Barings Corporate Investors (MCI) Cash Flow Statement
Where MCI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $18.6M −34.0% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $18.6M 56.7% margin
- Returned to shareholders
- $34.8M 187% of free cash flow
- Change in cash
- $14.9M cash at year-end $32.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MCI operating cash flow, capex and free cash flow
MCI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $26.9M2016 | $18.6M2025 | −4.0%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $26.9M2016 | $18.6M2025 | −4.0%/yr | |
| Free cash flow margin | 95.5%2016 | 56.7%2025 | −38.8 pts | |
| Operating cash flow / net income | 0.992016 | 0.662025 | −0.33 | |
| Dividends paid | $23.7M2016 | $34.8M2025 | +4.4%/yr | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MCI cash flow by activity
MCI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MCI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $28.1M | $35.6M | $37.0M | $14.3M | $52.8M | $15.3M | $39.0M | $9.6M | $43.6M | $27.2M |
| Depreciation & amortization | −$1.3M | −$183,000 | −$46,471 | — | — | — | — | — | — | — |
| Change in working capital | −$832,442 | −$984,000 | $170,369 | −$4.8M | $2.3M | −$744,124 | −$180,554 | −$3.6M | $3.5M | −$970,506 |
| Other non-cash items | −$7.4M | −$6.3M | −$5.1M | −$5.5M | −$52.2M | $11.2M | −$19.9M | $35.8M | −$32.6M | $638,951 |
| Cash from operating activities | $18.6M | $28.1M | $32.0M | $3.9M | $2.8M | $25.8M | $18.9M | $41.7M | $14.5M | $26.9M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing activities | ||||||||||
| Dividends paid | −$34.8M | −$31.9M | −$26.7M | −$19.9M | −$19.5M | −$20.7M | −$24.2M | −$24.0M | −$23.8M | −$23.7M |
| Net borrowing (repayment) | $29.0M | $3.5M | −$3.5M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | — | — |
| Shares issued | $2.5M | $2.6M | $0 | $0 | $0 | $552,229 | $2.2M | $2.2M | $0 | $0 |
| Other financing | −$325,316 | $37,505 | −$133,608 | $15,213 | −$76,146 | −$8.0M | −$8.0M | −$8.0M | $2.2M | $2.1M |
| Cash from financing activities | −$3.6M | −$25.8M | −$30.4M | −$11.8M | −$11.5M | −$20.1M | −$22.0M | −$21.8M | −$21.6M | −$21.5M |
| Summary | ||||||||||
| Net change in cash | $14.9M | $2.3M | $1.6M | −$7.9M | −$8.7M | $5.7M | −$3.0M | $19.9M | −$7.1M | $5.4M |
| Cash at end of period | $32.1M | $17.2M | $14.9M | $13.2M | $21.2M | $29.9M | $24.1M | $27.1M | $7.2M | $14.3M |
| Free cash flow | $18.6M | $28.1M | $32.0M | $3.9M | $2.8M | $25.8M | $18.9M | $41.7M | $14.5M | $26.9M |
| Free cash flow margin | 56.7% | 65.0% | 77.7% | 24.2% | 5.2% | 159.2% | 47.4% | 379.9% | 32.6% | 95.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.66 | 0.79 | 0.87 | 0.27 | 0.05 | 1.68 | 0.49 | 4.35 | 0.33 | 0.99 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $10.7M | $10.7M | $7.4M | $7.4M | $6.7M | $6.7M | $9.3M | $9.3M | $8.5M | $8.5M | $9.1M | $10.0M |
| Depreciation & amortization | −$289,135 | −$289,135 | −$263,162 | −$263,162 | −$341,740 | −$341,740 | — | — | — | — | — | — |
| Change in working capital | $119,492 | $119,492 | −$414,109 | −$414,109 | $265,269 | $265,269 | −$9.4M | −$9.4M | $4.1M | $4.1M | $415,471 | −$10.3M |
| Other non-cash items | −$12.7M | −$12.7M | −$2.0M | −$2.0M | −$2.0M | −$2.0M | $1.9M | $1.9M | −$307,000 | −$307,395 | $777,957 | −$14,013 |
| Cash from operating activities | −$2.3M | −$2.3M | $4.7M | $4.7M | $4.6M | $4.6M | $1.8M | $1.8M | $12.3M | $12.3M | $10.3M | −$371,009 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing activities | ||||||||||||
| Dividends paid | −$8.2M | −$8.2M | −$8.2M | −$8.2M | −$9.2M | −$9.2M | −$8.1M | −$8.1M | −$7.8M | −$7.8M | −$7.5M | −$7.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $532,962 | $532,962 | $13.6M | $13.6M | $1.9M | $1.9M | $9.0M | $9.0M | −$5.9M | −$5.9M | $2.4M | $8,876 |
| Cash from financing activities | −$7.7M | −$7.7M | $5.4M | $5.4M | −$7.3M | −$7.3M | $824,372 | $824,372 | −$13.7M | −$13.7M | −$5.1M | −$7.1M |
| Summary | ||||||||||||
| Net change in cash | — | — | — | — | — | — | — | — | −$1.5M | −$1.5M | $5.1M | −$7.5M |
| Cash at end of period | — | — | — | — | — | — | — | — | −$1.5M | $13.4M | $14.9M | $9.7M |
| Free cash flow | −$2.3M | −$2.3M | $4.7M | $4.7M | $4.6M | $4.6M | $1.8M | $1.8M | $12.3M | $12.3M | $10.3M | −$371,009 |
| Free cash flow margin | −25.9% | −25.9% | 52.4% | 52.4% | 49.7% | 49.7% | 15.9% | 15.9% | 119.4% | 119.4% | 100.1% | −3.4% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −0.21 | −0.21 | 0.64 | 0.64 | 0.68 | 0.68 | 0.19 | 0.19 | 1.45 | 1.45 | 1.13 | −0.04 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MCI cash generation
In fiscal 2025 (ended December 31, 2025), Barings Corporate Investors generated $18.6 million of cash from operations (down 34.0%) and spent $0 on capital expenditures, leaving free cash flow of $18.6 million, 56.7% of revenue. It returned $34.8 million to shareholders through dividends ($34.8 million) and net share buybacks ($0). Cash and equivalents rose by $14.9 million over the year.
Related: MCI income statement, MCI balance sheet, MCI dividend history. See the MCI stock overview for the latest quote and news.
MCI cash flow FAQ
What is Barings Corporate Investors's free cash flow?
Barings Corporate Investors's free cash flow was $18.6 million in fiscal 2025: $18.6 million of operating cash flow minus $0 of capital expenditures It was $28.1 million a year earlier..
How much cash does Barings Corporate Investors generate from operations?
Barings Corporate Investors generated $18.6 million of cash from operating activities in fiscal 2025, 0.66 times its net income of $28.1 million.
How much does Barings Corporate Investors pay in dividends?
Barings Corporate Investors paid $34.8 million in dividends in fiscal 2025, 187.3% of free cash flow.