Barings Participation Investors (the Trust) (MPV) Cash Flow Statement
Where MPV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.7M −17.3% vs 2024
- Capital expenditures
- $4 0.0% of revenue
- Free cash flow
- $10.7M 62.4% margin
- Returned to shareholders
- $16.9M 158% of free cash flow
- Change in cash
- $6.8M cash at year-end $13.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MPV operating cash flow, capex and free cash flow
MPV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $7.9M2016 | $10.7M2025 | +3.4%/yr | |
| Capital expenditures | $02016 | $42025 | — | |
| Free cash flow | $7.9M2016 | $10.7M2025 | +3.4%/yr | |
| Free cash flow margin | 61.5%2016 | 62.4%2025 | +0.9 pts | |
| Operating cash flow / net income | 0.682016 | 0.812025 | +0.13 | |
| Dividends paid | $11.2M2016 | $16.9M2025 | +4.7%/yr | |
| Share buybacks (net) | $02016 | $02018 | — | |
| 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.
MPV cash flow by activity
MPV 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).
MPV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $13.2M | $17.2M | $18.1M | $7.0M | $25.4M | $6.3M | $17.8M | $3.6M | $19.1M | $11.6M |
| Depreciation & amortization | −$622,532 | −$74,765 | −$25,772 | — | — | — | — | $0 | $0 | $0 |
| Stock-based compensation | — | — | −$150,779 | — | — | — | — | — | — | — |
| Change in working capital | −$245,335 | −$917,000 | −$713,204 | −$2.3M | $751,203 | $11,907 | −$1.2M | −$743,982 | $2.3M | −$3.7M |
| Other non-cash items | −$1.7M | −$3.3M | −$1.4M | −$5.2M | −$24.6M | $2.1M | −$9.4M | $18.1M | −$9.6M | −$64,218 |
| Cash from operating activities | $10.7M | $12.9M | $15.9M | −$553,808 | $1.5M | $8.5M | $7.1M | $21.0M | $11.8M | $7.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$4 | $0 | −$4 | −$4 | $0 | −$3 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Acquisitions & other investing | −$2.1M | −$3.8M | −$1.4M | −$5.2M | −$24.6M | $2.1M | −$9.4M | $18.1M | −$9.6M | $0 |
| Cash from investing activities | −$2.1M | −$3.8M | −$1.4M | −$5.2M | −$24.6M | $2.1M | −$9.4M | $18.1M | −$9.6M | $0 |
| Financing activities | ||||||||||
| Dividends paid | −$16.9M | −$15.4M | −$12.5M | −$8.7M | −$8.5M | −$9.2M | −$11.4M | −$11.3M | −$11.2M | −$11.2M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Net borrowing (repayment) | $14.0M | $1.8M | −$1.8M | $2.5M | $6.0M | $6.0M | $6.0M | $6.0M | $0 | $0 |
| Shares issued | $1.3M | $1.2M | $0 | $0 | $0 | $227,533 | $933,680 | $971,512 | $0 | $0 |
| Other financing | −$212,816 | $34,870 | $0 | $10,842 | −$54,271 | −$6.0M | −$6.0M | −$6.0M | $1.0M | $806,973 |
| Cash from financing activities | −$1.8M | −$12.4M | −$14.3M | −$6.2M | −$2.5M | −$9.0M | −$10.5M | −$10.4M | −$10.2M | −$10.4M |
| Summary | ||||||||||
| Net change in cash | $6.8M | $513,236 | $1.6M | −$6.7M | −$1.0M | −$481,341 | −$3.3M | $10.7M | $1.6M | −$2.5M |
| Cash at end of period | $13.8M | $7.0M | $6.5M | $4.9M | $11.6M | $12.6M | $13.1M | $16.4M | $5.8M | $4.2M |
| Free cash flow | $10.7M | $12.9M | $15.9M | −$553,808 | $1.5M | $8.5M | $7.1M | $21.0M | $11.8M | $7.9M |
| Free cash flow margin | 62.4% | 63.6% | 78.9% | −6.7% | 5.7% | 120.9% | 38.4% | 456.4% | 59.2% | 61.5% |
| 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 | 0.81 | 0.75 | 0.88 | −0.08 | 0.06 | 1.34 | 0.40 | 5.77 | 0.62 | 0.68 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $10.2M | $7.0M | $6.2M | $9.1M | $8.2M | $4.1M | $9.3M | $4.8M | $8.8M | $4.8M | $6.8M | $3.5M |
| Change in working capital | −$73,176 | −$57,083 | $236,748 | −$9.6M | $3.5M | $1.8M | −$4.2M | −$5.1M | $2.7M | −$899,607 | −$3.8M | −$3.1M |
| Other non-cash items | $22.3M | −$1.9M | −$848,121 | $10.6M | −$5.1M | $528,862 | $3.4M | −$4,269 | −$331,000 | −$294,834 | $345,000 | $40,702 |
| Cash from operating activities | $32.4M | $5.0M | $5.6M | $10.1M | $6.6M | $6.4M | $8.5M | −$299,036 | $11.2M | $3.6M | $3.3M | $435,653 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$3 | −$3 | −$3 | −$3 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$34.3M | −$728,584 | −$1.4M | −$10.0M | $6.2M | — | −$3.9M | — | $2.4M | — | −$2.2M | — |
| Cash from investing activities | −$34.3M | −$728,587 | −$1.4M | −$10.0M | $6.2M | — | −$3.9M | — | $2.4M | — | −$2.2M | — |
| Financing activities | ||||||||||||
| Dividends paid | −$8.0M | −$7.9M | −$9.0M | −$7.9M | −$7.5M | −$3.8M | −$7.0M | −$3.4M | −$5.5M | −$2.5M | −$4.5M | −$2.1M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | −$2.0M | $500,000 | −$200,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $617,883 | $13.2M | $1.9M | $9.4M | −$6.4M | −$3.2M | $250,000 | $0 | −$2.0M | $0 | −$183,000 | $8,404 |
| Cash from financing activities | −$7.3M | $5.3M | −$7.0M | $1.5M | −$13.9M | −$7.0M | −$6.7M | −$3.4M | −$7.5M | −$4.5M | −$4.1M | −$2.3M |
| Summary | ||||||||||||
| Net change in cash | −$9.2M | $9.6M | −$2.8M | $1.7M | −$1.2M | −$580,877 | −$2.1M | −$3.7M | $8.6M | −$901,973 | −$5.7M | −$1.9M |
| Cash at end of period | $4.5M | $13.8M | $4.2M | $7.0M | −$581,000 | $5.9M | $6.5M | $4.9M | $8.6M | $4.0M | $4.9M | $3.9M |
| Free cash flow | $32.4M | $5.0M | $4.3M | $126,329 | $12.8M | $6.4M | $4.6M | −$299,036 | $11.2M | $3.6M | $3.3M | $435,653 |
| Free cash flow margin | 454.3% | 61.6% | 47.8% | 1.1% | 128.1% | 128.1% | 45.1% | −5.7% | 114.1% | 70.7% | 41.5% | 11.4% |
| 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 | 3.18 | 0.72 | 0.90 | 1.12 | 0.81 | 1.56 | 0.91 | −0.06 | 1.27 | 0.75 | 0.49 | 0.13 |
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.
MPV cash generation
In fiscal 2025 (ended December 31, 2025), Barings Participation Investors generated $10.7 million of cash from operations (down 17.3%) and spent $0.0 million on capital expenditures, leaving free cash flow of $10.7 million, 62.4% of revenue. It returned $16.9 million to shareholders through dividends ($16.9 million) and net share buybacks ($0). Cash and equivalents rose by $6.8 million over the year.
Related: MPV income statement, MPV balance sheet, MPV dividend history. See the MPV stock overview for the latest quote and news.
MPV cash flow FAQ
What is Barings Participation Investors's free cash flow?
Barings Participation Investors's free cash flow was $10.7 million in fiscal 2025: $10.7 million of operating cash flow minus $0.0 million of capital expenditures It was $12.9 million a year earlier..
How much cash does Barings Participation Investors generate from operations?
Barings Participation Investors generated $10.7 million of cash from operating activities in fiscal 2025, 0.81 times its net income of $13.2 million.
How much does Barings Participation Investors spend on capital expenditures?
Barings Participation Investors spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue.
How much does Barings Participation Investors pay in dividends?
Barings Participation Investors paid $16.9 million in dividends in fiscal 2025, 158.5% of free cash flow.