Financial Highlights(1)<\/sup><\/span><\/i><\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n March 31, 2026<\/b>\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n D<\/b>ecember 31, 2025<\/b>\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<\/b><\/p>\n Share(4)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n \nNet investment income(2)<\/sup><\/p>\n<\/td>\n \n$ 2,912,137<\/p>\n<\/td>\n \n$ 0.27<\/p>\n<\/td>\n \n$ 2,866,556<\/p>\n<\/td>\n \n$ 0.27<\/p>\n<\/td>\n<\/tr>\n \nNet realized (losses) \/ gains(3)<\/sup><\/p>\n<\/td>\n \n$(1,049,769)<\/p>\n<\/td>\n \n$(0.10)<\/p>\n<\/td>\n \n$ 156,492<\/p>\n<\/td>\n \n$ 0.01<\/p>\n<\/td>\n<\/tr>\n \nNet unrealized depreciation \/ appreciation<\/p>\n<\/td>\n \n$ (1,276,176)<\/p>\n<\/td>\n \n$(0.12)<\/p>\n<\/td>\n \n$ 421,735<\/p>\n<\/td>\n \n$ 0.04<\/p>\n<\/td>\n<\/tr>\n \nNet increase in net assets resulting from operations<\/p>\n<\/td>\n \n$ 629,421<\/p>\n<\/td>\n \n$ 0.06<\/p>\n<\/td>\n \n$ 3,600,569<\/p>\n<\/td>\n \n$ 0.33<\/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$164,761,934<\/p>\n<\/td>\n \n$15.29<\/p>\n<\/td>\n \n$ 163,818,383<\/p>\n<\/td>\n \n$ 15.23<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1) All figures for 2026 are unaudited<\/p>\n<\/td>\n<\/tr>\n \n(2) December 31, 2025 figures net of approximately $0.03 per share of excise tax<\/p>\n<\/td>\n<\/tr>\n \n(3) December 31, 2025 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 10,739,090<\/p>\n<\/td>\n<\/tr>\n \n(5) Based on shares outstanding at the end of the period of 10,773,235<\/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 $0.30 per share of net investment income, net of taxes, for the first quarter of 2026, compared to $0.27 per share 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 \nThe Board of Trustees declared a quarterly dividend of $0.37 per share, payable on June 12, 2026, to shareholders of record on May 29, 2026.<\/p>\n \nDuring the three months ended March 31, 2026, the Trust reported total investment income of $4.2 million, net investment income of $2.9 million, or $0.27 per share, and a net increase in net assets resulting from operations of $0.6 million, or $0.06 per share.<\/p>\n \nNet asset value (“NAV”) per share as of March 31, 2026, was $15.29, as compared to $15.23 as of December 31, 2025. The increase in NAV per share was primarily attributable to net investment income of $0.27 per share, partially offset by net unrealized depreciation on the Trust\u2019s investment portfolio of $0.12 per share and realized losses on investments of $0.10 per share.<\/p>\n Recent Portfolio Activity<\/span><\/b><\/p>\n \nDuring the three months ended March 31, 2026, the Trust made 7 new investments totaling $4.6 million and 50 add-on investments in existing portfolio companies totaling $5.0 million. The Trust made twelve new public investments totaling $7.4 million.<\/p>\n Liquidity and Capitalization<\/span><\/b><\/p>\n \nAs of March 31, 2026, the Trust had of $6.4 million and $37.5 million of borrowings outstanding, representing leverage of 0.19x. The Trust had unfunded commitments of $26.6 million as of March 31, 2026.<\/p>\n Net Capital Gains<\/span><\/b><\/p>\n \nThe Trust realized net capital losses of $1,049,769 or $0.10 per share during the quarter ended March 31, 2026. By comparison, for the quarter ended December 31, 2025, the Trust realized net capital gains of $156,492 or $0.01 per share.<\/p>\n Annual Meeting<\/span><\/b><\/p>\n \nAt the Annual meeting, which was held on Thursday, May 14, 2026, shareholders elected Barbara M. Ginader, Maleyne M. Syracuse and Michael H. Brown as independent trustees each for three-year terms.<\/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 $481+ billion* global asset management firm that partners with institutional, insurance, and wealth clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual and 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 March 31, 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 View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260514319801\/en\/<\/a><\/span><\/p>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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