BDCIU · BTC Development Corp. · Holdings

$10.29 At close · Oct 1

Market Cap

$352.68M

34.75M

Volume · Oct 1 315 Avg daily vol (3M) 2801

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of BDCIU: 13F, 13D and 13G, insiders and funds →

Institutional holdings are being reconciled with SEC filings. Holder totals and changes may be incomplete until reconciliation finishes.

Quarter:

Holders: 13

Total Value: $13,366,776

Total Shares: 1,304,076

Institutional Ownership Trend

4 quarters

Holder Concentration

Across 13 13F filers · Δ vs Mar 31, 2026

Top Holder

34.5%

+0.2 pts

Top 5

76.2%

+0.4 pts

Top 10

97.9%

+0.8 pts

HHI

1,774

Moderately concentrated+20

Who Holds BDCIU

Last 4 quarters through Jun 30, 2026

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026: 13 filers, like-for-like change -0.6%; actively managed books -0.6%.

Holder type	Share	Filers	Change	Exited
Registered adviser	12.9%	3	-5.7%	1
Adviser	11.0%	1	-1.9%	0
Bank	34.5%	2	0.0%	0
Benefit plan	4.7%	1	0.0%	0
Non-US	15.3%	1	0.0%	0
Exempt adviser	0.0%	0	—	0
Insurer	0.0%	0	—	0
Unknown	21.7%	5	+1.9%	0

Style	Share	Filers	Change	Exited
Systematic-like	7.5%	1	-9.3%	1
Concentrated	6.0%	1	+3.8%	0
Diversified active	86.5%	11	0.0%	0
Index-like	0.0%	0	—	0
Not measured	0.0%	0	—	0

Turnover	Share	Filers	Change	Exited
Low turnover	5.7%	1	0.0%	0
Medium turnover	54.0%	5	-0.4%	0
High turnover	33.4%	5	-1.7%	1
Unknown	6.9%	2	+3.3%	0
Not measured	0.0%	0	—	0

Holding horizon	Share	Filers	Change	Exited
Short horizon	27.6%	5	+0.8%	0
Medium horizon	1.2%	1	0.0%	0
Long horizon	63.3%	6	-1.5%	1
Unknown	7.9%	1	+2.5%	0
Not measured	0.0%	0	—	0

13F book size	Share	Filers	Change	Exited
Under $1B	17.5%	3	0.0%	0
$1B to $10B	16.3%	3	-1.3%	0
$10B to $100B	53.0%	4	+0.8%	0
$100B or more	13.2%	3	-5.5%	1
Not measured	0.0%	0	—	0

Client base	Share	Filers	Change	Exited
Pooled investment vehicles	9.0%	2	-7.9%	1
Registered funds and BDCs	3.8%	1	0.0%	0
Other investment advisers	0.0%	0	—	0
Diversified	0.0%	0	—	0
Unknown	87.1%	10	+0.2%	0

Private funds	Share	Filers	Change	Exited
Hedge funds	9.0%	2	-7.9%	1
No private funds	3.8%	1	0.0%	0
Private equity funds	0.0%	0	—	0
Other private funds	0.0%	0	—	0
Private funds, type not stated	0.0%	0	—	0
Unknown	87.1%	10	+0.2%	0

Location	Share	Filers	Change	New	Exited
United States	45.5%	9	-1.2%	0	1
Outside the US	54.5%	4	0.0%	0	0

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Conviction and Crowding

13 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

0.000% of filers hold it in their top 10

Mar 31, 2026: 0

Holders above 5%

median weight 0.008%

Mar 31, 2026: 0

Crowding

—

shares outstanding is an issuer-wide count, not one listing's

Private-fund advisers

—

of shares outstanding

Institutional ownership

—

shares outstanding is an issuer-wide count, not one listing's

Top 10 holders

97.9%

of 13F shares, Herfindahl 0.177

Active holders

-0.6%

like-for-like share change of active filers

5% stakes on record

0 13D, 0 13G

How long holders have held it value-weighted 3.8 quarters

Under 1 year 11.3% 1 to 3 years 88.7% 3 years or more 0.000% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$10.22

estimated per share

Mar 31, 2026: $10.23

Quarter-end price

$10.25

implied by 13F values

Estimated gain or loss

+0.3%

price against the estimated cost

Estimated at a loss

55.0%

of costed 13F value

Estimated cost covers 10.3% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shared Holders

Companies BDCIU's active holders also own, quarter ended Jun 30, 2026

#	Company	Shared holders	Similarity
1	APXT Apex Treasury Corp	6	0.548
2	RFAI RF Acquisition Corp II	3	0.530
3	HVMC Highview Merger Corp.	4	0.500
4	LAFA LaFayette Acquisition Corp.	4	0.471
5	KOYN CSLM Digital Asset Acquisition Corp III, Ltd	4	0.447
6	WENN WEN Acquisition Corp	4	0.447
7	CRAQ Cal Redwood Acquisition Corp.	3	0.433
8	GSHR Gesher Acquisition Corp. II	3	0.433
9	CHEC Chenghe Acquisition III Co.	3	0.433
10	POLE Andretti Acquisition Corp. II	5	0.429

Shareholder Targets

13F filers that own its peers but not BDCIU, quarter ended Jun 30, 2026

Found through its holder-overlap peers: APXT, RFAI, HVMC, LAFA, KOYN, WENN, CRAQ, GSHR, CHEC, POLE, SZZL, VNME, QADR, MBVI, AACP, DNMX, XRPNU, PACH, IPCX, SOUL. 84 filers in all.

#	Filer	In peers	Of book	Largest peers
1	Crossingbridge Advisors, LLC Adviser, Diversified active	$83,341,293 12 held	16.4%	WENN, IPCX, SOUL
2	MMCAP International Inc. SPC Unknown, Diversified active	$70,073,250 8 held	6.70%	QADR, IPCX, WENN
3	Arrington Capital Management, LLC Registered adviser, Concentrated	$60,394,320 1 held	67.1%	XRPNU
4	RLH Capital LLC Unknown, Diversified active	$33,839,569 6 held	17.7%	IPCX, XRPNU, SOUL
5	COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS Unknown, Diversified active	$32,178,644 10 held	0.160%	PACH, HVMC, APXT
6	GOLDMAN SACHS GROUP INC Holding company, Index-like	$31,410,556 9 held	0.000%	POLE, SZZL, SOUL
7	Parallax Volatility Advisers, L.P. Registered adviser, Diversified active	$30,295,685 8 held	1.43%	WENN, KOYN, DNMX
8	RiverPark Advisors, LLC Registered adviser, Diversified active	$27,674,619 4 held	13.9%	IPCX, SOUL, SZZL
9	Calamos Advisors LLC Registered adviser, Diversified active	$22,051,169 6 held	0.110%	POLE, VNME, AACP
10	JPMORGAN CHASE & CO Bank, Diversified active	$18,166,025 13 held	0.000%	KOYN, HVMC, PACH

Quarterly Activity

vs Mar 31, 2026

New

Increased

Decreased

Sold Out

Unchanged

New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.

Holder count: -1

Institutional value: +0.7%

Shares held: -0.6%

Top Buyers

vs Mar 31, 2026

Institution	Added	Now Holds	Open
Large Clear Street Group Inc.	+2,852	77,737
Large HRT FINANCIAL LP	+2,520	102,793

Top Sellers

vs Mar 31, 2026

Institution	Sold	Now Holds	Open
Mid Karpus Management, Inc.	−2,800	143,000

Top New Positions

vs Mar 31, 2026

No new positions this quarter.

Top Sold-Out Positions

vs Mar 31, 2026

Institution	Previously Held	Last Value (USD)	Open
Mega CITADEL ADVISORS LLC	10,073	$101,938

Filter: New 0 Increased 2 Reduced 1 Sold out 1 Unchanged 10

Holder type: Registered adviser 3 Adviser 1 Bank 2 Benefit plan 1 Non-US 1 Unknown 5

Showing 13 of 13

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

TORONTO DOMINION BANK BDCIU

$4,613,525

34.51%

450,100

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TD SECURITIES (USA) LLC	450,100	$4,613,525	100.0%	Defined

HGC Investment Management Inc. BDCIU

$2,050,000

15.34%

200,000

Karpus Management, Inc. BDCIU

$1,465,750

10.97%

143,000

HRT FINANCIAL LP BDCIU

$1,053,628

7.88%

102,793

MILLENNIUM MANAGEMENT LLC BDCIU

$1,001,958

7.50%

97,752

Clear Street Group Inc. BDCIU

$796,804

5.96%

77,737

STIFEL FINANCIAL CORP BDCIU

$761,062

5.69%

74,250

OMERS ADMINISTRATION Corp BDCIU

$621,672

4.65%

60,651

Westchester Capital Management, LLC BDCIU

$512,499

3.83%

50,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
WESTCHESTER CAPITAL PARTNERS, LLC	451	$4,622	0.9%	Sole
Virtus Investment Advisers, LLC	45,432	$465,678	90.9%	Other
Held directly	4,117	$42,199	8.2%	Sole

READYSTATE ASSET MANAGEMENT LP BDCIU

$205,000

1.53%

20,000

Quarry LP BDCIU

$153,750

1.15%

15,000

Lineage Point Capital LP BDCIU

$130,872

0.98%

12,768

UBS Group AG BDCIU

$256

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS Securities LLC	25	$256	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	10,073	$101,938	100.0%	Defined

Key facts CIK 2042292 CUSIP G0701G109