Page 1

( Mark One ) . р UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 Form 10 - K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Maryland ( State or other jurisdiction of incorporation or organization ) Commission file number 814-00733 Barings BDC , Inc. ( Exact name of registrant as specified in its charter ) 300 South Tryon Street , Suite 2500 Charlotte , North Carolina ( Address of principal executive offices ) Registrant's telephone number , including area code : ( 704 ) 805-7200 Securities registered pursuant to Section 12 ( b ) of the Act : Title of Each Class Common Stock , par value $ 0.001 per share Securities registered pursuant to Section 12 ( g ) of the Act : to Trading Symbol BBDC Accelerated filer " 06-1798488 ( I.R.S. Employer Identification No. ) 28202 ( Zip Code ) None Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes " No R Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Yes No R Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes p No " Name of Each Exchange on Which Registered The New York Stock Exchange Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes No " Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , a smaller reporting company , or an emerging growth company . See the definitions of " large accelerated filer , " " accelerated filer , " " smaller reporting company , " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer Smaller reporting company Emerging growth company Non - accelerated filer p If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act by the registered public accounting firm that prepared or issued its audit report . Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) . Yes " No p The aggregate market value of the voting common stock held by non - affiliates of the registrant ( assuming solely for the purpose of this disclosure that all executive officers , directors and 10 % or more stockholders of the registrant are “ affiliates " ) as of June 30 , 2020 , based on the closing price on that date of $ 7.94 on the New York Stock Exchange , was $ 249,126,560 . The number of shares outstanding of the registrant's common stock on March 23 , 2021 was 65,316,085 . DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive proxy statement relating to the registrant's 2021 Annual Meeting of Stockholders , to be filed with the Securities and Exchange Commission within 120 days following the end of the registrant's fiscal year , are incorporated by reference in Part III of this Annual Report on Form 10 - K as indicated herein .