Net realized gains or losses are the actual profit or loss a company records when it sells an investment or asset, calculated by comparing the sale price to the original purchase cost and combining all such sales for the reporting period. Investors care because these are real, one-time cash results that directly affect reported earnings and cash flow—like tallying profit from a garage sale versus items you still own—helping assess whether a company’s core business or its investment decisions are driving performance.
net unrealized appreciation / (depreciation)financial
Net unrealized appreciation (or depreciation) is the difference between what an asset would sell for today and what was originally paid for it, for holdings that have not yet been sold. Think of it like the change in value on a house you still own — a paper gain if it’s higher, a paper loss if it’s lower. Investors care because these unrealized amounts affect portfolio worth and can lead to taxable gains or losses and planning decisions when the assets are eventually sold.
net asset value ("NAV")financial
Net asset value (NAV) is the total value of a fund’s assets minus its liabilities, divided by the number of shares outstanding, giving a per-share price that represents the underlying value investors own. Think of it like the size of a pie (assets) minus any bills (debts), then splitting the remainder into equal slices; investors use NAV to judge whether a fund’s market price is fair and to track performance over time.
unfunded commitmentsfinancial
Unfunded commitments are promises by investors to provide capital to an investment vehicle or fund that have been agreed upon but not yet called or paid. They matter because they represent future cash obligations and potential buying power—like agreeing to pay for future work on a house—which affects an investor’s liquidity, risk exposure and a fund’s ability to make new investments or meet obligations.
A closed-end management investment company is a pooled investment fund that raises a fixed amount of capital by issuing a set number of shares and then lists those shares for trading on an exchange; investors buy and sell shares on the market rather than redeeming them back to the fund. Think of it like a store with a fixed number of bottles on the shelf: the market price can be higher or lower than the underlying value of the assets, which matters to investors because it affects returns, liquidity and income characteristics independent of the fund’s actual holdings.
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CHARLOTTE, N.C.--(BUSINESS WIRE)--
The Board of Trustees of Barings Corporate Investors (NYSE: MCI) (the "Trust") met on May 14, 2026, and would like to report its preliminary financial results for the first quarter of 2026.
Financial Highlights(1)
Three Months Ended
March 31, 2026
Three Months Ended
December 31, 2025
Total Amount
Per
Share(5)
Total Amount
Per
Share(4)
Net investment income(2)
$ 6,152,365
$0.30
$ 6,033,700
$ 0.29
Net realized gains / (losses)(3)
$ (2,022,928)
$(0.10)
$ 199,709
$ 0.01
Net unrealized appreciation / (depreciation)
$(2,591,932)
$(0.13)
$986,805
$0.05
Net increase in net assets resulting from operations
$1,624,920
$0.08
$ 7,589,609
$ 0.37
Total net assets (equity)
$ 343,480,208
$16.71
$ 341,296,818
$ 16.63
(1)
All figures for 2026 are unaudited
(2)
December 31, 2025 figures net of approximately $0.03 per share of excise tax
(3)
December 31, 2025 figures net of less than $0.01 per share of capital gains tax
(4)
Based on shares outstanding at the end of the period of 20,525,807
(5)
Based on shares outstanding at the end of the period of 20,555,752
Key Highlights:
Commenting on the quarter, Christina Emery, President, stated, "The Trust earned $0.30 per share of net investment income, net of taxes, for the first quarter of 2026, compared to $0.29 per share in the previous quarter. Both credit quality and capital structure of portfolio companies are key factors in our analysis, along with the quality of the ownership and management groups. As fundamental long-term investors, we believe it is imperative to remain disciplined and underwrite capital structures which will remain sound through economic cycles (and varying interest rate environments). We also seek to maintain a high level of portfolio diversification overall, looking at both industry and individual credit concentration. This approach has historically generated stable returns and relative stability during economic stress."
The Board of Trustees declared a quarterly dividend of $0.40 per share, payable on June 12, 2026 to shareholders of record on May 29, 2026.
During the three months ended March 31, 2026, the Trust reported total investment income of 8.6 million , net investment income of $6.1 million , or $0.30 per share, and a net increase in net assets resulting from operations of $4.6 million or $0.10 per share.
Net asset value ("NAV") per share as of March 31, 2026, was $16.71 as compared to $16.63 as of December 31, 2025. The change in NAV per share was primarily attributable to net investment income, net of taxes, of $0.30 per share, net unrealized depreciation on the Trust’s investment portfolio of approximately $0.13 per share, and net realized losses of $0.10 per share.
Recent Portfolio Activity
During the three months ended March 31, 2026, the Trust made 7 new private investments totaling $9.5 million and 50 add-on investments in existing portfolio companies totaling $9.9 million. The Trust made 12 new public investments totaling $15.2 million.
Liquidity and Capitalization
As of March 31, 2026, the Trust had cash of $15.6 million and $75 million of borrowings outstanding, representing leverage of 0.19x. The Trust had unfunded commitments of $53.9 million as of March 31, 2026.
Net Capital Gains
The Trust realized net capital losses of $2.0 million or $0.10 per share during the quarter ended March 31, 2026. By comparison, for the quarter ended December 31, 2025, the Trust realized net capital gains of $0.2 million or $0.01 per share.
Annual Meeting
At the Annual meeting, which was held on Thursday, May 14, 2026, shareholders elected Barbara M. Ginader, Maleyne M. Syracuse and Michael H. Brown as independent trustees each for three-year terms.
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 $481+ billion* global asset management firm that partners with institutional, insurance, and wealth clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual and MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets. Learn more at www.barings.com.
*Assets under management as of March 31, 2026
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.
