Next Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Next Capital Management LLC reported 137 stock positions worth $270.6 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 14.7% of the portfolio, followed by Meta Platforms Class A (META, 4.5%) and Invesco QQQ Trust Series 1 (QQQ, 4.4%). Compared with Q1 2025, it opened 24 new positions, sold out of 5, added to 65 and reduced 14. The biggest buy was BlackRock TCP Capital (TCPC, shares +2131%) and the biggest sale Golub Capital BDC (GBDC, shares −19%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001752762
Portfolio Value
$270.6M (Q2 2025)
SEC Filing
0001437749-25-024802 ↗ filed Aug 5, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $246.0M Q1 2024 Q2 2024: $237.1M Q2 2024 Q3 2024: $245.1M Q3 2024 Q4 2024: $243.3M Q4 2024 Q1 2025: $208.5M Q1 2025 Q2 2025: $270.6M $270.6M Q2 2025 Q3 2025: $299.6M Q3 2025 Q4 2025: $312.3M Q4 2025 Q1 2026: $330.2M Q1 2026 Q2 2026: $370.5M Q2 2026

Holdings 137 stocks · $270.6M
IVV iShares Core S&P 500 ETF 14.72% 64,149 $39.8M Add +9.5%
META Meta Platforms Inc. Class A 4.54% 16,657 $12.3M Add +0.3%
QQQ Invesco QQQ Trust Series 1 4.44% 21,800 $12.0M Add +0.1%
IEFA iShares Core MSCI Eafe ETF 3.59% 116,335 $9.7M Add +11.4%
AMZN Amazon.com Inc. 3.56% 43,967 $9.6M Add +12.3%
MFIC Midcap Financial Investment 3.38% 725,401 $9.2M Add +329.0%
AAPL Apple Inc. 3.34% 44,014 $9.0M Add +4.8%
VOO Vanguard S&P 500 ETF 3.31% 15,748 $9.0M Add +95.9%
TCPC BlackRock TCP Capital Corp. 3.23% 1,134,826 $8.7M Add +2131.4%
VTI VG Morningstar TS MKT ETF-US 2.98% 26,563 $8.1M Add +1.6%
IWF iShares Russell 1000 Growth 2.85% 18,167 $7.7M Reduce -1.0%
IVW iShares S&P 500 Growth ETF 1.94% 47,773 $5.3M Add +2.3%
IEMG iShares Core MSCI Emerging 1.82% 82,147 $4.9M Add +10.8%
IWB iShares Russell 1000 ETF 1.60% 12,734 $4.3M Add +117.9%
NVDA Nvidia Corp. 1.58% 27,033 $4.3M Add +114.7%
IJR iShares Core S&P Small-Cap E 1.53% 37,949 $4.1M Add +8.8%
IWD iShares Russell 1000 Value E 1.53% 21,295 $4.1M Add +3.5%
BRK.B Berkshire Hathaway Inc. Class B 1.52% 8,449 $4.1M Add +14.4%
GBDC Golub Capital BDC Inc. 1.51% 279,444 $4.1M Reduce -18.5%
IJH iShares Core S&P Midcap ETF 1.51% 65,682 $4.1M Add +1.8%
SPY SS SPDR S&P 500 ETF Trust-US 1.32% 5,776 $3.6M Reduce -1.9%
SCHA Schwab US Small-Cap ETF 1.10% 117,399 $3.0M Reduce -1.1%
XLV SS Health Care Select Sector 1.09% 21,977 $3.0M Add +0.1%
SCHX Schwab US Large-Cap ETF 1.08% 119,505 $2.9M Reduce -0.5%
VIG Vanguard Dividend Apprec ETF 1.01% 13,342 $2.7M No change
KKR KKR & Co. Inc. 1.00% 20,273 $2.7M Add +16.6%
MSFT Microsoft Corp. 0.93% 5,048 $2.5M Add +32.2%
VUG Vanguard Mrngstar GR ETF-Sui 0.80% 4,942 $2.2M Add +1.0%
FNDX Schwab Fndmntl US LRG Co. ETF 0.77% 85,158 $2.1M Add +33.8%
WMT Walmart Inc. 0.74% 20,600 $2.0M No change
QQQM Invesco Nasdaq 100 ETF 0.68% 8,148 $1.9M Add +4.1%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.68% 6,430 $1.8M No change
VGT Vanguard Info Tech ETF 0.68% 2,755 $1.8M No change
XLF SS Financial Select Sector 0.63% 32,434 $1.7M Add +4.1%
KWEB Kranesh Csi China Internet 0.62% 49,020 $1.7M No change
EEM iShares MSCI Emerging Market 0.61% 34,500 $1.7M Add +5.3%
KO The Coca-Cola Co. 0.57% 21,715 $1.5M Add +23.1%
SCHW Schwab (charles) Corp. 0.56% 16,684 $1.5M Add +4.4%
JPM JPMorgan Chase & Co. 0.55% 9,644 $1.5M Add +231.4%
BRK.A Berkshire Hathaway Inc. Class A 0.54% 2 $1.5M No change
PM Philip Morris International 0.51% 7,588 $1.4M Add +3.4%
MCD McDonald's Corp. 0.51% 4,684 $1.4M Add +16.3%
NFLX Netflix Inc. 0.50% 1,002 $1.3M Add +6.3%
LLY Eli Lilly & Co. 0.49% 1,704 $1.3M Add +91.5%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.48% 4,509 $1.3M Add +0.4%
IUSV iShares Core S&P U.S. Value 0.47% 13,547 $1.3M Add +1.9%
IWP iShares Russell Mid-Cap Grow 0.47% 9,230 $1.3M Add +16.2%
TFX Teleflex Inc. 0.46% 10,423 $1.2M Add +32.3%
GOOGL Alphabet Inc. Class A 0.45% 6,972 $1.2M Add +130.3%
GOOG Alphabet Inc. Class C 0.44% 6,784 $1.2M Add +84.4%
GS Goldman Sachs Group Inc. 0.40% 1,519 $1.1M Add +33.0%
SPHQ Invesco S&P 500 Quality ETF 0.39% 14,621 $1.0M Add +217.3%
VYM Vanguard High DVD Yield ETF 0.38% 7,778 $1.0M No change
SCHD Schwab US DVD Equity ETF 0.38% 39,007 $1.0M Add +1.9%
JPST JPMorgan Ultra-Short Income 0.38% 20,185 $1.0M Reduce -48.4%
ECL Ecolab Inc. 0.38% 3,775 $1.0M Reduce -10.8%
XLK SS Technology Select Sector 0.37% 3,971 $1.0M Add +4.1%
IWM iShares Russell 2000 ETF 0.35% 4,417 $953K Reduce -3.9%
EFA iShares MSCI Eafe ETF 0.34% 10,216 $913K Add +12.8%
MDB Mongodb Inc. 0.33% 4,297 $902K New
JNJ Johnson & Johnson 0.33% 5,783 $883K Add +117.9%
BRW Saba Capital Income & Opport 0.30% 99,725 $804K New
CBZ Cbiz Inc. 0.29% 11,000 $789K No change
SCHB Schwab US Broad Market ETF 0.29% 32,926 $785K Add +0.3%
VEA Vanguard Ftse Developed ETF 0.29% 13,532 $771K Add +7.0%
HD Home Depot Inc. 0.27% 1,993 $731K Add +7.5%
EMLP First Trust North American E 0.27% 19,345 $726K No change
PH Parker Hannifin Corp. 0.27% 1,035 $723K No change
XOM Exxon Mobil Corp. 0.26% 6,522 $703K Add +12.8%
BX Blackstone Inc. 0.25% 4,526 $677K Add +18.8%
SPOT Spotify Technology SA 0.24% 860 $660K No change
BN Brookfield Corp. 0.24% 10,500 $649K No change
OKE Oneok Inc. 0.24% 7,880 $643K No change
GDX Vaneck Gold Miners ETF 0.23% 11,752 $612K No change
ACWX iShares MSCI Acwi Ex US ETF 0.22% 9,959 $607K No change
PPG PPG Industries Inc. 0.22% 5,204 $592K No change
CSGS CSG Systems Intl Inc. 0.22% 9,000 $588K No change
OBDC Blue Owl Capital Corp. 0.21% 39,363 $564K No change
OPP Rivernrth/Doublelne STR Opp 0.20% 63,859 $546K New
AEP American Electric Power 0.19% 5,075 $527K Reduce -36.8%
QCOM Qualcomm Inc. 0.19% 3,216 $512K Add +3.2%
VWO Vanguard Ftse Emerging Marke 0.18% 9,964 $493K Reduce -22.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.18% 2,765 $489K Add +10.1%
EWG iShares MSCI Germany ETF 0.18% 11,475 $486K Add +59.9%
ALAB Astera Labs Inc. 0.17% 5,182 $469K New
MRK Merck & Co. Inc. 0.17% 5,814 $461K Add +33.1%
EPD Enterprise Products Partners 0.17% 14,625 $454K Add +2.3%
SLRC SLR Investment Corp. 0.16% 27,520 $444K No change
PFE Pfizer Inc. 0.16% 17,903 $434K Add +33.4%
TYG Tortoise Energy Infrastruct 0.16% 9,770 $429K New
NOC Northrop Grumman Corp. 0.15% 811 $405K Reduce -1.2%
CMCSA Comcast Corp. Class A 0.15% 11,178 $399K Reduce -12.2%
IWC iShares Micro-Cap ETF 0.15% 3,123 $399K No change
UNH Unitedhealth Group Inc. 0.14% 1,246 $389K Add +142.4%
PG The Procter & Gamble Co. 0.14% 2,416 $385K Add +29.3%
ABBV Abbvie Inc. 0.13% 1,877 $348K Add +19.6%
ILMN Illumina Inc. 0.13% 3,578 $341K New
TRS Trimas Corp. 0.12% 11,500 $329K No change
LII Lennox International Inc. 0.12% 563 $323K Reduce -4.1%
IJS iShares S&P Small-Cap 600 Va 0.12% 3,230 $321K Add +54.0%
ARKG ARK Genomic Revolution ETF 0.12% 13,046 $318K New
HON Honeywell International Inc. 0.12% 1,342 $313K Add +4.7%
VT Vanguard Tot World STK ETF 0.11% 2,364 $304K Add +0.0%
WVVI Willamette Valley Vineyards 0.11% 54,800 $302K No change
MO Altria Group Inc. 0.11% 5,076 $298K Add +10.9%
BKNG Booking Holdings Inc. 0.11% 51 $295K No change
RSP Invesco S&P 500 Equal Weight 0.11% 1,614 $293K Add +0.3%
WMB Williams Cos Inc. 0.11% 4,645 $292K No change
MAYS Mays (j.w.) Inc. 0.10% 7,326 $278K No change
DBEF Xtrackers MSCI Eafe Hedged E 0.10% 6,331 $277K No change
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.10% 26,150 $276K New
GEV GE Vernova Inc. 0.10% 508 $269K New
TRV The Travelers Cos Inc. 0.10% 1,004 $269K No change
IWS iShares Russell Mid-Cap Valu 0.10% 2,030 $268K New
ACVA Acv Auctions Inc. Class A 0.10% 16,006 $260K New
CRM Salesforce Inc. 0.10% 943 $257K New
JFR Nuveen Floating Rate Income 0.09% 29,789 $252K New
IYE iShares U.S. Energy ETF 0.09% 5,500 $249K No change
MDLZ Mondelez International Inc. Class A 0.09% 3,656 $247K No change
APO Apollo Global Management Inc. 0.09% 1,707 $242K New
V Visa Inc. Class A 0.09% 665 $236K Reduce -2.6%
PEP Pepsico Inc. 0.08% 1,738 $229K New
PLTR Palantir Technologies Inc. Class A 0.08% 1,682 $229K New
SCHM Schwab US Mid Cap ETF 0.08% 8,100 $227K Add +0.0%
INDA iShares MSCI India ETF 0.08% 4,000 $223K New
ABT Abbott Laboratories 0.08% 1,634 $222K New
PSX Phillips 66 0.08% 1,800 $215K New
DFEN Direx DLY Aeros & DF BL3X-Ui 0.08% 4,000 $208K New
SERV Serve Robotics Inc. 0.07% 16,425 $188K New
WPLCF Wise PLC - A 0.06% 11,116 $160K No change
ZGN Ermenegildo Zegna NV 0.06% 18,275 $156K No change
CRML Critical Metals Corp. 0.03% 19,982 $72K No change
EDF VSH Emerging Markets Income filed as VIRTUS STONE HBR EMRG MKTS I 0.02% 10,000 $51K New
ETWO E2OPEN Parent Holdings Inc. 0.02% 14,587 $47K No change
CRBU Caribou Biosciences Inc. 0.01% 20,000 $25K New
DCGO Docgo Inc. 0.01% 15,000 $24K New
CYDY Cytodyn Inc. 0.00% 32,500 $9K No change

Portfolio Sells Q1 2025 → Q2 2025
GBDC Golub Capital BDC Inc. Reduce -18.5% 1.51% −0.98
JPST JPMorgan Ultra-Short Income Reduce -48.4% 0.38% −0.57
SHYG iShares 0-5 YR HY Corp. Bond Sold out 0.00% −0.50
IWF iShares Russell 1000 Growth Reduce -1.0% 2.85% −0.33
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.9% 1.32% −0.26
SCHA Schwab US Small-Cap ETF Reduce -1.1% 1.10% −0.24
AEP American Electric Power Reduce -36.8% 0.19% −0.23
SCHX Schwab US Large-Cap ETF Reduce -0.5% 1.08% −0.19
ECL Ecolab Inc. Reduce -10.8% 0.38% −0.14
CVX Chevron Corp. Sold out 0.00% −0.10
VWO Vanguard Ftse Emerging Marke Reduce -22.1% 0.18% −0.10
PARAA Paramount Global Class B Sold out 0.00% −0.09
IWM iShares Russell 2000 ETF Reduce -3.9% 0.35% −0.09
CMCSA Comcast Corp. Class A Reduce -12.2% 0.15% −0.08
ET Energy Transfer LP Sold out 0.00% −0.08
NOC Northrop Grumman Corp. Reduce -1.2% 0.15% −0.05
SONY Sony Group Corp. - SP ADR Sold out 0.00% −0.04
LII Lennox International Inc. Reduce -4.1% 0.12% −0.04
V Visa Inc. Class A Reduce -2.6% 0.09% −0.03

Portfolio Buys Q1 2025 → Q2 2025
TCPC BlackRock TCP Capital Corp. Add +2131.4% 3.23% +3.03
MFIC Midcap Financial Investment Add +329.0% 3.38% +2.34
VOO Vanguard S&P 500 ETF Add +95.9% 3.31% +1.33
NVDA Nvidia Corp. Add +114.7% 1.58% +0.92
IWB iShares Russell 1000 ETF Add +117.9% 1.60% +0.74
MDB Mongodb Inc. New 0.33% +0.33
BRW Saba Capital Income & Opport New 0.30% +0.30
MSFT Microsoft Corp. Add +32.2% 0.93% +0.24
SPHQ Invesco S&P 500 Quality ETF Add +217.3% 0.39% +0.24
GOOGL Alphabet Inc. Class A Add +130.3% 0.45% +0.23
JPM JPMorgan Chase & Co. Add +231.4% 0.55% +0.21
OPP Rivernrth/Doublelne STR Opp New 0.20% +0.20
ALAB Astera Labs Inc. New 0.17% +0.17
GOOG Alphabet Inc. Class C Add +84.4% 0.44% +0.17
TYG Tortoise Energy Infrastruct New 0.16% +0.16
LLY Eli Lilly & Co. Add +91.5% 0.49% +0.14
ILMN Illumina Inc. New 0.13% +0.13
ARKG ARK Genomic Revolution ETF New 0.12% +0.12
JNJ Johnson & Johnson Add +117.9% 0.33% +0.12
NMFC New Mountain Finance Corp. New 0.10% +0.10
GEV GE Vernova Inc. New 0.10% +0.10
IWS iShares Russell Mid-Cap Valu New 0.10% +0.10
GS Goldman Sachs Group Inc. Add +33.0% 0.40% +0.10
ACVA Acv Auctions Inc. Class A New 0.10% +0.10
CRM Salesforce Inc. New 0.10% +0.10
JFR Nuveen Floating Rate Income New 0.09% +0.09
APO Apollo Global Management Inc. New 0.09% +0.09
PEP Pepsico Inc. New 0.08% +0.08
PLTR Palantir Technologies Inc. Class A New 0.08% +0.08
INDA iShares MSCI India ETF New 0.08% +0.08
ABT Abbott Laboratories New 0.08% +0.08
PSX Phillips 66 New 0.08% +0.08
DFEN Direx DLY Aeros & DF BL3X-Ui New 0.08% +0.08
NFLX Netflix Inc. Add +6.3% 0.50% +0.07
SERV Serve Robotics Inc. New 0.07% +0.07
EWG iShares MSCI Germany ETF Add +59.9% 0.18% +0.05
FNDX Schwab Fndmntl US LRG Co. ETF Add +33.8% 0.77% +0.05
KKR KKR & Co. Inc. Add +16.6% 1.00% +0.03
IWP iShares Russell Mid-Cap Grow Add +16.2% 0.47% +0.03
IJS iShares S&P Small-Cap 600 Va Add +54.0% 0.12% +0.02
EDF VSH Emerging Markets Income New 0.02% +0.02
UNH Unitedhealth Group Inc. Add +142.4% 0.14% +0.01
CRBU Caribou Biosciences Inc. New 0.01% +0.01
DCGO Docgo Inc. New 0.01% +0.01
PFE Pfizer Inc. Add +33.4% 0.16% −0.00
BX Blackstone Inc. Add +18.8% 0.25% −0.01
XLK SS Technology Select Sector Add +4.1% 0.37% −0.01
AMZN Amazon.com Inc. Add +12.3% 3.56% −0.01
PG The Procter & Gamble Co. Add +29.3% 0.14% −0.01
HON Honeywell International Inc. Add +4.7% 0.12% −0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 138$370.5MIVV, MFIC, OBDC, IEFA, QQQ
Q1 2026 134$330.2MIVV, MFIC, OBDC, IEFA, QQQ
Q4 2025 136$312.3MIVV, MFIC, TCPC, QQQ, IEFA
Q3 2025 139$299.6MIVV, MFIC, TCPC, QQQ, META
Q2 2025 137$270.6MIVV, META, QQQ, IEFA, AMZN
Q1 2025 118$208.5MIVV, QQQ, META, AAPL, IEFA
Q4 2024 140$243.3MIVV, QQQ, AAPL, META, AMZN
Q3 2024 136$245.1MIVV, GBDC, QQQ, META, AAPL
Q2 2024 135$237.1MIVV, GBDC, QQQ, IWF, AMZN
Q1 2024 144$246.0MIVV, OBDC, QQQ, META, AMZN