Barings BDC, Inc.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2025, none of our directors or officers adopted orterminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Appointment of an Officer

On May 8, 2025, the Board appointed Rosa J. Epperson as Chief Accounting Officer of the Company, effective immediately.

Ms. Epperson, 38, previously served as Senior Director of BDC Accounting and Financial reporting for Barings LLC. In addition, Ms. Epperson has served multiple roles for Barings LLC, including Head of Structured Financing Reporting and Operations, as well as Head of US Real Estate Reporting and Operations. Prior to joining Barings, Ms. Epperson held various reporting roles over SEC and private portfolios with Bank of New York Mellon. Ms. Epperson began her career as an auditor with PricewaterhouseCoopers. Ms. Epperson is a graduate of Post University, where she obtained a B.S. degree in Accounting and Criminal Justice. She is also a Connecticut Certified Public Accountant.

There is no arrangement or understanding between Ms. Epperson and any other person pursuant to which she was appointed as Chief Accounting Officer. Further, with regard to Ms. Epperson, 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 SEC.

Termination of MVC Credit Support Agreement

On May 8, 2025, the Company entered into the Termination and Cancellation Agreement (the “Termination Agreement”) with Barings to terminate all rights and obligations under the MVC Credit Support Agreement in exchange for Barings’ cash payment, on or prior to June 30, 2025, of $23.0 million to the Company, which amount represents Barings’ maximum obligation under the MVC Credit Support Agreement.

The foregoing description of the Termination Agreement is qualified in its entirety by reference to the Termination Agreement, which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.