Vanguard discloses 12.53% Brandywine Realty stake after realignment (BDN)

Rhea-AI Filing Summary

The Vanguard Group reported its ownership position in Brandywine Realty Trust common stock as of December 31, 2025. Vanguard beneficially owned 21,770,712 shares, representing 12.53% of the outstanding common stock, with all voting and dispositive authority held on a shared, rather than sole, basis.

Vanguard reported shared voting power over 1,381,847 shares and shared dispositive power over 21,770,712 shares, with no sole voting or dispositive power. Vanguard states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Brandywine. The filing also notes an internal realignment at Vanguard on January 12, 2026, after which certain subsidiaries or business divisions are expected to report beneficial ownership separately while continuing the same investment strategies.

Insights

Institutional Ownership & Governance Analyst

Vanguard reports a 12.53% passive stake in Brandywine Realty Trust.

The Vanguard Group discloses beneficial ownership of 21,770,712 Brandywine Realty Trust common shares, equal to 12.53% of the class as of December 31, 2025. All voting and dispositive powers are reported as shared, with no sole authority.

The filing is on a passive ownership basis, explicitly stating the shares are held in the ordinary course of business and not to change or influence control. Vanguard’s clients retain the right to receive dividends or sale proceeds, and no single client has more than 5% interest in the reported securities.

The document also notes an internal realignment effective January 12, 2026, after which certain Vanguard subsidiaries or business divisions may report beneficial ownership separately on a disaggregated basis, while pursuing the same investment strategies as before the realignment. Subsequent beneficial ownership filings from Vanguard-related entities may reflect this structural change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 20)

Brandywine Realty Trust

(Name of Issuer)

Common Stock

(Title of Class of Securities)

105368203

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 105368203

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,381,847.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 21,770,712.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,770,712.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.53 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Brandywine Realty Trust
(b)	Address of issuer's principal executive offices: 555 East Lancaster Avenue, Suite 100, Radnor, PA, 19087
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 105368203
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 21770712
(b)	Percent of class: 12.53 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1381847
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 21770712
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	01/30/2026

FAQ

How many Brandywine Realty Trust (BDN) shares does The Vanguard Group report owning?

The Vanguard Group reports beneficial ownership of 21,770,712 Brandywine Realty Trust shares. This position represents a significant institutional stake and equals 12.53% of Brandywine’s common stock as of December 31, 2025, based on the figures disclosed in the Schedule 13G/A filing.

What percentage of Brandywine Realty Trust (BDN) does The Vanguard Group own?

The Vanguard Group reports owning 12.53% of Brandywine Realty Trust’s common stock. This ownership percentage is based on 21,770,712 shares beneficially owned as of December 31, 2025, as stated in the Schedule 13G/A beneficial ownership section.

Does Vanguard have voting and dispositive power over its BDN shares?

Vanguard reports only shared, not sole, power over its Brandywine shares. The filing shows shared voting power over 1,381,847 shares and shared dispositive power over 21,770,712 shares, with zero sole voting or sole dispositive authority indicated in the ownership breakdown.

Is Vanguard’s stake in Brandywine Realty Trust (BDN) considered passive or for control purposes?

Vanguard characterizes its Brandywine stake as passive. It certifies the securities were acquired and are held in the ordinary course of business, not for changing or influencing control, and not in connection with any transaction having a control-related purpose or effect, aside from specific nomination activities.

How does Vanguard’s internal realignment affect its Brandywine (BDN) ownership reporting?

Vanguard’s January 12, 2026 internal realignment may shift how ownership is reported. The filing states certain subsidiaries or business divisions are expected to report beneficial ownership separately on a disaggregated basis, while continuing the same investment strategies previously pursued by The Vanguard Group, Inc.