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Exhibit 17(d)

CONSENT OF JMP SECURITIES LLC

The Board of Directors

MVC Capital, Inc.

287 Bowman Avenue, 2nd Floor

Purchase, New York 10577

RE: Joint Proxy Statement/Prospectus of Barings BDC, Inc. (“Barings BDC”) which forms part of the Registration Statement on Form N-14 of Barings BDC (the “Registration Statement”).

Dear Board of Directors:

We hereby consent to the inclusion of our opinion letter, dated August 10, 2020, to the Board of Directors of MVC Capital, Inc. (“MVC”) as Annex D to the joint proxy statement/prospectus included in the Registration Statement filed with the Securities and Exchange Commission on the date hereof and the references to our opinion in such joint proxy statement/prospectus under the headings “SUMMARY—Reasons for the Merger—MVC,” “SUMMARY—Opinion of the Financial Advisor to MVC,” “THE MERGER—Background of the Merger,” “THE MERGER—Reasons for the Merger—MVC” and “THE MERGER—Opinion of the Financial Advisor to MVC.” The foregoing consent applies only to the Registration Statement being filed with the Securities and Exchange Commission as of the date hereof and not to any amendments or supplements thereto, and our opinion is not to be used, circulated, quoted or otherwise referred to for any other purpose, nor is it to be filed with, included in or referred to in whole or in part in any other registration statement (including any amendments to the above-mentioned Registration Statement), proxy statement or any other document, except in accordance with our prior written consent.

In giving our consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder, nor do we admit that we are experts with respect to any part of such Registration Statement within the meaning of the term “experts” as used in the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

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