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Carlyle Secured Lending
CGBD

151 hedge funds and large institutions have $331M invested in Carlyle Secured Lending in 2025 Q4 according to their latest regulatory filings, with 33 funds opening new positions, 40 increasing their positions, 47 reducing their positions, and 27 closing their positions.

New
Increased
Maintained
Reduced
Closed

2,266% more call options, than puts

Call options by funds: $12.1M | Put options by funds: $510K

22% more first-time investments, than exits

New positions opened: 33 | Existing positions closed: 27

1% more funds holding

Funds holding: 149 → 151 (+2)

1.2% more ownership

Funds ownership: 35.11% → 36.31% (+1.2%)

3% more capital invested

Capital invested by funds: $321M → $331M (+$10.3M)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

15% less repeat investments, than reductions

Existing positions increased: 40 | Existing positions reduced: 47

Holders
151
Holders Change
+2
Holders Change %
+1.34%
% of All Funds
1.84%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
33
Increased
40
Reduced
47
Closed
27
Calls
$12.1M
Puts
$510K
Net Calls
+$11.6M
Net Calls Change
+$11.1M

Top Buyers

1
RCM
Rivernorth Capital Management
Florida
+$8.71M
2
Toronto Dominion Bank
Toronto Dominion Bank
Ontario, Canada
+$6.22M
3
CC
CF Capital
Massachusetts
+$5.43M
4
Jane Street
Jane Street
New York
+$3.19M
5
MC
Muzinich & Co
New York
+$2.94M

Top Sellers

1
Creative Planning
Creative Planning
Kansas
-$14.5M
2
Bank of America
Bank of America
North Carolina
-$4.09M
3
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
-$2.59M
4
Two Sigma Advisers
Two Sigma Advisers
New York
-$2.29M
5
CCM
Condor Capital Management
New Jersey
-$2.29M
Name Holding Trade Value Shares
Change 		Change in
Stake
ECM
126
EMC Capital Management
Texas
$69K -$12.2K -978 -15%
SNB
127
Security National Bank
Nebraska
$61.3K -$2.24K -180 -4%
KAS
128
Kestra Advisory Services
Texas
$47.2K +$47K +3,777 New
BNP Paribas Financial Markets
129
BNP Paribas Financial Markets
France
$45.9K -$3.73K -300 -8%
ACM
130
Aquatic Capital Management
Illinois
$41.2K -$303K -24,310 -88%
SOADOR
131
State of Alaska Department of Revenue
Alaska
$37K – – –
AF
132
Allworth Financial
California
$31.6K – – –
HWA
133
Heritage Wealth Advisors
Virginia
$26.2K – – –
RF
134
Rossby Financial
Florida
$25K – – –
Northwestern Mutual Wealth Management
135
Northwestern Mutual Wealth Management
Wisconsin
$19.1K – – –
LFA
136
LGT Financial Advisors
Texas
$16.1K +$16.1K +1,290 New
FHA
137
Flagship Harbor Advisors
Massachusetts
$16K +$15.9K +1,277 New
SWM
138
SHP Wealth Management
Massachusetts
$14.5K +$14.4K +1,158 New
NSG
139
Nalls Sherbakoff Group
Tennessee
$9.37K – – –
DF
140
Dunhill Financial
United Kingdom
$8.24K +$2.02K +162 +33%
AW
141
Avion Wealth
Texas
$6K – – –
HIA
142
Harbor Investment Advisory
Maryland
$5.62K – – –
NS
143
NBC Securities
Alabama
$5K – – –
Nomura Asset Management
144
Nomura Asset Management
Japan
$4.61K +$4.59K +369 New
CCC
145
Chelsea Counsel Company
California
$4.38K – – –
TC
146
Truvestments Capital
Florida
$3.61K – – –
AP
147
Aspect Partners
Virginia
$3.4K +$3.39K +272 New
Simplex Trading
148
Simplex Trading
Illinois
$2.36K -$174 -14 -7%
NA
149
NewEdge Advisors
Louisiana
$2.01K – – –
Citigroup
150
Citigroup
New York
$12 -$7.17K -576 -100%
4 5
6
7 8

CGBD Hedge Fund Activity: Q4 2025 in Review

151 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Carlyle Secured Lending (CGBD) for Q4 2025, worth a combined $331M — up 3.2% from $321M a quarter earlier.

Buyers outnumbered sellers: 33 funds opened new CGBD positions and 27 closed out — a net gain of 6 holders — while 40 added to existing stakes and 47 trimmed.

The largest buyer was Rivernorth Capital Management, adding an estimated $8.71M. The largest seller was Creative Planning, cutting an estimated $14.5M.

  • 151 institutional investors held Carlyle Secured Lending (CGBD) as of Q4 2025, up from 149 in Q3 2025.
  • Funds reported $331M of Carlyle Secured Lending stock for Q4 2025, up 3.2% quarter-over-quarter.
  • 33 funds opened new Carlyle Secured Lending positions in Q4 2025 and 27 closed out, a net change of +6 holders.
  • The largest Carlyle Secured Lending buyer in Q4 2025 was Rivernorth Capital Management, an estimated $8.71M added.
  • The largest Carlyle Secured Lending seller in Q4 2025 was Creative Planning, an estimated $14.5M sold.

Based on aggregated 13F filings for Q4 2025.