Next Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), Next Capital Management LLC reported 139 stock positions worth $299.6 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 15.3% of the portfolio, followed by Midcap Financial Investment (MFIC, 5.4%) and BlackRock TCP Capital (TCPC, 5.0%). Compared with Q2 2025, it opened 12 new positions, sold out of 10, added to 36 and reduced 30. The biggest buy was Midcap Financial Investment (MFIC, shares +85%) and the biggest sale Vanguard S&P 500 ETF (VOO, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001752762
- Portfolio Value
- $299.6M (Q3 2025)
- SEC Filing
- 0001437749-25-033205 ↗ filed Nov 5, 2025
Holdings Value
Holdings 139 stocks · $299.6M
| IVV iShares Core S&P 500 ETF | 15.35% | 68,699 | $46.0M | Add +7.1% |
| MFIC Midcap Financial Investment | 5.37% | 1,341,585 | $16.1M | Add +84.9% |
| TCPC BlackRock TCP Capital Corp. | 4.97% | 2,401,416 | $14.9M | Add +111.6% |
| QQQ Invesco QQQ Trust Series 1 | 4.22% | 21,084 | $12.7M | Reduce -3.3% |
| META Meta Platforms Inc. Class A | 4.10% | 16,713 | $12.3M | Add +0.3% |
| IEFA iShares Core MSCI Eafe ETF | 3.92% | 134,457 | $11.7M | Add +15.6% |
| AMZN Amazon.com Inc. | 3.41% | 46,594 | $10.2M | Add +6.0% |
| IWF iShares Russell 1000 Growth | 3.01% | 19,225 | $9.0M | Add +5.8% |
| VTI VG Morningstar TS MKT ETF-US | 2.99% | 27,256 | $8.9M | Add +2.6% |
| AAPL Apple Inc. | 2.35% | 27,703 | $7.1M | Reduce -37.1% |
| IEMG iShares Core MSCI Emerging | 2.35% | 106,775 | $7.0M | Add +30.0% |
| VOO Vanguard S&P 500 ETF | 2.05% | 10,037 | $6.2M | Reduce -36.3% |
| IVW iShares S&P 500 Growth ETF | 2.04% | 50,548 | $6.1M | Add +5.8% |
| IJR iShares Core S&P Small-Cap E | 1.75% | 44,138 | $5.2M | Add +16.3% |
| NVDA Nvidia Corp. | 1.65% | 26,443 | $4.9M | Reduce -2.2% |
| IWD iShares Russell 1000 Value E | 1.62% | 23,894 | $4.9M | Add +12.2% |
| IJH iShares Core S&P Midcap ETF | 1.53% | 70,191 | $4.6M | Add +6.9% |
| IWB iShares Russell 1000 ETF | 1.45% | 11,917 | $4.4M | Reduce -6.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.42% | 8,449 | $4.2M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.30% | 5,848 | $3.9M | Add +1.3% |
| GBDC Golub Capital BDC Inc. | 1.12% | 244,213 | $3.3M | Reduce -12.6% |
| SCHA Schwab US Small-Cap ETF | 1.09% | 117,383 | $3.3M | Reduce -0.0% |
| SCHX Schwab US Large-Cap ETF | 1.01% | 115,411 | $3.0M | Reduce -3.4% |
| VIG Vanguard Dividend Apprec ETF | 0.96% | 13,349 | $2.9M | Add +0.1% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.92% | 105,168 | $2.8M | Add +23.5% |
| KKR KKR & Co. Inc. | 0.88% | 20,273 | $2.6M | No change |
| XLV SS Health Care Select Sector | 0.86% | 18,581 | $2.6M | Reduce -15.4% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.82% | 5,152 | $2.5M | Add +4.3% |
| MSFT Microsoft Corp. | 0.76% | 4,371 | $2.3M | Reduce -13.4% |
| WMT Walmart Inc. | 0.71% | 20,600 | $2.1M | No change |
| QQQM Invesco Nasdaq 100 ETF | 0.69% | 8,338 | $2.1M | Add +2.3% |
| KWEB Kranesh Csi China Internet | 0.69% | 49,020 | $2.1M | No change |
| VGT Vanguard Info Tech ETF | 0.69% | 2,755 | $2.1M | No change |
| SCHW Schwab (charles) Corp. | 0.63% | 26,840 | $1.9M | Add +60.9% |
| EEM iShares MSCI Emerging Market | 0.61% | 34,507 | $1.8M | Add +0.0% |
| XLF SS Financial Select Sector | 0.58% | 32,532 | $1.8M | Add +0.3% |
| GOOG Alphabet Inc. Class C | 0.53% | 6,569 | $1.6M | Reduce -3.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.50% | 2 | $1.5M | No change |
| GOOGL Alphabet Inc. Class A | 0.50% | 6,186 | $1.5M | Reduce -11.3% |
| IUSV iShares Core S&P U.S. Value | 0.50% | 15,002 | $1.5M | Add +10.7% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.49% | 5,020 | $1.5M | Reduce -21.9% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.46% | 4,509 | $1.4M | No change |
| LLY Eli Lilly & Co. | 0.45% | 1,768 | $1.3M | Add +3.8% |
| MDB Mongodb Inc. | 0.45% | 4,297 | $1.3M | No change |
| JPM JPMorgan Chase & Co. | 0.44% | 4,205 | $1.3M | Reduce -56.4% |
| IWP iShares Russell Mid-Cap Grow | 0.44% | 9,235 | $1.3M | Add +0.1% |
| TFX Teleflex Inc. | 0.43% | 10,423 | $1.3M | No change |
| PM Philip Morris International | 0.41% | 7,588 | $1.2M | No change |
| MCD McDonald's Corp. | 0.41% | 4,007 | $1.2M | Reduce -14.4% |
| JPST JPMorgan Ultra-Short Income | 0.40% | 23,682 | $1.2M | Add +17.3% |
| NFLX Netflix Inc. | 0.40% | 997 | $1.2M | Reduce -0.5% |
| XLK SS Technology Select Sector | 0.38% | 4,027 | $1.1M | Add +1.4% |
| GS Goldman Sachs Group Inc. | 0.38% | 1,415 | $1.1M | Reduce -6.8% |
| VYM Vanguard High DVD Yield ETF | 0.37% | 7,778 | $1.1M | No change |
| SCHD Schwab US DVD Equity ETF | 0.36% | 39,869 | $1.1M | Add +2.2% |
| KO The Coca-Cola Co. | 0.36% | 16,386 | $1.1M | Reduce -24.5% |
| IWM iShares Russell 2000 ETF | 0.36% | 4,440 | $1.1M | Add +0.5% |
| JNJ Johnson & Johnson | 0.35% | 5,579 | $1.0M | Reduce -3.5% |
| ECL Ecolab Inc. | 0.34% | 3,775 | $1.0M | No change |
| ALAB Astera Labs Inc. | 0.34% | 5,182 | $1.0M | No change |
| VEA Vanguard Ftse Developed ETF | 0.32% | 16,023 | $960K | Add +18.4% |
| EFA iShares MSCI Eafe ETF | 0.32% | 10,216 | $954K | No change |
| GDX Vaneck Gold Miners ETF | 0.30% | 11,752 | $898K | No change |
| SPHQ Invesco S&P 500 Quality ETF | 0.28% | 11,608 | $851K | Reduce -20.6% |
| SCHB Schwab US Broad Market ETF | 0.28% | 33,021 | $849K | Add +0.3% |
| HD Home Depot Inc. | 0.27% | 1,993 | $808K | No change |
| PH Parker Hannifin Corp. | 0.26% | 1,035 | $785K | No change |
| BX Blackstone Inc. | 0.26% | 4,539 | $776K | Add +0.3% |
| EMLP First Trust North American E | 0.25% | 19,345 | $741K | No change |
| BN Brookfield Corp. | 0.24% | 10,500 | $720K | No change |
| BRW Saba Capital Income & Opport | 0.23% | 88,927 | $691K | Reduce -10.8% |
| XOM Exxon Mobil Corp. | 0.22% | 5,744 | $648K | Reduce -11.9% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.22% | 9,959 | $647K | No change |
| SPOT Spotify Technology SA | 0.20% | 860 | $600K | No change |
| CSGS CSG Systems Intl Inc. | 0.19% | 9,000 | $579K | No change |
| OKE Oneok Inc. | 0.19% | 7,880 | $575K | No change |
| AEP American Electric Power | 0.19% | 5,075 | $571K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.19% | 3,031 | $566K | Add +9.6% |
| PPG PPG Industries Inc. | 0.18% | 5,204 | $547K | No change |
| VWO Vanguard Ftse Emerging Marke | 0.18% | 9,941 | $539K | Reduce -0.2% |
| QCOM Qualcomm Inc. | 0.18% | 3,216 | $535K | No change |
| OBDC Blue Owl Capital Corp. | 0.17% | 39,363 | $503K | No change |
| RYAM Rayonier Advanced Materials | 0.16% | 66,245 | $478K | New |
| OPP Rivernrth/Doublelne STR Opp | 0.16% | 55,109 | $470K | Reduce -13.7% |
| IWC iShares Micro-Cap ETF | 0.16% | 3,123 | $466K | No change |
| TRS Trimas Corp. | 0.15% | 11,500 | $444K | No change |
| EPD Enterprise Products Partners | 0.15% | 13,993 | $438K | Reduce -4.3% |
| TYG Tortoise Energy Infrastruct | 0.14% | 9,770 | $421K | No change |
| SLRC SLR Investment Corp. | 0.14% | 27,520 | $421K | No change |
| HON Honeywell International Inc. | 0.14% | 1,992 | $419K | Add +48.4% |
| IXUS iShares Core Intl Stock ETF | 0.14% | 4,962 | $410K | New |
| ARKG ARK Genomic Revolution ETF | 0.12% | 13,046 | $362K | No change |
| ABBV Abbvie Inc. | 0.12% | 1,564 | $362K | Reduce -16.7% |
| IJS iShares S&P Small-Cap 600 Va | 0.12% | 3,230 | $357K | No change |
| CMCSA Comcast Corp. Class A | 0.12% | 11,178 | $351K | No change |
| DFEN Direx DLY Aeros & DF BL3X-Ui | 0.11% | 5,000 | $344K | Add +25.0% |
| ILMN Illumina Inc. | 0.11% | 3,578 | $340K | No change |
| MO Altria Group Inc. | 0.11% | 5,076 | $335K | No change |
| VT Vanguard Tot World STK ETF | 0.11% | 2,364 | $326K | No change |
| IWS iShares Russell Mid-Cap Valu | 0.10% | 2,246 | $314K | Add +10.6% |
Portfolio Sells Q2 2025 → Q3 2025
| VOO Vanguard S&P 500 ETF | Reduce -36.3% | 2.05% | −1.26 |
| AAPL Apple Inc. | Reduce -37.1% | 2.35% | −0.98 |
| GBDC Golub Capital BDC Inc. | Reduce -12.6% | 1.12% | −0.40 |
| XLV SS Health Care Select Sector | Reduce -15.4% | 0.86% | −0.23 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -3.3% | 4.22% | −0.22 |
| CBZ Cbiz Inc. | Reduce -59.1% | 0.08% | −0.21 |
| KO The Coca-Cola Co. | Reduce -24.5% | 0.36% | −0.21 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Reduce -21.9% | 0.49% | −0.18 |
| EWG iShares MSCI Germany ETF | Sold out | 0.00% | −0.18 |
| MSFT Microsoft Corp. | Reduce -13.4% | 0.76% | −0.17 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.17 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.16 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.15 |
| IWB iShares Russell 1000 ETF | Reduce -6.4% | 1.45% | −0.14 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.14 |
| JPM JPMorgan Chase & Co. | Reduce -56.4% | 0.44% | −0.11 |
| SPHQ Invesco S&P 500 Quality ETF | Reduce -20.6% | 0.28% | −0.10 |
| MCD McDonald's Corp. | Reduce -14.4% | 0.41% | −0.10 |
| NFLX Netflix Inc. | Reduce -0.5% | 0.40% | −0.10 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.10 |
| PEP Pepsico Inc. | Sold out | 0.00% | −0.08 |
| SCHM Schwab US Mid Cap ETF | Sold out | 0.00% | −0.08 |
| ABT Abbott Laboratories | Sold out | 0.00% | −0.08 |
| BRW Saba Capital Income & Opport | Reduce -10.8% | 0.23% | −0.07 |
| SCHX Schwab US Large-Cap ETF | Reduce -3.4% | 1.01% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -23.3% | 0.10% | −0.05 |
| OPP Rivernrth/Doublelne STR Opp | Reduce -13.7% | 0.16% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -11.9% | 0.22% | −0.04 |
| EPD Enterprise Products Partners | Reduce -4.3% | 0.15% | −0.02 |
| GS Goldman Sachs Group Inc. | Reduce -6.8% | 0.38% | −0.02 |
| ETWO E2OPEN Parent Holdings Inc. | Sold out | 0.00% | −0.02 |
| ABBV Abbvie Inc. | Reduce -16.7% | 0.12% | −0.01 |
| SCHA Schwab US Small-Cap ETF | Reduce -0.0% | 1.09% | −0.00 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.2% | 0.18% | −0.00 |
| PSX Phillips 66 | Reduce -3.4% | 0.08% | −0.00 |
| GEV GE Vernova Inc. | Reduce -0.4% | 0.10% | +0.00 |
| JNJ Johnson & Johnson | Reduce -3.5% | 0.35% | +0.02 |
| GOOGL Alphabet Inc. Class A | Reduce -11.3% | 0.50% | +0.05 |
| NVDA Nvidia Corp. | Reduce -2.2% | 1.65% | +0.07 |
| GOOG Alphabet Inc. Class C | Reduce -3.2% | 0.53% | +0.09 |
Portfolio Buys Q2 2025 → Q3 2025
| MFIC Midcap Financial Investment | Add +84.9% | 5.37% | +1.99 |
| TCPC BlackRock TCP Capital Corp. | Add +111.6% | 4.97% | +1.74 |
| IVV iShares Core S&P 500 ETF | Add +7.1% | 15.35% | +0.63 |
| IEMG iShares Core MSCI Emerging | Add +30.0% | 2.35% | +0.53 |
| IEFA iShares Core MSCI Eafe ETF | Add +15.6% | 3.92% | +0.33 |
| IJR iShares Core S&P Small-Cap E | Add +16.3% | 1.75% | +0.22 |
| RYAM Rayonier Advanced Materials | New | 0.16% | +0.16 |
| IWF iShares Russell 1000 Growth | Add +5.8% | 3.01% | +0.16 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +23.5% | 0.92% | +0.15 |
| IXUS iShares Core Intl Stock ETF | New | 0.14% | +0.14 |
| IWD iShares Russell 1000 Value E | Add +12.2% | 1.62% | +0.10 |
| IVW iShares S&P 500 Growth ETF | Add +5.8% | 2.04% | +0.09 |
| ILOW AB Internal Low Volat Eq ETF | New | 0.09% | +0.09 |
| CAT Caterpillar Inc. | New | 0.09% | +0.09 |
| BDX Becton Dickinson and Co. | New | 0.08% | +0.08 |
| AIQ Global X Art Intel & Tech | New | 0.08% | +0.08 |
| SCHW Schwab (charles) Corp. | Add +60.9% | 0.63% | +0.07 |
| WEC WEC Energy Group Inc. | New | 0.07% | +0.07 |
| XBI SS SPDR S&P Biotech ETF | New | 0.07% | +0.07 |
| WULF Terawulf Inc. | New | 0.04% | +0.04 |
| DFEN Direx DLY Aeros & DF BL3X-Ui | Add +25.0% | 0.11% | +0.04 |
| VEA Vanguard Ftse Developed ETF | Add +18.4% | 0.32% | +0.04 |
| IUSV iShares Core S&P U.S. Value | Add +10.7% | 0.50% | +0.03 |
| HON Honeywell International Inc. | Add +48.4% | 0.14% | +0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +4.3% | 0.82% | +0.02 |
| IJH iShares Core S&P Midcap ETF | Add +6.9% | 1.53% | +0.02 |
| JPST JPMorgan Ultra-Short Income | Add +17.3% | 0.40% | +0.02 |
| ACHV Achieve Life Sciences Inc. | New | 0.02% | +0.02 |
| BX Blackstone Inc. | Add +0.3% | 0.26% | +0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +9.6% | 0.19% | +0.01 |
| XLK SS Technology Select Sector | Add +1.4% | 0.38% | +0.01 |
| BYND Beyond Meat Inc. | New | 0.01% | +0.01 |
| IWM iShares Russell 2000 ETF | Add +0.5% | 0.36% | +0.01 |
| IWS iShares Russell Mid-Cap Valu | Add +10.6% | 0.10% | +0.01 |
| TLGRF Talga Group Ltd. | New | 0.00% | +0.00 |
| QQQM Invesco Nasdaq 100 ETF | Add +2.3% | 0.69% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +2.6% | 2.99% | +0.00 |
| EEM iShares MSCI Emerging Market | Add +0.0% | 0.61% | 0.00 |
| SCHB Schwab US Broad Market ETF | Add +0.3% | 0.28% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.3% | 1.30% | −0.02 |
| SCHD Schwab US DVD Equity ETF | Add +2.2% | 0.36% | −0.02 |
| IWP iShares Russell Mid-Cap Grow | Add +0.1% | 0.44% | −0.03 |
| LLY Eli Lilly & Co. | Add +3.8% | 0.45% | −0.04 |
| ACVA Acv Auctions Inc. Class A | Add +4.4% | 0.06% | −0.04 |
| XLF SS Financial Select Sector | Add +0.3% | 0.58% | −0.04 |
| VIG Vanguard Dividend Apprec ETF | Add +0.1% | 0.96% | −0.05 |
| AMZN Amazon.com Inc. | Add +6.0% | 3.41% | −0.15 |
| META Meta Platforms Inc. Class A | Add +0.3% | 4.10% | −0.45 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 138 | $370.5M | IVV, MFIC, OBDC, IEFA, QQQ |
| Q1 2026 | 134 | $330.2M | IVV, MFIC, OBDC, IEFA, QQQ |
| Q4 2025 | 136 | $312.3M | IVV, MFIC, TCPC, QQQ, IEFA |
| Q3 2025 | 139 | $299.6M | IVV, MFIC, TCPC, QQQ, META |
| Q2 2025 | 137 | $270.6M | IVV, META, QQQ, IEFA, AMZN |
| Q1 2025 | 118 | $208.5M | IVV, QQQ, META, AAPL, IEFA |
| Q4 2024 | 140 | $243.3M | IVV, QQQ, AAPL, META, AMZN |
| Q3 2024 | 136 | $245.1M | IVV, GBDC, QQQ, META, AAPL |
| Q2 2024 | 135 | $237.1M | IVV, GBDC, QQQ, IWF, AMZN |
| Q1 2024 | 144 | $246.0M | IVV, OBDC, QQQ, META, AMZN |