Location
Panel
NLA ‣ Context Menu (right click)

Actions
Merge Pose Strips
Bakes animation of selected pose bones, applying all selected NLA strips: their modifiers, settings, blending, etc.. Available in Pose Mode.

Merge Object Strips
Bakes animation of selected object, ignoring unselected strips and bones. Applies all selected NLA strips: their modifiers, settings, and blending.