Exhibit 21.1

LIST OF SUBSIDIARIES

Triangle Mezzanine Fund LLLP, a North Carolina limited liability limited partnership

Triangle Mezzanine Fund II LP, a Delaware limited partnership

Triangle Mezzanine Fund III LP, a Delaware limited partnership

New Triangle GP, LLC, a Delaware limited liability company

New Triangle GP, LLC, a North Carolina limited liability company

Energy Hardware Holdings, Inc., a Delaware corporation

Barings BDC Finance I, LLC, a Delaware limited liability company

Barings BDC Senior Funding I, LLC, a Delaware limited liability company