North Ground Capital
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), North Ground Capital reported 38 stock positions worth $78.4 million. Its top holding was BlackRock ESG Cap All TRM TR (ECAT) at 10.0% of the portfolio, followed by Brightspire Capital (BRSP, 8.5%) and Runway Growth Finance (RWAY, 7.2%). Compared with Q1 2025, it opened 2 new positions, sold out of 6, added to 5 and reduced 31. The biggest buy was a new position in Crescent Capital BDC (CCAP) and the biggest sale an exit from Goldman Sachs BDC (GSBD).
- Most Recent 13F
- Q2 2026
- Location
- Cohasset, MA
- CIK
- 0002055446
- Portfolio Value
- $78.4M (Q2 2025)
- SEC Filing
- 0001420506-25-002130 ↗ filed Aug 14, 2025
Holdings Value
Holdings 38 stocks · $78.4M
| ECAT BlackRock ESG Cap All TRM TR | 9.99% | 487,619 | $7.8M | Reduce -30.3% |
| BRSP Brightspire Capital Inc. | 8.53% | 1,323,000 | $6.7M | Reduce -9.4% |
| RWAY Runway Growth Finance Corp. | 7.17% | 521,500 | $5.6M | Reduce -50.3% |
| CION Cion Investment Corp. | 6.13% | 500,000 | $4.8M | Reduce -14.0% |
| MRP Millrose Properties | 6.08% | 166,750 | $4.8M | Reduce -48.6% |
| CCAP Crescent Capital BDC Inc. | 5.61% | 311,000 | $4.4M | New |
| BTX BlackRock Tech & Priv Eqty | 5.29% | 566,000 | $4.1M | Reduce -42.8% |
| ZTR Virtus Total Return Fund Inc. | 4.28% | 540,500 | $3.4M | Add +11.4% |
| NRK Nuveen NY Amt-FR Muni Inc. | 4.03% | 320,575 | $3.2M | Reduce -10.0% |
| XAODX Abrdn Total Dynamic Dividend | 3.50% | 311,250 | $2.7M | Reduce -25.2% |
| ACP Abrdn Income Credit Strat | 3.40% | 452,668 | $2.7M | Reduce -19.0% |
| GLO Clough Global Opportunities | 2.99% | 432,928 | $2.3M | Reduce -7.2% |
| NVG Nuveen Amt-FR Muni CRDT | 2.45% | 160,949 | $1.9M | Reduce -10.0% |
| AOMR Angel Oak Mortgage REIT Inc. | 2.40% | 200,000 | $1.9M | Add +19.0% |
| NZF Nuveen Municipal Credit Inc. | 2.32% | 152,326 | $1.8M | Reduce -10.0% |
| XWIAX Western Asset Infl-Link Sec | 2.28% | 212,770 | $1.8M | Reduce -10.9% |
| AEF Abrdn Emerging Markets Ex CH | 2.16% | 285,052 | $1.7M | Reduce -10.9% |
| GLV Clough Global Dividend & Inc. | 2.09% | 290,099 | $1.6M | Add +1.0% |
| BRW Saba Capital Income & Opport | 1.85% | 179,828 | $1.5M | Reduce -18.3% |
| XGLQX Clough Global Equity Fund | 1.83% | 201,946 | $1.4M | Reduce -7.8% |
| IQI Invesco Quality Muni Inc. TR | 1.58% | 132,525 | $1.2M | Reduce -10.0% |
| NMCO Nuveen Municipal Credit Opp | 1.54% | 111,414 | $1.2M | Reduce -10.0% |
| XNXJX Nuveen NJ QLTY Muni Inc. | 1.46% | 100,593 | $1.1M | Reduce -10.0% |
| TYG Tortoise Energy Infrastruct | 1.37% | 24,571 | $1.1M | Add +339.6% |
| HFRO Highland Opport & Income | 1.32% | 198,000 | $1.0M | Reduce -10.0% |
| SWZ Total Return Securities Fund | 1.21% | 150,058 | $948K | Add +3026.2% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 1.17% | 81,904 | $918K | Reduce -10.0% |
| EMO Clearbridge Energy Midstream | 0.83% | 13,724 | $653K | Reduce -18.1% |
| VTN Invesco TR for Invest GRD NY | 0.82% | 61,473 | $640K | Reduce -10.0% |
| JFR Nuveen Floating Rate Income | 0.65% | 60,460 | $510K | Reduce -28.3% |
| VPV Invesco Pa Val Muni Inc. | 0.64% | 49,802 | $499K | Reduce -10.0% |
| VVR Invesco Senior Income Trust | 0.61% | 126,360 | $480K | Reduce -19.0% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.58% | 41,296 | $451K | Reduce -10.0% |
| VKI Invesco Adv Muni Inc. TR II | 0.53% | 50,296 | $419K | Reduce -10.0% |
| HIX Western Asset High Inc. II | 0.49% | 89,829 | $387K | Reduce -19.0% |
| FSK FS KKR Capital Corp. | 0.42% | 16,000 | $332K | New |
| FMN Federated Herm Prem Muni Inc. | 0.27% | 19,890 | $211K | Reduce -10.0% |
| XENWX Eaton Vance New York Municip | 0.11% | 9,159 | $85K | Reduce -10.0% |
Portfolio Sells Q1 2025 → Q2 2025
| GSBD Goldman Sachs BDC Inc. | Sold out | 0.00% | −3.05 |
| RWAY Runway Growth Finance Corp. | Reduce -50.3% | 7.17% | −2.69 |
| TCPC BlackRock TCP Capital Corp. | Sold out | 0.00% | −2.59 |
| MFIC Midcap Financial Investment | Sold out | 0.00% | −2.31 |
| MRP Millrose Properties | Reduce -48.6% | 6.08% | −2.11 |
| BSTZ BlackRock Sci & Tech TRM TR | Sold out | 0.00% | −1.52 |
| BTX BlackRock Tech & Priv Eqty | Reduce -42.8% | 5.29% | −1.08 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -30.3% | 9.99% | −0.83 |
| FGB First Trust Special Financ | Sold out | 0.00% | −0.39 |
| ACRE Ares Commercial Real Estate | Sold out | 0.00% | −0.38 |
| JFR Nuveen Floating Rate Income | Reduce -28.3% | 0.65% | −0.04 |
| XENWX Eaton Vance New York Municip | Reduce -10.0% | 0.11% | +0.01 |
| XAODX Abrdn Total Dynamic Dividend | Reduce -25.2% | 3.50% | +0.03 |
| FMN Federated Herm Prem Muni Inc. | Reduce -10.0% | 0.27% | +0.03 |
| HIX Western Asset High Inc. II | Reduce -19.0% | 0.49% | +0.03 |
| VVR Invesco Senior Income Trust | Reduce -19.0% | 0.61% | +0.04 |
| EMO Clearbridge Energy Midstream | Reduce -18.1% | 0.83% | +0.06 |
| VKI Invesco Adv Muni Inc. TR II | Reduce -10.0% | 0.53% | +0.06 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -10.0% | 0.58% | +0.07 |
| VPV Invesco Pa Val Muni Inc. | Reduce -10.0% | 0.64% | +0.08 |
| VTN Invesco TR for Invest GRD NY | Reduce -10.0% | 0.82% | +0.10 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Reduce -10.0% | 1.17% | +0.13 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Reduce -10.0% | 1.46% | +0.17 |
| BRW Saba Capital Income & Opport | Reduce -18.3% | 1.85% | +0.17 |
| HFRO Highland Opport & Income | Reduce -10.0% | 1.32% | +0.18 |
| IQI Invesco Quality Muni Inc. TR | Reduce -10.0% | 1.58% | +0.18 |
| CION Cion Investment Corp. | Reduce -14.0% | 6.13% | +0.19 |
| ACP Abrdn Income Credit Strat | Reduce -19.0% | 3.40% | +0.22 |
| NMCO Nuveen Municipal Credit Opp | Reduce -10.0% | 1.54% | +0.27 |
| XWIAX Western Asset Infl-Link Sec | Reduce -10.9% | 2.28% | +0.27 |
| NZF Nuveen Municipal Credit Inc. | Reduce -10.0% | 2.32% | +0.28 |
| NVG Nuveen Amt-FR Muni CRDT | Reduce -10.0% | 2.45% | +0.30 |
| NRK Nuveen NY Amt-FR Muni Inc. | Reduce -10.0% | 4.03% | +0.41 |
| XGLQX Clough Global Equity Fund | Reduce -7.8% | 1.83% | +0.44 |
| AEF Abrdn Emerging Markets Ex CH | Reduce -10.9% | 2.16% | +0.49 |
| GLO Clough Global Opportunities | Reduce -7.2% | 2.99% | +0.67 |
| BRSP Brightspire Capital Inc. | Reduce -9.4% | 8.53% | +1.17 |
Portfolio Buys Q1 2025 → Q2 2025
| CCAP Crescent Capital BDC Inc. | New | 5.61% | +5.61 |
| ZTR Virtus Total Return Fund Inc. | Add +11.4% | 4.28% | +1.30 |
| SWZ Total Return Securities Fund | Add +3026.2% | 1.21% | +1.18 |
| TYG Tortoise Energy Infrastruct | Add +339.6% | 1.37% | +1.14 |
| AOMR Angel Oak Mortgage REIT Inc. | Add +19.0% | 2.40% | +0.78 |
| GLV Clough Global Dividend & Inc. | Add +1.0% | 2.09% | +0.52 |
| FSK FS KKR Capital Corp. | New | 0.42% | +0.42 |
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 |