Exhibit 21.1

LIST OF SUBSIDIARIES

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

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

Barings BDC Static CLO Ltd. 2019-I, a Cayman Islands limited liability company

Barings BDC Static CLO 2019-I, LLC, a Delaware limited liability company

Energy Hardware Holdings, Inc., a Delaware corporation

MVC Cayman, a Cayman Island limited liability company

MVC Financial Services, Inc., a Delaware corporation