North Ground Capital
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), North Ground Capital reported 51 stock positions worth $163.0 million. Its top holding was Brightspire Capital (BRSP) at 8.4% of the portfolio, followed by Cion Investment (CION, 5.8%) and FS KKR Capital (FSK, 5.6%). Compared with Q2 2025, it opened 18 new positions, sold out of 5, added to 26 and reduced 7. The biggest buy was FS KKR Capital (FSK, shares +3744%) and the biggest sale BlackRock ESG Cap All TRM TR (ECAT, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- Cohasset, MA
- CIK
- 0002055446
- Portfolio Value
- $163.0M (Q3 2025)
- SEC Filing
- 0001420506-25-002922 ↗ filed Oct 29, 2025
Holdings Value
Holdings 51 stocks · $163.0M
| BRSP Brightspire Capital Inc. | 8.40% | 2,520,000 | $13.7M | Add +90.5% |
| CION Cion Investment Corp. | 5.83% | 1,002,778 | $9.5M | Add +100.6% |
| FSK FS KKR Capital Corp. | 5.63% | 615,000 | $9.2M | Add +3743.8% |
| RWAY Runway Growth Finance Corp. | 4.83% | 775,000 | $7.9M | Add +48.6% |
| ZTR Virtus Total Return Fund Inc. | 4.74% | 1,197,000 | $7.7M | Add +121.5% |
| OXLC Oxford Lane Capital Corp. | 4.15% | 422,222 | $6.8M | New |
| EIC Eagle Point Income Co.-USA Inc. | 3.96% | 422,222 | $6.5M | New |
| JAAA Janus Henderson Aaa Clo ETF | 3.95% | 126,667 | $6.4M | New |
| CCAP Crescent Capital BDC Inc. | 3.66% | 418,000 | $6.0M | Add +34.4% |
| CGBD Carlyle Secured Lending Inc. | 3.65% | 476,134 | $6.0M | New |
| NRK Nuveen NY Amt-FR Muni Inc. | 3.37% | 538,650 | $5.5M | Add +68.0% |
| GLO Clough Global Opportunities | 3.31% | 947,362 | $5.4M | Add +118.8% |
| ACRE Ares Commercial Real Estate | 3.20% | 1,157,863 | $5.2M | New |
| OTF Blue Owl Technology Finance | 3.18% | 375,000 | $5.2M | New |
| ECC Eagle Point Credit Co. | 3.05% | 633,333 | $5.0M | New |
| ECAT BlackRock ESG Cap All TRM TR | 2.87% | 285,000 | $4.7M | Reduce -41.5% |
| MSIF MSC Income Fund Inc. | 2.58% | 319,780 | $4.2M | New |
| AOMR Angel Oak Mortgage REIT Inc. | 2.24% | 388,836 | $3.6M | Add +94.4% |
| NVG Nuveen Amt-FR Muni CRDT | 2.06% | 273,600 | $3.4M | Add +70.0% |
| NZF Nuveen Municipal Credit Inc. | 1.98% | 256,500 | $3.2M | Add +68.4% |
| TCPC BlackRock TCP Capital Corp. | 1.90% | 500,000 | $3.1M | New |
| MFIC Midcap Financial Investment | 1.84% | 250,000 | $3.0M | New |
| BCSF Bain Capital Specialty Finan | 1.53% | 175,000 | $2.5M | New |
| NMCO Nuveen Municipal Credit Opp | 1.38% | 206,380 | $2.2M | Add +85.2% |
| XNXJX Nuveen NJ QLTY Muni Inc. | 1.30% | 171,000 | $2.1M | Add +70.0% |
| IQI Invesco Quality Muni Inc. TR | 1.29% | 213,750 | $2.1M | Add +61.3% |
| GLV Clough Global Dividend & Inc. | 1.14% | 313,031 | $1.9M | Add +7.9% |
| XGLQX Clough Global Equity Fund | 1.09% | 234,189 | $1.8M | Add +16.0% |
| ACP Abrdn Income Credit Strat | 1.05% | 295,926 | $1.7M | Reduce -34.6% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 1.01% | 136,800 | $1.6M | Add +67.0% |
| KBDC Kayne Anderson BDC Inc. | 0.82% | 100,000 | $1.3M | New |
| HFRO Highland Opport & Income | 0.77% | 196,996 | $1.3M | Reduce -0.5% |
| TYG Tortoise Energy Infrastruct | 0.76% | 28,932 | $1.2M | Add +17.8% |
| SWZ Total Return Securities Fund | 0.72% | 193,523 | $1.2M | Add +29.0% |
| VTN Invesco TR for Invest GRD NY | 0.72% | 106,729 | $1.2M | Add +73.6% |
| AEF Abrdn Emerging Markets Ex CH | 0.55% | 138,038 | $894K | Reduce -51.6% |
| VPV Invesco Pa Val Muni Inc. | 0.53% | 83,691 | $865K | Add +68.0% |
| BRW Saba Capital Income & Opport | 0.52% | 110,000 | $855K | Reduce -38.8% |
| XWIAX Western Asset Infl-Link Sec | 0.52% | 99,842 | $841K | Reduce -53.1% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.48% | 68,400 | $779K | Add +65.6% |
| XAODX Abrdn Total Dynamic Dividend | 0.47% | 80,974 | $766K | Reduce -74.0% |
| VKI Invesco Adv Muni Inc. TR II | 0.46% | 85,500 | $750K | Add +70.0% |
| EMO Clearbridge Energy Midstream | 0.45% | 16,446 | $739K | Add +19.8% |
| GBDC Golub Capital BDC Inc. | 0.42% | 50,000 | $685K | New |
| MXF Mexico Fund Inc. | 0.37% | 30,869 | $608K | New |
| RWT Redwood Trust Inc. | 0.34% | 95,000 | $550K | New |
| DMA Destra Multi-Alternative | 0.31% | 59,006 | $510K | New |
| FMN Federated Herm Prem Muni Inc. | 0.23% | 34,371 | $379K | Add +72.8% |
| XENWX Eaton Vance New York Municip | 0.22% | 36,942 | $364K | Add +303.3% |
| XEVMX Eaton Vance Cal Muni Bond | 0.10% | 17,623 | $167K | New |
| OXSQ Oxford Square Capital Corp. | 0.05% | 50,000 | $80K | New |
Portfolio Sells Q2 2025 → Q3 2025
| ECAT BlackRock ESG Cap All TRM TR | Reduce -41.5% | 2.87% | −7.13 |
| MRP Millrose Properties | Sold out | 0.00% | −6.08 |
| BTX BlackRock Tech & Priv Eqty | Sold out | 0.00% | −5.29 |
| XAODX Abrdn Total Dynamic Dividend | Reduce -74.0% | 0.47% | −3.03 |
| ACP Abrdn Income Credit Strat | Reduce -34.6% | 1.05% | −2.35 |
| XWIAX Western Asset Infl-Link Sec | Reduce -53.1% | 0.52% | −1.76 |
| AEF Abrdn Emerging Markets Ex CH | Reduce -51.6% | 0.55% | −1.61 |
| BRW Saba Capital Income & Opport | Reduce -38.8% | 0.52% | −1.33 |
| JFR Nuveen Floating Rate Income | Sold out | 0.00% | −0.65 |
| VVR Invesco Senior Income Trust | Sold out | 0.00% | −0.61 |
| HFRO Highland Opport & Income | Reduce -0.5% | 0.77% | −0.55 |
| HIX Western Asset High Inc. II | Sold out | 0.00% | −0.49 |
Portfolio Buys Q2 2025 → Q3 2025
| FSK FS KKR Capital Corp. | Add +3743.8% | 5.63% | +5.21 |
| OXLC Oxford Lane Capital Corp. | New | 4.15% | +4.15 |
| EIC Eagle Point Income Co.-USA Inc. | New | 3.96% | +3.96 |
| JAAA Janus Henderson Aaa Clo ETF | New | 3.95% | +3.95 |
| CGBD Carlyle Secured Lending Inc. | New | 3.65% | +3.65 |
| ACRE Ares Commercial Real Estate | New | 3.20% | +3.20 |
| OTF Blue Owl Technology Finance | New | 3.18% | +3.18 |
| ECC Eagle Point Credit Co. | New | 3.05% | +3.05 |
| MSIF MSC Income Fund Inc. | New | 2.58% | +2.58 |
| TCPC BlackRock TCP Capital Corp. | New | 1.90% | +1.90 |
| MFIC Midcap Financial Investment | New | 1.84% | +1.84 |
| BCSF Bain Capital Specialty Finan | New | 1.53% | +1.53 |
| KBDC Kayne Anderson BDC Inc. | New | 0.82% | +0.82 |
| ZTR Virtus Total Return Fund Inc. | Add +121.5% | 4.74% | +0.45 |
| GBDC Golub Capital BDC Inc. | New | 0.42% | +0.42 |
| MXF Mexico Fund Inc. | New | 0.37% | +0.37 |
| RWT Redwood Trust Inc. | New | 0.34% | +0.34 |
| GLO Clough Global Opportunities | Add +118.8% | 3.31% | +0.32 |
| DMA Destra Multi-Alternative | New | 0.31% | +0.31 |
| XENWX Eaton Vance New York Municip | Add +303.3% | 0.22% | +0.12 |
| XEVMX Eaton Vance Cal Muni Bond | New | 0.10% | +0.10 |
| OXSQ Oxford Square Capital Corp. | New | 0.05% | +0.05 |
| FMN Federated Herm Prem Muni Inc. | Add +72.8% | 0.23% | −0.04 |
| VKI Invesco Adv Muni Inc. TR II | Add +70.0% | 0.46% | −0.07 |
| VTN Invesco TR for Invest GRD NY | Add +73.6% | 0.72% | −0.10 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Add +65.6% | 0.48% | −0.10 |
| VPV Invesco Pa Val Muni Inc. | Add +68.0% | 0.53% | −0.11 |
| BRSP Brightspire Capital Inc. | Add +90.5% | 8.40% | −0.14 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Add +70.0% | 1.30% | −0.15 |
| NMCO Nuveen Municipal Credit Opp | Add +85.2% | 1.38% | −0.16 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Add +67.0% | 1.01% | −0.16 |
| AOMR Angel Oak Mortgage REIT Inc. | Add +94.4% | 2.24% | −0.17 |
| IQI Invesco Quality Muni Inc. TR | Add +61.3% | 1.29% | −0.29 |
| CION Cion Investment Corp. | Add +100.6% | 5.83% | −0.30 |
| NZF Nuveen Municipal Credit Inc. | Add +68.4% | 1.98% | −0.34 |
| EMO Clearbridge Energy Midstream | Add +19.8% | 0.45% | −0.38 |
| NVG Nuveen Amt-FR Muni CRDT | Add +70.0% | 2.06% | −0.39 |
| SWZ Total Return Securities Fund | Add +29.0% | 0.72% | −0.49 |
| TYG Tortoise Energy Infrastruct | Add +17.8% | 0.76% | −0.61 |
| NRK Nuveen NY Amt-FR Muni Inc. | Add +68.0% | 3.37% | −0.66 |
| XGLQX Clough Global Equity Fund | Add +16.0% | 1.09% | −0.74 |
| GLV Clough Global Dividend & Inc. | Add +7.9% | 1.14% | −0.95 |
| CCAP Crescent Capital BDC Inc. | Add +34.4% | 3.66% | −1.95 |
| RWAY Runway Growth Finance Corp. | Add +48.6% | 4.83% | −2.34 |
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 |