North Ground Capital
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), North Ground Capital reported 42 stock positions worth $98.3 million. Its top holding was BlackRock ESG Cap All TRM TR (ECAT) at 10.8% of the portfolio, followed by Runway Growth Finance (RWAY, 9.9%) and Millrose Properties (MRP, 8.2%). Compared with Q4 2024, it opened 8 new positions, sold out of 12, added to 27 and reduced 7. The biggest buy was a new position in Millrose Properties (MRP) and the biggest sale an exit from BlackRock Capital Alloc TR (BCAT).
- Most Recent 13F
- Q2 2026
- Location
- Cohasset, MA
- CIK
- 0002055446
- Portfolio Value
- $98.3M (Q1 2025)
- SEC Filing
- 0001420506-25-001126 ↗ filed May 14, 2025
Holdings Value
Holdings 42 stocks · $98.3M
| ECAT BlackRock ESG Cap All TRM TR | 10.83% | 700,000 | $10.6M | Add +53.4% |
| RWAY Runway Growth Finance Corp. | 9.86% | 1,050,000 | $9.7M | Add +23.9% |
| MRP Millrose Properties | 8.19% | 324,133 | $8.0M | New |
| BRSP Brightspire Capital Inc. | 7.36% | 1,461,028 | $7.2M | Add +89.7% |
| BTX BlackRock Tech & Priv Eqty | 6.37% | 990,000 | $6.3M | Add +139.6% |
| CION Cion Investment Corp. | 5.94% | 581,100 | $5.8M | Add +37.8% |
| NRK Nuveen NY Amt-FR Muni Inc. | 3.62% | 356,195 | $3.6M | Add +7.9% |
| XAODX Abrdn Total Dynamic Dividend | 3.47% | 416,195 | $3.4M | Add +1.5% |
| ACP Abrdn Income Credit Strat | 3.18% | 558,850 | $3.1M | Add +1.6% |
| GSBD Goldman Sachs BDC Inc. | 3.05% | 280,000 | $3.0M | Add +473.8% |
| ZTR Virtus Total Return Fund Inc. | 2.98% | 485,000 | $2.9M | Add +2931.3% |
| TCPC BlackRock TCP Capital Corp. | 2.59% | 365,000 | $2.5M | Add +1209.0% |
| GLO Clough Global Opportunities | 2.33% | 466,492 | $2.3M | Add +42.4% |
| MFIC Midcap Financial Investment | 2.31% | 190,000 | $2.3M | Reduce -8.4% |
| NVG Nuveen Amt-FR Muni CRDT | 2.15% | 178,832 | $2.1M | Reduce -10.6% |
| NZF Nuveen Municipal Credit Inc. | 2.04% | 169,251 | $2.0M | Add +1.7% |
| XWIAX Western Asset Infl-Link Sec | 2.01% | 238,928 | $2.0M | Add +8.6% |
| BRW Saba Capital Income & Opport | 1.68% | 220,009 | $1.7M | New |
| AEF Abrdn Emerging Markets Ex CH | 1.67% | 319,922 | $1.6M | Add +731.0% |
| AOMR Angel Oak Mortgage REIT Inc. | 1.62% | 168,128 | $1.6M | Add +42.5% |
| GLV Clough Global Dividend & Inc. | 1.57% | 287,229 | $1.5M | Add +80.4% |
| BSTZ BlackRock Sci & Tech TRM TR | 1.52% | 84,374 | $1.5M | Reduce -61.5% |
| IQI Invesco Quality Muni Inc. TR | 1.41% | 147,250 | $1.4M | Add +2.3% |
| XGLQX Clough Global Equity Fund | 1.39% | 218,903 | $1.4M | Add +99.0% |
| XNXJX Nuveen NJ QLTY Muni Inc. | 1.29% | 111,770 | $1.3M | Add +1.6% |
| NMCO Nuveen Municipal Credit Opp | 1.27% | 123,793 | $1.3M | Add +0.4% |
| HFRO Highland Opport & Income | 1.14% | 220,000 | $1.1M | Reduce -60.0% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 1.04% | 91,005 | $1.0M | Add +25.2% |
| EMO Clearbridge Energy Midstream | 0.78% | 16,766 | $763K | Add +1.6% |
| VTN Invesco TR for Invest GRD NY | 0.72% | 68,304 | $703K | Add +32.1% |
| JFR Nuveen Floating Rate Income | 0.69% | 84,347 | $679K | New |
| VVR Invesco Senior Income Trust | 0.57% | 156,000 | $561K | New |
| VPV Invesco Pa Val Muni Inc. | 0.55% | 55,335 | $544K | Add +46.1% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.51% | 45,885 | $497K | Reduce -38.8% |
| VKI Invesco Adv Muni Inc. TR II | 0.48% | 55,885 | $468K | Add +1.6% |
| HIX Western Asset High Inc. II | 0.46% | 110,900 | $452K | New |
| FGB First Trust Special Financ | 0.39% | 96,932 | $382K | Reduce -46.0% |
| ACRE Ares Commercial Real Estate | 0.38% | 93,469 | $371K | New |
| FMN Federated Herm Prem Muni Inc. | 0.24% | 22,100 | $234K | Reduce -6.2% |
| TYG Tortoise Energy Infrastruct | 0.23% | 5,589 | $223K | New |
| XENWX Eaton Vance New York Municip | 0.10% | 10,177 | $95K | Add +1.8% |
| SWZ Total Return Securities Fund | 0.03% | 4,800 | $30K | New |
Portfolio Sells Q4 2024 → Q1 2025
| BCAT BlackRock Capital Alloc TR | Sold out | 0.00% | −8.08 |
| OCSL Oaktree Specialty Lending Co. | Sold out | 0.00% | −5.05 |
| BMEZ BlackRock HLTH Sci TRM TR II | Sold out | 0.00% | −4.03 |
| BSTZ BlackRock Sci & Tech TRM TR | Reduce -61.5% | 1.52% | −3.36 |
| BXMT Blackstone Mortgage Tru Class A | Sold out | 0.00% | −2.53 |
| JAAA Janus Henderson Aaa Clo ETF | Sold out | 0.00% | −2.12 |
| HFRO Highland Opport & Income | Reduce -60.0% | 1.14% | −1.93 |
| AVK Advent Convert & Income | Sold out | 0.00% | −1.09 |
| PDX PIMCO Dynamic Income Strat | Sold out | 0.00% | −0.77 |
| MFIC Midcap Financial Investment | Reduce -8.4% | 2.31% | −0.71 |
| NVG Nuveen Amt-FR Muni CRDT | Reduce -10.6% | 2.15% | −0.49 |
| SPE Special Opportunities Fund | Sold out | 0.00% | −0.43 |
| FGB First Trust Special Financ | Reduce -46.0% | 0.39% | −0.43 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -38.8% | 0.51% | −0.41 |
| PCF High Income Securities Fund | Sold out | 0.00% | −0.24 |
| XMVFX BlackRock Munivest Fund | Sold out | 0.00% | −0.08 |
| ARI Apollo Commercial Real Estat | Sold out | 0.00% | −0.06 |
| FMN Federated Herm Prem Muni Inc. | Reduce -6.2% | 0.24% | −0.04 |
| XEVMX Eaton Vance Cal Muni Bond | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| MRP Millrose Properties | New | 8.19% | +8.19 |
| BTX BlackRock Tech & Priv Eqty | Add +139.6% | 6.37% | +3.06 |
| ZTR Virtus Total Return Fund Inc. | Add +2931.3% | 2.98% | +2.88 |
| ECAT BlackRock ESG Cap All TRM TR | Add +53.4% | 10.83% | +2.77 |
| BRSP Brightspire Capital Inc. | Add +89.7% | 7.36% | +2.68 |
| GSBD Goldman Sachs BDC Inc. | Add +473.8% | 3.05% | +2.41 |
| TCPC BlackRock TCP Capital Corp. | Add +1209.0% | 2.59% | +2.33 |
| BRW Saba Capital Income & Opport | New | 1.68% | +1.68 |
| AEF Abrdn Emerging Markets Ex CH | Add +731.0% | 1.67% | +1.46 |
| CION Cion Investment Corp. | Add +37.8% | 5.94% | +0.76 |
| JFR Nuveen Floating Rate Income | New | 0.69% | +0.69 |
| GLV Clough Global Dividend & Inc. | Add +80.4% | 1.57% | +0.64 |
| XGLQX Clough Global Equity Fund | Add +99.0% | 1.39% | +0.60 |
| VVR Invesco Senior Income Trust | New | 0.57% | +0.57 |
| GLO Clough Global Opportunities | Add +42.4% | 2.33% | +0.52 |
| HIX Western Asset High Inc. II | New | 0.46% | +0.46 |
| AOMR Angel Oak Mortgage REIT Inc. | Add +42.5% | 1.62% | +0.44 |
| ACRE Ares Commercial Real Estate | New | 0.38% | +0.38 |
| TYG Tortoise Energy Infrastruct | New | 0.23% | +0.23 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Add +25.2% | 1.04% | +0.17 |
| VPV Invesco Pa Val Muni Inc. | Add +46.1% | 0.55% | +0.13 |
| VTN Invesco TR for Invest GRD NY | Add +32.1% | 0.72% | +0.13 |
| XWIAX Western Asset Infl-Link Sec | Add +8.6% | 2.01% | +0.11 |
| SWZ Total Return Securities Fund | New | 0.03% | +0.03 |
| XENWX Eaton Vance New York Municip | Add +1.8% | 0.10% | −0.01 |
| VKI Invesco Adv Muni Inc. TR II | Add +1.6% | 0.48% | −0.04 |
| EMO Clearbridge Energy Midstream | Add +1.6% | 0.78% | −0.05 |
| NRK Nuveen NY Amt-FR Muni Inc. | Add +7.9% | 3.62% | −0.10 |
| IQI Invesco Quality Muni Inc. TR | Add +2.3% | 1.41% | −0.12 |
| NMCO Nuveen Municipal Credit Opp | Add +0.4% | 1.27% | −0.14 |
| NZF Nuveen Municipal Credit Inc. | Add +1.7% | 2.04% | −0.14 |
| RWAY Runway Growth Finance Corp. | Add +23.9% | 9.86% | −0.15 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Add +1.6% | 1.29% | −0.15 |
| XAODX Abrdn Total Dynamic Dividend | Add +1.5% | 3.47% | −0.24 |
| ACP Abrdn Income Credit Strat | Add +1.6% | 3.18% | −0.36 |
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 |