Barings BDC, Inc is a closed-end, non-diversified investment company. The Company’s investment objective is to generate income by investing directly in privately held middle-market companies to help companies fund acquisitions, growth or refinancing. The Company focuses on investments in companies with a history of generating revenues, an established market position and a proven management team with operating discipline. The Company invests in senior and subordinated debt securities of privately held companies, generally secured by security interests in portfolio company assets. The Company invests in one or more equity instruments of the borrower. The Company’s investments generally ranged from $5.0 million to $50.0 million per portfolio company. The Company’s investment adviser is Massachusetts Mutual Life Insurance Company.