| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☐ | Definitive Proxy Statement |
| ☒ | Definitive Additional Materials |
| ☐ | Soliciting Material Pursuant to Section 240.14a-12 |
| Barings BDC, Inc. |
| (Name of Registrant as Specified in its Charter) |
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| (Name of Person(s) Filing Proxy Statement if Other Than the Registrant) |
| ☒ | No fee required. |
| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11. |
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| /s/ Eric Lloyd |
| Eric Lloyd |
| Chairman of the Board |
| Four Ways to Vote | PROXY QUESTIONS? Call 1-866-851-0721 |
| | ![]() | | ![]() | | ![]() | |
| GO TO PROXYVOTE.COM | | WITHOUT A PROXY CARD | | WITH A SMARTPHONE | | VOTE PROCESSING | |
| Please have your proxy card in hand when accessing the website. There are easy-to-follow directions to help you complete the electronic voting instruction form. | | Call 1-866-851-0721 Monday to Friday, 9:00 a.m.-10:00 p.m. ET to speak with a proxy specialist. WITH A PROXY CARD Call 1-800-690-6903 with a touch-tone phone to vote using an automated system. | | Vote by scanning the Quick Response Code or “QR Code” on the Proxy Card/VIF enclosed. | | Mark, sign and date your ballot and return it in the postage-paid envelope provided. | |



