Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

                     Compensatory Arrangements
of Certain Officers.
On November 9, 2020, Thomas M. Finke submitted his resignation from the Board of
Directors (the "Board") of Barings BDC, Inc. (the "Company"), effective as of
the close of business on November 30, 2020. Mr. Finke, Strategic Advisor and
former Chief Executive Officer of Barings LLC ("Barings"), the Company's
external investment adviser, has decided to retire from Barings effective
November 30, 2020. Mr. Finke's resignation was not the result of a disagreement
with the Company on any matter relating to its operations, policies or
practices. The Board, upon recommendation from its Nominating and Corporate
Governance Committee, has appointed David Mihalick to fill the vacant seat
created by Mr. Finke's resignation, effective as of the close of business on
November 30, 2020, to serve as a Class III member of the Board for the remainder
of the full term of such Class III directorship.
Mr. Mihalick serves as Head of U.S. Public Fixed Income at Barings, with primary
responsibility for the U.S. High Yield and Investment Grade Investment Groups.
Mr. Mihalick is also Chairman of the U.S. High Yield Investment Committee, a
member of the Global High Yield Allocation Committee and a portfolio manager on
various high yield strategies. Prior to his current role, Mr. Mihalick served as
Head of Barings' U.S. High Yield Credit Research Group. Mr. Mihalick has worked
in the financial services industry since 2004. Prior to joining the firm in
2008, he was a Vice President with Wachovia Securities Leveraged Finance Group,
where he was responsible for sell-side origination of leveraged loans and high
yield bonds to support both corporate and private equity issuers. Prior to
entering the financial services industry, he served as an officer in the United
States Air Force and worked in the telecommunications industry for seven years.
David holds a B.S. from the United States Air Force Academy, an M.S. from the
University of Washington, and an M.B.A. from Wake Forest University.
There is no arrangement or understanding between Mr. Mihalick and any other
person pursuant to which he was appointed to the Board. Further, with regard to
Mr. Mihalick, there are no transactions since the beginning of the Company's
last fiscal year, or any currently proposed transaction, in which the Company is
a participant that would require disclosure under Item 404(a) of Regulation S-K
promulgated by the Securities and Exchange Commission.


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