47 |
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| Total net assets (equity) | $ | 168,705,696 |
| $ | 15.88 |
| $ | 168,705,696 | $ | 15.88 |
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| (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 10,622,421 (5) Based on shares outstanding at the end of the period of 10,641,293 | ||||||||||
Key Highlights:
Commenting on the quarter, Christina Emery, President, stated, "The Trust earned $0.38 per share of net investment income, net of taxes, for the second quarter of 2024, compared to $0.36 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. 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 $0.37 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 2.8% over the previous dividend of $0.36 per share and the eighth consecutive quarterly increase.
During the three months ended June 30, 2024, the Trust reported total investment income of $5.1 million, net investment income of $4.1 million, or $0.38 per share, and a net increase in net assets resulting from operations of $3.2 million, or $0.30 per share.
Net asset value ("NAV") per share as of June 30, 2024, was $15.82, as compared to $15.88 as of March 31, 2024. The decrease in NAV per share was primarily attributable to net realized loss on investments, net of taxes per share of $0.05 and net unrealized losses per share of $0.02.