Next Capital Management LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 3, 2026), Next Capital Management LLC reported 138 stock positions worth $370.5 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 14.6% of the portfolio, followed by Midcap Financial Investment (MFIC, 5.2%) and Blue Owl Capital (OBDC, 5.0%). Compared with Q1 2026, it opened 13 new positions, sold out of 10, added to 37 and reduced 36. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +3%) and the biggest sale Amazon.com (AMZN, shares −29%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001752762
Portfolio Value
$370.5M (Q2 2026)
SEC Filing
0001437749-26-025432 ↗ filed Aug 3, 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 Q1 2026 Q2 2026: $370.5M $370.5M Q2 2026

Holdings 138 stocks · $370.5M
IVV iShares Core S&P 500 ETF 14.65% 72,466 $54.3M Add +2.6%
MFIC Midcap Financial Investment 5.17% 1,899,667 $19.1M Add +1.5%
OBDC Blue Owl Capital Corp. 4.99% 1,688,690 $18.5M Add +19.0%
IEFA iShares Core MSCI Eafe ETF 4.59% 176,061 $17.0M Add +10.2%
QQQ Invesco QQQ Trust Series 1 3.98% 20,030 $14.7M Reduce -0.3%
IEMG iShares Core MSCI Emerging 3.65% 163,430 $13.5M Add +7.9%
VTI VG Morningstar TS MKT ETF-US 3.09% 30,917 $11.4M Reduce -0.8%
TCPC BlackRock TCP Capital Corp. 2.84% 3,130,285 $10.5M Add +2.6%
IWF iShares Russell 1000 Growth 2.83% 84,480 $10.5M Reduce -1.2%
META Meta Platforms Inc. Class A 2.63% 17,281 $9.7M Add +6.0%
IVW iShares S&P 500 Growth ETF 2.61% 70,383 $9.7M Add +3.7%
IJH iShares Core S&P Midcap ETF 2.12% 101,771 $7.8M Add +10.4%
IJR iShares Core S&P Small-Cap E 2.10% 52,491 $7.8M Add +5.5%
AAPL Apple Inc. 2.06% 26,355 $7.6M Reduce -1.0%
AMZN Amazon.com Inc. 1.96% 30,407 $7.2M Reduce -28.7%
IWD iShares Russell 1000 Value E 1.83% 27,975 $6.8M Reduce -0.3%
GBDC Golub Capital BDC Inc. 1.76% 505,442 $6.5M Reduce -10.9%
VOO Vanguard S&P 500 ETF 1.58% 8,537 $5.9M Add +0.1%
SPY SS SPDR S&P 500 ETF Trust-US 1.34% 6,632 $5.0M Reduce -1.9%
IWB iShares Russell 1000 ETF 1.32% 11,954 $4.9M Add +0.0%
KKR KKR & Co. Inc. 1.27% 51,339 $4.7M Add +7.5%
NVDA Nvidia Corp. 1.22% 22,614 $4.5M Add +0.1%
FNDX Schwab Fndmntl US LRG Co. ETF 1.21% 144,153 $4.5M Add +12.6%
BRK.B Berkshire Hathaway Inc. Class B 1.13% 8,342 $4.2M Reduce -0.1%
SCHA Schwab US Small-Cap ETF 1.05% 107,520 $3.9M Reduce -0.3%
QQQM Invesco Nasdaq 100 ETF 1.02% 12,533 $3.8M Add +12.4%
VIG Vanguard Dividend Apprec ETF 0.93% 14,624 $3.5M Add +0.1%
SCHX Schwab US Large-Cap ETF 0.89% 112,073 $3.3M Reduce -1.8%
BX Blackstone Inc. 0.80% 25,197 $3.0M Add +12.9%
APO Apollo Global Management Inc. 0.78% 24,569 $2.9M Add +12.4%
XLV SS Health Care Select Sector 0.77% 17,990 $2.9M Reduce -0.1%
VGT Vanguard Info Tech ETF 0.72% 22,184 $2.7M No change
VUG Vanguard Mrngstar GR ETF-Sui 0.71% 30,404 $2.6M No change
EEM iShares MSCI Emerging Market 0.67% 36,459 $2.5M Reduce -0.5%
MSFT Microsoft Corp. 0.62% 6,140 $2.3M Add +8.6%
LLY Eli Lilly & Co. 0.57% 1,768 $2.1M No change
GOOG Alphabet Inc. Class C 0.57% 5,995 $2.1M Reduce -5.8%
IUSV iShares Core S&P U.S. Value 0.57% 19,159 $2.1M Reduce -2.0%
XLK SS Technology Select Sector 0.55% 10,700 $2.0M Add +27.7%
GOOGL Alphabet Inc. Class A 0.55% 5,656 $2.0M Reduce -15.3%
XLF SS Financial Select Sector 0.54% 37,600 $2.0M Add +9.0%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.50% 5,376 $1.8M No change
SCHD Schwab US DVD Equity ETF 0.49% 56,932 $1.8M Add +39.1%
CRM Salesforce Inc. 0.48% 11,350 $1.8M No change
IWP iShares Russell Mid-Cap Grow 0.46% 11,648 $1.7M Add +0.0%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.42% 5,020 $1.5M No change
GS Goldman Sachs Group Inc. 0.41% 1,515 $1.5M Reduce -1.3%
SCHW Schwab (charles) Corp. 0.41% 16,323 $1.5M Reduce -3.5%
JNJ Johnson & Johnson 0.38% 5,530 $1.4M No change
MDB Mongodb Inc. 0.37% 4,068 $1.4M Reduce -7.2%
KO The Coca-Cola Co. 0.36% 16,611 $1.3M No change
VYM Vanguard High DVD Yield ETF 0.36% 8,505 $1.3M Add +3.8%
IWM iShares Russell 2000 ETF 0.36% 4,448 $1.3M Reduce -2.3%
TPG TPG Inc. 0.35% 32,076 $1.3M Add +23.5%
EFA iShares MSCI Eafe ETF 0.34% 12,009 $1.2M No change
VEA Vanguard Ftse Developed ETF 0.34% 17,435 $1.2M Add +4.1%
KWEB Kranesh Csi China Internet 0.32% 49,020 $1.2M No change
JPM JPMorgan Chase & Co. 0.30% 3,380 $1.1M Add +2.6%
PH Parker Hannifin Corp. 0.27% 1,035 $1.0M No change
SCHB Schwab US Broad Market ETF 0.27% 34,620 $1.0M Add +4.2%
IGV iShares Expanded Tech-Softwa 0.25% 10,342 $937K Add +7.6%
EMLP First Trust North American E 0.24% 20,663 $899K Add +4.6%
ECL Ecolab Inc. 0.22% 2,925 $815K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.21% 3,637 $793K Add +5.3%
XOM Exxon Mobil Corp. 0.21% 5,735 $784K No change
ACWX iShares MSCI Acwi Ex US ETF 0.20% 9,959 $758K No change
SPHQ Invesco S&P 500 Quality ETF 0.20% 8,390 $756K Reduce -11.9%
AEP American Electric Power 0.20% 5,497 $752K Reduce -2.7%
IJS iShares S&P Small-Cap 600 Va 0.20% 5,496 $751K No change
GLD SPDR Gold Shares 0.20% 1,979 $729K No change
OKE Oneok Inc. 0.18% 7,880 $685K No change
BN Brookfield Corp. 0.18% 15,750 $671K No change
VWO Vanguard Ftse Emerging Marke 0.18% 10,919 $652K Add +1.9%
GDX Vaneck Gold Miners ETF 0.17% 8,522 $643K No change
IWC iShares Micro-Cap ETF 0.17% 3,123 $625K No change
PPG PPG Industries Inc. 0.16% 4,990 $605K Reduce -0.9%
GEV GE Vernova Inc. 0.16% 506 $594K No change
QCOM Qualcomm Inc. 0.16% 3,216 $594K Reduce -1.6%
BRW Saba Capital Income & Opport 0.16% 88,927 $584K No change
ILMN Illumina Inc. 0.15% 3,256 $573K Reduce -9.0%
IWS iShares Russell Mid-Cap Valu 0.15% 3,427 $564K Reduce -7.7%
ARKG ARK Genomic Revolution ETF 0.15% 13,046 $549K No change
EPD Enterprise Products Partners 0.14% 14,348 $527K No change
TRS Trimas Corp. 0.14% 11,500 $518K No change
IXUS iShares Core Intl Stock ETF 0.13% 4,962 $474K No change
CAT Caterpillar Inc. 0.13% 435 $463K Reduce -18.7%
AVGO Broadcom Inc. 0.12% 1,142 $431K New
OPP Rivernrth/Doublelne STR Opp 0.11% 55,109 $425K No change
IWN iShares Russell 2000 Value E 0.11% 1,898 $420K No change
TYG Tortoise Energy Infrastruct 0.11% 9,770 $419K No change
DXJ Wisdomtree Japan Hedged Eq 0.11% 2,350 $408K No change
WULF Terawulf Inc. 0.11% 16,280 $402K No change
SPOT Spotify Technology SA 0.11% 860 $395K Reduce -5.1%
NFLX Netflix Inc. 0.10% 5,410 $386K Reduce -8.9%
VT Vanguard Tot World STK ETF 0.10% 2,415 $379K Reduce -4.9%
SCHM Schwab US Mid Cap ETF 0.10% 10,184 $375K Add +0.1%
RSP Invesco S&P 500 Equal Weight 0.10% 1,686 $359K Add +0.2%
DBEF Xtrackers MSCI Eafe Hedged E 0.09% 6,331 $346K No change
WMB Williams Cos Inc. 0.09% 4,645 $345K No change
SLRC SLR Investment Corp. 0.09% 27,520 $340K No change
COF Capital One Financial Corp. 0.09% 1,668 $335K No change
FDX FedEx Corp. 0.09% 1,040 $326K New
XME SS SPDR S&P Metals Mining 0.09% 2,975 $318K New
AIQ Global X Art Intel & Tech 0.09% 4,848 $318K No change
XBI SS SPDR S&P Biotech ETF 0.09% 2,000 $317K No change
IYE iShares U.S. Energy ETF 0.08% 5,500 $311K No change
BLACKSTONE PRIVATE CREDIT-I 0.08% 12,596 $302K New
PSX Phillips 66 0.08% 1,738 $294K No change
MAYS Mays (j.w.) Inc. 0.08% 7,326 $286K No change
TRV The Travelers Cos Inc. 0.08% 860 $284K No change
ERAS Erasca Inc. 0.08% 15,300 $280K New
ILOW AB Internal Low Volat Eq ETF filed as AB ACTIVE ETFS INC 0.07% 6,013 $273K No change
HON Honeywell International Inc. 0.07% 1,220 $273K Reduce -6.2%
HONA Honeywell Aerospace Inc. 0.07% 1,220 $270K Reduce -6.2%
ITOT iShares Core S&P Total U.S. 0.07% 1,637 $269K New
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.07% 37,340 $268K Add +25.8%
SMH Vaneck Semiconductor ETF 0.07% 403 $264K New
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.07% 3,238 $261K No change
WY Weyerhaeuser Co. 0.06% 10,000 $239K New
ZGN Ermenegildo Zegna NV 0.06% 18,275 $238K No change
SCHF Schwab Intl Equity ETF 0.06% 8,535 $236K Add +4.2%
DAL Delta Air Lines Inc. 0.06% 2,500 $234K New
ACHV Achieve Life Sciences Inc. 0.06% 34,995 $229K No change
PANW Palo Alto Networks Inc. 0.06% 660 $225K New
VB Vanguard Most SM-Cap ETF-Usd 0.06% 738 $224K New
MO Altria Group Inc. 0.06% 3,000 $216K Reduce -18.5%
UNH Unitedhealth Group Inc. 0.06% 519 $216K New
PM Philip Morris International 0.06% 1,191 $215K Reduce -64.8%
BKNG Booking Holdings Inc. 0.06% 1,200 $214K No change
AEVA Aeva Technologies Inc. 0.06% 7,355 $211K New
WEC WEC Energy Group Inc. 0.06% 1,806 $211K No change
MRK Merck & Co. Inc. 0.06% 1,591 $204K Reduce -8.5%
JFR Nuveen Floating Rate Income 0.05% 23,402 $179K No change
SERV Serve Robotics Inc. 0.05% 26,425 $174K No change
WVVI Willamette Valley Vineyards 0.04% 54,800 $138K No change
ACVA Acv Auctions Inc. Class A 0.03% 15,047 $108K Reduce -9.9%
CRBU Caribou Biosciences Inc. 0.01% 20,000 $35K No change
CYDY Cytodyn Inc. 0.00% 25,000 $6K No change

Portfolio Sells Q1 2026 → Q2 2026
AMZN Amazon.com Inc. Reduce -28.7% 1.96% −0.73
GBDC Golub Capital BDC Inc. Reduce -10.9% 1.76% −0.42
JPST JPMorgan Ultra-Short Income Sold out 0.00% −0.33
RYAM Rayonier Advanced Materials Sold out 0.00% −0.17
ALAB Astera Labs Inc. Sold out 0.00% −0.17
PM Philip Morris International Reduce -64.8% 0.06% −0.11
HON Honeywell International Inc. Reduce -6.2% 0.07% −0.10
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.1% 1.13% −0.09
GLW Corning Inc. Sold out 0.00% −0.08
OWL Blue Owl Capital Inc. Sold out 0.00% −0.08
SCHW Schwab (charles) Corp. Reduce -3.5% 0.41% −0.08
NFLX Netflix Inc. Reduce -8.9% 0.10% −0.07
HD Home Depot Inc. Sold out 0.00% −0.07
MGM MGM Resorts International Sold out 0.00% −0.06
AMRZ Amrize Ltd. Sold out 0.00% −0.06
MA Mastercard Inc. Class A Sold out 0.00% −0.06
IUSV iShares Core S&P U.S. Value Reduce -2.0% 0.57% −0.04
GOOGL Alphabet Inc. Class A Reduce -15.3% 0.55% −0.04
XLV SS Health Care Select Sector Reduce -0.1% 0.77% −0.03
SPOT Spotify Technology SA Reduce -5.1% 0.11% −0.03
AEP American Electric Power Reduce -2.7% 0.20% −0.02
MO Altria Group Inc. Reduce -18.5% 0.06% −0.02
EDF VSH Emerging Markets Income Sold out 0.00% −0.01
HONA Honeywell Aerospace Inc. Reduce -6.2% 0.07% −0.01
SPHQ Invesco S&P 500 Quality ETF Reduce -11.9% 0.20% −0.01
IWS iShares Russell Mid-Cap Valu Reduce -7.7% 0.15% −0.01
MRK Merck & Co. Inc. Reduce -8.5% 0.06% −0.01
VT Vanguard Tot World STK ETF Reduce -4.9% 0.10% −0.00
PPG PPG Industries Inc. Reduce -0.9% 0.16% +0.00
SCHX Schwab US Large-Cap ETF Reduce -1.8% 0.89% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.9% 1.34% +0.01
ACVA Acv Auctions Inc. Class A Reduce -9.9% 0.03% +0.01
CAT Caterpillar Inc. Reduce -18.7% 0.13% +0.01
AAPL Apple Inc. Reduce -1.0% 2.06% +0.01
IWD iShares Russell 1000 Value E Reduce -0.3% 1.83% +0.01
IWM iShares Russell 2000 ETF Reduce -2.3% 0.36% +0.02
GOOG Alphabet Inc. Class C Reduce -5.8% 0.57% +0.02
GS Goldman Sachs Group Inc. Reduce -1.3% 0.41% +0.02
ILMN Illumina Inc. Reduce -9.0% 0.15% +0.02
QCOM Qualcomm Inc. Reduce -1.6% 0.16% +0.03
EEM iShares MSCI Emerging Market Reduce -0.5% 0.67% +0.04
MDB Mongodb Inc. Reduce -7.2% 0.37% +0.04
VTI VG Morningstar TS MKT ETF-US Reduce -0.8% 3.09% +0.06
IWF iShares Russell 1000 Growth Reduce -1.2% 2.83% +0.07
SCHA Schwab US Small-Cap ETF Reduce -0.3% 1.05% +0.10
QQQ Invesco QQQ Trust Series 1 Reduce -0.3% 3.98% +0.47

Portfolio Buys Q1 2026 → Q2 2026
IVV iShares Core S&P 500 ETF Add +2.6% 14.65% +0.68
IEMG iShares Core MSCI Emerging Add +7.9% 3.65% +0.45
IVW iShares S&P 500 Growth ETF Add +3.7% 2.61% +0.29
IJH iShares Core S&P Midcap ETF Add +10.4% 2.12% +0.23
IJR iShares Core S&P Small-Cap E Add +5.5% 2.10% +0.23
QQQM Invesco Nasdaq 100 ETF Add +12.4% 1.02% +0.22
XLK SS Technology Select Sector Add +27.7% 0.55% +0.21
IEFA iShares Core MSCI Eafe ETF Add +10.2% 4.59% +0.21
OBDC Blue Owl Capital Corp. Add +19.0% 4.99% +0.20
FNDX Schwab Fndmntl US LRG Co. ETF Add +12.6% 1.21% +0.13
AVGO Broadcom Inc. New 0.12% +0.12
SCHD Schwab US DVD Equity ETF Add +39.1% 0.49% +0.11
FDX FedEx Corp. New 0.09% +0.09
XME SS SPDR S&P Metals Mining New 0.09% +0.09
BLACKSTONE PRIVATE CREDIT-I New 0.08% +0.08
ERAS Erasca Inc. New 0.08% +0.08
ITOT iShares Core S&P Total U.S. New 0.07% +0.07
SMH Vaneck Semiconductor ETF New 0.07% +0.07
WY Weyerhaeuser Co. New 0.06% +0.06
DAL Delta Air Lines Inc. New 0.06% +0.06
PANW Palo Alto Networks Inc. New 0.06% +0.06
VB Vanguard Most SM-Cap ETF-Usd New 0.06% +0.06
UNH Unitedhealth Group Inc. New 0.06% +0.06
AEVA Aeva Technologies Inc. New 0.06% +0.06
APO Apollo Global Management Inc. Add +12.4% 0.78% +0.05
VOO Vanguard S&P 500 ETF Add +0.1% 1.58% +0.04
TPG TPG Inc. Add +23.5% 0.35% +0.03
IWB iShares Russell 1000 ETF Add +0.0% 1.32% +0.03
NVDA Nvidia Corp. Add +0.1% 1.22% +0.03
XLF SS Financial Select Sector Add +9.0% 0.54% +0.03
BX Blackstone Inc. Add +12.9% 0.80% +0.02
IGV iShares Expanded Tech-Softwa Add +7.6% 0.25% +0.02
SCHB Schwab US Broad Market ETF Add +4.2% 0.27% +0.02
VEA Vanguard Ftse Developed ETF Add +4.1% 0.34% +0.01
VTV Vanguard Mrngstr Val ETF-Aui Add +5.3% 0.21% +0.01
IWP iShares Russell Mid-Cap Grow Add +0.0% 0.46% +0.01
SCHM Schwab US Mid Cap ETF Add +0.1% 0.10% +0.01
JPM JPMorgan Chase & Co. Add +2.6% 0.30% +0.01
NMFC New Mountain Finance Corp. Add +25.8% 0.07% +0.00
SCHF Schwab Intl Equity ETF Add +4.2% 0.06% +0.00
VWO Vanguard Ftse Emerging Marke Add +1.9% 0.18% +0.00
RSP Invesco S&P 500 Equal Weight Add +0.2% 0.10% −0.00
VYM Vanguard High DVD Yield ETF Add +3.8% 0.36% −0.00
MSFT Microsoft Corp. Add +8.6% 0.62% −0.02
VIG Vanguard Dividend Apprec ETF Add +0.1% 0.93% −0.02
EMLP First Trust North American E Add +4.6% 0.24% −0.02
KKR KKR & Co. Inc. Add +7.5% 1.27% −0.07
META Meta Platforms Inc. Class A Add +6.0% 2.63% −0.20
TCPC BlackRock TCP Capital Corp. Add +2.6% 2.84% −0.49
MFIC Midcap Financial Investment Add +1.5% 5.17% −1.20

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