North Ground Capital
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), North Ground Capital reported 33 stock positions worth $83.4 million. Its top holding was FS Specialty Lending Fund (FSSL) at 10.9% of the portfolio, followed by Carlyle Secured Lending (CGBD, 7.8%) and MSC Income Fund (MSIF, 7.5%). Compared with Q1 2026, it opened 8 new positions, sold out of 15, added to 14 and reduced 11. The biggest buy was FS Specialty Lending Fund (FSSL, shares +227%) and the biggest sale an exit from Golub Capital BDC (GBDC).
- Most Recent 13F
- Q2 2026
- Location
- Cohasset, MA
- CIK
- 0002055446
- Portfolio Value
- $83.4M (Q2 2026)
- SEC Filing
- 0001420506-26-001565 ↗ filed Aug 13, 2026
Holdings Value
Holdings 33 stocks · $83.4M
| FSSL FS Specialty Lending Fund | 10.94% | 817,600 | $9.1M | Add +227.0% |
| CGBD Carlyle Secured Lending Inc. | 7.78% | 616,000 | $6.5M | Add +59.0% |
| MSIF MSC Income Fund Inc. | 7.46% | 537,600 | $6.2M | Add +19.8% |
| BRSP Brightspire Capital Inc. | 7.14% | 1,092,000 | $6.0M | Reduce -31.8% |
| CCAP Crescent Capital BDC Inc. | 6.82% | 520,800 | $5.7M | Add +53.7% |
| ACRE Ares Commercial Real Estate | 6.65% | 1,232,000 | $5.5M | Add +10.0% |
| MRP Millrose Properties | 6.46% | 179,200 | $5.4M | Add +37.9% |
| GLO Clough Global Opportunities | 5.35% | 728,000 | $4.5M | Add +37.5% |
| RWAY Runway Growth Finance Corp. | 4.90% | 728,000 | $4.1M | Reduce -24.3% |
| NRK Nuveen NY Amt-FR Muni Inc. | 4.16% | 323,680 | $3.5M | Reduce -8.7% |
| MXF Mexico Fund Inc. | 3.58% | 136,348 | $3.0M | Add +91.0% |
| OTF Blue Owl Technology Finance | 3.45% | 277,467 | $2.9M | Add +47.1% |
| BCSF Bain Capital Specialty Finan | 3.36% | 224,000 | $2.8M | Reduce -32.9% |
| SLRC SLR Investment Corp. | 2.49% | 168,000 | $2.1M | New |
| GLAD Gladstone Capital Corp. | 2.45% | 105,280 | $2.0M | Reduce -26.3% |
| TYG Tortoise Energy Infrastruct | 2.30% | 44,800 | $1.9M | New |
| BXMT Blackstone Mortgage Tru Class A | 2.16% | 106,400 | $1.8M | New |
| JFR Nuveen Floating Rate Income | 2.05% | 222,501 | $1.7M | New |
| AOMR Angel Oak Mortgage REIT Inc. | 1.79% | 164,369 | $1.5M | Add +20.5% |
| NFJ Virtus DVD Intrst & PRM STR | 1.63% | 89,387 | $1.4M | New |
| IQI Invesco Quality Muni Inc. TR | 1.46% | 120,018 | $1.2M | Reduce -8.0% |
| NMZ Nuveen Muni Hi Inc. Opport | 1.14% | 89,600 | $947K | New |
| XGLQX Clough Global Equity Fund | 0.92% | 89,094 | $768K | Add +150.6% |
| GLV Clough Global Dividend & Inc. | 0.73% | 91,500 | $608K | Add +93.2% |
| FSCO FS Credit Opportunities Corp. | 0.54% | 89,600 | $447K | Reduce -82.9% |
| ECAT BlackRock ESG Cap All TRM TR | 0.53% | 28,000 | $440K | Reduce -72.0% |
| BRW Saba Capital Income & Opport | 0.44% | 56,000 | $368K | Reduce -40.7% |
| XJQCX Nuveen Credit Strategies Inc. | 0.44% | 74,901 | $364K | New |
| DMA Destra Multi-Alternative | 0.27% | 30,000 | $224K | Reduce -45.5% |
| FMN Federated Herm Prem Muni Inc. | 0.22% | 15,818 | $182K | Reduce -7.0% |
| HFRO Highland Opport & Income | 0.21% | 24,731 | $176K | Add +12.0% |
| JOF Japan Smaller Capitalization | 0.14% | 10,000 | $118K | New |
| ICMB Investcorp Credit Management | 0.04% | 28,000 | $33K | Add +10.3% |
Portfolio Sells Q1 2026 → Q2 2026
| GBDC Golub Capital BDC Inc. | Sold out | 0.00% | −7.30 |
| TCPC BlackRock TCP Capital Corp. | Sold out | 0.00% | −3.70 |
| BRSP Brightspire Capital Inc. | Reduce -31.8% | 7.14% | −3.65 |
| RWAY Runway Growth Finance Corp. | Reduce -24.3% | 4.90% | −3.06 |
| FSCO FS Credit Opportunities Corp. | Reduce -82.9% | 0.54% | −2.69 |
| NVG Nuveen Amt-FR Muni CRDT | Sold out | 0.00% | −1.68 |
| BCSF Bain Capital Specialty Finan | Reduce -32.9% | 3.36% | −1.62 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Sold out | 0.00% | −1.22 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -72.0% | 0.53% | −1.11 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Sold out | 0.00% | −0.93 |
| BXSL Blackstone Secured Lending F | Sold out | 0.00% | −0.77 |
| VPV Invesco Pa Val Muni Inc. | Sold out | 0.00% | −0.63 |
| CION Cion Investment Corp. | Sold out | 0.00% | −0.62 |
| ACP Abrdn Income Credit Strat | Sold out | 0.00% | −0.61 |
| GLAD Gladstone Capital Corp. | Reduce -26.3% | 2.45% | −0.53 |
| ARCC Ares Capital Corp. | Sold out | 0.00% | −0.39 |
| SWZ Total Return Securities Fund | Sold out | 0.00% | −0.34 |
| BRW Saba Capital Income & Opport | Reduce -40.7% | 0.44% | −0.33 |
| ARI Apollo Commercial Real Estat | Sold out | 0.00% | −0.32 |
| FSK FS KKR Capital Corp. | Sold out | 0.00% | −0.31 |
| OXLC Oxford Lane Capital Corp. | Sold out | 0.00% | −0.29 |
| DMA Destra Multi-Alternative | Reduce -45.5% | 0.27% | −0.27 |
| NMFC New Mountain Finance Corp. | Sold out | 0.00% | −0.23 |
| NRK Nuveen NY Amt-FR Muni Inc. | Reduce -8.7% | 4.16% | −0.20 |
| IQI Invesco Quality Muni Inc. TR | Reduce -8.0% | 1.46% | −0.05 |
| FMN Federated Herm Prem Muni Inc. | Reduce -7.0% | 0.22% | −0.01 |
Portfolio Buys Q1 2026 → Q2 2026
| FSSL FS Specialty Lending Fund | Add +227.0% | 10.94% | +7.17 |
| CGBD Carlyle Secured Lending Inc. | Add +59.0% | 7.78% | +2.68 |
| SLRC SLR Investment Corp. | New | 2.49% | +2.49 |
| TYG Tortoise Energy Infrastruct | New | 2.30% | +2.30 |
| BXMT Blackstone Mortgage Tru Class A | New | 2.16% | +2.16 |
| MRP Millrose Properties | Add +37.9% | 6.46% | +2.08 |
| JFR Nuveen Floating Rate Income | New | 2.05% | +2.05 |
| CCAP Crescent Capital BDC Inc. | Add +53.7% | 6.82% | +1.86 |
| GLO Clough Global Opportunities | Add +37.5% | 5.35% | +1.79 |
| MXF Mexico Fund Inc. | Add +91.0% | 3.58% | +1.78 |
| NFJ Virtus DVD Intrst & PRM STR | New | 1.63% | +1.63 |
| NMZ Nuveen Muni Hi Inc. Opport | New | 1.14% | +1.14 |
| MSIF MSC Income Fund Inc. | Add +19.8% | 7.46% | +0.88 |
| OTF Blue Owl Technology Finance | Add +47.1% | 3.45% | +0.63 |
| XGLQX Clough Global Equity Fund | Add +150.6% | 0.92% | +0.60 |
| AOMR Angel Oak Mortgage REIT Inc. | Add +20.5% | 1.79% | +0.44 |
| XJQCX Nuveen Credit Strategies Inc. | New | 0.44% | +0.44 |
| GLV Clough Global Dividend & Inc. | Add +93.2% | 0.73% | +0.39 |
| ACRE Ares Commercial Real Estate | Add +10.0% | 6.65% | +0.18 |
| JOF Japan Smaller Capitalization | New | 0.14% | +0.14 |
| HFRO Highland Opport & Income | Add +12.0% | 0.21% | +0.06 |
| ICMB Investcorp Credit Management | Add +10.3% | 0.04% | −0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 33 | $83.4M | FSSL, CGBD, MSIF, BRSP, CCAP |
| Q1 2026 | 40 | $83.0M | BRSP, RWAY, GBDC, MSIF, ACRE |
| Q4 2025 | 45 | $201.4M | BRSP, OXLC, RWAY, FSK, CCAP |
| Q3 2025 | 51 | $163.0M | BRSP, CION, FSK, RWAY, ZTR |
| Q2 2025 | 38 | $78.4M | ECAT, BRSP, RWAY, CION, MRP |
| Q1 2025 | 42 | $98.3M | ECAT, RWAY, MRP, BRSP, BTX |
| Q4 2024 | 46 | $92.9M | RWAY, BCAT, ECAT, CION, OCSL |