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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
MML Investors Services
176
MML Investors Services
Massachusetts
$443K -$427 -29 -0.1%
EFS
177
Essex Financial Services
Connecticut
$441K +$118 +8 +0%
NHC
178
Nicholas Hoffman & Company
Georgia
$415K -$32.1K -2,179 -7%
DM
179
Delphi Management
Massachusetts
$413K +$3.81K +259 +0.9%
NWA
180
New World Advisors
Massachusetts
$407K +$6.61K +449 +2%
ECM
181
Evergreen Capital Management
Washington
$396K +$60.2K +4,090 +16%
OWM
182
OneAscent Wealth Management
Alabama
$390K -$32.9K -2,232 -7%
MWAM
183
Manhattan West Asset Management
California
$389K – – –
MCM
184
Monument Capital Management
Virginia
$383K +$412K +28,004 New
KA
185
Klingman & Associates
New York
$380K – – –
AQR Capital Management
186
AQR Capital Management
Connecticut
$377K +$406K +27,571 New
SWMP
187
Signature Wealth Management Partners
New Jersey
$367K +$205K +13,891 +108%
EW
188
Evoke Wealth
California
$355K -$445K -30,200 -54%
Squarepoint
189
Squarepoint
New York
$347K +$65.1K +4,418 +21%
SF
190
Summit Financial
New Jersey
$347K -$15.5K -1,050 -4%
Capstone Investment Advisors
191
Capstone Investment Advisors
New York
$345K +$371K +25,181 New
PM
192
Penbrook Management
New York
$342K -$499K -33,880 -58%
M&T Bank
193
M&T Bank
New York
$334K – – –
NG
194
Northstar Group
New York
$333K +$66.3K +4,500 +23%
PCA
195
Pallas Capital Advisors
Massachusetts
$325K -$319K -21,634 -48%
MCA
196
Magnolia Capital Advisors
Mississippi
$323K -$372K -25,277 -52%
JFGLC
197
Johnson Financial Group LLC (Colorado)
Colorado
$321K +$346K +23,465 New
PA
198
Promethium Advisors
Maryland
$309K – – –
NA
199
Navellier & Associates
Nevada
$308K +$65.8K +4,470 +25%
PC
200
Port Capital
Illinois
$301K – – –
6 7
8
9 10

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.