North Ground Capital
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), North Ground Capital reported 45 stock positions worth $201.4 million. Its top holding was Brightspire Capital (BRSP) at 8.5% of the portfolio, followed by Oxford Lane Capital (OXLC, 7.5%) and Runway Growth Finance (RWAY, 7.0%). Compared with Q3 2025, it opened 6 new positions, sold out of 12, added to 28 and reduced 11. The biggest buy was a new position in Xai Octagn FLT Rat & Alt Inm and the biggest sale Virtus Total Return Fund (ZTR, shares −81%).
- Most Recent 13F
- Q2 2026
- Location
- Cohasset, MA
- CIK
- 0002055446
- Portfolio Value
- $201.4M (Q4 2025)
- SEC Filing
- 0001420506-26-000329 ↗ filed Feb 12, 2026
Holdings Value
Holdings 45 stocks · $201.4M
| BRSP Brightspire Capital Inc. | 8.49% | 3,054,552 | $17.1M | Add +21.2% |
| OXLC Oxford Lane Capital Corp. | 7.51% | 1,032,585 | $15.1M | Add +144.6% |
| RWAY Runway Growth Finance Corp. | 6.96% | 1,569,050 | $14.0M | Add +102.5% |
| FSK FS KKR Capital Corp. | 6.59% | 895,746 | $13.3M | Add +45.6% |
| CCAP Crescent Capital BDC Inc. | 5.83% | 835,312 | $11.7M | Add +99.8% |
| CGBD Carlyle Secured Lending Inc. | 5.66% | 912,220 | $11.4M | Add +91.6% |
| CION Cion Investment Corp. | 5.22% | 1,086,992 | $10.5M | Add +8.4% |
| BCSF Bain Capital Specialty Finan | 4.33% | 626,514 | $8.7M | Add +258.0% |
| MFIC Midcap Financial Investment | 3.70% | 651,326 | $7.5M | Add +160.5% |
| ACRE Ares Commercial Real Estate | 3.68% | 1,551,806 | $7.4M | Add +34.0% |
| XAI OCTAGN FLT RAT & ALT INM | 3.53% | 1,482,418 | $7.1M | New |
| MSIF MSC Income Fund Inc. | 3.27% | 501,678 | $6.6M | Add +56.9% |
| GLO Clough Global Opportunities | 3.13% | 1,112,636 | $6.3M | Add +17.4% |
| NRK Nuveen NY Amt-FR Muni Inc. | 3.01% | 601,212 | $6.1M | Add +11.6% |
| GBDC Golub Capital BDC Inc. | 2.20% | 326,106 | $4.4M | Add +552.2% |
| TCPC BlackRock TCP Capital Corp. | 2.14% | 787,946 | $4.3M | Add +57.6% |
| SWZ Total Return Securities Fund | 2.04% | 661,145 | $4.1M | Add +241.6% |
| OTF Blue Owl Technology Finance | 1.96% | 271,645 | $3.9M | Reduce -27.6% |
| NVG Nuveen Amt-FR Muni CRDT | 1.92% | 305,064 | $3.9M | Add +11.5% |
| MRP Millrose Properties | 1.89% | 127,189 | $3.8M | New |
| ECAT BlackRock ESG Cap All TRM TR | 1.71% | 223,714 | $3.4M | Reduce -21.5% |
| NZF Nuveen Municipal Credit Inc. | 1.40% | 223,536 | $2.8M | Reduce -12.8% |
| MXF Mexico Fund Inc. | 1.26% | 126,312 | $2.5M | Add +309.2% |
| IQI Invesco Quality Muni Inc. TR | 1.18% | 238,367 | $2.4M | Add +11.5% |
| ECC Eagle Point Credit Co. | 1.12% | 390,468 | $2.2M | Reduce -38.4% |
| AOMR Angel Oak Mortgage REIT Inc. | 1.07% | 249,628 | $2.1M | Reduce -35.8% |
| FSSL FS Specialty Lending Fund | 0.95% | 135,324 | $1.9M | New |
| XNQPX Nuveen Pa QLTY Muni Inc. | 0.90% | 152,529 | $1.8M | Add +11.5% |
| ACP Abrdn Income Credit Strat | 0.88% | 329,148 | $1.8M | Add +11.2% |
| GLV Clough Global Dividend & Inc. | 0.72% | 244,254 | $1.5M | Reduce -22.0% |
| XNXJX Nuveen NJ QLTY Muni Inc. | 0.71% | 112,826 | $1.4M | Reduce -34.0% |
| ZTR Virtus Total Return Fund Inc. | 0.70% | 222,186 | $1.4M | Reduce -81.4% |
| HFRO Highland Opport & Income | 0.57% | 192,701 | $1.2M | Reduce -2.2% |
| BRW Saba Capital Income & Opport | 0.57% | 163,114 | $1.1M | Add +48.3% |
| AEF Abrdn Emerging Markets Ex CH | 0.53% | 152,370 | $1.1M | Add +10.4% |
| VPV Invesco Pa Val Muni Inc. | 0.49% | 93,481 | $978K | Add +11.7% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.44% | 76,342 | $888K | Add +11.6% |
| VKI Invesco Adv Muni Inc. TR II | 0.43% | 95,443 | $870K | Add +11.6% |
| DMA Destra Multi-Alternative | 0.34% | 77,310 | $693K | Add +31.0% |
| ARI Apollo Commercial Real Estat | 0.29% | 60,000 | $581K | New |
| XGLQX Clough Global Equity Fund | 0.27% | 72,019 | $552K | Reduce -69.3% |
| FMN Federated Herm Prem Muni Inc. | 0.21% | 38,429 | $427K | Add +11.8% |
| FSCO FS Credit Opportunities Corp. | 0.09% | 27,334 | $172K | New |
| ICMB Investcorp Credit Management | 0.07% | 54,299 | $147K | New |
| XWIAX Western Asset Infl-Link Sec | 0.04% | 10,892 | $90K | Reduce -89.1% |
Portfolio Sells Q3 2025 → Q4 2025
| ZTR Virtus Total Return Fund Inc. | Reduce -81.4% | 0.70% | −4.04 |
| EIC Eagle Point Income Co.-USA Inc. | Sold out | 0.00% | −3.96 |
| JAAA Janus Henderson Aaa Clo ETF | Sold out | 0.00% | −3.95 |
| ECC Eagle Point Credit Co. | Reduce -38.4% | 1.12% | −1.94 |
| NMCO Nuveen Municipal Credit Opp | Sold out | 0.00% | −1.38 |
| OTF Blue Owl Technology Finance | Reduce -27.6% | 1.96% | −1.22 |
| AOMR Angel Oak Mortgage REIT Inc. | Reduce -35.8% | 1.07% | −1.17 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -21.5% | 1.71% | −1.16 |
| XGLQX Clough Global Equity Fund | Reduce -69.3% | 0.27% | −0.82 |
| KBDC Kayne Anderson BDC Inc. | Sold out | 0.00% | −0.82 |
| TYG Tortoise Energy Infrastruct | Sold out | 0.00% | −0.76 |
| VTN Invesco TR for Invest GRD NY | Sold out | 0.00% | −0.72 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Reduce -34.0% | 0.71% | −0.59 |
| NZF Nuveen Municipal Credit Inc. | Reduce -12.8% | 1.40% | −0.58 |
| XWIAX Western Asset Infl-Link Sec | Reduce -89.1% | 0.04% | −0.47 |
| XAODX Abrdn Total Dynamic Dividend | Sold out | 0.00% | −0.47 |
| EMO Clearbridge Energy Midstream | Sold out | 0.00% | −0.45 |
| GLV Clough Global Dividend & Inc. | Reduce -22.0% | 0.72% | −0.42 |
| RWT Redwood Trust Inc. | Sold out | 0.00% | −0.34 |
| XENWX Eaton Vance New York Municip | Sold out | 0.00% | −0.22 |
| HFRO Highland Opport & Income | Reduce -2.2% | 0.57% | −0.20 |
| XEVMX Eaton Vance Cal Muni Bond | Sold out | 0.00% | −0.10 |
| OXSQ Oxford Square Capital Corp. | Sold out | 0.00% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| XAI OCTAGN FLT RAT & ALT INM | New | 3.53% | +3.53 |
| OXLC Oxford Lane Capital Corp. | Add +144.6% | 7.51% | +3.35 |
| BCSF Bain Capital Specialty Finan | Add +258.0% | 4.33% | +2.80 |
| CCAP Crescent Capital BDC Inc. | Add +99.8% | 5.83% | +2.17 |
| RWAY Runway Growth Finance Corp. | Add +102.5% | 6.96% | +2.13 |
| CGBD Carlyle Secured Lending Inc. | Add +91.6% | 5.66% | +2.01 |
| MRP Millrose Properties | New | 1.89% | +1.89 |
| MFIC Midcap Financial Investment | Add +160.5% | 3.70% | +1.86 |
| GBDC Golub Capital BDC Inc. | Add +552.2% | 2.20% | +1.78 |
| SWZ Total Return Securities Fund | Add +241.6% | 2.04% | +1.32 |
| FSK FS KKR Capital Corp. | Add +45.6% | 6.59% | +0.95 |
| FSSL FS Specialty Lending Fund | New | 0.95% | +0.95 |
| MXF Mexico Fund Inc. | Add +309.2% | 1.26% | +0.89 |
| MSIF MSC Income Fund Inc. | Add +56.9% | 3.27% | +0.70 |
| ACRE Ares Commercial Real Estate | Add +34.0% | 3.68% | +0.48 |
| ARI Apollo Commercial Real Estat | New | 0.29% | +0.29 |
| TCPC BlackRock TCP Capital Corp. | Add +57.6% | 2.14% | +0.24 |
| BRSP Brightspire Capital Inc. | Add +21.2% | 8.49% | +0.10 |
| FSCO FS Credit Opportunities Corp. | New | 0.09% | +0.09 |
| ICMB Investcorp Credit Management | New | 0.07% | +0.07 |
| BRW Saba Capital Income & Opport | Add +48.3% | 0.57% | +0.04 |
| DMA Destra Multi-Alternative | Add +31.0% | 0.34% | +0.03 |
| AEF Abrdn Emerging Markets Ex CH | Add +10.4% | 0.53% | −0.02 |
| FMN Federated Herm Prem Muni Inc. | Add +11.8% | 0.21% | −0.02 |
| VKI Invesco Adv Muni Inc. TR II | Add +11.6% | 0.43% | −0.03 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Add +11.6% | 0.44% | −0.04 |
| VPV Invesco Pa Val Muni Inc. | Add +11.7% | 0.49% | −0.04 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Add +11.5% | 0.90% | −0.11 |
| IQI Invesco Quality Muni Inc. TR | Add +11.5% | 1.18% | −0.11 |
| NVG Nuveen Amt-FR Muni CRDT | Add +11.5% | 1.92% | −0.15 |
| ACP Abrdn Income Credit Strat | Add +11.2% | 0.88% | −0.17 |
| GLO Clough Global Opportunities | Add +17.4% | 3.13% | −0.19 |
| NRK Nuveen NY Amt-FR Muni Inc. | Add +11.6% | 3.01% | −0.36 |
| CION Cion Investment Corp. | Add +8.4% | 5.22% | −0.61 |
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 |