Financial Highlights(1)<\/sup><\/span><\/i><\/p>\n<\/td>\n Three Months Ended \n\u00a0<\/p>\n<\/td>\n Three Months Ended \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Total Amount<\/b><\/p>\n<\/td>\n Per<\/b><\/p>\n Share(5)<\/sup><\/b><\/p>\n<\/td>\n Total Amount<\/b><\/p>\n<\/td>\n Per \nNet investment income(2)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,970,209<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.27<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,964,295<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.27<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet realized (losses) \/ gains(3)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(330,101<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(263,563<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.02<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet unrealized depreciation \/ appreciation<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(8,505,210<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.79<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,816,042<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.63<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet increase in net assets resulting from operations<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(5,933,227<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.55<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,562,559<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.89<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal net assets (equity)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n161,033,393<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n14.89<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n170,644,513<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15.81<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1) All figures for 2026 are unaudited<\/p>\n<\/td>\n<\/tr>\n \n(2) September 30, 2026, figures net of less than $0.01 per share of excise tax<\/p>\n<\/td>\n<\/tr>\n \n(3) September 30, 2026, figures net of less than $0.01 per share of capital gains tax<\/p>\n<\/td>\n<\/tr>\n \n(4) Based on shares outstanding at the end of the period of 10,792,257<\/p>\n<\/td>\n<\/tr>\n \n(5) Based on shares outstanding at the end of the period of 10,812,284<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Key Highlights:<\/span><\/b><\/p>\n \nCommenting on the quarter, Christina Emery, President, stated, “The Trust earned $0.27 per share of net investment income, net of taxes, for the third quarter of 2026, consistent with the $0.27 per share reported in the previous quarter. Both credit quality and capital structure of portfolio companies are key factors in our analysis, along with the quality of the ownership and management groups. As fundamental long-term investors, we believe it is imperative to remain disciplined and underwrite capital structures which will remain sound through economic cycles (and varying interest rate environments). We also seek to maintain a high level of portfolio diversification overall, looking at both industry and individual credit concentration. This approach has historically generated stable returns and relative stability during economic stress.”<\/p>\n \nDuring the three months ended September 30, 2026, the Trust reported total investment income of $4.2 million, net investment income of $3.0 million, or $0.27 per share, and a net decrease in net assets resulting from operations of $5.9 million, or $0.55 per share.<\/p>\n \nNet asset value (“NAV”) per share as of September 30, 2026, was $14.89, as compared to $15.81 as of June 30, 2026. The decrease in NAV per share was attributable to net unrealized depreciation on the Trust\u2019s investment portfolio of $0.79 per share primarily related to the decrease in the public share price of Madison Air Solutions Corporation, the Trust\u2019s largest holding, dividend distributions of $0.37 per share, and realized losses on investments of $0.03 per share, partially offset by net investment income of $0.27 per share.<\/p>\n Recent Portfolio Activity<\/span><\/b><\/p>\n \nDuring the three months ended September 30, 2026, the Trust made 9 new investments totaling $8.7 million and 48 add-on investments in existing portfolio companies totaling $3.2 million. The Trust realized 9 private investment loans totaling $9.8 million and realized 2 equity investments that generated realized gains of $0.01 million.<\/p>\n Liquidity and Capitalization<\/span><\/b><\/p>\n \nAs of September 30, 2026, the Trust had cash of $7.6 million and $37.5 million of borrowings outstanding, representing leverage of 0.20x. The Trust had unfunded commitments of $30.3 million as of September 30, 2026.<\/p>\n Net Capital Gains<\/span><\/b><\/p>\n \nThe Trust realized net capital losses of $330,101 or $0.03 per share during the quarter ended September 30, 2026. By comparison, for the quarter ended June 30, 2026, the Trust realized net capital losses of $263,563 or $0.02 per share.<\/p>\n About Barings Participation Investors<\/span><\/b><\/p>\n \nBarings Participation Investors is a closed-end management investment company advised by Barings LLC. Its shares are traded on the New York Stock Exchange under the trading symbol (“MPV”).<\/p>\n About Barings LLC<\/span><\/b><\/p>\n \nBarings is a $500+ billion* global alternative asset manager that partners with institutional, insurance and wealth clients and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual with a minority investment from MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets. Learn more at www.barings.com<\/a>.<\/p>\n \n*Assets under management as of September 30, 2026<\/p>\n \nPer share amounts are rounded to the nearest cent.<\/p>\n \nPAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS<\/p>\n \nCautionary Notice: 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 on which they are made and which reflect management\u2019s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the fund’s trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the fund’s current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.<\/p>\n \n26-6110737<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20261112386398\/en\/<\/a><\/span><\/p>\n\n
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