Next Capital Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Next Capital Management LLC reported 136 stock positions worth $312.3 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, 4.7%). Compared with Q3 2025, it opened 9 new positions, sold out of 12, added to 43 and reduced 23. The biggest buy was iShares Core MSCI Emerging (IEMG, shares +33%) and the biggest sale an exit from Walmart (WMT).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001752762
Portfolio Value
$312.3M (Q4 2025)
SEC Filing
0001437749-26-003766 ↗ filed Feb 11, 2026

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

Holdings 136 stocks · $312.3M
IVV iShares Core S&P 500 ETF 15.31% 69,834 $47.8M Add +1.6%
MFIC Midcap Financial Investment 5.44% 1,484,349 $17.0M Add +10.6%
TCPC BlackRock TCP Capital Corp. 4.70% 2,683,539 $14.7M Add +11.8%
QQQ Invesco QQQ Trust Series 1 4.21% 21,424 $13.2M Add +1.6%
IEFA iShares Core MSCI Eafe ETF 4.18% 146,055 $13.1M Add +8.6%
META Meta Platforms Inc. Class A 3.51% 16,611 $11.0M Reduce -0.6%
AMZN Amazon.com Inc. 3.34% 45,188 $10.4M Reduce -3.0%
IWF iShares Russell 1000 Growth 3.25% 21,471 $10.2M Add +11.7%
VTI VG Morningstar TS MKT ETF-US 3.24% 30,174 $10.1M Add +10.7%
IEMG iShares Core MSCI Emerging 3.07% 142,425 $9.6M Add +33.4%
IVW iShares S&P 500 Growth ETF 2.58% 65,367 $8.1M Add +29.3%
AAPL Apple Inc. 2.47% 28,346 $7.7M Add +2.3%
IJR iShares Core S&P Small-Cap E 1.81% 46,975 $5.6M Add +6.4%
IWD iShares Russell 1000 Value E 1.73% 25,679 $5.4M Add +7.5%
IJH iShares Core S&P Midcap ETF 1.71% 80,757 $5.3M Add +15.1%
VOO Vanguard S&P 500 ETF 1.69% 8,438 $5.3M Reduce -15.9%
NVDA Nvidia Corp. 1.49% 24,922 $4.6M Reduce -5.8%
IWB iShares Russell 1000 ETF 1.43% 11,948 $4.5M Add +0.3%
SPY SS SPDR S&P 500 ETF Trust-US 1.35% 6,195 $4.2M Add +5.9%
BRK.B Berkshire Hathaway Inc. Class B 1.33% 8,289 $4.2M Reduce -1.9%
SCHA Schwab US Small-Cap ETF 1.09% 119,142 $3.4M Add +1.5%
GBDC Golub Capital BDC Inc. 1.06% 244,213 $3.3M No change
FNDX Schwab Fndmntl US LRG Co. ETF 1.05% 120,237 $3.3M Add +14.3%
SCHX Schwab US Large-Cap ETF 0.98% 113,652 $3.1M Reduce -1.5%
VIG Vanguard Dividend Apprec ETF 0.94% 13,360 $2.9M Add +0.1%
QQQM Invesco Nasdaq 100 ETF 0.90% 11,175 $2.8M Add +34.0%
XLV SS Health Care Select Sector 0.89% 17,965 $2.8M Reduce -3.3%
KKR KKR & Co. Inc. 0.83% 20,273 $2.6M No change
OBDC Blue Owl Capital Corp. 0.80% 199,584 $2.5M Add +407.0%
VUG Vanguard Mrngstar GR ETF-Sui 0.77% 4,942 $2.4M Reduce -4.1%
VGT Vanguard Info Tech ETF 0.67% 2,773 $2.1M Add +0.7%
IUSV iShares Core S&P U.S. Value 0.67% 20,381 $2.1M Add +35.9%
GOOGL Alphabet Inc. Class A 0.65% 6,515 $2.0M Add +5.3%
MSFT Microsoft Corp. 0.65% 4,212 $2.0M Reduce -3.6%
GOOG Alphabet Inc. Class C 0.64% 6,387 $2.0M Reduce -2.8%
EEM iShares MSCI Emerging Market 0.61% 34,874 $1.9M Add +1.1%
LLY Eli Lilly & Co. 0.61% 1,768 $1.9M No change
XLF SS Financial Select Sector 0.58% 32,904 $1.8M Add +1.1%
MDB Mongodb Inc. 0.57% 4,212 $1.8M Reduce -2.0%
KWEB Kranesh Csi China Internet 0.53% 49,020 $1.7M No change
JPST JPMorgan Ultra-Short Income 0.53% 32,562 $1.6M Add +37.5%
SCHW Schwab (charles) Corp. 0.52% 16,323 $1.6M Reduce -39.2%
BRK.A Berkshire Hathaway Inc. Class A 0.48% 2 $1.5M No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.45% 4,509 $1.4M No change
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.45% 5,020 $1.4M No change
TFX Teleflex Inc. 0.41% 10,423 $1.3M No change
IWP iShares Russell Mid-Cap Grow 0.41% 9,242 $1.3M Add +0.1%
GS Goldman Sachs Group Inc. 0.40% 1,415 $1.2M No change
XLK SS Technology Select Sector 0.38% 8,348 $1.2M Add +3.6%
JNJ Johnson & Johnson 0.37% 5,592 $1.2M Add +0.2%
KO The Coca-Cola Co. 0.37% 16,386 $1.1M No change
VYM Vanguard High DVD Yield ETF 0.36% 7,778 $1.1M No change
SCHD Schwab US DVD Equity ETF 0.35% 40,381 $1.1M Add +1.3%
IWM iShares Russell 2000 ETF 0.35% 4,441 $1.1M Add +0.0%
GDX Vaneck Gold Miners ETF 0.32% 11,752 $1.0M No change
VEA Vanguard Ftse Developed ETF 0.32% 16,023 $1.0M No change
JPM JPMorgan Chase & Co. 0.32% 3,071 $990K Reduce -27.0%
EFA iShares MSCI Eafe ETF 0.31% 10,216 $981K No change
ECL Ecolab Inc. 0.31% 3,655 $960K Reduce -3.2%
PH Parker Hannifin Corp. 0.29% 1,035 $910K No change
SPHQ Invesco S&P 500 Quality ETF 0.28% 11,608 $871K No change
SCHB Schwab US Broad Market ETF 0.28% 33,125 $869K Add +0.3%
ALAB Astera Labs Inc. 0.28% 5,182 $862K No change
EMLP First Trust North American E 0.23% 19,345 $733K No change
BN Brookfield Corp. 0.23% 15,750 $723K No change
BX Blackstone Inc. 0.23% 4,560 $703K Add +0.5%
CSGS CSG Systems Intl Inc. 0.22% 9,000 $690K No change
ACWX iShares MSCI Acwi Ex US ETF 0.21% 9,959 $669K No change
XOM Exxon Mobil Corp. 0.21% 5,545 $667K Reduce -3.5%
BIZD Vaneck BDC Income ETF 0.21% 46,000 $652K New
BRW Saba Capital Income & Opport 0.20% 88,927 $623K No change
NFLX Netflix Inc. 0.20% 6,525 $612K Reduce -34.5%
AEP American Electric Power 0.19% 5,075 $585K No change
OKE Oneok Inc. 0.19% 7,880 $579K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.19% 3,031 $579K No change
QCOM Qualcomm Inc. 0.18% 3,245 $555K Add +0.9%
COF Capital One Financial Corp. 0.17% 2,256 $540K New
VWO Vanguard Ftse Emerging Marke 0.17% 9,948 $535K Add +0.1%
PPG PPG Industries Inc. 0.17% 5,129 $526K Reduce -1.4%
SPOT Spotify Technology SA 0.16% 860 $499K No change
IWC iShares Micro-Cap ETF 0.16% 3,123 $492K No change
RYAM Rayonier Advanced Materials 0.16% 82,245 $484K Add +24.1%
ILMN Illumina Inc. 0.15% 3,578 $469K No change
EPD Enterprise Products Partners 0.14% 13,993 $449K No change
OPP Rivernrth/Doublelne STR Opp 0.14% 55,109 $438K No change
SLRC SLR Investment Corp. 0.14% 27,520 $425K No change
IXUS iShares Core Intl Stock ETF 0.13% 4,962 $420K No change
TRS Trimas Corp. 0.13% 11,500 $408K No change
TYG Tortoise Energy Infrastruct 0.13% 9,770 $400K No change
HON Honeywell International Inc. 0.12% 1,992 $389K No change
ARKG ARK Genomic Revolution ETF 0.12% 13,046 $378K No change
IJS iShares S&P Small-Cap 600 Va 0.12% 3,230 $367K No change
GEV GE Vernova Inc. 0.11% 511 $334K Add +1.0%
VT Vanguard Tot World STK ETF 0.11% 2,364 $334K No change
CMCSA Comcast Corp. Class A 0.10% 10,928 $327K Reduce -2.2%
RSP Invesco S&P 500 Equal Weight 0.10% 1,705 $327K Add +5.6%
IWS iShares Russell Mid-Cap Valu 0.10% 2,246 $317K No change
CAT Caterpillar Inc. 0.10% 535 $306K No change
SCHM Schwab US Mid Cap ETF 0.10% 10,169 $306K New
DBEF Xtrackers MSCI Eafe Hedged E 0.10% 6,331 $305K No change
SLV iShares Silver Trust 0.09% 4,585 $295K New
MAYS Mays (j.w.) Inc. 0.09% 7,326 $293K No change
TRV The Travelers Cos Inc. 0.09% 1,005 $291K Add +0.1%
PLTR Palantir Technologies Inc. Class A 0.09% 1,578 $280K Reduce -6.2%
WMB Williams Cos Inc. 0.09% 4,645 $279K No change
LII Lennox International Inc. 0.09% 563 $273K No change
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.09% 29,680 $273K Add +13.5%
BNDX Vanguard Total Intl Bond ETF 0.09% 5,519 $267K New
IYE iShares U.S. Energy ETF 0.08% 5,500 $261K No change
BKNG Booking Holdings Inc. 0.08% 48 $257K Reduce -5.9%
ILOW AB Internal Low Volat Eq ETF filed as AB ACTIVE ETFS INC 0.08% 6,013 $256K No change
APO Apollo Global Management Inc. 0.08% 1,759 $255K Add +3.0%
AIQ Global X Art Intel & Tech 0.08% 4,848 $247K Add +3.1%
XBI SS SPDR S&P Biotech ETF 0.08% 2,000 $244K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.08% 808 $234K New
JFR Nuveen Floating Rate Income 0.07% 29,858 $234K Add +0.2%
CBZ Cbiz Inc. 0.07% 4,500 $227K No change
BDX Becton Dickinson and Co. 0.07% 1,164 $226K Reduce -9.8%
PSX Phillips 66 0.07% 1,738 $224K No change
INDA iShares MSCI India ETF 0.07% 4,000 $216K No change
V Visa Inc. Class A 0.07% 603 $212K Reduce -9.3%
MGM MGM Resorts International 0.07% 5,750 $210K New
DIVB iShares Core Dividend ETF 0.07% 3,854 $205K New
ABBV Abbvie Inc. 0.07% 889 $203K Reduce -43.2%
AMRZ Amrize Ltd. 0.06% 3,750 $203K New
ZGN Ermenegildo Zegna NV 0.06% 18,275 $187K No change
SERV Serve Robotics Inc. 0.05% 16,425 $170K No change
WVVI Willamette Valley Vineyards 0.05% 54,800 $167K No change
ACVA Acv Auctions Inc. Class A 0.04% 16,706 $134K No change
WPLCF Wise PLC - A 0.04% 11,116 $133K No change
WULF Terawulf Inc. 0.04% 10,525 $121K No change
ACHV Achieve Life Sciences Inc. 0.03% 16,130 $80K No change
EDF VSH Emerging Markets Income filed as VIRTUS STONE HBR EMRG MKTS I 0.02% 10,000 $50K No change
CRBU Caribou Biosciences Inc. 0.01% 20,000 $32K No change
DCGO Docgo Inc. 0.00% 15,000 $13K No change
CYDY Cytodyn Inc. 0.00% 32,500 $9K No change

Portfolio Sells Q3 2025 → Q4 2025
WMT Walmart Inc. Sold out 0.00% −0.71
META Meta Platforms Inc. Class A Reduce -0.6% 3.51% −0.59
PM Philip Morris International Sold out 0.00% −0.41
MCD McDonald's Corp. Sold out 0.00% −0.41
VOO Vanguard S&P 500 ETF Reduce -15.9% 1.69% −0.36
HD Home Depot Inc. Sold out 0.00% −0.27
NFLX Netflix Inc. Reduce -34.5% 0.20% −0.20
NVDA Nvidia Corp. Reduce -5.8% 1.49% −0.16
JPM JPMorgan Chase & Co. Reduce -27.0% 0.32% −0.13
DFEN Direx DLY Aeros & DF BL3X-Ui Sold out 0.00% −0.11
MO Altria Group Inc. Sold out 0.00% −0.11
SCHW Schwab (charles) Corp. Reduce -39.2% 0.52% −0.11
MSFT Microsoft Corp. Reduce -3.6% 0.65% −0.10
PG The Procter & Gamble Co. Sold out 0.00% −0.10
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.9% 1.33% −0.08
MDLZ Mondelez International Inc. Class A Sold out 0.00% −0.08
AMZN Amazon.com Inc. Reduce -3.0% 3.34% −0.08
WEC WEC Energy Group Inc. Sold out 0.00% −0.07
ABBV Abbvie Inc. Reduce -43.2% 0.07% −0.06
VUG Vanguard Mrngstar GR ETF-Sui Reduce -4.1% 0.77% −0.05
CRML Critical Metals Corp. Sold out 0.00% −0.04
ECL Ecolab Inc. Reduce -3.2% 0.31% −0.04
SCHX Schwab US Large-Cap ETF Reduce -1.5% 0.98% −0.04
PPG PPG Industries Inc. Reduce -1.4% 0.17% −0.01
CMCSA Comcast Corp. Class A Reduce -2.2% 0.10% −0.01
PLTR Palantir Technologies Inc. Class A Reduce -6.2% 0.09% −0.01
BKNG Booking Holdings Inc. Reduce -5.9% 0.08% −0.01
BDX Becton Dickinson and Co. Reduce -9.8% 0.07% −0.01
V Visa Inc. Class A Reduce -9.3% 0.07% −0.01
BYND Beyond Meat Inc. Sold out 0.00% −0.01
TLGRF Talga Group Ltd. Sold out 0.00% −0.00
XOM Exxon Mobil Corp. Reduce -3.5% 0.21% −0.00
XLV SS Health Care Select Sector Reduce -3.3% 0.89% +0.03
GOOG Alphabet Inc. Class C Reduce -2.8% 0.64% +0.11
MDB Mongodb Inc. Reduce -2.0% 0.57% +0.12

Portfolio Buys Q3 2025 → Q4 2025
IEMG iShares Core MSCI Emerging Add +33.4% 3.07% +0.72
OBDC Blue Owl Capital Corp. Add +407.0% 0.80% +0.63
IVW iShares S&P 500 Growth ETF Add +29.3% 2.58% +0.54
IEFA iShares Core MSCI Eafe ETF Add +8.6% 4.18% +0.27
VTI VG Morningstar TS MKT ETF-US Add +10.7% 3.24% +0.25
IWF iShares Russell 1000 Growth Add +11.7% 3.25% +0.25
QQQM Invesco Nasdaq 100 ETF Add +34.0% 0.90% +0.22
BIZD Vaneck BDC Income ETF New 0.21% +0.21
IJH iShares Core S&P Midcap ETF Add +15.1% 1.71% +0.18
COF Capital One Financial Corp. New 0.17% +0.17
IUSV iShares Core S&P U.S. Value Add +35.9% 0.67% +0.17
GOOGL Alphabet Inc. Class A Add +5.3% 0.65% +0.15
JPST JPMorgan Ultra-Short Income Add +37.5% 0.53% +0.13
FNDX Schwab Fndmntl US LRG Co. ETF Add +14.3% 1.05% +0.12
AAPL Apple Inc. Add +2.3% 2.47% +0.11
IWD iShares Russell 1000 Value E Add +7.5% 1.73% +0.11
SCHM Schwab US Mid Cap ETF New 0.10% +0.10
SLV iShares Silver Trust New 0.09% +0.09
BNDX Vanguard Total Intl Bond ETF New 0.09% +0.09
VO Vngrd Mrngstr MD-Cap ETF-Usd New 0.08% +0.08
MFIC Midcap Financial Investment Add +10.6% 5.44% +0.07
MGM MGM Resorts International New 0.07% +0.07
DIVB iShares Core Dividend ETF New 0.07% +0.07
AMRZ Amrize Ltd. New 0.06% +0.06
IJR iShares Core S&P Small-Cap E Add +6.4% 1.81% +0.06
SPY SS SPDR S&P 500 ETF Trust-US Add +5.9% 1.35% +0.05
JNJ Johnson & Johnson Add +0.2% 0.37% +0.03
XLK SS Technology Select Sector Add +3.6% 0.38% +0.01
APO Apollo Global Management Inc. Add +3.0% 0.08% +0.01
NMFC New Mountain Finance Corp. Add +13.5% 0.09% +0.00
GEV GE Vernova Inc. Add +1.0% 0.11% +0.00
RSP Invesco S&P 500 Equal Weight Add +5.6% 0.10% +0.00
AIQ Global X Art Intel & Tech Add +3.1% 0.08% +0.00
TRV The Travelers Cos Inc. Add +0.1% 0.09% −0.00
QCOM Qualcomm Inc. Add +0.9% 0.18% −0.00
EEM iShares MSCI Emerging Market Add +1.1% 0.61% −0.00
RYAM Rayonier Advanced Materials Add +24.1% 0.16% −0.00
SCHB Schwab US Broad Market ETF Add +0.3% 0.28% −0.01
JFR Nuveen Floating Rate Income Add +0.2% 0.07% −0.01
SCHA Schwab US Small-Cap ETF Add +1.5% 1.09% −0.01
XLF SS Financial Select Sector Add +1.1% 0.58% −0.01
IWM iShares Russell 2000 ETF Add +0.0% 0.35% −0.01
SCHD Schwab US DVD Equity ETF Add +1.3% 0.35% −0.01
VWO Vanguard Ftse Emerging Marke Add +0.1% 0.17% −0.01
QQQ Invesco QQQ Trust Series 1 Add +1.6% 4.21% −0.01
VGT Vanguard Info Tech ETF Add +0.7% 0.67% −0.02
VIG Vanguard Dividend Apprec ETF Add +0.1% 0.94% −0.02
IWB iShares Russell 1000 ETF Add +0.3% 1.43% −0.03
IVV iShares Core S&P 500 ETF Add +1.6% 15.31% −0.03
BX Blackstone Inc. Add +0.5% 0.23% −0.03

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