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

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

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
WMB Williams Cos Inc. 0.10% 4,645 $338K No change
RSP Invesco S&P 500 Equal Weight 0.10% 1,683 $323K Reduce -1.3%
PSX Phillips 66 0.10% 1,738 $317K No change
SCHM Schwab US Mid Cap ETF 0.10% 10,176 $315K Add +0.1%
DBEF Xtrackers MSCI Eafe Hedged E 0.09% 6,331 $313K No change
COF Capital One Financial Corp. 0.09% 1,668 $304K Reduce -26.1%
MAYS Mays (j.w.) Inc. 0.09% 7,326 $293K No change
GLW Corning Inc. 0.08% 2,000 $272K New
OWL Blue Owl Capital Inc. 0.08% 29,006 $265K New
ILOW AB Internal Low Volat Eq ETF filed as AB ACTIVE ETFS INC 0.08% 6,013 $257K No change
XBI SS SPDR S&P Biotech ETF 0.08% 2,000 $255K No change
TRV The Travelers Cos Inc. 0.08% 860 $251K Reduce -14.4%
MO Altria Group Inc. 0.07% 3,683 $243K New
WULF Terawulf Inc. 0.07% 16,280 $235K Add +54.7%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.07% 809 $232K Add +0.1%
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.07% 29,680 $230K No change
AIQ Global X Art Intel & Tech 0.07% 4,848 $226K No change
SERV Serve Robotics Inc. 0.07% 26,425 $223K Add +60.9%
HD Home Depot Inc. 0.07% 675 $222K New
MGM MGM Resorts International 0.06% 5,780 $214K Add +0.5%
AMRZ Amrize Ltd. 0.06% 3,750 $210K No change
MRK Merck & Co. Inc. 0.06% 1,739 $209K New
WEC WEC Energy Group Inc. 0.06% 1,806 $209K New
MA Mastercard Inc. Class A 0.06% 411 $205K New
SCHF Schwab Intl Equity ETF 0.06% 8,191 $203K New
BKNG Booking Holdings Inc. 0.06% 48 $202K No change
ZGN Ermenegildo Zegna NV 0.06% 18,275 $190K No change
JFR Nuveen Floating Rate Income 0.05% 23,402 $176K Reduce -21.6%
WVVI Willamette Valley Vineyards 0.04% 54,800 $141K No change
ACHV Achieve Life Sciences Inc. 0.03% 34,995 $103K Add +117.0%
ACVA Acv Auctions Inc. Class A 0.02% 16,706 $71K No change
EDF VSH Emerging Markets Income filed as VIRTUS STONE HBR EMRG MKTS I 0.01% 10,000 $48K No change
CRBU Caribou Biosciences Inc. 0.01% 20,000 $38K No change
CYDY Cytodyn Inc. 0.00% 25,000 $7K Reduce -23.1%

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

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