Item 2.02. Results of Operations and Financial Condition.

On May 4, 2023, Barings BDC, Inc. (the "Company" or "Barings BDC") issued a press release announcing its financial results for the quarter ended March 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Item 2.02 of this Current Report on Form 8-K, and Exhibit 99.1 attached hereto, is being furnished by the Company in satisfaction of the public disclosure requirements of Item 2.02 of Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information included in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended.

Item 5.07. Submission of Matters to a Vote of Security Holders.

The Company held its 2023 Annual Meeting of Stockholders (the "Annual Meeting") on May 4, 2023. Stockholders were asked to consider and act upon the following proposals, each of which was described in the Company's definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") on March 10, 2023 (the "Proxy Statement"):

•Proposal No. 1 - to elect three Class II directors to serve for a three-year term and until their successors have been duly elected and qualify (the "Director Election Proposal"); and

•Proposal No. 2 - to approve a proposal to authorize the Company, pursuant to subsequent approval of its Board of Directors, to issue and sell shares of its common stock (during the 12 months following such authorization) at a price below the Company's then-current net asset value per share in one or more offerings, subject to certain limitations set forth in the Proxy Statement (including, without limitation, that the number of shares issued and sold pursuant to such authority does not exceed 30% of the Company's then-outstanding common stock immediately prior to each such offering) (the "Below-NAV Share Issuance Proposal").

All director nominees listed in the Director Election Proposal were elected by the Company's stockholders at the Annual Meeting as Class II directors to serve until the Company's 2026 annual meeting of stockholders and until their successors have been duly elected and qualified. The final voting results for each director nominee are set forth below:



Director                          For              Against            Abstain       Broker Non-Votes
Steve Byers                   57,036,322        9,745,626          1,676,560                 -
Valerie Lancaster-Beal        57,161,139        9,696,676          1,600,693                 -
John A. Switzer               57,054,378        9,768,500          1,635,630                 -

The final voting results for the Below-NAV Share Issuance Proposal, which was approved by the Company's stockholders, are set forth below:



         For               Against             Abstain          Broker Non-Votes
     56,358,896         10,160,012          1,939,600                    -


This proposal was also approved by the Company's non-affiliated stockholders by a vote of 42,578,696 shares for, and 10,160,012 shares against, with 1,939,600 shares abstaining and no broker non-votes. The number of votes cast in favor of this proposal represents both (1) a majority of the outstanding shares of the Company's common stock; and (2) a majority of the outstanding shares of the Company's common stock that are not held by affiliated persons of the Company. For purposes of this proposal, the Investment Company Act of 1940, as amended, defines a "majority of the outstanding shares" as the vote of the lesser of: (1) 67% or more of the voting securities of the Company present at the Annual Meeting, if the holders of more than 50% of the outstanding voting securities of the Company are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Company.

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Item 9.01. Financial Statements and Exhibits.



(d) Exhibits

Exhibit
No.                    Description
99.1                     Press Release, dated May 4, 2023
104                    Cover Page Interactive Data File (embedded within the Inline XBRL document)



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