North Ground Capital
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), North Ground Capital reported 40 stock positions worth $83.0 million. Its top holding was Brightspire Capital (BRSP) at 10.8% of the portfolio, followed by Runway Growth Finance (RWAY, 8.0%) and Golub Capital BDC (GBDC, 7.3%). Compared with Q4 2025, it opened 4 new positions, sold out of 9, added to 5 and reduced 31. The biggest buy was Golub Capital BDC (GBDC, shares +47%) and the biggest sale Oxford Lane Capital (OXLC, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- Cohasset, MA
- CIK
- 0002055446
- Portfolio Value
- $83.0M (Q1 2026)
- SEC Filing
- 0001420506-26-000890 ↗ filed May 11, 2026
Holdings Value
Holdings 40 stocks · $83.0M
| BRSP Brightspire Capital Inc. | 10.79% | 1,600,000 | $9.0M | Reduce -47.6% |
| RWAY Runway Growth Finance Corp. | 7.96% | 961,326 | $6.6M | Reduce -38.7% |
| GBDC Golub Capital BDC Inc. | 7.30% | 478,894 | $6.1M | Add +46.9% |
| MSIF MSC Income Fund Inc. | 6.59% | 448,919 | $5.5M | Reduce -10.5% |
| ACRE Ares Commercial Real Estate | 6.48% | 1,120,000 | $5.4M | Reduce -27.8% |
| CGBD Carlyle Secured Lending Inc. | 5.11% | 387,518 | $4.2M | Reduce -57.5% |
| BCSF Bain Capital Specialty Finan | 4.99% | 333,982 | $4.1M | Reduce -46.7% |
| CCAP Crescent Capital BDC Inc. | 4.96% | 338,907 | $4.1M | Reduce -59.4% |
| MRP Millrose Properties | 4.38% | 130,000 | $3.6M | Add +2.2% |
| NRK Nuveen NY Amt-FR Muni Inc. | 4.36% | 354,414 | $3.6M | Reduce -41.0% |
| FSSL FS Specialty Lending Fund | 3.77% | 250,000 | $3.1M | Add +84.7% |
| TCPC BlackRock TCP Capital Corp. | 3.70% | 850,000 | $3.1M | Add +7.9% |
| GLO Clough Global Opportunities | 3.55% | 529,521 | $2.9M | Reduce -52.4% |
| FSCO FS Credit Opportunities Corp. | 3.23% | 525,000 | $2.7M | Add +1820.7% |
| GLAD Gladstone Capital Corp. | 2.99% | 142,896 | $2.5M | New |
| OTF Blue Owl Technology Finance | 2.82% | 188,674 | $2.3M | Reduce -30.5% |
| MXF Mexico Fund Inc. | 1.80% | 71,369 | $1.5M | Reduce -43.5% |
| NVG Nuveen Amt-FR Muni CRDT | 1.68% | 113,390 | $1.4M | Reduce -62.8% |
| ECAT BlackRock ESG Cap All TRM TR | 1.64% | 100,000 | $1.4M | Reduce -55.3% |
| IQI Invesco Quality Muni Inc. TR | 1.51% | 130,401 | $1.3M | Reduce -45.3% |
| AOMR Angel Oak Mortgage REIT Inc. | 1.35% | 136,424 | $1.1M | Reduce -45.4% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 1.22% | 85,044 | $1.0M | Reduce -44.2% |
| XNXJX Nuveen NJ QLTY Muni Inc. | 0.93% | 62,639 | $770K | Reduce -44.5% |
| BXSL Blackstone Secured Lending F | 0.77% | 27,041 | $641K | New |
| BRW Saba Capital Income & Opport | 0.77% | 94,432 | $636K | Reduce -42.1% |
| VPV Invesco Pa Val Muni Inc. | 0.63% | 49,775 | $526K | Reduce -46.8% |
| CION Cion Investment Corp. | 0.62% | 75,000 | $513K | Reduce -93.1% |
| ACP Abrdn Income Credit Strat | 0.61% | 100,000 | $510K | Reduce -69.6% |
| DMA Destra Multi-Alternative | 0.54% | 55,059 | $447K | Reduce -28.8% |
| ARCC Ares Capital Corp. | 0.39% | 17,757 | $320K | New |
| SWZ Total Return Securities Fund | 0.34% | 47,591 | $282K | Reduce -92.8% |
| GLV Clough Global Dividend & Inc. | 0.34% | 47,359 | $280K | Reduce -80.6% |
| XGLQX Clough Global Equity Fund | 0.32% | 35,554 | $268K | Reduce -50.6% |
| ARI Apollo Commercial Real Estat | 0.32% | 25,000 | $264K | Reduce -58.3% |
| FSK FS KKR Capital Corp. | 0.31% | 25,000 | $255K | Reduce -97.2% |
| OXLC Oxford Lane Capital Corp. | 0.29% | 25,000 | $245K | Reduce -97.6% |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 0.23% | 25,000 | $194K | New |
| FMN Federated Herm Prem Muni Inc. | 0.22% | 17,018 | $186K | Reduce -55.7% |
| HFRO Highland Opport & Income | 0.15% | 22,081 | $126K | Reduce -88.5% |
| ICMB Investcorp Credit Management | 0.05% | 25,386 | $41K | Reduce -53.3% |
Portfolio Sells Q4 2025 → Q1 2026
| OXLC Oxford Lane Capital Corp. | Reduce -97.6% | 0.29% | −7.21 |
| FSK FS KKR Capital Corp. | Reduce -97.2% | 0.31% | −6.28 |
| CION Cion Investment Corp. | Reduce -93.1% | 0.62% | −4.60 |
| MFIC Midcap Financial Investment | Sold out | 0.00% | −3.70 |
| XAI OCTAGN FLT RAT & ALT INM | Sold out | 0.00% | −3.53 |
| SWZ Total Return Securities Fund | Reduce -92.8% | 0.34% | −1.70 |
| NZF Nuveen Municipal Credit Inc. | Sold out | 0.00% | −1.40 |
| ECC Eagle Point Credit Co. | Sold out | 0.00% | −1.12 |
| CCAP Crescent Capital BDC Inc. | Reduce -59.4% | 4.96% | −0.87 |
| ZTR Virtus Total Return Fund Inc. | Sold out | 0.00% | −0.70 |
| CGBD Carlyle Secured Lending Inc. | Reduce -57.5% | 5.11% | −0.55 |
| AEF Abrdn Emerging Markets Ex CH | Sold out | 0.00% | −0.53 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Sold out | 0.00% | −0.44 |
| VKI Invesco Adv Muni Inc. TR II | Sold out | 0.00% | −0.43 |
| HFRO Highland Opport & Income | Reduce -88.5% | 0.15% | −0.42 |
| GLV Clough Global Dividend & Inc. | Reduce -80.6% | 0.34% | −0.39 |
| ACP Abrdn Income Credit Strat | Reduce -69.6% | 0.61% | −0.27 |
| NVG Nuveen Amt-FR Muni CRDT | Reduce -62.8% | 1.68% | −0.23 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -55.3% | 1.64% | −0.07 |
| XWIAX Western Asset Infl-Link Sec | Sold out | 0.00% | −0.04 |
| ICMB Investcorp Credit Management | Reduce -53.3% | 0.05% | −0.02 |
| FMN Federated Herm Prem Muni Inc. | Reduce -55.7% | 0.22% | +0.01 |
| ARI Apollo Commercial Real Estat | Reduce -58.3% | 0.32% | +0.03 |
| XGLQX Clough Global Equity Fund | Reduce -50.6% | 0.32% | +0.05 |
| VPV Invesco Pa Val Muni Inc. | Reduce -46.8% | 0.63% | +0.15 |
| DMA Destra Multi-Alternative | Reduce -28.8% | 0.54% | +0.19 |
| BRW Saba Capital Income & Opport | Reduce -42.1% | 0.77% | +0.20 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Reduce -44.5% | 0.93% | +0.22 |
| AOMR Angel Oak Mortgage REIT Inc. | Reduce -45.4% | 1.35% | +0.28 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Reduce -44.2% | 1.22% | +0.32 |
| IQI Invesco Quality Muni Inc. TR | Reduce -45.3% | 1.51% | +0.33 |
| GLO Clough Global Opportunities | Reduce -52.4% | 3.55% | +0.43 |
| MXF Mexico Fund Inc. | Reduce -43.5% | 1.80% | +0.54 |
| BCSF Bain Capital Specialty Finan | Reduce -46.7% | 4.99% | +0.66 |
| OTF Blue Owl Technology Finance | Reduce -30.5% | 2.82% | +0.85 |
| RWAY Runway Growth Finance Corp. | Reduce -38.7% | 7.96% | +1.00 |
| NRK Nuveen NY Amt-FR Muni Inc. | Reduce -41.0% | 4.36% | +1.35 |
| BRSP Brightspire Capital Inc. | Reduce -47.6% | 10.79% | +2.30 |
| ACRE Ares Commercial Real Estate | Reduce -27.8% | 6.48% | +2.79 |
| MSIF MSC Income Fund Inc. | Reduce -10.5% | 6.59% | +3.31 |
Portfolio Buys Q4 2025 → Q1 2026
| GBDC Golub Capital BDC Inc. | Add +46.9% | 7.30% | +5.11 |
| FSCO FS Credit Opportunities Corp. | Add +1820.7% | 3.23% | +3.14 |
| GLAD Gladstone Capital Corp. | New | 2.99% | +2.99 |
| FSSL FS Specialty Lending Fund | Add +84.7% | 3.77% | +2.82 |
| MRP Millrose Properties | Add +2.2% | 4.38% | +2.50 |
| TCPC BlackRock TCP Capital Corp. | Add +7.9% | 3.70% | +1.56 |
| BXSL Blackstone Secured Lending F | New | 0.77% | +0.77 |
| ARCC Ares Capital Corp. | New | 0.39% | +0.39 |
| NMFC New Mountain Finance Corp. | New | 0.23% | +0.23 |
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 |