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Golub Capital BDC
GBDC

330 hedge funds and large institutions have $1.54B invested in Golub Capital BDC in 2025 Q3 according to their latest regulatory filings, with 48 funds opening new positions, 132 increasing their positions, 89 reducing their positions, and 34 closing their positions.

New
Increased
Maintained
Reduced
Closed

1,674% more call options, than puts

Call options by funds: $1.49M | Put options by funds: $84K

48% more repeat investments, than reductions

Existing positions increased: 132 | Existing positions reduced: 89

41% more first-time investments, than exits

New positions opened: 48 | Existing positions closed: 34

3% more funds holding

Funds holding: 320 → 330 (+10)

1.75% more ownership

Funds ownership: 38.09% → 39.84% (+1.8%)

3% less capital invested

Capital invested by funds: $1.59B → $1.54B (-$50.8M)

17% less funds holding in top 10

Funds holding in top 10: 6 → 5 (-1)

Holders
330
Holders Change
+10
Holders Change %
+3.13%
% of All Funds
4.33%
Holding in Top 10
5
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-16.67%
% of All Funds
0.07%
New
48
Increased
132
Reduced
89
Closed
34
Calls
$1.49M
Puts
$84K
Net Calls
+$1.41M
Net Calls Change
-$901K

Top Buyers

Rank Fund Capital Flow
1
Corient Private Wealth
Corient Private Wealth
Florida
+$67.1M
2
HighTower Advisors
HighTower Advisors
Illinois
+$27.4M
3
RCM
Rivernorth Capital Management
Florida
+$7.73M
4
SO
STRS Ohio
Ohio
+$6.63M
5
Brown Advisory
Brown Advisory
Maryland
+$6.61M

Top Sellers

Rank Fund Capital Flow
1
LCP
LGT Capital Partners
Switzerland
-$10.2M
2
Millennium Management
Millennium Management
New York
-$8.96M
3
MHS
M Holdings Securities
Oregon
-$4.88M
4
Morgan Stanley
Morgan Stanley
New York
-$4.45M
5
EBA
Eagle Bay Advisors
New York
-$3.82M
Name Holding Trade Value Shares
Change 		Change in
Stake
EH
251
Equitable Holdings
New York
$173K – – –
CMMS
252
Comprehensive Money Management Services
Florida
$171K +$13.3K +900 +8%
PVI
253
Pine Valley Investments
New Jersey
$170K – – –
CWM
254
Cornerstone Wealth Management
Missouri
$168K +$6.82K +463 +4%
SOADOR
255
State of Alaska Department of Revenue
Alaska
$167K +$181K +12,271 New
RBC
256
Romano Brothers & Co
Illinois
$166K – – –
KIC
257
Kensington Investment Counsel
California
$164K – – –
ORC
258
O'Rourke & Company
Massachusetts
$162K +$1.8K +122 +1%
IAIM
259
International Assets Investment Management
Florida
$161K -$295K -20,000 -64%
WJWM
260
Williams Jones Wealth Management
New York
$160K – – –
FWM
261
Focused Wealth Management
New York
$159K +$4.57K +310 +3%
GAA
262
Global Assets Advisory
Florida
$154K +$2.44K +166 +1%
CGFA
263
Colton Groome Financial Advisors
North Carolina
$152K +$13.4K +913 +9%
MSCM
264
McElhenny Sheffield Capital Management
Texas
$151K +$163K +11,050 New
EGA
265
Eagle Global Advisors
Texas
$151K – – –
AA
266
Ancora Advisors
Ohio
$146K -$51.6K -3,507 -25%
Susquehanna International Group
267
Susquehanna International Group
Pennsylvania
$144K +$155K +10,555 New
Wealth Enhancement Advisory Services
268
Wealth Enhancement Advisory Services
Minnesota
$143K +$156K +10,581 New
KWA
269
Kingswood Wealth Advisors
California
$143K +$154K +10,457 New
CAG
270
Crestwood Advisors Group
Massachusetts
$143K – – –
OSAM
271
O'Shaughnessy Asset Management
Connecticut
$142K +$153K +10,389 New
PWM
272
Perigon Wealth Management
California
$142K -$22.2K -1,507 -13%
US Bancorp
273
US Bancorp
Minnesota
$142K -$29 -2 -0%
CPL
274
CAP Partners LLC
Tennessee
$142K +$2.27K +154 +2%
WSFS
275
Wilmington Savings Fund Society
Delaware
$142K -$1.19M -80,699 -89%
9 10
11
12 13

GBDC Hedge Fund Activity: Q3 2025 in Review

330 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Golub Capital BDC (GBDC) for Q3 2025, worth a combined $1.54B — down 3.2% from $1.59B a quarter earlier.

Buyers outnumbered sellers: 48 funds opened new GBDC positions and 34 closed out — a net gain of 14 holders — while 132 added to existing stakes and 89 trimmed.

The largest buyer was Corient Private Wealth, adding an estimated $67.1M. The largest seller was LGT Capital Partners, exiting entirely with an estimated $10.2M sold.

  • 330 institutional investors held Golub Capital BDC (GBDC) as of Q3 2025, up from 320 in Q2 2025.
  • Funds reported $1.54B of Golub Capital BDC stock for Q3 2025, down 3.2% quarter-over-quarter.
  • 48 funds opened new Golub Capital BDC positions in Q3 2025 and 34 closed out, a net change of +14 holders.
  • The largest Golub Capital BDC buyer in Q3 2025 was Corient Private Wealth, an estimated $67.1M added.
  • The largest Golub Capital BDC seller in Q3 2025 was LGT Capital Partners, an estimated $10.2M sold.

Based on aggregated 13F filings for Q3 2025.