Vault-13

GOLUB CAP BDC INC GBDC

COM · Common Stock · CUSIP 38173M102 · ISIN US38173M1027

355 institutional holders +23 vs Q3 2025
118,902,086118.9m shares reported held*
45.2% of all shares outstanding*
$1.7bnreported value*
55 new 107 added 124 reduced 43 sold out net bought ≈ $100.6m (+7.4m 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 ($6.9m this quarter). Holder counts are more reliable. Shares outstanding: 263.2m as of 2026-02-04, 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 ≈ $14.16. Options: 4 managers hold calls ($793.8k notional), 2 hold puts ($169.6k).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 231Q4 22: 252Q1 23: 228Q2 23: 244Q3 23: 251Q4 23: 261Q1 24: 253Q2 24: 296Q3 24: 287Q4 24: 329Q1 25: 340Q2 25: 322Q3 25: 332Q4 25: 355355Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022231
Q4 2022252
Q1 2023228
Q2 2023244
Q3 2023251
Q4 2023261
Q1 2024253
Q2 2024296
Q3 2024287
Q4 2024329
Q1 2025340
Q2 2025322
Q3 2025332
Q4 2025355

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 144 bought or addedQ1 24: 95 cut or sold outQ2 24: 190 bought or addedQ2 24: 73 cut or sold outQ2 24Q3 24: 165 bought or addedQ3 24: 115 cut or sold outQ4 24: 174 bought or addedQ4 24: 104 cut or sold outQ4 24Q1 25: 197 bought or addedQ1 25: 119 cut or sold outQ2 25: 159 bought or addedQ2 25: 148 cut or sold outQ2 25Q3 25: 173 bought or addedQ3 25: 123 cut or sold outQ4 25: 162 bought or addedQ4 25: 167 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202414495
Q2 202419073
Q3 2024165115
Q4 2024174104
Q1 2025197119
Q2 2025159148
Q3 2025173123
Q4 2025162167

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ1 25 calls: $1.7mQ1 25 puts: $794.1kQ1 25P/C 0.46Q2 25 calls: $2.5mQ2 25 puts: $236.9kQ2 25P/C 0.09Q3 25 calls: $1.5mQ3 25 puts: $83.7kQ3 25P/C 0.06Q4 25 calls: $793.8kQ4 25 puts: $169.6kQ4 25P/C 0.21
Numbers
QuarterCallsPutsP/C
Q1 2025$1.7m$794.1k0.46
Q2 2025$2.5m$236.9k0.09
Q3 2025$1.5m$83.7k0.06
Q4 2025$793.8k$169.6k0.21

Biggest buyers

Corient Private Wealth LP Added +4,348,099+4.3m
RIVERNORTH CAPITAL MANAGEMENT, LLC Added +1,189,706+1.2m
MORGAN STANLEY Added +717,904+717.9k
UBS Group AG Added +651,110+651.1k
OMERS ADMINISTRATION Corp Added +597,918+597.9k
Coastal Bridge Advisors, LLC New +498,182+498.2k
STRS OHIO Added +466,978+467.0k
TWO SIGMA INVESTMENTS, LP Added +409,152+409.2k
COMMONWEALTH EQUITY SERVICES, LLC Added +392,702+392.7k
Focus Partners Wealth Added +373,395+373.4k

Biggest sellers

JPMORGAN CHASE & CO Reduced -1,179,794-1.2m
MILLENNIUM MANAGEMENT LLC Reduced -693,538-693.5k
Rockefeller Capital Management L.P. Reduced -660,109-660.1k
FRANKLIN RESOURCES INC Reduced -585,859-585.9k
CITIGROUP INC Sold out -331,177-331.2k
BANK OF AMERICA CORP /DE/ Reduced -314,242-314.2k
Qube Research & Technologies Ltd Reduced -309,101-309.1k
NEW ENGLAND ASSET MANAGEMENT INC Sold out -232,876-232.9k
HighTower Advisors, LLC Reduced -230,937-230.9k
BROWN ADVISORY INC Reduced -220,390-220.4k

Biggest calls

CITADEL ADVISORS LLC Reduced $415.2k30.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $179.1k13.2k shares
GROUP ONE TRADING LLC Reduced $135.7k10.0k shares
SIMPLEX TRADING, LLC Reduced $63.8k4.7k shares

Biggest puts

SIMPLEX TRADING, LLC Added $147.9k10.9k shares
GROUP ONE TRADING LLC New $21.7k1.6k 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.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
STRS OHIO 13G · institution +0.6 pts · filed 2026-01-13 6.3% +0.6 pts 16.7m≈ $215.2m 2026-01-13

Insider purchases and sales in Q4 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
404Q1 24: 0 buyingQ1 24: 0 sellingQ2 24: 2 buyingQ2 24: 0 sellingQ2 24Q3 24: 3 buyingQ3 24: 0 sellingQ4 24: 0 buyingQ4 24: 0 sellingQ4 24Q1 25: 0 buyingQ1 25: 0 sellingQ2 25: 2 buyingQ2 25: 2 sellingQ2 25Q3 25: 0 buyingQ3 25: 0 sellingQ4 25: 0 buyingQ4 25: 0 sellingQ4 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q1 20240—0——
Q2 20242$8.2m0——
Q3 20243$4.5m0——
Q4 20240—0——
Q1 20250—0——
Q2 20252$91.7m2$91.7m—
Q3 20250—0——
Q4 20250—0——

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 STRS OHIO 0.85% of their portfolio COLUMBUS, OH 16,704,76016.7m $226.7m $226.7m 0.85% Added +467.0k +466,978
2 Corient Private Wealth LP 0.10% of their portfolio MIAMI, FL 10,435,15210.4m $141.6m $141.6m 0.10% Added +4.3m +4,348,099
3 VAN ECK ASSOCIATES CORP 0.05% of their portfolio NEW YORK, NY 4,656,3494.7m $63.2m $63.2m 0.05% Reduced -187.5k -187,467
4 Allen Investment Management, LLC 0.61% of their portfolio NEW YORK, NY 4,069,8904.1m $55.2m $55.2m 0.61% Reduced -103.6k -103,576
5 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,917,3123.9m $53.2m $53.2m 0.00% Reduced -1.2m -1,179,794
6 Sound Income Strategies, LLC 2.36% of their portfolio FT LAUDERDALE, FL 3,602,7993.6m $49.8m $49.8m 2.36% Added +224.1k +224,142
7 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,515,5463.5m $47.7m $47.7m 0.00% Reduced -314.2k -314,242
8 Sage Mountain Advisors LLC 2.42% of their portfolio ATLANTA, GA 3,360,9323.4m $45.6m $45.6m 2.42% Added +332.4k +332,443
9 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,048,6753.0m $41.4m $41.4m 0.00% Added +717.9k +717,904
10 OMERS ADMINISTRATION Corp 0.29% of their portfolio TORONTO, A6 3,019,1483.0m $41.0m $41.0m 0.29% Added +597.9k +597,918
11 UBS Group AG 0.01% of their portfolio ZURICH, V8 2,864,7512.9m $38.9m $38.9m 0.01% Added +651.1k +651,110
12 ARES MANAGEMENT LLC 2.12% of their portfolio LOS ANGELES, CA 2,736,2102.7m $37.1m $37.1m 2.12% Added +165.0k +165,000
13 Generali Asset Management SPA SGR 0.73% of their portfolio TRIESTE, L6 2,630,7392.6m $35.7m $35.7m 0.73% Unchanged
14 Lalia Capital, LLC 26.34% of their portfolio NEW YORK, NY 2,479,1792.5m $33.6m $33.6m 26.34% First filing
15 Rockefeller Capital Management L.P. 0.06% of their portfolio NEW YORK, NY 2,311,0022.3m $31.4m $31.4m 0.06% Reduced -660.1k -660,109
16 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 2,298,3302.3m $31.2m $31.2m 0.03% Reduced -230.9k -230,937
17 Legal & General Group Plc 0.01% of their portfolio London, X0 2,062,8512.1m $28.0m $28.0m 0.01% Added +316.0k +315,984
18 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,992,0972.0m $27.0m $27.0m 0.00% Added +9.9k +9,886
19 Muzinich & Co., Inc. 8.36% of their portfolio NEW YORK, NY 1,959,2722.0m $26.6m $26.6m 8.36% Added +333.6k +333,636
20 RIVERNORTH CAPITAL MANAGEMENT, LLC 1.10% of their portfolio WEST PALM BEACH, FL 1,714,8281.7m $23.3m $23.3m 1.10% Added +1.2m +1,189,706
21 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 1,514,5441.5m $20.6m $20.6m 0.01% Added +36.2k +36,154
22 Arnhold LLC 1.51% of their portfolio New York, NY 1,470,0891.5m $19.9m $19.9m 1.51% Added +7.5k +7,500
23 MAI Capital Management 0.11% of their portfolio INDEPENDENCE, OH 1,363,9441.4m $18.5m $18.5m 0.11% Added +67.7k +67,687
24 Boston Partners 0.02% of their portfolio BOSTON, MA 1,078,6911.1m $14.7m $14.7m 0.02% Reduced -60.3k -60,349
25 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 1,056,4921.1m $14.3m $14.3m 0.01% Added +127.4k +127,365
26 LSV ASSET MANAGEMENT 0.03% of their portfolio CHICAGO, IL 1,029,0001.0m $14.0m $14.0m 0.03% Reduced -12.4k -12,400
27 Hirtle & Co., LLC 0.47% of their portfolio WEST CONSHOHOCKEN, PA 1,007,2421.0m $13.7m $13.7m 0.47% Added +77.3k +77,276
28 SIGMA INVESTMENT COUNSELORS INC 0.61% of their portfolio NORTHVILLE, MI 889,184889.2k $12.1m $12.1m 0.61% Added +34.9k +34,904
29 Cerity Partners LLC 0.02% of their portfolio NEW YORK, NY 847,337847.3k $11.5m $11.5m 0.02% Reduced -81.9k -81,894
30 Border to Coast Pensions Partnership Ltd 0.19% of their portfolio LEEDS, X0 800,000800.0k $10.9m $10.9m 0.19% Unchanged
31 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 778,304778.3k $10.6m $10.6m 0.00% Reduced -11.7k -11,664
32 CAPTRUST FINANCIAL ADVISORS 0.02% of their portfolio RALEIGH, NC 661,868661.9k $9.0m $9.0m 0.02% Reduced -139.3k -139,271
33 Pathstone Holdings, LLC 0.03% of their portfolio ENGLEWOOD, NJ 654,906654.9k $8.9m $8.9m 0.03% Added +5.6k +5,623
34 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 604,170604.2k $8.2m $8.2m 0.00% Reduced -585.9k -585,859
35 Lido Advisors, LLC 0.03% of their portfolio Los Angeles, CA 560,065560.1k $7.6m $7.6m 0.03% Reduced -6.0k -5,968
36 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 545,278545.3k $7.4m $7.4m 0.00% Added +116.3k +116,330
37 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 516,804516.8k $7.0m $7.0m 0.01% Added +392.7k +392,702
38 Coastal Bridge Advisors, LLC 0.51% of their portfolio WESTPORT, CT 498,182498.2k $6.8m $6.8m 0.51% New
39 Prairiewood Capital, LLC 1.92% of their portfolio FARGO, ND 456,728456.7k $6.2m $6.2m 1.92% Added +75.2k +75,179
40 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 451,512451.5k $6.1m $6.1m 0.01% Reduced -82.3k -82,289
41 Callodine Capital Management, LP 0.49% of their portfolio BOSTON, MA 450,000450.0k $6.1m $6.1m 0.49% Reduced -71.2k -71,238
42 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 448,000448.0k $6.1m $6.1m 0.01% Added +409.2k +409,152
43 Closed-End Fund Advisors, Inc. 3.35% of their portfolio RICHMOND, VA 417,665417.7k $5.7m $5.7m 3.35% First filing
44 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 414,892414.9k $5.6m $5.6m 0.00% Reduced -163.2k -163,153
45 Arax Advisory Partners 0.16% of their portfolio NEW YORK, NY 411,251411.3k $5.6m $5.6m 0.16% Added +41.7k +41,692
46 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 408,004408.0k $5.5m $5.5m 0.01% Added +373.4k +373,395
47 Granite FO LLC 2.90% of their portfolio BEDFORD, NH 400,505400.5k $5.4m $5.4m 2.90% Reduced -104.0k -104,030
48 CONDOR CAPITAL MANAGEMENT 0.41% of their portfolio MARTINSVILLE, NJ 373,818373.8k $5.1m $5.1m 0.41% Added +9.3k +9,349
49 SHIKIAR ASSET MANAGEMENT INC 1.26% of their portfolio NEW YORK, NY 373,240373.2k $5.1m $5.1m 1.26% Reduced -32.5k -32,475
50 DENALI ADVISORS LLC 0.56% of their portfolio SAN DIEGO, CA 372,620372.6k $5.1m $5.1m 0.56% Reduced -60.6k -60,635
51 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 372,321372.3k $5.1m $5.1m 0.00% Reduced -17.6k -17,551
52 Hennion & Walsh Asset Management, Inc. 0.17% of their portfolio Parsippany, NJ 371,814371.8k $5.0m $5.0m 0.17% Reduced -60.7k -60,700
53 Advisors Capital Management, LLC 0.06% of their portfolio RIDGEWOOD, NJ 370,769370.8k $5.0m $5.0m 0.06% Added +12.6k +12,602
54 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 360,576360.6k $4.9m $4.9m 0.01% New
55 Advisors Asset Management, Inc. 0.08% of their portfolio Monument, CO 355,138355.1k $4.8m $4.8m 0.08% Added +24.4k +24,450
56 Tranquility Partners, LLC 1.73% of their portfolio Brentwood, TN 353,494353.5k $4.8m $4.8m 1.73% Added +4.1k +4,115
57 BROWN ADVISORY INC 0.01% of their portfolio BALTIMORE, MD 347,590347.6k $4.7m $4.7m 0.01% Reduced -220.4k -220,390
58 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.07% of their portfolio ST. LOUIS, MO 345,905345.9k $4.7m $4.7m 0.07% Reduced -21.8k -21,841
59 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 345,633345.6k $4.7m $4.7m 0.01% Added +14.5k +14,547
60 CASTLEKEEP INVESTMENT ADVISORS LLC 2.06% of their portfolio WESTPORT, CT 335,161335.2k $4.5m $4.5m 2.06% Reduced -42.2k -42,228
61 North Ground Capital 2.20% of their portfolio Cohasset, MA 326,106326.1k $4.4m $4.4m 2.20% Added +276.1k +276,106
62 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 323,855323.9k $4.4m $4.4m 0.00% Added +62.5k +62,512
63 &PARTNERS 0.02% of their portfolio NASHVILLE, TN 322,032322.0k $4.4m $4.4m 0.02% Added +25.1k +25,148
64 XTX Topco Ltd 0.11% of their portfolio LONDON, X0 319,407319.4k $4.3m $4.3m 0.11% New
65 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 301,112301.1k $4.1m $4.1m 0.01% Added +47.8k +47,752
66 D.A. DAVIDSON & CO. 0.02% of their portfolio GREAT FALLS, MT 300,580300.6k $4.1m $4.1m 0.02% Added +7.1k +7,053
67 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 287,334287.3k $3.9m $3.9m 0.00% New
68 Robertson Stephens Wealth Management, LLC 0.10% of their portfolio San Francisco, CA 271,290271.3k $3.7m $3.7m 0.10% New
69 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 267,002267.0k $3.6m $3.6m 0.00% New
70 SCS Capital Management LLC 0.04% of their portfolio BOSTON, MA 264,231264.2k $3.6m $3.6m 0.04% Reduced -83.8k -83,840
71 First National Trust Co 0.12% of their portfolio Johnstown, PA 264,177264.2k $3.6m $3.6m 0.12% Unchanged
72 Anchor Investment Management, LLC 0.29% of their portfolio COLUMBIA, SC 263,995264.0k $3.6m $3.6m 0.29% Reduced -21.6k -21,580
73 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 259,828259.8k $3.5m $3.5m 0.00% Added +6.9k +6,908
74 MERCER GLOBAL ADVISORS INC /ADV 0.01% of their portfolio DENVER, CO 249,360249.4k $3.4m $3.4m 0.01% Added +70.0k +70,011
75 CURA WEALTH ADVISORS, LLC 1.27% of their portfolio CHICAGO, IL 247,700247.7k $3.4m $3.4m 1.27% Added +13.0k +13,000
76 Next Capital Management LLC 1.06% of their portfolio NEW YORK, NY 244,213244.2k $3.3m $3.3m 1.06% Unchanged
77 TRED AVON FAMILY WEALTH, LLC 1.07% of their portfolio EASTON, MD 243,454243.5k $3.3m $3.3m 1.07% Added +3.9k +3,928
78 Truvestments Capital LLC 0.58% of their portfolio SARASOTA, FL 236,746236.7k $3.2m $3.2m 0.58% Reduced -8.0k -7,978
79 Snowden Capital Advisors LLC 0.08% of their portfolio New York, NY 220,186220.2k $3.0m $3.0m 0.08% Added +12.7k +12,667
80 Naviter Wealth, LLC 0.39% of their portfolio LITTLE ROCK, AR 218,463218.5k $3.0m $3.0m 0.39% Reduced -59.8k -59,818
81 Parallel Advisors, LLC 0.05% of their portfolio SAN FRANCISCO, CA 217,714217.7k $3.0m $3.0m 0.05% Reduced -23.4k -23,418
82 United Advisor Group, LLC 0.37% of their portfolio CINCINNATI, OH 215,135215.1k $2.9m $2.9m 0.37% Reduced -5.6k -5,615
83 Advisor OS, LLC 0.23% of their portfolio CHICAGO, IL 208,861208.9k $2.8m $2.8m 0.23% Added +5.7k +5,662
84 GraniteShares Advisors LLC 1.65% of their portfolio NEW YORK, NY 199,627199.6k $2.7m $2.7m 1.65% Reduced -3.0k -2,958
85 IEQ CAPITAL, LLC 0.01% of their portfolio Foster City, CA 194,234194.2k $2.6m $2.6m 0.01% Added +25.4k +25,386
86 PRELUDE CAPITAL MANAGEMENT, LLC 0.17% of their portfolio NEW YORK, NY 175,000175.0k $2.4m $2.4m 0.17% Reduced -1.8k -1,786
87 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 167,673167.7k $2.3m $2.3m 0.00% Added +17.8k +17,762
88 Merit Financial Group, LLC 0.02% of their portfolio ALPHARETTA, GA 160,434160.4k $2.2m $2.2m 0.02% Unchanged
89 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 159,985160.0k $2.2m $2.2m 0.00% Added +6.9k +6,874
90 Quantbot Technologies LP 0.07% of their portfolio NEW YORK, NY 152,678152.7k $2.1m $2.1m 0.07% Added +137.7k +137,725
91 Waterloo Capital, L.P. 0.15% of their portfolio AUSTIN, TX 151,031151.0k $2.0m $2.0m 0.15% Added +4.2k +4,240
92 CAXTON ASSOCIATES LLP 0.04% of their portfolio LONDON, X0 147,673147.7k $2.0m $2.0m 0.04% New
93 Adams Asset Advisors, LLC 0.26% of their portfolio DALLAS, TX 146,834146.8k $2.0m $2.0m 0.26% Reduced -7.1k -7,143
94 Texas Yale Capital Corp. 0.06% of their portfolio ST. PETERSBURG, FL 146,619146.6k $2.0m $2.0m 0.06% Reduced -9.5k -9,457
95 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 138,477138.5k $1.9m $1.9m 0.00% New
96 Silverberg Bernstein Capital Management LLC 1.00% of their portfolio ARMONK, NY 128,100128.1k $1.7m $1.7m 1.00% Added +8.6k +8,600
97 Onyx Bridge Wealth Group LLC 0.18% of their portfolio TARRYTOWN, NY 127,055127.1k $1.7m $1.7m 0.18% Added +3.9k +3,895
98 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 124,270124.3k $1.7m $1.7m 0.00% Reduced -182.1k -182,135
99 HB Wealth Management, LLC 0.01% of their portfolio Atlanta, GA 123,645123.6k $1.7m $1.7m 0.01% Reduced -125.8k -125,754
100 General Partner, Inc. 0.95% of their portfolio PITTSBURGH, PA 123,041123.0k $1.7m $1.7m 0.95% Unchanged