Vault-13

BARINGS BDC INC BBDC

COM · Common Stock · CUSIP 06759L103

209 institutional holders +13 vs Q2 2025
45,932,57945.9m shares reported held*
43.7% of all shares outstanding*
$402.8mreported value*
31 new 78 added 50 reduced 17 sold out net bought ≈ $8.9m (+1.0m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 105.2m as of 2025-11-06, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $8.77. Options: 4 managers hold calls ($605.6k notional), 3 hold puts ($107.8k).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 204Q4 22: 221Q1 23: 217Q2 23: 210Q3 23: 209Q4 23: 204Q1 24: 199Q2 24: 191Q3 24: 199Q4 24: 198Q1 25: 212Q2 25: 196Q3 25: 209209Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022204
Q4 2022221
Q1 2023217
Q2 2023210
Q3 2023209
Q4 2023204
Q1 2024199
Q2 2024191
Q3 2024199
Q4 2024198
Q1 2025212
Q2 2025196
Q3 2025209

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q4 23: 85 bought or addedQ4 23: 100 cut or sold outQ1 24: 82 bought or addedQ1 24: 94 cut or sold outQ1 24Q2 24: 87 bought or addedQ2 24: 86 cut or sold outQ3 24: 82 bought or addedQ3 24: 79 cut or sold outQ3 24Q4 24: 86 bought or addedQ4 24: 79 cut or sold outQ1 25: 103 bought or addedQ1 25: 77 cut or sold outQ1 25Q2 25: 98 bought or addedQ2 25: 93 cut or sold outQ3 25: 109 bought or addedQ3 25: 67 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 202385100
Q1 20248294
Q2 20248786
Q3 20248279
Q4 20248679
Q1 202510377
Q2 20259893
Q3 202510967

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5m$2mQ4 24 calls: $718.1kQ4 24 puts: $65.7kQ4 24P/C 0.09Q1 25 calls: $1.7mQ1 25 puts: $1.7mQ1 25P/C 0.99Q2 25 calls: $749.3kQ2 25 puts: $115.8kQ2 25P/C 0.15Q3 25 calls: $605.6kQ3 25 puts: $107.8kQ3 25P/C 0.18
Numbers
QuarterCallsPutsP/C
Q4 2024$718.1k$65.7k0.09
Q1 2025$1.7m$1.7m0.99
Q2 2025$749.3k$115.8k0.15
Q3 2025$605.6k$107.8k0.18

Biggest buyers

BlackRock, Inc. Added +229,148+229.1k
Muzinich & Co., Inc. Added +194,725+194.7k
Sumitomo Mitsui Trust Group, Inc. Added +194,725+194.7k
RIVERNORTH CAPITAL MANAGEMENT, LLC Added +191,220+191.2k
JPMORGAN CHASE & CO Added +158,497+158.5k
HUB Investment Partners, LLC New +146,016+146.0k
BANK OF AMERICA CORP /DE/ Added +136,922+136.9k
VAN ECK ASSOCIATES CORP Added +136,541+136.5k
PRIVATE MANAGEMENT GROUP INC Added +128,200+128.2k
Cresset Asset Management, LLC Added +115,009+115.0k

Biggest sellers

TUDOR INVESTMENT CORP ET AL Reduced -373,945-373.9k
TWO SIGMA ADVISERS, LP Reduced -221,600-221.6k
RAYMOND JAMES FINANCIAL INC Reduced -182,712-182.7k
Trexquant Investment LP Reduced -153,020-153.0k
Bulldog Investors, LLP Reduced -143,079-143.1k
Y-Intercept (Hong Kong) Ltd Sold out -142,749-142.7k
ROYAL BANK OF CANADA Reduced -96,412-96.4k
MORGAN STANLEY Reduced -88,145-88.1k
Legal & General Group Plc Reduced -83,655-83.7k
NorthCoast Asset Management LLC Reduced -68,224-68.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $305.7k34.9k shares
CITADEL ADVISORS LLC Reduced $188.3k21.5k shares
GROUP ONE TRADING LLC Reduced $59.6k6.8k shares
SIMPLEX TRADING, LLC Reduced $52.0k6.0k shares

Biggest puts

WOLVERINE TRADING, LLC New $90.0k10.2k shares
SIMPLEX TRADING, LLC Unchanged $17.0k2.0k shares
GROUP ONE TRADING LLC Reduced $876100 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q3 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
404Q4 23: 0 buyingQ4 23: 0 sellingQ1 24: 1 buyingQ1 24: 0 sellingQ1 24Q2 24: 0 buyingQ2 24: 0 sellingQ3 24: 0 buyingQ3 24: 0 sellingQ3 24Q4 24: 3 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 4 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20230—0——
Q1 20241$5.5k0——
Q2 20240—0——
Q3 20240—0——
Q4 20243$284.7k0——
Q1 20250—0——
Q2 20254$452.9k0——
Q3 20250—0——

None reported in Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BARINGS LLC 2.27% of their portfolio CHARLOTTE, NC 13,639,68113.6m $119.5m $119.5m 2.27% Unchanged
2 ARES MANAGEMENT LLC 1.53% of their portfolio LOS ANGELES, CA 3,797,1123.8m $33.3m $33.3m 1.53% Unchanged
3 PRIVATE MANAGEMENT GROUP INC 0.86% of their portfolio IRVINE, CA 3,284,4573.3m $28.8m $28.8m 0.86% Added +128.2k +128,200
4 VAN ECK ASSOCIATES CORP 0.02% of their portfolio NEW YORK, NY 2,479,9422.5m $21.7m $21.7m 0.02% Added +136.5k +136,541
5 Cresset Asset Management, LLC 0.08% of their portfolio Chicago, IL 2,114,4872.1m $18.5m $18.5m 0.08% Added +115.0k +115,009
6 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,208,4791.2m $10.6m $10.6m 0.00% Added +27.4k +27,419
7 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 1,160,8641.2m $10.2m $10.2m 0.00% Added +40.8k +40,771
8 NorthCoast Asset Management LLC 0.03% of their portfolio STAMFORD, CT 972,322972.3k $8.5m $8.5m 0.03% Reduced -68.2k -68,224
9 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 884,841884.8k $7.8m $7.8m 0.00% Added +58.2k +58,182
10 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 879,832879.8k $7.7m $7.7m 0.00% Added +41.5k +41,467
11 TWO SIGMA ADVISERS, LP 0.02% of their portfolio NEW YORK, NY 867,600867.6k $7.6m $7.6m 0.02% Reduced -221.6k -221,600
12 BlackRock, Inc. 0.00% of their portfolio New York, NY 864,196864.2k $7.6m $7.6m 0.00% Added +229.1k +229,148
13 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 773,218773.2k $6.8m $6.8m 0.00% Reduced -88.1k -88,145
14 DIMENSION CAPITAL MANAGEMENT LLC 0.82% of their portfolio Coral Gables, FL 641,337641.3k $5.6m $5.6m 0.82% Added +56.4k +56,406
15 Legal & General Group Plc 0.00% of their portfolio London, X0 632,956633.0k $5.5m $5.5m 0.00% Reduced -83.7k -83,655
16 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 621,196621.2k $5.4m $5.4m 0.01% Added +58.6k +58,634
17 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 613,247613.2k $5.4m $5.4m 0.00% Added +136.9k +136,922
18 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.30% of their portfolio WEST PALM BEACH, FL 602,474602.5k $5.3m $5.3m 0.30% Added +191.2k +191,220
19 Sumitomo Mitsui Trust Group, Inc. 0.00% of their portfolio CHIYODA-KU, TOKYO, M0 486,098486.1k $4.3m $4.3m 0.00% Added +194.7k +194,725
20 Muzinich & Co., Inc. 1.65% of their portfolio NEW YORK, NY 486,098486.1k $4.3m $4.3m 1.65% Added +194.7k +194,725
21 BI Asset Management Fondsmaeglerselskab A/S 0.04% of their portfolio KOBENHAVN, G7 467,285467.3k $4.1m $4.1m 0.04% Added +27.9k +27,939
22 Advisors Asset Management, Inc. 0.07% of their portfolio Monument, CO 439,202439.2k $3.8m $3.8m 0.07% Added +25.9k +25,943
23 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.05% of their portfolio ST. LOUIS, MO 364,620364.6k $3.2m $3.2m 0.05% Reduced -58.3k -58,272
24 STEEL GROVE CAPITAL ADVISORS, LLC 0.39% of their portfolio MEMPHIS, TN 359,280359.3k $3.3m $3.3m 0.39% Unchanged
25 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 329,714329.7k $3.2m $3.2m 0.00% Reduced -6.6k -6,593
26 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 304,754304.8k $2.7m $2.7m 0.00% Added +24.0k +24,043
27 Callodine Capital Management, LP 0.23% of their portfolio BOSTON, MA 304,024304.0k $2.7m $2.7m 0.23% Added +20.0k +20,000
28 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 274,646274.6k $2.4m $2.4m 0.00% Added +158.5k +158,497
29 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 259,413259.4k $2.3m $2.3m 0.00% Added +19.1k +19,096
30 Skandinaviska Enskilda Banken AB (publ) 0.01% of their portfolio STOCKHOLM, V7 239,440239.4k $2.1m $2.1m 0.01% Unchanged
31 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 232,938232.9k $2.0m $2.0m 0.01% Added +15.1k +15,117
32 Hennion & Walsh Asset Management, Inc. 0.06% of their portfolio Parsippany, NJ 187,493187.5k $1.6m $1.6m 0.06% Reduced -54.8k -54,834
33 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 154,535154.5k $1.4m $1.4m 0.00% Reduced -182.7k -182,712
34 Caliber Wealth Management, LLC / KS 0.15% of their portfolio Overland Park, KS 153,739153.7k $1.3m $1.3m 0.15% Reduced -56.9k -56,853
35 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 148,709148.7k $1.3m $1.3m 0.00% Reduced -7.6k -7,559
36 HUB Investment Partners, LLC 0.05% of their portfolio AUSTIN, TX 146,016146.0k $1.3m $1.3m 0.05% New
37 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 140,812140.8k $1.2m $1.2m 0.00% Added +24 +24
38 Trexquant Investment LP 0.01% of their portfolio STAMFORD, CT 136,824136.8k $1.2m $1.2m 0.01% Reduced -153.0k -153,020
39 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 132,777132.8k $1.2m $1.2m 0.00% Added +90.2k +90,248
40 CANADA LIFE ASSURANCE Co 0.00% of their portfolio WINNIPEG, A2 131,403131.4k $1.2m $1.2m 0.00% Added +42.2k +42,193
41 Cliffwater LLC 0.23% of their portfolio MARINA DEL REY, CA 126,753126.8k $1.1m $1.1m 0.23% Unchanged
42 DENALI ADVISORS LLC 0.11% of their portfolio SAN DIEGO, CA 113,458113.5k $993.9k $993.9k 0.11% Reduced -21.0k -21,046
43 ICON ADVISERS INC/CO 0.21% of their portfolio GREENWOOD VILLAGE, CO 109,699109.7k $961.0k $961.0k 0.21% New
44 &PARTNERS 0.01% of their portfolio NASHVILLE, TN 97,91097.9k $857.7k $857.7k 0.01% Reduced -2.2k -2,176
45 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 87,87787.9k $769.8k $769.8k 0.00% Added +5.7k +5,706
46 Nilsine Partners, LLC 0.07% of their portfolio GREENWOOD VILLAGE, CO 86,94886.9k $761.7k $761.7k 0.07% Reduced -3.1k -3,063
47 Ethos Financial Group, LLC 0.06% of their portfolio KING OF PRUSSIA, PA 86,64586.6k $759.0k $759.0k 0.06% Added +13.7k +13,721
48 Virtus Investment Advisers, LLC 0.22% of their portfolio HARTFORD, CT 86,06686.1k $753.9k $753.9k 0.22% Reduced -6.2k -6,192
49 Prime Capital Investment Advisors, LLC 0.01% of their portfolio OVERLAND PARK, KS 84,73584.7k $742.3k $742.3k 0.01% Added +22.6k +22,570
50 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 84,62784.6k $741.3k $741.3k 0.00% Added +9.7k +9,657
51 PREVAIL INNOVATIVE WEALTH ADVISORS, LLC 0.14% of their portfolio LEAWOOD, KS 81,86581.9k $717.1k $717.1k 0.14% New
52 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 71,95572.0k $630.3k $630.3k 0.00% Added +8.7k +8,693
53 Prosperity Consulting Group, LLC 0.03% of their portfolio OWINGS MILLS, MD 67,97168.0k $595.4k $595.4k 0.03% New
54 Bulldog Investors, LLP 0.14% of their portfolio SADDLE BROOK, NJ 67,42267.4k $590.6k $590.6k 0.14% Reduced -143.1k -143,079
55 Apollon Wealth Management, LLC 0.01% of their portfolio MOUNT PLEASANT, SC 64,77464.8k $567.4k $567.4k 0.01% Added +2.1k +2,052
56 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 62,32262.3k $545.9k $545.9k 0.00% Reduced -11.3k -11,348
57 HighPoint Advisor Group LLC 0.02% of their portfolio DOWNERS GROVE, IL 57,69857.7k $505.4k $505.4k 0.02% Reduced -605 -605
58 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 57,63157.6k $504.8k $504.8k 0.00% New
59 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 57,00857.0k $499.0k $499.0k 0.00% Added +1.2k +1,160
60 Lido Advisors, LLC 0.00% of their portfolio Los Angeles, CA 55,49055.5k $486.1k $486.1k 0.00% Added +43 +43
61 Campbell & CO Investment Adviser LLC 0.04% of their portfolio BALTIMORE, MD 55,46855.5k $485.9k $485.9k 0.04% Reduced -3.3k -3,308
62 BARD ASSOCIATES INC 0.13% of their portfolio CHICAGO, IL 54,25254.3k $475.2k $475.2k 0.13% Reduced -13.1k -13,067
63 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 53,13553.1k $465.5k $465.5k 0.00% Added +14.2k +14,227
64 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 52,04952.0k $455.9k $455.9k 0.00% Added +13.4k +13,449
65 LSV ASSET MANAGEMENT 0.00% of their portfolio CHICAGO, IL 46,70046.7k $409.0k $409.0k 0.00% Added +10.6k +10,600
66 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 45,93845.9k $402.4k $402.4k 0.00% Added +4.3k +4,296
67 Waverly Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 42,11242.1k $368.9k $368.9k 0.00% Reduced -2.2k -2,171
68 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 41,96842.0k $367.6k $367.6k 0.00% Reduced -1.5k -1,455
69 Koshinski Asset Management, Inc. 0.02% of their portfolio DECATUR, IL 41,42241.4k $362.9k $362.9k 0.02% Reduced -2.6k -2,555
70 Arete Wealth Advisors, LLC 0.02% of their portfolio CHICAGO, IL 40,92140.9k $358.0k $358.0k 0.02% Added +4.2k +4,196
71 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 40,57340.6k $355.4k $355.4k 0.00% New
72 Sunbelt Securities, Inc. 0.02% of their portfolio HOUSTON, TX 37,76737.8k $330.8k $330.8k 0.02% Reduced -15.1k -15,116
73 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 36,27436.3k $318.0k $318.0k 0.00% New
74 CAXTON ASSOCIATES LLP 0.01% of their portfolio LONDON, X0 35,95936.0k $315.0k $315.0k 0.01% Added +13.4k +13,363
75 OneDigital Investment Advisors LLC 0.00% of their portfolio OVERLAND PARK, KS 35,79135.8k $313.5k $313.5k 0.00% Added +3.2k +3,222
76 Bison Wealth, LLC 0.03% of their portfolio ATLANTA, GA 35,00035.0k $315.0k $315.0k 0.03% New
77 EAGLE GLOBAL ADVISORS LLC 0.01% of their portfolio Houston, TX 34,29534.3k $300.4k $300.4k 0.01% Unchanged
78 Summit Financial, LLC 0.00% of their portfolio PARSIPPANY, NJ 33,52933.5k $293.7k $293.7k 0.00% New
79 Raleigh Capital Management Inc. 0.11% of their portfolio CARY, NC 32,89132.9k $288.1k $288.1k 0.11% Added +106 +106
80 Western Wealth Management, LLC 0.01% of their portfolio GOLDEN, CO 32,30132.3k $283.0k $283.0k 0.01% Added +15.4k +15,396
81 Curi Capital, LLC 0.01% of their portfolio CHICAGO, IL 31,77231.8k $278.3k $278.3k 0.01% Unchanged
82 TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio STAMFORD, CT 31,15931.2k $273.0k $273.0k 0.00% Reduced -373.9k -373,945
83 Ausdal Financial Partners, Inc. 0.01% of their portfolio Davenport, IA 29,99730.0k $262.8k $262.8k 0.01% Added +594 +594
84 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 29,37529.4k $257.3k $257.3k 0.00% Added +1.4k +1,432
85 Sigma Planning Corp 0.01% of their portfolio ANN ARBOR, MI 28,53728.5k $250.0k $250.0k 0.01% Reduced -618 -618
86 CreativeOne Wealth, LLC 0.01% of their portfolio OVERLAND PARK, KS 28,13528.1k $246.5k $246.5k 0.01% Reduced -6.6k -6,561
87 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 28,11928.1k $246.3k $246.3k 0.00% Reduced -1.6k -1,550
88 Arkadios Wealth Advisors 0.01% of their portfolio ATLANTA, GA 27,12027.1k $237.6k $237.6k 0.01% Added +374 +374
89 Essex Financial Services, Inc. 0.01% of their portfolio ESSEX, CT 26,34726.3k $230.8k $230.8k 0.01% Added +27 +27
90 SEVEN MILE ADVISORY 0.04% of their portfolio TALLAHASSEE, FL 26,22726.2k $229.8k $229.8k 0.04% New
91 WEDBUSH SECURITIES INC 0.01% of their portfolio PASADENA, CA 25,11625.1k $220.0k $220.0k 0.01% Added +250 +250
92 Gotham Asset Management, LLC 0.00% of their portfolio NEW YORK, NY 25,00025.0k $219.0k $219.0k 0.00% Unchanged
93 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 24,93424.9k $218.0k $218.0k 0.00% Reduced -96.4k -96,412
94 Triumph Capital Management 0.06% of their portfolio DENVER, CO 24,36624.4k $213.4k $213.4k 0.06% Unchanged
95 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 23,84723.8k $208.9k $208.9k 0.00% Added +812 +812
96 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 23,39323.4k $204.9k $204.9k 0.00% New
97 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 22,68422.7k $208.0k $208.0k 0.00% Added +12.2k +12,215
98 Patriot Financial Group Insurance Agency, LLC 0.02% of their portfolio Westborough, MA 22,18722.2k $194.4k $194.4k 0.02% Added +292 +292
99 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 20,75920.8k $181.9k $181.9k 0.00% Reduced -8.9k -8,937
100 Consolidated Portfolio Review Corp 0.02% of their portfolio WOODBURY, NY 20,55620.6k $180.1k $180.1k 0.02% Unchanged