Barings Participation Investors (MPV) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	38.2M	17.1M	20.3M	20.1M	14.1M
Cost of Revenue	1.0M	2.0M	1.5M	2.2M	1.9M
Gross Profit	38.3M	15.1M	18.8M	17.9M	11.8M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	2.6M	1.1M	1.1M	2.6M	924.2K
General & Admin Expense	2.6M	1.1M	1.1M	2.6M	924.2K
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	1.4M	(1.4M)	—	(1.5M)	1.4M
Total Operating Expenses	4.0M	(298.9K)	1.1M	1.1M	2.4M
Cost and Expenses	5.0M	1.7M	2.6M	2.6M	2.4M
Operating Income (EBIT)	33.8M	15.4M	18.4M	17.6M	11.7M
Non-Operating
Interest Income	13.0M	17.7M	18.7M	19.8M	13.8M
Interest Expense	1.5M	1.8M	1.5M	1.2M	1.0M
Net Interest Income	21.4M	15.9M	17.1M	18.6M	12.8M
Other Non-Op Income/Expense	(2.6M)	(1.8M)	(776.9K)	996.7K	(4.4M)
Non-Operating Income (excl Interest)	28.00	(296.00)	—	—	—
EBT (Pre-Tax Income)	31.3M	13.6M	17.7M	18.6M	7.3M
Income Tax Expense	926.9K	350.9K	425.2K	441.4K	377.9K
Bottom Line
Net Income	30.5M	13.2M	17.2M	18.1M	7.0M
Earnings from Cont. Ops	30.5M	13.2M	17.2M	18.1M	7.0M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	30.5M	13.2M	17.2M	18.1M	7.0M
Per Share
Basic EPS	$2.85	$1.23	$1.62	$1.71	$0.66
Diluted EPS	$2.85	$1.23	$1.62	$1.71	$0.66
Revenue Per Share	$3.56	$1.59	$1.90	$1.90	$1.33
Shares
Basic Shares Outstanding	10.7M	10.7M	10.7M	10.6M	10.6M
Diluted Shares Outstanding	10.8M	10.8M	10.7M	10.6M	10.6M
Profitability Metrics
EBITDA	33.8M	15.4M	17.6M	19.8M	7.3M
D&A	—	—	(74.8K)	(25.8K)	5.1M
EBIT	33.8M	15.4M	19.3M	19.8M	8.5M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Dec 1, 2025