L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 4 Feb 2026
Managers listing it
23
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 6 listed it in both
Shares listed
11,401,756
combined, among listed positions
Reported value
$1.3bn
combined, at the quarter end

Among the 92 comparable managers: 16 buyers (opened or added shares) and 11 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was -396,513.

Managers listing BDC in Q4 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q3 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

23 of 23 holders

ActionFiling
Fidelity (FMR LLC)4,583,095$534munder 0.1%Trimmed-1,359,86817 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc3,225,244$376munder 0.1%Added+663,24117 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP1,685,750$196munder 0.1%Added+219,69517 Feb 2026 (the filing on sec.gov)
Invesco Ltd925,253$108munder 0.1%Trimmed-90,39819 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC242,255$28munder 0.1%Trimmed-47,10012 Feb 2026 (the filing on sec.gov)
Arrowstreet Capital LP240,643$28munder 0.1%Added+95,61413 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC82,222$9.6munder 0.1%Added+28,11112 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP80,960$9.4munder 0.1%Trimmed-2,00317 Feb 2026 (the filing on sec.gov)
First Eagle Investment Management LLC80,037$9.3munder 0.1%Trimmed-3,6694 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC73,257$8.5munder 0.1%Added+68,47717 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC43,784$5.1munder 0.1%Added+13,07517 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd34,464$4.0munder 0.1%Added+2,36817 Feb 2026 (the filing on sec.gov)
D. E. Shaw & Co.28,079$3.3munder 0.1%Added+13,48517 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC15,073$1.8munder 0.1%Added+5,29327 Oct 2026 (the filing on sec.gov)
Millennium Management LLC12,629$1.5munder 0.1%Added+9,15117 Feb 2026 (the filing on sec.gov)
Hudson Bay Capital Management LP10,710$1.2munder 0.1%Newnew13 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP10,120$1.2munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Man Group PLC7,875$918kunder 0.1%Trimmed-4,07317 Feb 2026 (the filing on sec.gov)
Caxton Associates LLP5,719$667kunder 0.1%Newnew13 Feb 2026 (the filing on sec.gov)
Freestone Grove Partners LP5,722$667kunder 0.1%Trimmed-37017 Feb 2026 (the filing on sec.gov)
GAMCO Investors Inc3,580$417kunder 0.1%Newnew5 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP3,200$373kunder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP2,085$243kunder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)

Largest increases and reductions, by shares

Q3 2025 to Q4 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
6 in Q3 2024 to 6 in Q2 2026

Tracked managers listing it, at least.

024682014201620182020202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
BDC by quarter
QuarterHoldersReported valueBuyersSellers
Q2 20136$409mn.a.n.a.
Q3 20134$504mn.a.n.a.
Q4 20135$517mn.a.n.a.
Q1 20145$521mn.a.n.a.
Q2 20144$561mn.a.n.a.
Q3 20144$471mn.a.n.a.
Q4 20145$750mn.a.n.a.
Q1 20155$835mn.a.n.a.
Q2 20154$572mn.a.n.a.
Q3 20153$368mn.a.n.a.
Q4 20152$392mn.a.n.a.
Q1 20162$463mn.a.n.a.
Q2 20162$409mn.a.n.a.
Q3 20163$410mn.a.n.a.
Q4 20165$539mn.a.n.a.
Q1 20174$322mn.a.n.a.
Q2 20175$720mn.a.n.a.
Q3 20174$925mn.a.n.a.
Q4 20175$717mn.a.n.a.
Q1 20184$641mn.a.n.a.
Q2 20184$606mn.a.n.a.
Q3 20183$698mn.a.n.a.
Q4 20185$227mn.a.n.a.
Q1 20196$615mn.a.n.a.
Q2 20195$695mn.a.n.a.
Q3 20195$585mn.a.n.a.
Q4 20195$669mn.a.n.a.
Q1 20204$416mn.a.n.a.
Q2 20203$140mn.a.n.a.
Q3 20202$96mn.a.n.a.
Q4 20204$116mn.a.n.a.
Q1 20212$111mn.a.n.a.
Q2 20211$132mn.a.n.a.
Q3 20212$381mn.a.n.a.
Q4 20211$155mn.a.n.a.
Q1 20221$108mn.a.n.a.
Q2 20223$125mn.a.n.a.
Q3 20224$120mn.a.n.a.
Q4 20225$127mn.a.n.a.
Q1 20234$144mn.a.n.a.
Q2 20235$213mn.a.n.a.
Q3 20234$187mn.a.n.a.
Q4 20233$129m12
Q1 20243$336m30
Q2 20244$380m22
Q3 20246$933m24
Q4 20247$866m34
Q1 20256$711m51
Q2 20256$885m33
Q3 20256$1.2bn44
Q4 20256$1.1bn1611
Q1 20265$604m2310
Q2 20266$662m2214

Compare with…

Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.

BDC and LIN →BDC and GLW →BDC and HWM →Choose a stock to compare with BDC →

How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own BDC, latest filings →Back to the 13F Explorer →