BARINGS CORPORATE INVESTORS ANNOUNCES PRELIMINARY RESULTS FOR THE FOURTH QUARTER 2021 | State

CHARLOTTE, North Carolina, January 24, 2022 /PRNewswire/ — The Board of Directors of Barings Corporate Investors (NYSE: MCI) (the “Trust”) met on January 24, 2022 and wishes to publish its preliminary financial results for the fourth quarter of 2021.

Financial Highlights(1)

Three months completed

December 31, 2021

Three months completed

September 30, 2021

Total amount

Through

To share(4)

Total amount

Through

To share(4)

Net investment income(2)

$6,142,341

$0.30

$4,178,674

$0.21

Net realized gains / (losses)(3)

$(2,994,314)

$(0.15)

$10,843,679

$0.54

Net unrealized capital gain

$12,409,050

$0.61

$5,827,460

$0.29

Net increase in net assets from operations

$15,557,077

$0.77

$20,849,813

$1.03

Total net assets (equity)

$347,690,877

$17.16

$341,861,509

$16.87

(1) All figures for 2021 are unaudited

(2) Figures as of December 31, 2021 net of approximately $0.03 per share excise tax

(3) Figures as of December 31, 2021 net of approximately $0.09 per share capital gains tax

(4) Based on shares outstanding at the end of the period of 20,261,719

Commenting on the quarter, Christina Emery, Chairman, said, “During the fourth quarter, Barings continued to move origination flow to high quality, 1st senior lien has secured middle market investments while continuing our efforts to realize value in certain currently unaccounted for sale equity and mezzanine assets. »

In the three months ended December 31, 2021, the Trust reported total investment income of $8.3 million, net investment income of $6.1 million, Where $0.30 per share, and a net increase in net assets resulting from transactions $15.6 million, Where $0.77 per share. The results were drawn by $0.12 per share of non-recurring income related to the repayment of overdue interest income from the previously unrecognized gloProfessional and Westminster acquisitions.

Net asset value (“NAV”) per share at December 31, 2021 has been $17.16, compared to $16.87 from September 30, 2021. The increase in NAV per share is primarily attributable to a net unrealized appreciation on the Trust’s investment portfolio of approximately $0.61 per share and net investment income of $0.30 per share, partially offset by net realized losses of approximately $0.15 per share and the payment of a $0.24 dividend per share on November 19, 2021 and the declaration of a $0.24 dividend which was paid on January 14, 2022.

Recent Portfolio Activity

In the three months ended December 31, 2021, the Trust made 26 new investments totaling $60.5 million and 19 follow-on investments in existing portfolio companies totaling $10.7 million. In the three months ended December 31, 2021, the Trust had 12 loans repaid at par totaling $34.8 million, two investments in mezzanine debt repaid at par totaling $4.1 million and made three equity investments totaling $1.9 million for a gain of $0.4 million, is around $0.02 per share. The Trust also had a mezzanine investment to partially repay debt totaling $0.5 million and the remaining debt of $2.6 million, is around $0.13 per share, was written off as a realized loss.

Liquidity and capitalization

From December 31, 2021, the Trust had liquid assets of $21.1 million, commercial paper investments of $8.0 million, and $38.0 million outstanding loans. The Trust had unfunded commitments of $22.1 million from December 31, 2021.

The Trust realized net capital losses of $2,994,314 Where $0.15 per share during the quarter ended December 31, 2021, resulting in net realized capital gains for the year ended December 31, 2021 of $10,618,302 Where $0.52 per share. In comparison, for the year ended December 31, 2020, the Trust realized net capital gains of $2,633,578 Where $0.13 per share. During the quarter ended September 30, 2021, the Trust realized net capital gains of $10,843,679 Where $0.54 per share.

The Trust retained all net long-term capital gains realized by the Trust in 2021 for future growth and paid the required federal capital gains tax. IRS Form 2439, Notice to Shareholders of Undistributed Long-Term Capital Gains, will be sent to shareholders by the end of January.

Due to ongoing concerns regarding the coronavirus (COVID-19) pandemic, the Trust’s Board of Directors has announced that the Trust’s Annual Meeting of Shareholders will be held virtually on Thursday, May 19, 2022. Shareholders of record at the close of business on March 21, 2022 will be entitled to vote at the meeting.

About Barings Corporate Investors

Barings Corporate Investors is a closed-end investment firm advised by Barings LLC. Its shares trade on the New York Stock Exchange under the trading symbol (“MCI”).

Barings is a $391 billion+* global investment manager that seeks differentiated opportunities and builds long-term portfolios across public and private bond, real estate and specialty equity markets. With investment professionals based in North America, Europe and Asia Pacific, the company, a subsidiary of MassMutual, aims to serve its customers, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

* Assets under management at December 31, 2021

Per share amounts are rounded to the nearest cent.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Caution: Certain statements contained in this press release may be “forward-looking” statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made and reflect management’s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that could cause actual results to differ materially. These statements are subject to change at any time due to economic, market or other conditions and should not be taken as investment advice or an indication of the fund’s trading intention. References to specific securities are not recommendations of those securities and may not be indicative of the fund’s current or future investments. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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