Barings Participation Investors Announces Q3 Preliminary Net Investment Income Of $3.4M Or $0.31/Shr

Commenting on the quarter, Christina Emery, President, stated, "The Trust earned $0.31 per share of net investment income, net of taxes, for the third quarter of 2025, compared to $0.32 per share in the previous quarter. The Trust has maintained its dividend this quarter, which is further confirmation of our credit philosophy, where we focus on leading businesses backed by strong sponsor ownership and conservative capital structures. This approach has historically generated stable returns and relative stability during economic stress. During the quarter, Barings continued to drive origination flow into quality, 1st lien senior secured middle-market investments as well as capitalizing on public fixed income investments where applicable. When constructing portfolios, we focus on investing in high-quality businesses that are leaders in their space and offer defensive characteristics that will allow them to perform through economic cycles."

During the three months ended September 30, 2025, the Trust reported total investment income of $4.4 million, net investment income of $3.4 million, or $0.31 per share, and a net increase in net assets resulting from operations of $3.4 million, or $0.32 per share.

Net asset value ("NAV") per share as of September 30, 2025, was $15.63, as compared to $15.68 as of June 30, 2025. The decrease in NAV per share was primarily attributable to net investment income of $0.31 per share, net realized gain on investments of $0.03 per share, partially offset by unrealized depreciation on investments of $(0.02) per share and a dividend payment in the quarter of $0.37 per share.

The next scheduled meeting of the Board of Trustees will be held on December 11, 2025.