Exhibit 21.1

LIST OF SUBSIDIARIES

Alpine Funding LLC, a Delware limited liability company

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

Barings BDC Senior Funding 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

SIC Investment Holdings LLC, a limited liability company

STRF Investment Holdings LLC, a Delaware limited liability company