Brandywine Realty TrustBDN
13F holders, Q4 2025 (December 31)At the end of Q4 2025, 248 institutions reported holding Brandywine Realty Trust (BDN) in their 13F filings, down 8 from Q3 2025. 37 opened new positions and 44 sold out. The largest holders were BlackRock, Inc. ($87.2M), Vanguard Group Inc. ($63.6M) and State Street Corp. ($23.4M). 4 famous investors held it, including Steve Cohen (0.0% of Point72 Asset Management's portfolio), Israel Englander (0.0% of Millennium Management's portfolio) and Cliff Asness (0.0% of AQR Capital Management's portfolio).
- Company
- Brandywine Realty Trust
- CUSIP
- 105368203
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q3 2025 → Q4 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 37 | $28.4M |
| Exits | 44 | $9.5M |
All 13F filers, Q3 2025 → Q4 2025: 23,317,529 shares bought and 21,742,916 shares sold, net +1,574,613 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 248 holders
| BlackRock, Inc. | 0.00% | Reduce -4.4% | 29,853,296 | $87.2M |
| Vanguard Group Inc. | 0.00% | Reduce -16.1% | 21,770,712 | $63.6M |
| State Street Corp. | 0.00% | Reduce -21.3% | 8,017,351 | $23.4M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +12.7% | 5,488,275 | $16.0M |
| Kawa Capital Management, Inc | 36.37% | No change | 3,923,145 | $15.7M |
| Geode Capital Management, LLC | 0.00% | Add +2.0% | 4,635,453 | $13.5M |
| Ameriprise Financial Inc. | 0.00% | Add +86.6% | 4,556,447 | $13.3M |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.01% | Add +7.2% | 3,006,187 | $8.8M |
| Point72 Asset Management | 0.01% | New | 2,959,011 | $8.6M |
| Goldman Sachs Group Inc. | 0.00% | Add +171.9% | 2,925,736 | $8.5M |
| Morgan Stanley | 0.00% | Reduce -15.8% | 2,700,665 | $7.9M |
| LM Asset Management Inc. | 6.26% | New | 2,680,000 | $7.8M |
| Federated Hermes, Inc. | 0.01% | Reduce -1.4% | 2,579,867 | $7.5M |
| Divco West Real Estate Services, LLC | 7.65% | No change | 2,445,594 | $7.1M |
| Two Sigma Investments, LP | 0.01% | Add +190.8% | 2,362,432 | $6.9M |
| Dimensional Fund Advisors LP | 0.00% | Reduce -6.9% | 2,341,570 | $6.8M |
| Jane Street Group, LLC | 0.01% | Add +14498.6% | 2,035,478 | $5.9M |
| Wolverine Asset Management LLC | 0.33% | Add +4.2% | 1,913,806 | $5.6M |
| LSV Asset Management | 0.01% | Reduce -29.3% | 1,882,515 | $5.5M |
| UBS Group AG | 0.00% | Add +73.0% | 1,849,023 | $5.4M |
| Northern Trust Corp. | 0.00% | Reduce -19.9% | 1,811,196 | $5.3M |
| Nordea Investment Management AB | 0.00% | Reduce -0.3% | 1,711,744 | $5.0M |
| Hotchkis & Wiley Capital Management LLC | 0.01% | Add +4.7% | 1,642,149 | $4.8M |
| AQR Capital Management | 0.00% | Add +105.6% | 1,538,049 | $4.5M |
| Millennium Management | 0.00% | Reduce -27.6% | 1,507,042 | $4.4M |
| Two Sigma Advisers, LP | 0.01% | Add +141.2% | 1,481,500 | $4.3M |
| Invesco Ltd. | 0.00% | Reduce -75.4% | 1,348,796 | $3.9M |
| Bank of America Corp. | 0.00% | Add +74.9% | 1,255,881 | $3.7M |
| Principal Financial Group Inc. | 0.00% | Reduce -3.2% | 1,254,334 | $3.7M |
| Bank of New York Mellon Corp | 0.00% | Reduce -6.9% | 1,125,595 | $3.3M |
| Allianz Asset Management GmbH | 0.00% | Add +33.5% | 1,087,752 | $3.2M |
| JPMorgan Chase & Co. | 0.00% | Reduce -29.3% | 1,078,619 | $3.1M |
| HRT Financial LP | 0.01% | New | 883,436 | $2.6M |
| Congress Asset Management Co. | 0.02% | Add +2.9% | 856,074 | $2.5M |
| Marshall Wace, LLP | 0.00% | New | 763,291 | $2.2M |
| ExodusPoint Capital Management, LP | 0.02% | New | 638,082 | $1.9M |
| Public Sector Pension Investment Board | 0.01% | Reduce -11.1% | 602,027 | $1.8M |
| Rhumbline Advisers | 0.00% | Reduce -1.1% | 543,921 | $1.6M |
| Susquehanna International Group, LLP | 0.00% | Add +120.1% | 527,398 | $1.5M |
| Citadel Advisors | 0.00% | Reduce -61.3% | 483,818 | $1.4M |
| HSBC Holdings PLC | 0.00% | Add +73.3% | 463,270 | $1.4M |
| Barclays PLC | 0.00% | Add +13.5% | 437,111 | $1.3M |
| Legal & General Group Plc | 0.00% | Reduce -58.0% | 433,686 | $1.3M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | New | 428,096 | $1.3M |
| CANADA LIFE ASSURANCE Co | 0.00% | Reduce -12.0% | 424,111 | $1.2M |
| Nuveen, LLC | 0.00% | Reduce -32.6% | 370,204 | $1.1M |
| Swiss National Bank | 0.00% | Add +2.4% | 342,400 | $1000K |
| Brevan Howard Capital Management LP | 0.02% | Add +147.4% | 331,192 | $967K |
| Penserra Capital Management LLC | 0.01% | Add +27.6% | 330,405 | $964K |
| FMR LLC | 0.00% | Reduce -2.6% | 327,030 | $955K |
| Robeco Institutional Asset Management B.V. | 0.00% | No change | 303,972 | $888K |
| Versor Investments LP | 0.13% | Add +38.5% | 287,200 | $839K |
| Graham Capital Management, L.P. | 0.04% | Add +31.7% | 283,570 | $828K |
| Presima Securities ULC | 0.45% | Add +0.7% | 265,994 | $777K |
| Jump Financial, LLC | 0.01% | Add +266.7% | 262,680 | $767K |
| Nomura Asset Management Co. Ltd. | 0.00% | No change | 260,800 | $762K |
| Asset Management One Co., Ltd. | 0.00% | No change | 259,283 | $757K |
| Verus Financial Partners, Inc. | 0.07% | No change | 253,349 | $737K |
| Public Employees Retirement System of Ohio | 0.00% | Reduce -3.0% | 248,514 | $726K |
| Squarepoint Ops LLC | 0.00% | Add +105.8% | 234,348 | $684K |
| XTX Topco Ltd | 0.02% | New | 221,795 | $648K |
| T. Rowe Price Associates Inc. | 0.00% | Reduce -1.4% | 204,550 | $598K |
| Verition Fund Management LLC | 0.00% | Reduce -84.3% | 201,400 | $588K |
| Wells Fargo & Company | 0.00% | Add +45.1% | 193,575 | $565K |
| Y-Intercept (Hong Kong) Ltd | 0.01% | New | 186,489 | $545K |
| Citigroup Inc. | 0.00% | Add +33.4% | 186,335 | $544K |
| Pacific Ridge Capital Partners, LLC | 0.12% | Add +4.6% | 183,307 | $535K |
| State of Alaska, Department of Revenue | 0.01% | Add +0.4% | 180,938 | $527K |
| Sumitomo Mitsui Trust Group, Inc. | 0.00% | Reduce -2.4% | 179,921 | $525K |
| Qube Research & Technologies Ltd | 0.00% | New | 176,788 | $516K |
| California State Teachers Retirement System | 0.00% | Reduce -9.5% | 169,346 | $494K |
| Sterling Capital Management LLC | 0.01% | Reduce -5.9% | 164,956 | $482K |
| Deutsche Bank AG | 0.00% | Reduce -23.2% | 163,628 | $478K |
| Prudential Financial Inc. | 0.00% | Reduce -6.8% | 163,300 | $477K |
| Alliancebernstein L.P. | 0.00% | Reduce -28.0% | 160,605 | $469K |
| Inspire Investing, LLC | 0.04% | Add +47.6% | 160,302 | $468K |
| Cambria Investment Management, L.P. | 0.02% | Add +0.0% | 133,570 | $390K |
| Massar Capital Management, LP | 0.08% | New | 132,706 | $388K |
| Pensionfund PDN | 0.25% | No change | 131,400 | $384K |
| Mitsubishi UFJ Asset Management Co., Ltd. | 0.00% | No change | 126,122 | $372K |
| Gallagher Fiduciary Advisors, LLC | 0.01% | Reduce -0.3% | 122,094 | $357K |
| Atria Investments, Inc | 0.00% | Add +1.0% | 121,663 | $355K |
| Quantbot Technologies LP | 0.01% | New | 120,809 | $353K |
| Thrivent Financial for Lutherans | 0.00% | Reduce -4.8% | 119,353 | $349K |
| Abundance Wealth Counselors | 0.06% | Reduce -3.8% | 118,666 | $347K |
| WMG Financial Advisors, LLC | 0.14% | Reduce -27.9% | 116,500 | $340K |
| Illinois Municipal Retirement Fund | 0.00% | Add +22.1% | 109,242 | $319K |
| VARCOV Co. | 0.12% | — | 107,855 | $315K |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.00% | Reduce -51.3% | 102,165 | $298K |
| Janney Montgomery Scott LLC | 0.00% | Reduce -29.2% | 95,915 | $280K |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 93,262 | $272K |
| State of Wisconsin Investment Board | 0.00% | Reduce -43.4% | 92,206 | $269K |
| MetLife Investment Management, LLC | 0.00% | Reduce -17.5% | 86,495 | $253K |
| Simplex Trading, LLC | 0.01% | Add +175.4% | 85,348 | $249K |
| Intech Investment Management LLC | 0.00% | Reduce -60.2% | 83,838 | $245K |
| Corient Private Wealth LP | 0.00% | Reduce -19.8% | 82,536 | $241K |
| Louisiana State Employees Retirement System | 0.00% | Reduce -0.3% | 79,600 | $232K |
| DekaBank Deutsche Girozentrale | 0.00% | No change | 44,900 | $227K |
| Schonfeld Strategic Advisors LLC | 0.00% | New | 76,199 | $223K |
| Nisa Investment Advisors, LLC | 0.00% | Reduce -57.9% | 75,431 | $220K |
| Janus Henderson Group PLC | 0.00% | No change | 74,935 | $218K |
| Alps Advisors Inc. | 0.00% | Add +6.1% | 72,742 | $212K |
| Vert Asset Management LLC | 0.07% | Add +9.3% | 72,480 | $212K |
| Resona Asset Management Co.,Ltd. | 0.00% | Reduce -8.2% | 72,141 | $211K |
| M&G PLC | 0.00% | New | 69,726 | $209K |
| Sei Investments Co. | 0.00% | Reduce -17.7% | 71,023 | $207K |
| Osaic Holdings, Inc. | 0.00% | Add +163.2% | 68,930 | $201K |
| Balyasny Asset Management L.P. | 0.00% | New | 67,098 | $196K |
| PharVision Advisers, LLC | 0.10% | Reduce -33.0% | 66,525 | $194K |
| SG Americas Securities, LLC | 0.00% | Reduce -1.9% | 66,077 | $193K |
| Sheets Smith Wealth Management | 0.02% | Add +15.8% | 65,093 | $190K |
| Daiwa Securities Group Inc. | 0.00% | Add +4.2% | 64,985 | $190K |
| Gsa Capital Partners LLP | 0.02% | Reduce -79.4% | 63,243 | $185K |
| Alpine Global Management, LLC | 0.04% | New | 62,500 | $183K |
| LPL Financial LLC | 0.00% | Reduce -0.1% | 59,593 | $174K |
| Aberdeen Group plc | 0.00% | Reduce -45.7% | 55,420 | $162K |
| Manufacturers Life Insurance Company, The | 0.00% | Reduce -11.3% | 51,818 | $151K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Reduce -53.8% | 51,477 | $150K |
| Investment Research Partners LLC | 0.06% | Add +16.1% | 51,371 | $150K |
| Amalgamated Bank | 0.00% | Add +0.8% | 51,281 | $150K |
| Arrow Investment Advisors, LLC | 0.17% | Add +10.1% | 51,107 | $149K |
| Telos Capital Management, Inc. | 0.01% | No change | 49,484 | $144K |
| Icon Wealth Advisors, LLC | 0.01% | Add +11.3% | 49,146 | $144K |
| Arizona State Retirement System | 0.00% | Reduce -5.1% | 48,553 | $142K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | No change | 47,599 | $139K |
| Cwm, LLC | 0.00% | Add +64.5% | 47,252 | $138K |
| Pensionfund Sabic | 0.04% | No change | 46,500 | $136K |
| Mercer Global Advisors Inc. | 0.00% | Reduce -1.8% | 45,607 | $133K |
| AE Wealth Management LLC | 0.00% | Add +18.8% | 45,109 | $132K |
| Group One Trading LLC | 0.00% | Reduce -13.8% | 44,146 | $129K |
| Russell Investments Group, Ltd. | 0.00% | Reduce -9.3% | 43,648 | $127K |
| BNP Paribas Financial Markets | 0.00% | Reduce -16.3% | 43,144 | $126K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Reduce -56.6% | 43,002 | $126K |
| Teacher Retirement System of Texas | 0.00% | Add +86.2% | 41,430 | $121K |
| Amundi | 0.00% | Reduce -64.2% | 41,364 | $121K |
| New York State Common Retirement Fund | 0.00% | No change | 40,836 | $119K |
| Oregon Public Employees Retirement Fund | 0.00% | Add +1.5% | 39,778 | $116K |
| Ethic Inc. | 0.00% | Reduce -25.6% | 39,047 | $114K |
| Metis Global Partners, LLC | 0.00% | No change | 39,007 | $114K |
| EntryPoint Capital, LLC | 0.04% | No change | 38,598 | $113K |
| New York State Teachers Retirement System | 0.00% | Add +0.3% | 37,788 | $110K |
| KLP Kapitalforvaltning As | 0.00% | Add +23.3% | 37,100 | $108K |
| State of Tennessee, Department of Treasury | 0.00% | Reduce -46.2% | 37,751 | $107K |
| Invested Advisors | 0.11% | Add +52.3% | 35,026 | $102K |
| Sumitomo Mitsui DS Asset Management Company, Ltd | 0.00% | No change | 34,607 | $101K |
| Cerity Partners LLC | 0.00% | Add +89.5% | 34,433 | $101K |
| ProShare Advisors LLC | 0.00% | Add +3.2% | 33,505 | $98K |
| Voya Investment Management LLC | 0.00% | No change | 32,655 | $95K |
| Wealth Enhancement Advisory Services, LLC | 0.00% | Add +16.6% | 31,376 | $94K |
| Crossmark Global Holdings, Inc. | 0.00% | Add +0.0% | 30,883 | $90K |
| Quadrature Capital Ltd | 0.00% | New | 30,564 | $89K |
| STRS Ohio | 0.00% | No change | 30,500 | $89K |
| Victory Capital Management Inc. | 0.00% | Reduce -0.1% | 28,810 | $84K |
| Mariner, LLC | 0.00% | Reduce -40.8% | 28,107 | $82K |
| Syon Capital LLC | 0.00% | Reduce -20.5% | 27,433 | $80K |
| Boothbay Fund Management, LLC | 0.00% | Add +7.7% | 27,067 | $79K |
| AlphaCore Capital LLC | 0.00% | New | 26,536 | $77K |
| First Trust Advisors LP | 0.00% | Reduce -27.6% | 26,042 | $76K |
| Ieq Capital, LLC | 0.00% | New | 25,091 | $73K |
| Nissay Asset Management Corp. /Japan | 0.00% | Add +4.9% | 24,209 | $71K |
| Creative Planning | 0.00% | Add +39.2% | 23,564 | $69K |
| Insigneo Advisory Services, LLC | 0.00% | No change | 23,000 | $67K |
| Rpo LLC | 0.08% | New | 22,424 | $65K |
| Scientech Research LLC | 0.04% | New | 22,391 | $65K |
| Commonwealth Equity Services, LLC | 0.00% | New | 21,297 | $62K |
| Cambridge Investment Research Advisors, Inc. | 0.00% | Reduce -22.5% | 21,275 | $62K |
| Profund Advisors LLC | 0.00% | New | 21,221 | $62K |
| Franklin Resources Inc. | 0.00% | Reduce -5.4% | 20,866 | $61K |
| Mutual of America Capital Management LLC | 0.00% | Add +2.0% | 19,853 | $58K |
| M&T Bank Corp | 0.00% | New | 19,656 | $57K |
| Pictet Asset Management Holding SA | 0.00% | No change | 19,528 | $57K |
| Founders Financial Alliance, LLC | 0.01% | Reduce -45.1% | 18,741 | $55K |
| Sequoia Financial Advisors, LLC | 0.00% | Reduce -14.3% | 18,702 | $55K |
| WINTON GROUP Ltd | 0.00% | New | 18,500 | $54K |
| Sherbrooke Park Advisers LLC | 0.14% | New | 18,286 | $53K |
| Vanguard Personalized Indexing Management, LLC | 0.00% | Reduce -33.4% | 18,154 | $53K |
| HighTower Advisors, LLC | 0.00% | Reduce -4.3% | 18,062 | $53K |
| 17 Capital Partners, LLC | 0.03% | Reduce -44.8% | 17,889 | $52K |
| Bank of Montreal | 0.00% | Reduce -83.9% | 17,161 | $50K |
| CIBC Asset Management Inc | 0.00% | No change | 16,958 | $50K |
| State of Wyoming | 0.01% | New | 16,452 | $48K |
| Glenmede Trust Co. NA | 0.00% | — | 16,394 | $48K |
| PDS Planning, Inc | 0.00% | Add +15.7% | 14,529 | $42K |
| Kintra Wealth, LLC | 0.01% | Add +19.8% | 14,479 | $42K |
| Ameritas Investment Partners, Inc. | 0.00% | No change | 14,392 | $42K |
| Bessemer Group Inc. | 0.00% | Add +1220.4% | 14,326 | $42K |
| Kovack Advisors, Inc. | 0.00% | New | 13,792 | $40K |
| Xponance LLC | 0.00% | Add +1.0% | 13,556 | $40K |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -63.4% | 12,674 | $37K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +3.6% | 12,333 | $36K |
| WealthTrust Axiom LLC | 0.01% | Add +1.2% | 11,882 | $35K |
| Captrust Financial Advisors | 0.00% | Reduce -64.2% | 11,559 | $34K |
| Cibc World Markets Corp. | 0.00% | — | 11,397 | $33K |
| EMC Capital Management | 0.01% | Reduce -15.0% | 11,189 | $33K |
| Mackenzie Financial Corp. | 0.00% | Reduce -35.6% | 11,106 | $33K |
| Tower Research Capital LLC (TRC) | 0.00% | Add +29.3% | 10,469 | $31K |
| O'shaughnessy Asset Management, LLC | 0.00% | Reduce -37.1% | 10,067 | $29K |
| Van Eck Associates Corp. | 0.00% | Reduce -82.6% | 8,659 | $25K |
| Royal Bank of Canada | 0.00% | Reduce -87.5% | 8,390 | $25K |
| Smartleaf Asset Management LLC | 0.00% | Reduce -27.9% | 7,190 | $21K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | Add +10.4% | 6,287 | $18K |
| Public Employees Retirement Association of Colorado | 0.00% | No change | 6,066 | $18K |
| US Bancorp \de | 0.00% | Reduce -26.1% | 6,029 | $18K |
| Summit Securities Group LLC | 0.00% | Reduce -50.0% | 6,000 | $18K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | Add +1.3% | 5,020 | $15K |
| Mirae Asset Global Investments Co., Ltd. | 0.00% | Add +34.0% | 5,077 | $15K |
| Quarry LP | 0.00% | Reduce -73.0% | 5,045 | $15K |
| Sound Income Strategies, LLC | 0.00% | Add +4.0% | 2,905 | $9K |
| Signaturefd, LLC | 0.00% | Reduce -45.6% | 3,011 | $9K |
| Pinnacle Wealth Planning Services, Inc. | 0.00% | New | 2,425 | $7K |
| Rockefeller Capital Management L.P. | 0.00% | Reduce -92.6% | 2,341 | $7K |
| Harbor Capital Advisors, Inc. | 0.00% | Reduce -1.7% | 1,976 | $6K |
| Allworth Financial LP | 0.00% | Add +2.4% | 1,891 | $6K |
| Salomon & Ludwin, LLC | 0.00% | Add +57.6% | 1,793 | $5K |
| UMB Bank, n.a. | 0.00% | Add +1177.9% | 1,738 | $5K |
| Essential Partners LLC | 0.00% | Add +2980.4% | 1,725 | $5K |
| Fifth Third Bancorp | 0.00% | Reduce -4.9% | 1,611 | $5K |
| Jones Financial Companies LLLP | 0.00% | Reduce -62.6% | 924 | $3K |
| Caitlin John, LLC | 0.00% | No change | 780 | $2K |
| Brown Brothers Harriman & Co. | 0.00% | New | 700 | $2K |
| WPG Advisers, LLC | 0.00% | New | 651 | $2K |
| Larson Financial Group LLC | 0.00% | No change | 500 | $1K |
| Global Retirement Partners, LLC | 0.00% | No change | 400 | $1K |
| GAMMA Investing LLC | 0.00% | Reduce -86.0% | 363 | $1K |
| Hantz Financial Services, Inc. | 0.00% | Reduce -98.1% | 288 | $1K |
| IFP Advisors, Inc | 0.00% | Add +17.7% | 286 | $835 |
| MAI Capital Management | 0.00% | Add +259.7% | 241 | $704 |
| Parallel Advisors, LLC | 0.00% | New | 237 | $692 |
| Princeton Global Asset Management LLC | 0.00% | No change | 200 | $584 |
| SageView Advisory Group, LLC | 0.00% | New | 185 | $541 |
| Private Wealth Management Group, LLC | 0.00% | No change | 181 | $529 |
| Quadrant Capital Group LLC | 0.00% | Reduce -91.4% | 174 | $509 |
| Transamerica Financial Advisors, LLC | 0.00% | New | 156 | $456 |
| Aster Capital Management (DIFC) Ltd | 0.00% | Reduce -89.4% | 137 | $400 |
| Farther Finance Advisors, LLC | 0.00% | Reduce -91.3% | 137 | $400 |
| Rothschild Investment LLC | 0.00% | Reduce -63.3% | 134 | $391 |
| Parkside Financial Bank & Trust | 0.00% | Reduce -3.7% | 131 | $383 |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 130 | $380 |
| True Wealth Design, LLC | 0.00% | Add +280.6% | 118 | $345 |
| Huntington National Bank | 0.00% | Reduce -89.5% | 97 | $283 |
| Sunbelt Securities, Inc. | 0.00% | Add +400.0% | 90 | $263 |
| Versant Capital Management, Inc | 0.00% | New | 60 | $175 |
| CIBC Private Wealth Group LLC | 0.00% | New | 44 | $128 |
| Dunhill Financial, LLC | 0.00% | New | 12 | $34 |
| Caitong International Asset Management Co., Ltd | 0.00% | New | 11 | $32 |
| Clearstead Advisors, LLC | 0.00% | Reduce -95.1% | 7 | $21 |
| Colonial Trust Advisors | 0.00% | No change | 5 | $15 |
| Covestor Ltd | 0.00% | Reduce -4.8% | 20 | $0 |
"% of holder's portfolio" is BDN's weight in each manager's 13F, not the share of Brandywine Realty Trust the manager owns.