Barings Participation Investors (the Trust) (MPV) Balance Sheet
MPV balance sheet, 2025
December 31, 2025 · U.S. dollars$208.3M assets = $44.5M liabilities + $163.8M equity
Both columns are drawn to the same scale: what MPV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MPV financial health
Descriptive bands, not a rating. Fiscal 2025.
MPV balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $155.8M2016 | $208.3M2025 | +3.3%/yr | |
| Total liabilities | $19.2M2016 | $44.5M2025 | +9.8%/yr | |
| Shareholders’ equity | $136.6M2016 | $163.8M2025 | +2.0%/yr | |
| Cash & short-term investments | $4.2M2016 | $13.8M2025 | +14.1%/yr | |
| Total debt | $15.0M2016 | $37.3M2025 | +10.7%/yr | |
| Net cash (debt) | −$10.8M2016 | −$23.5M2025 | −$12.7M | |
| Working capital | $2.3M2016 | $9.7M2025 | +$7.4M | |
| Book value per share | $13.152016 | $15.232025 | +1.6%/yr | |
| Current ratio | 1.602016 | 2.392025 | +0.78 | |
| Debt / equity | 0.112016 | 0.232025 | +0.12 | |
| Shares outstanding | 10.4M2016 | 10.8M2025 | +0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MPV assets
MPV liabilities and equity
MPV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MPV balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $13.8M | $7.0M | $6.5M | $4.9M | $11.6M | $17.6M | $13.1M | $16.4M | $5.8M | $4.2M |
| Cash & equivalents | $13.8M | $7.0M | $6.5M | $4.9M | $11.6M | $12.6M | $13.1M | $16.4M | $5.8M | $4.2M |
| Short-term investments | — | — | — | — | — | $5.0M | $5.8M | $0 | $6.0M | $0 |
| Receivables | $2.9M | $5.1M | $3.2M | $2.6M | $2.0M | $1.1M | $1.1M | $1.2M | $1.3M | $1.9M |
| Inventory | $0 | $0 | $0 | $7.5M | $13.6M | $18.8M | $20.0M | −$158.8M | −$166.4M | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $158.8M | $166.4M | $0 |
| Total current assets | $16.7M | $12.1M | $9.7M | $7.5M | $13.6M | $13.8M | $14.2M | $17.6M | $7.1M | $6.1M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $191.2M | $184.0M | $180.6M | $178.4M | $173.1M | $148.5M | $150.6M | $141.2M | $159.3M | $36.7M |
| Other non-current assets | $446,817 | $108,393 | $228,175 | $256,561 | $293,315 | $968,513 | $1,975 | $2,243 | $26,014 | $113.0M |
| Total assets | $208.3M | $196.2M | $190.5M | $186.1M | $187.0M | $163.2M | $164.8M | $158.8M | $166.4M | $155.8M |
| Liabilities | ||||||||||
| Accounts payable | $6.3M | $6.6M | $3.9M | $2.6M | $3.1M | $3.6M | $2.9M | $3.8M | $2.9M | $0 |
| Short-term debt | — | — | $21.6M | $23.5M | $21.0M | $15.0M | $15.0M | $0 | $0 | $0 |
| Deferred revenue | — | — | −$17.6M | −$20.9M | −$17.9M | −$11.4M | −$12.1M | −$11.2M | −$12.1M | — |
| Total current liabilities | $7.0M | $6.6M | $3.9M | $2.6M | $3.1M | $4.0M | $2.9M | $3.8M | $5.1M | $3.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $15.0M | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Other long-term liabilities | $44.5M | $24.5M | $23.2M | $24.6M | $22.8M | $15.0M | $0 | $3.8M | $15.8M | $15.4M |
| Total liabilities | $44.5M | $31.1M | $27.1M | $27.2M | $25.9M | $19.0M | $18.7M | $20.1M | $20.9M | $19.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $107,558 | $106,803 | $106,017 | $106,017 | $106,017 | $106,017 | $105,872 | $105,269 | $104,581 | $103,861 |
| Retained earnings (deficit) | $18.2M | $20.5M | $19.1M | $14.2M | $16.0M | $2.0M | $4.0M | −$2.8M | $50.9M | $41.6M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | $138.7M | $0 | $0 |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $163.8M | $165.1M | $163.4M | $158.9M | $161.1M | $144.2M | $146.1M | $138.7M | $145.5M | $136.6M |
| Key figures | ||||||||||
| Total debt | $37.3M | $23.4M | $21.6M | $23.5M | $21.0M | $15.0M | $15.0M | $15.0M | $15.0M | $15.0M |
| Net cash (debt) | −$23.5M | −$16.4M | −$15.1M | −$18.6M | −$9.4M | $2.6M | −$1.9M | $1.4M | −$9.2M | −$10.8M |
| Working capital | $9.7M | $5.5M | $5.7M | $4.9M | $10.5M | $9.7M | $11.3M | $13.8M | $1.9M | $2.3M |
| Tangible book value | $163.8M | $165.1M | $163.4M | $158.9M | $161.1M | $144.2M | $146.1M | $138.7M | $145.5M | $136.6M |
| Book value per share | $15.23 | $15.46 | $15.41 | $14.99 | $15.19 | $13.60 | $13.86 | $13.34 | $13.99 | $13.15 |
| Shares outstanding | 10.8M | 10.7M | 10.6M | 10.6M | 10.6M | 10.6M | 10.5M | 10.4M | 10.4M | 10.4M |
| Current ratio | 2.39 | 1.83 | 2.46 | 2.89 | 4.44 | 3.42 | 4.92 | 4.63 | 1.37 | 1.60 |
| Quick ratio | 2.39 | 1.83 | 2.46 | 2.89 | 4.44 | 4.66 | 4.92 | 4.63 | 1.37 | 1.60 |
| Debt / equity | 0.23 | 0.14 | 0.13 | 0.15 | 0.13 | 0.10 | 0.10 | 0.11 | 0.10 | 0.11 |
| Equity / assets | 78.6% | 84.2% | 85.8% | 85.4% | 86.2% | 88.3% | 88.6% | 87.4% | 87.4% | 87.7% |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $4.5M | $13.8M | $4.2M | $7.0M | $5.3M | $5.3M | $6.5M | $4.9M | $8.6M | $4.0M | $4.9M | $3.9M |
| Cash & equivalents | $4.5M | $13.8M | $4.2M | $7.0M | $5.3M | $5.3M | $6.5M | $4.9M | $8.6M | $4.0M | $4.9M | $3.9M |
| Receivables | $3.2M | $2.9M | $2.7M | $5.1M | $5.5M | $5.5M | $3.2M | $3.0M | $2.4M | $2.4M | $2.6M | $2.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.5M | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $7.7M | $16.7M | $6.9M | $12.1M | $10.9M | $10.9M | $9.7M | $7.9M | $11.0M | $6.4M | $7.5M | $5.9M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $191.2M | $186.2M | $184.0M | $173.0M | $0 | $180.6M | $0 | $175.9M | $0 | $178.4M | $0 |
| Other non-current assets | $201.7M | $446,817 | $385,523 | $108,393 | $282,455 | $173.3M | $228,175 | $180.7M | $259,295 | $179.7M | $256,561 | $178.4M |
| Total assets | $209.4M | $208.3M | $193.5M | $196.2M | $184.2M | $184.2M | $190.5M | $188.7M | $187.2M | $186.1M | $186.1M | $184.3M |
| Liabilities | ||||||||||||
| Accounts payable | $631,295 | $6.3M | $143,404 | $6.6M | $47,063 | — | $3.9M | — | $44,947 | — | $2.6M | — |
| Total current liabilities | $1.4M | $7.0M | $143,404 | $6.6M | $47,063 | $567,590 | $3.9M | $562,037 | $523,860 | $473,955 | $2.6M | $415,963 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $38.8M | $44.5M | $25.3M | $24.5M | $15.8M | $15.3M | $23.2M | $21.9M | $22.4M | $21.9M | $24.6M | $23.4M |
| Total liabilities | $38.8M | $44.5M | $25.4M | $31.1M | $15.8M | $15.8M | $27.1M | $22.4M | $22.4M | $22.4M | $27.2M | $23.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $107,923 | $107,558 | $107,223 | $106,803 | $106,413 | $106,413 | $106,017 | $106,017 | $106,017 | $106,017 | $106,017 | $106,017 |
| Retained earnings (deficit) | $24.4M | $18.2M | $22.8M | $20.5M | $23.5M | $23.5M | $19.1M | $21.5M | $20.1M | $19.0M | $14.2M | $15.4M |
| Accumulated other comprehensive income | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $170.6M | $163.8M | $168.1M | $165.1M | $168.4M | $168.4M | $163.4M | $166.2M | $164.8M | $163.8M | $158.9M | $160.5M |
| Key figures | ||||||||||||
| Total debt | $37.3M | $37.3M | $24.6M | $23.4M | $15.0M | $15.0M | $21.6M | $21.5M | $21.5M | $21.5M | $23.5M | $23.0M |
| Net cash (debt) | −$32.8M | −$23.5M | −$20.4M | −$16.4M | −$9.7M | −$9.7M | −$15.1M | −$16.6M | −$12.9M | −$17.5M | −$18.6M | −$19.1M |
| Working capital | $6.3M | $9.7M | $6.8M | $5.5M | $10.8M | $10.3M | $5.7M | $7.4M | $10.5M | $5.9M | $4.9M | $5.5M |
| Tangible book value | $170.6M | $163.8M | $168.1M | $165.1M | $168.4M | $168.4M | $163.4M | $166.2M | $164.8M | $163.8M | $158.9M | $160.5M |
| Book value per share | $15.81 | $15.23 | $15.68 | $15.40 | $15.82 | $15.82 | $15.41 | $15.68 | $15.54 | $15.45 | $14.99 | $15.14 |
| Shares outstanding | 10.8M | 10.8M | 10.7M | 10.7M | 10.6M | 10.6M | 10.6M | 10.6M | 10.6M | 10.6M | 10.6M | 10.6M |
| Current ratio | 5.40 | 2.39 | 48.25 | 1.83 | 230.82 | 19.14 | 2.46 | 14.10 | 20.99 | 13.51 | 2.89 | 14.25 |
| Quick ratio | 5.40 | 2.39 | 48.25 | 1.83 | 230.82 | 19.14 | 2.46 | 14.10 | 20.99 | 13.51 | 2.89 | 14.25 |
| Debt / equity | 0.22 | 0.23 | 0.15 | 0.14 | 0.09 | 0.09 | 0.13 | 0.13 | 0.13 | 0.13 | 0.15 | 0.14 |
| Equity / assets | 81.5% | 78.6% | 86.9% | 84.2% | 91.4% | 91.4% | 85.8% | 88.1% | 88.0% | 88.0% | 85.4% | 87.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
MPV financial position
At the end of fiscal 2025 (December 31, 2025), Barings Participation Investors had total assets of $208.3 million (up 6.2% from a year earlier), total liabilities of $44.5 million and shareholders' equity of $163.8 million. It held $13.8 million in cash and short-term investments against $37.3 million of debt, net debt of $23.5 million. Its current ratio was 2.39. In the latest quarter (ended June 30, 2026) total assets were $209.4 million and equity $170.6 million.
Related: MPV income statement, MPV cash flow statement, MPV key metrics. See the MPV stock overview for the latest quote and news.
MPV balance sheet FAQ
What are Barings Participation Investors's total assets?
Barings Participation Investors reported total assets of $208.3 million at the end of fiscal 2025 (December 31, 2025), compared with $196.2 million a year earlier.
How much debt does Barings Participation Investors have?
Barings Participation Investors had $37.3 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.23.
How much cash does Barings Participation Investors have?
Barings Participation Investors held $13.8 million in cash and short-term investments at the end of fiscal 2025; with $37.3 million of debt that is net debt of $23.5 million.
What is Barings Participation Investors's book value?
Barings Participation Investors's shareholders' equity (book value) was $163.8 million at the end of fiscal 2025, or $15.23 per share.
What is Barings Participation Investors's current ratio?
Barings Participation Investors had current assets of $16.7 million and current liabilities of $7.0 million, a current ratio of 2.39 (it can cover its short-term obligations).