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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
CAM
326
Costello Asset Management
Pennsylvania
$2.74K – – –
EP
327
Essential Partners
California
$2.74K – – –
GEA
328
Glen Eagle Advisors
New Jersey
$2.72K +$88 +6 +3%
KG
329
Kilter Group
New York
$1.51K -$1.05K -71 -39%
BGAI
330
Bruce G. Allen Investments
Colorado
$520 -$15 -1 -3%
TRCT
331
Tower Research Capital (TRC)
New York
$27 -$14.7K -1,000 -100%
LCP
332
LGT Capital Partners
Switzerland
– -$10.2M -696,000 Closed
EBA
333
Eagle Bay Advisors
New York
– -$3.82M -261,033 Closed
AI
334
Atria Investments
North Carolina
– -$3.72M -253,965 Closed
1832 Asset Management
335
1832 Asset Management
Ontario, Canada
– -$2.7M -184,492 Closed
WIA
336
Wealthedge Investment Advisors
New York
– -$1.07M -72,995 Closed
Barclays
337
Barclays
United Kingdom
– -$944K -64,432 Closed
ACP
338
Arcus Capital Partners
Georgia
– -$659K -45,010 Closed
HF
339
HRT Financial
New York
– -$544K -37,164 Closed
BBHC
340
Brown Brothers Harriman & Co
New York
– -$537K -36,667 Closed
DWA
341
Douglass Winthrop Advisors
New York
– -$527K -35,987 Closed
NB
342
NBT Bank
New York
– -$527K -35,987 Closed
MLIC
343
Mandatum Life Insurance Company
Finland
– -$521K -35,566 Closed
KFA
344
Kelleher Financial Advisors
New York
– -$407K -27,815 Closed
OAM
345
Oxford Asset Management
United Kingdom
– -$384K -26,201 Closed
CAMG
346
CWA Asset Management Group
Florida
– -$366K -25,005 Closed
FIM
347
Freedom Investment Management
Connecticut
– -$339K -23,164 Closed
MWM
348
Modera Wealth Management
New Jersey
– -$288K -19,690 Closed
GC
349
Grimes & Company
Massachusetts
– -$278K -19,005 Closed
Axa
350
Axa
France
– -$271K -18,470 Closed
11 12 13
14
15

GBDC Hedge Fund Activity: Q3 2025 in Review

330 of the 7,620 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.