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

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 Q2 2025 Q3 2025: $299.6M $299.6M Q3 2025 Q4 2025: $312.3M Q4 2025 Q1 2026: $330.2M Q1 2026 Q2 2026: $370.5M Q2 2026

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%
GEV GE Vernova Inc. 0.10% 506 $311K Reduce -0.4%
PLTR Palantir Technologies Inc. Class A 0.10% 1,682 $307K No change
RSP Invesco S&P 500 Equal Weight 0.10% 1,614 $306K No change
LII Lennox International Inc. 0.10% 563 $298K No change
WMB Williams Cos Inc. 0.10% 4,645 $294K No change
DBEF Xtrackers MSCI Eafe Hedged E 0.10% 6,331 $294K No change
PG The Procter & Gamble Co. 0.10% 1,852 $285K Reduce -23.3%
TRV The Travelers Cos Inc. 0.09% 1,004 $280K No change
MAYS Mays (j.w.) Inc. 0.09% 7,326 $278K No change
BKNG Booking Holdings Inc. 0.09% 51 $275K No change
IYE iShares U.S. Energy ETF 0.09% 5,500 $261K No change
ILOW AB Internal Low Volat Eq ETF filed as AB ACTIVE ETFS INC 0.09% 6,013 $256K New
CAT Caterpillar Inc. 0.09% 535 $255K New
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.08% 26,150 $252K No change
JFR Nuveen Floating Rate Income 0.08% 29,789 $244K No change
BDX Becton Dickinson and Co. 0.08% 1,290 $241K New
CBZ Cbiz Inc. 0.08% 4,500 $238K Reduce -59.1%
PSX Phillips 66 0.08% 1,738 $236K Reduce -3.4%
AIQ Global X Art Intel & Tech 0.08% 4,700 $232K New
MDLZ Mondelez International Inc. Class A 0.08% 3,656 $228K No change
APO Apollo Global Management Inc. 0.08% 1,707 $227K No change
V Visa Inc. Class A 0.08% 665 $227K No change
INDA iShares MSCI India ETF 0.07% 4,000 $208K No change
WEC WEC Energy Group Inc. 0.07% 1,806 $207K New
XBI SS SPDR S&P Biotech ETF 0.07% 2,000 $200K New
WVVI Willamette Valley Vineyards 0.07% 54,800 $199K No change
SERV Serve Robotics Inc. 0.06% 16,425 $191K No change
ZGN Ermenegildo Zegna NV 0.06% 18,275 $173K No change
ACVA Acv Auctions Inc. Class A 0.06% 16,706 $166K Add +4.4%
WPLCF Wise PLC - A 0.05% 11,116 $156K No change
CRML Critical Metals Corp. 0.04% 19,982 $124K No change
WULF Terawulf Inc. 0.04% 10,525 $120K New
ACHV Achieve Life Sciences Inc. 0.02% 16,130 $51K New
EDF VSH Emerging Markets Income filed as VIRTUS STONE HBR EMRG MKTS I 0.02% 10,000 $51K No change
CRBU Caribou Biosciences Inc. 0.02% 20,000 $47K No change
DCGO Docgo Inc. 0.01% 15,000 $20K No change
BYND Beyond Meat Inc. 0.01% 10,043 $19K New
TLGRF Talga Group Ltd. 0.00% 50,000 $15K New
CYDY Cytodyn Inc. 0.00% 32,500 $8K No change

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

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