Next Capital Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 7, 2026), Next Capital Management LLC reported 134 stock positions worth $330.2 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 14.0% of the portfolio, followed by Midcap Financial Investment (MFIC, 6.4%) and Blue Owl Capital (OBDC, 4.8%). Compared with Q4 2025, it opened 15 new positions, sold out of 17, added to 60 and reduced 24. The biggest buy was Blue Owl Capital (OBDC, shares +611%) and the biggest sale Invesco QQQ Trust Series 1 (QQQ, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001752762
- Portfolio Value
- $330.2M (Q1 2026)
- SEC Filing
- 0001437749-26-015365 ↗ filed May 7, 2026
Holdings Value
Holdings 134 stocks · $330.2M
| IVV iShares Core S&P 500 ETF | 13.97% | 70,599 | $46.1M | Add +1.1% |
| MFIC Midcap Financial Investment | 6.37% | 1,871,652 | $21.0M | Add +26.1% |
| OBDC Blue Owl Capital Corp. | 4.78% | 1,418,819 | $15.8M | Add +610.9% |
| IEFA iShares Core MSCI Eafe ETF | 4.38% | 159,750 | $14.5M | Add +9.4% |
| QQQ Invesco QQQ Trust Series 1 | 3.51% | 20,091 | $11.6M | Reduce -6.2% |
| TCPC BlackRock TCP Capital Corp. | 3.33% | 3,049,547 | $11.0M | Add +13.6% |
| IEMG iShares Core MSCI Emerging | 3.20% | 151,521 | $10.6M | Add +6.4% |
| VTI VG Morningstar TS MKT ETF-US | 3.03% | 31,160 | $10.0M | Add +3.3% |
| META Meta Platforms Inc. Class A | 2.82% | 16,296 | $9.3M | Reduce -1.9% |
| IWF iShares Russell 1000 Growth | 2.76% | 21,386 | $9.1M | Reduce -0.4% |
| AMZN Amazon.com Inc. | 2.69% | 42,650 | $8.9M | Reduce -5.6% |
| IVW iShares S&P 500 Growth ETF | 2.33% | 67,879 | $7.7M | Add +3.8% |
| GBDC Golub Capital BDC Inc. | 2.17% | 567,205 | $7.2M | Add +132.3% |
| AAPL Apple Inc. | 2.05% | 26,623 | $6.8M | Reduce -6.1% |
| IJH iShares Core S&P Midcap ETF | 1.89% | 92,174 | $6.2M | Add +14.1% |
| IJR iShares Core S&P Small-Cap E | 1.87% | 49,749 | $6.2M | Add +5.9% |
| IWD iShares Russell 1000 Value E | 1.82% | 28,065 | $6.0M | Add +9.3% |
| VOO Vanguard S&P 500 ETF | 1.54% | 8,533 | $5.1M | Add +1.1% |
| KKR KKR & Co. Inc. | 1.34% | 47,771 | $4.4M | Add +135.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.33% | 6,759 | $4.4M | Add +9.1% |
| IWB iShares Russell 1000 ETF | 1.29% | 11,952 | $4.3M | Add +0.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.21% | 8,352 | $4.0M | Add +0.8% |
| NVDA Nvidia Corp. | 1.19% | 22,584 | $3.9M | Reduce -9.4% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 1.08% | 128,008 | $3.6M | Add +6.5% |
| VIG Vanguard Dividend Apprec ETF | 0.95% | 14,617 | $3.1M | Add +9.4% |
| SCHA Schwab US Small-Cap ETF | 0.95% | 107,890 | $3.1M | Reduce -9.4% |
| SCHX Schwab US Large-Cap ETF | 0.89% | 114,110 | $2.9M | Add +0.4% |
| QQQM Invesco Nasdaq 100 ETF | 0.80% | 11,148 | $2.6M | Reduce -0.2% |
| XLV SS Health Care Select Sector | 0.80% | 18,001 | $2.6M | Add +0.2% |
| BX Blackstone Inc. | 0.78% | 22,322 | $2.6M | Add +389.5% |
| APO Apollo Global Management Inc. | 0.74% | 21,863 | $2.4M | Add +1142.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.67% | 5,067 | $2.2M | Add +2.5% |
| CRM Salesforce Inc. | 0.64% | 11,350 | $2.1M | New |
| MSFT Microsoft Corp. | 0.63% | 5,653 | $2.1M | Add +34.2% |
| EEM iShares MSCI Emerging Market | 0.63% | 36,624 | $2.1M | Add +5.0% |
| IUSV iShares Core S&P U.S. Value | 0.61% | 19,560 | $2.0M | Reduce -4.0% |
| VGT Vanguard Info Tech ETF | 0.59% | 2,773 | $1.9M | No change |
| GOOGL Alphabet Inc. Class A | 0.58% | 6,679 | $1.9M | Add +2.5% |
| GOOG Alphabet Inc. Class C | 0.55% | 6,361 | $1.8M | Reduce -0.4% |
| XLF SS Financial Select Sector | 0.52% | 34,508 | $1.7M | Add +4.9% |
| LLY Eli Lilly & Co. | 0.49% | 1,768 | $1.6M | No change |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.49% | 5,376 | $1.6M | Add +19.2% |
| SCHW Schwab (charles) Corp. | 0.48% | 16,923 | $1.6M | Add +3.7% |
| IWP iShares Russell Mid-Cap Grow | 0.45% | 11,643 | $1.5M | Add +26.0% |
| KWEB Kranesh Csi China Internet | 0.42% | 49,020 | $1.4M | No change |
| JNJ Johnson & Johnson | 0.41% | 5,530 | $1.4M | Reduce -1.1% |
| GS Goldman Sachs Group Inc. | 0.39% | 1,535 | $1.3M | Add +8.5% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.39% | 5,020 | $1.3M | No change |
| KO The Coca-Cola Co. | 0.38% | 16,611 | $1.3M | Add +1.4% |
| SCHD Schwab US DVD Equity ETF | 0.38% | 40,920 | $1.3M | Add +1.3% |
| VYM Vanguard High DVD Yield ETF | 0.37% | 8,193 | $1.2M | Add +5.3% |
| EFA iShares MSCI Eafe ETF | 0.35% | 12,009 | $1.2M | Add +17.6% |
| IWM iShares Russell 2000 ETF | 0.34% | 4,551 | $1.1M | Add +2.5% |
| XLK SS Technology Select Sector | 0.34% | 8,377 | $1.1M | Add +0.3% |
| JPST JPMorgan Ultra-Short Income | 0.33% | 21,598 | $1.1M | Reduce -33.7% |
| MDB Mongodb Inc. | 0.33% | 4,385 | $1.1M | Add +4.1% |
| VEA Vanguard Ftse Developed ETF | 0.33% | 16,749 | $1.1M | Add +4.5% |
| TPG TPG Inc. | 0.32% | 25,978 | $1.1M | New |
| XOM Exxon Mobil Corp. | 0.29% | 5,735 | $973K | Add +3.4% |
| JPM JPMorgan Chase & Co. | 0.29% | 3,293 | $969K | Add +7.2% |
| PH Parker Hannifin Corp. | 0.28% | 1,035 | $927K | No change |
| EMLP First Trust North American E | 0.26% | 19,753 | $862K | Add +2.1% |
| GLD SPDR Gold Shares | 0.26% | 1,979 | $852K | New |
| SCHB Schwab US Broad Market ETF | 0.25% | 33,218 | $834K | Add +0.3% |
| GDX Vaneck Gold Miners ETF | 0.24% | 8,522 | $782K | Reduce -27.5% |
| ECL Ecolab Inc. | 0.24% | 2,925 | $778K | Reduce -20.0% |
| IGV iShares Expanded Tech-Softwa | 0.23% | 9,611 | $769K | New |
| AEP American Electric Power | 0.22% | 5,652 | $741K | Add +11.4% |
| SPHQ Invesco S&P 500 Quality ETF | 0.22% | 9,528 | $716K | Reduce -17.9% |
| OKE Oneok Inc. | 0.22% | 7,880 | $712K | No change |
| ACWX iShares MSCI Acwi Ex US ETF | 0.21% | 9,959 | $682K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.21% | 3,453 | $677K | Add +13.9% |
| IJS iShares S&P Small-Cap 600 Va | 0.20% | 5,496 | $651K | Add +70.2% |
| BN Brookfield Corp. | 0.19% | 15,750 | $637K | No change |
| BRW Saba Capital Income & Opport | 0.18% | 88,927 | $599K | No change |
| HON Honeywell International Inc. | 0.18% | 2,602 | $588K | Add +30.6% |
| VWO Vanguard Ftse Emerging Marke | 0.18% | 10,720 | $579K | Add +7.8% |
| NFLX Netflix Inc. | 0.17% | 5,939 | $571K | Reduce -9.0% |
| RYAM Rayonier Advanced Materials | 0.17% | 51,422 | $569K | Reduce -37.5% |
| ALAB Astera Labs Inc. | 0.17% | 5,182 | $568K | No change |
| PM Philip Morris International | 0.17% | 3,380 | $559K | New |
| EPD Enterprise Products Partners | 0.16% | 14,348 | $543K | Add +2.5% |
| IWS iShares Russell Mid-Cap Valu | 0.16% | 3,712 | $541K | Add +65.3% |
| PPG PPG Industries Inc. | 0.16% | 5,037 | $538K | Reduce -1.8% |
| IWC iShares Micro-Cap ETF | 0.15% | 3,123 | $498K | No change |
| TYG Tortoise Energy Infrastruct | 0.15% | 9,770 | $487K | No change |
| GEV GE Vernova Inc. | 0.13% | 506 | $442K | Reduce -1.0% |
| ILMN Illumina Inc. | 0.13% | 3,578 | $441K | No change |
| SPOT Spotify Technology SA | 0.13% | 906 | $439K | Add +5.3% |
| IXUS iShares Core Intl Stock ETF | 0.13% | 4,962 | $430K | No change |
| OPP Rivernrth/Doublelne STR Opp | 0.13% | 55,109 | $423K | No change |
| QCOM Qualcomm Inc. | 0.13% | 3,269 | $421K | Add +0.7% |
| TRS Trimas Corp. | 0.13% | 11,500 | $413K | No change |
| SLRC SLR Investment Corp. | 0.12% | 27,520 | $394K | No change |
| CAT Caterpillar Inc. | 0.11% | 535 | $379K | No change |
| DXJ Wisdomtree Japan Hedged Eq | 0.11% | 2,350 | $373K | New |
| IWN iShares Russell 2000 Value E | 0.11% | 1,898 | $360K | New |
| IYE iShares U.S. Energy ETF | 0.11% | 5,500 | $356K | No change |
| VT Vanguard Tot World STK ETF | 0.11% | 2,539 | $351K | Add +7.4% |
| ARKG ARK Genomic Revolution ETF | 0.10% | 13,046 | $345K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| QQQ Invesco QQQ Trust Series 1 | Reduce -6.2% | 3.51% | −0.70 |
| META Meta Platforms Inc. Class A | Reduce -1.9% | 2.82% | −0.69 |
| AMZN Amazon.com Inc. | Reduce -5.6% | 2.69% | −0.65 |
| IWF iShares Russell 1000 Growth | Reduce -0.4% | 2.76% | −0.49 |
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −0.48 |
| AAPL Apple Inc. | Reduce -6.1% | 2.05% | −0.42 |
| TFX Teleflex Inc. | Sold out | 0.00% | −0.41 |
| NVDA Nvidia Corp. | Reduce -9.4% | 1.19% | −0.30 |
| CSGS CSG Systems Intl Inc. | Sold out | 0.00% | −0.22 |
| BIZD Vaneck BDC Income ETF | Sold out | 0.00% | −0.21 |
| JPST JPMorgan Ultra-Short Income | Reduce -33.7% | 0.33% | −0.20 |
| SCHA Schwab US Small-Cap ETF | Reduce -9.4% | 0.95% | −0.14 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.10 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -0.2% | 0.80% | −0.10 |
| SLV iShares Silver Trust | Sold out | 0.00% | −0.09 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.09 |
| GOOG Alphabet Inc. Class C | Reduce -0.4% | 0.55% | −0.09 |
| LII Lennox International Inc. | Sold out | 0.00% | −0.09 |
| GDX Vaneck Gold Miners ETF | Reduce -27.5% | 0.24% | −0.09 |
| BNDX Vanguard Total Intl Bond ETF | Sold out | 0.00% | −0.09 |
| COF Capital One Financial Corp. | Reduce -26.1% | 0.09% | −0.08 |
| CBZ Cbiz Inc. | Sold out | 0.00% | −0.07 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.07 |
| ECL Ecolab Inc. | Reduce -20.0% | 0.24% | −0.07 |
| INDA iShares MSCI India ETF | Sold out | 0.00% | −0.07 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.07 |
| DIVB iShares Core Dividend ETF | Sold out | 0.00% | −0.07 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.07 |
| IUSV iShares Core S&P U.S. Value | Reduce -4.0% | 0.61% | −0.06 |
| SPHQ Invesco S&P 500 Quality ETF | Reduce -17.9% | 0.22% | −0.06 |
| WPLCF Wise PLC - A | Sold out | 0.00% | −0.04 |
| NFLX Netflix Inc. | Reduce -9.0% | 0.17% | −0.02 |
| JFR Nuveen Floating Rate Income | Reduce -21.6% | 0.05% | −0.02 |
| TRV The Travelers Cos Inc. | Reduce -14.4% | 0.08% | −0.02 |
| RSP Invesco S&P 500 Equal Weight | Reduce -1.3% | 0.10% | −0.01 |
| PPG PPG Industries Inc. | Reduce -1.8% | 0.16% | −0.01 |
| DCGO Docgo Inc. | Sold out | 0.00% | −0.00 |
| CYDY Cytodyn Inc. | Reduce -23.1% | 0.00% | −0.00 |
| RYAM Rayonier Advanced Materials | Reduce -37.5% | 0.17% | +0.02 |
| GEV GE Vernova Inc. | Reduce -1.0% | 0.13% | +0.03 |
| JNJ Johnson & Johnson | Reduce -1.1% | 0.41% | +0.04 |
Portfolio Buys Q4 2025 → Q1 2026
| OBDC Blue Owl Capital Corp. | Add +610.9% | 4.78% | +3.99 |
| GBDC Golub Capital BDC Inc. | Add +132.3% | 2.17% | +1.11 |
| MFIC Midcap Financial Investment | Add +26.1% | 6.37% | +0.93 |
| APO Apollo Global Management Inc. | Add +1142.9% | 0.74% | +0.66 |
| CRM Salesforce Inc. | New | 0.64% | +0.64 |
| BX Blackstone Inc. | Add +389.5% | 0.78% | +0.55 |
| KKR KKR & Co. Inc. | Add +135.6% | 1.34% | +0.51 |
| TPG TPG Inc. | New | 0.32% | +0.32 |
| GLD SPDR Gold Shares | New | 0.26% | +0.26 |
| IGV iShares Expanded Tech-Softwa | New | 0.23% | +0.23 |
| IEFA iShares Core MSCI Eafe ETF | Add +9.4% | 4.38% | +0.20 |
| IJH iShares Core S&P Midcap ETF | Add +14.1% | 1.89% | +0.18 |
| PM Philip Morris International | New | 0.17% | +0.17 |
| IEMG iShares Core MSCI Emerging | Add +6.4% | 3.20% | +0.14 |
| DXJ Wisdomtree Japan Hedged Eq | New | 0.11% | +0.11 |
| IWN iShares Russell 2000 Value E | New | 0.11% | +0.11 |
| IWD iShares Russell 1000 Value E | Add +9.3% | 1.82% | +0.09 |
| GLW Corning Inc. | New | 0.08% | +0.08 |
| XOM Exxon Mobil Corp. | Add +3.4% | 0.29% | +0.08 |
| OWL Blue Owl Capital Inc. | New | 0.08% | +0.08 |
| IJS iShares S&P Small-Cap 600 Va | Add +70.2% | 0.20% | +0.08 |
| MO Altria Group Inc. | New | 0.07% | +0.07 |
| HD Home Depot Inc. | New | 0.07% | +0.07 |
| IJR iShares Core S&P Small-Cap E | Add +5.9% | 1.87% | +0.07 |
| MRK Merck & Co. Inc. | New | 0.06% | +0.06 |
| WEC WEC Energy Group Inc. | New | 0.06% | +0.06 |
| IWS iShares Russell Mid-Cap Valu | Add +65.3% | 0.16% | +0.06 |
| MA Mastercard Inc. Class A | New | 0.06% | +0.06 |
| SCHF Schwab Intl Equity ETF | New | 0.06% | +0.06 |
| HON Honeywell International Inc. | Add +30.6% | 0.18% | +0.05 |
| IWP iShares Russell Mid-Cap Grow | Add +26.0% | 0.45% | +0.05 |
| EFA iShares MSCI Eafe ETF | Add +17.6% | 0.35% | +0.04 |
| AEP American Electric Power | Add +11.4% | 0.22% | +0.04 |
| WULF Terawulf Inc. | Add +54.7% | 0.07% | +0.03 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +6.5% | 1.08% | +0.03 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +19.2% | 0.49% | +0.03 |
| EMLP First Trust North American E | Add +2.1% | 0.26% | +0.03 |
| SCHD Schwab US DVD Equity ETF | Add +1.3% | 0.38% | +0.03 |
| EPD Enterprise Products Partners | Add +2.5% | 0.16% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +13.9% | 0.21% | +0.02 |
| EEM iShares MSCI Emerging Market | Add +5.0% | 0.63% | +0.02 |
| KO The Coca-Cola Co. | Add +1.4% | 0.38% | +0.02 |
| SERV Serve Robotics Inc. | Add +60.9% | 0.07% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Add +9.4% | 0.95% | +0.01 |
| VYM Vanguard High DVD Yield ETF | Add +5.3% | 0.37% | +0.01 |
| ACHV Achieve Life Sciences Inc. | Add +117.0% | 0.03% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +4.5% | 0.33% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +7.8% | 0.18% | +0.00 |
| VT Vanguard Tot World STK ETF | Add +7.4% | 0.11% | −0.00 |
| MGM MGM Resorts International | Add +0.5% | 0.06% | −0.00 |
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 |