Barings (MCI) Insider Filing: Deferred-Compensation Units Reported

Rhea-AI Filing Summary

Emery Christina, President of Barings Corporate Investors (MCI), reported a notional derivative holding under the Barings Non-Qualified Thrift Plan on 09/04/2025. The filing shows a J-coded report of 35.1469 units valued at $21.38 each, representing 4,712.6212 shares of Barings Corporate Investors for reporting purposes. The units are held in a deferred compensation plan and are treated as notional investments that track the market value of MCI common shares.

The filing discloses that these plan units are exercisable only upon termination, retirement, or other plan-permitted events and that participants and the plan do not hold actual shares; the reported share count reflects the plan account value rather than direct stock ownership.

Positive

• Timely disclosure of insider plan-based holdings consistent with Section 16 reporting
• Clear explanatory notes that the reported units are not actual shares and outline exercisability conditions

Negative

• Reported holdings represent notional plan units, not direct ownership of common stock, which may limit voting and transfer rights

Insights

Securities Analyst

TL;DR: Routine Form 4 reporting of deferred-compensation plan units that mirror MCI shares; not an open-market purchase or sale.

The filing reports a plan-based, J-coded transaction for 35.1469 units valued at $21.38 each, resulting in a reported beneficial interest of 4,712.6212 shares. This is a disclosure of notional holdings within a non-qualified thrift plan rather than an acquisition of actual equity. For investors, the key point is the distinction between economic exposure via a plan option and direct share ownership: plan holdings track share value but carry different rights and transferability constraints. The filing appears timely and follows Section 16 reporting requirements.

Corporate Governance Expert

TL;DR: Governance disclosure is appropriate; the filing clarifies exercise conditions and the plans' notional nature.

The explanatory notes clearly state that plan participants do not possess actual common shares and that plan units are exercisable only upon termination, retirement, or other permitted events. That transparency limits potential investor confusion about insider selling or accumulation. The filing was signed by an attorney-in-fact on 09/05/2025, indicating proper execution procedures.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Emery Christina

Role President

Type	Security	Shares	Price	Value
Other	Barings Non-Qualified Thrift Plan	35.147	$21.38	$751.44

Holdings After Transaction: Barings Non-Qualified Thrift Plan — 4,712.621 shares (Direct)

Footnotes (1)

1. Exercisable only upon termination, retirement, or other plan permitted event. Plan holdings may be "liquidated" and reallocated into other plan investment options by the plan participant. The derivative has no actual securities underlying the plan agreement, which is entirely notional. Barings LLC (fka Babson Capital Management LLC) and Massachusetts Mutual Life Insurance Company each offer a non-qualified compensation deferral plan where certain officers are permitted to defer a portion of their compensation into the plans. Deferred compensation into a plan is allocated among one or more investment options at the election of the plan participant. Each plan has an investment option that derives its value from the market value of Barings Corporate Investors' common shares (and includes the value of reinvested dividends). However, pursuant to the terms of the plans, neither the plans nor the participants have an actual ownership interest in the common shares. The shares beneficially owned include the number of shares of Barings Corporate Investors represented by the value of the Barings Corporate Investors investment option under the plan held by the plan participant.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Emery Christina

(Last) (First) (Middle)

C/O BARINGS LLC

300 SOUTH TRYON STREET, SUITE 2500

(Street)

CHARLOTTE NC 28202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BARINGS CORPORATE INVESTORS [ MCI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Barings Non-Qualified Thrift Plan	(1)	09/04/2025		J(2)		35.1469		(1)	(1)	Common Shares ("Shares of Beneficial Interest")	35.1469	$21.38	4,712.6212	D

Explanation of Responses:

1. Exercisable only upon termination, retirement, or other plan permitted event. Plan holdings may be "liquidated" and reallocated into other plan investment options by the plan participant. The derivative has no actual securities underlying the plan agreement, which is entirely notional.

2. Barings LLC (fka Babson Capital Management LLC) and Massachusetts Mutual Life Insurance Company each offer a non-qualified compensation deferral plan where certain officers are permitted to defer a portion of their compensation into the plans. Deferred compensation into a plan is allocated among one or more investment options at the election of the plan participant. Each plan has an investment option that derives its value from the market value of Barings Corporate Investors' common shares (and includes the value of reinvested dividends). However, pursuant to the terms of the plans, neither the plans nor the participants have an actual ownership interest in the common shares. The shares beneficially owned include the number of shares of Barings Corporate Investors represented by the value of the Barings Corporate Investors investment option under the plan held by the plan participant.

	Stacy Standridge, as Attorney-in-fact	09/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Emery Christina report on the Form 4 for MCI?

Emery Christina reported 35.1469 notional units in the Barings Non-Qualified Thrift Plan dated 09/04/2025, representing 4,712.6212 shares for reporting purposes.

Does the Form 4 indicate a market purchase or sale of MCI shares?

No. The filing reports a J-coded transaction reflecting deferred compensation plan units that track share value rather than an open-market trade.

Are the reported units actual MCI common shares?

No. The explanatory notes state the plan and participants do not hold actual shares; the units are notional and exercisable only upon termination, retirement, or other plan-permitted events.

What is the per-unit value reported in the filing?

$21.38 per unit is listed alongside the 35.1469 units in the Form 4.

Who signed the Form 4 and when?

Stacy Standridge, as attorney-in-fact, signed the filing on 09/05/2025.