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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
UAG
76
United Advisor Group
Ohio
$3.02M +$92.2K +6,262 +3%
SCA
77
Snowden Capital Advisors
New York
$2.84M -$3.23K -219 -0.1%
AO
78
Advisor OS
Illinois
$2.78M +$76.7K +5,208 +3%
GA
79
GraniteShares Advisors
New York
$2.77M +$263K +17,850 +10%
Kovitz Investment Group Partners
80
Kovitz Investment Group Partners
Illinois
$2.77M +$224K +15,241 +8%
Mercer Global Advisors
81
Mercer Global Advisors
Colorado
$2.46M +$1.29M +87,345 +95%
SGCA
82
Steel Grove Capital Advisors
Tennessee
$2.44M – – –
PCM
83
Prelude Capital Management
New York
$2.42M +$26.3K +1,786 +1%
IC
84
IEQ Capital
California
$2.31M +$245K +16,653 +11%
MFG
85
Merit Financial Group
Georgia
$2.2M – – –
GCP
86
GSA Capital Partners
United Kingdom
$2.16M +$2.16M +146,860 +1,321%
TYCC
87
Texas Yale Capital Corp
Florida
$2.14M -$59.1K -4,013 -3%
AAA
88
Adams Asset Advisors
Texas
$2.11M +$239K +16,254 +12%
Bank of New York Mellon
89
Bank of New York Mellon
New York
$2.1M +$62K +4,211 +3%
Envestnet Asset Management
90
Envestnet Asset Management
Illinois
$2.05M +$51.2K +3,477 +2%
WC
91
Waterloo Capital
Texas
$2.01M +$90.9K +6,175 +4%
Royal Bank of Canada
92
Royal Bank of Canada
Ontario, Canada
$1.81M -$345K -23,417 -15%
Janney Montgomery Scott
93
Janney Montgomery Scott
Pennsylvania
$1.78M +$653K +44,332 +52%
Northern Trust
94
Northern Trust
Illinois
$1.77M +$579K +39,300 +44%
A
95
AlphaQuest
New York
$1.77M +$1.83M +124,102 +2,542%
IFG
96
Independent Financial Group
California
$1.76M +$8.62K +585 +0.5%
Commonwealth Equity Services
97
Commonwealth Equity Services
Massachusetts
$1.7M +$50.3K +3,413 +3%
OBWG
98
Onyx Bridge Wealth Group
New York
$1.69M +$106K +7,211 +6%
GPI
99
General Partner Inc
Pennsylvania
$1.68M – – –
SBCM
100
Silverberg Bernstein Capital Management
New York
$1.64M +$490K +33,300 +39%
2 3
4
5 6

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.