Northern Right Capital Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Northern Right Capital Management, L.P. reported 23 stock positions worth $245.0 million. Its top holding was News Class A (NWSA) at 11.5% of the portfolio, followed by Rithm Capital (RITM, 9.9%) and Apollo Global Management (APO, 9.5%). Compared with Q4 2024, it opened 4 new positions, sold out of 4, added to 5 and reduced 8. The biggest buy was a new position in Maplebear (CART) and the biggest sale an exit from Howard Hughes (HHH).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001346543
- Portfolio Value
- $245.0M (Q1 2025)
- SEC Filing
- 0001346543-25-000005 ↗ filed May 15, 2025
Holdings Value
Holdings 23 stocks · $245.0M
| NWSA News Corp. Class A | 11.52% | 1,037,010 | $28.2M | No change |
| RITM Rithm Capital Corp. | 9.91% | 2,120,496 | $24.3M | Reduce -3.9% |
| APO Apollo Global Management Inc. | 9.53% | 170,491 | $23.3M | Reduce -21.5% |
| MSGE Madison Square Garden Entert | 6.39% | 478,256 | $15.7M | Add +16.4% |
| CART Maplebear Inc. | 5.90% | 362,622 | $14.5M | New |
| PPLI People Inc. filed as IAC INC | 5.64% | 300,678 | $13.8M | Reduce -21.9% |
| TKO Tko Group Holdings Inc. | 5.51% | 88,389 | $13.5M | Add +0.4% |
| TPB Turning Point Brands Inc. | 5.34% | 220,178 | $13.1M | Add +63.9% |
| ARES Ares Management Corp. Class A | 5.27% | 88,083 | $12.9M | Reduce -15.5% |
| PINS Pinterest Inc. Class A | 5.20% | 410,589 | $12.7M | Reduce -28.1% |
| TRU Transunion | 5.12% | 151,013 | $12.5M | Add +155.8% |
| FTAI Ftai Aviation Ltd. | 4.08% | 90,000 | $10.0M | Reduce -35.7% |
| GECC Great Elm Capital Corp. | 3.32% | 798,471 | $8.1M | Reduce -22.9% |
| GEG Great Elm Group Inc. | 3.27% | 4,243,168 | $8.0M | No change |
| HUT Hut 8 Corp. | 3.11% | 656,330 | $7.6M | Add +44.3% |
| HOOD Robinhood Markets Inc. Class A | 2.16% | 127,247 | $5.3M | New |
| ET Energy Transfer LP | 2.11% | 277,999 | $5.2M | No change |
| VMEO Vimeo Inc. | 1.66% | 775,000 | $4.1M | New |
| NWS News Corp. Class B | 1.56% | 125,459 | $3.8M | No change |
| EPD Enterprise Products Partners | 1.46% | 105,000 | $3.6M | No change |
| MPLX MPLX LP | 1.12% | 51,232 | $2.7M | No change |
| CORZ Core Scientific Inc. | 0.44% | 150,000 | $1.1M | Reduce -71.6% |
| BEP Brookfield Renewable Partner | 0.36% | 39,262 | $870K | New |
Portfolio Sells Q4 2024 → Q1 2025
| HHH Howard Hughes Holdings Inc. | Sold out | 0.00% | −4.67 |
| APO Apollo Global Management Inc. | Reduce -21.5% | 9.53% | −3.79 |
| FTAI Ftai Aviation Ltd. | Reduce -35.7% | 4.08% | −3.41 |
| CORZ Core Scientific Inc. | Reduce -71.6% | 0.44% | −2.31 |
| NBIS Nebius Group NV | Sold out | 0.00% | −1.60 |
| ARES Ares Management Corp. Class A | Reduce -15.5% | 5.27% | −1.59 |
| MITT TPG Mortgage Investment Trus | Sold out | 0.00% | −1.12 |
| PINS Pinterest Inc. Class A | Reduce -28.1% | 5.20% | −0.96 |
| PPLI People Inc. | Reduce -21.9% | 5.64% | −0.53 |
| MDXH Mdxhealth | Sold out | 0.00% | −0.09 |
| GECC Great Elm Capital Corp. | Reduce -22.9% | 3.32% | +0.06 |
| RITM Rithm Capital Corp. | Reduce -3.9% | 9.91% | +1.03 |
Portfolio Buys Q4 2024 → Q1 2025
| CART Maplebear Inc. | New | 5.90% | +5.90 |
| TRU Transunion | Add +155.8% | 5.12% | +3.08 |
| TPB Turning Point Brands Inc. | Add +63.9% | 5.34% | +2.34 |
| HOOD Robinhood Markets Inc. Class A | New | 2.16% | +2.16 |
| VMEO Vimeo Inc. | New | 1.66% | +1.66 |
| MSGE Madison Square Garden Entert | Add +16.4% | 6.39% | +0.96 |
| TKO Tko Group Holdings Inc. | Add +0.4% | 5.51% | +0.87 |
| BEP Brookfield Renewable Partner | New | 0.36% | +0.36 |
| HUT Hut 8 Corp. | Add +44.3% | 3.11% | −0.35 |
Options Activity Q4 2024 → Q1 2025
| APLD Applied Digital Corp. | put | Sold out | 170,500 | $1.3Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 27 | $336.9M | FTAI, NWSA, TKO, SRTA, WULF |
| Q1 2026 | 25 | $281.0M | NWSA, FTAI, HHH, TKO, ECHO |
| Q4 2025 | 27 | $380.9M | NWSA, ECHO, HUT, DBRG, HHH |
| Q3 2025 | 24 | $323.1M | NWSA, HHH, APO, HUT, MSGE |
| Q2 2025Amended | 24 | $292.1M | NWSA, CORZ, APO, CART, PPLI |
| Q1 2025 | 23 | $245.0M | NWSA, RITM, APO, MSGE, CART |
| Q4 2024 | 23 | $269.2M | APO, NWSA, RITM, FTAI, ARES |
| Q3 2024 | 27 | $268.7M | APO, NWSA, PPLI, MSGE, ARES |
| Q2 2024 | 28 | $270.6M | NWSA, APO, PPLI, MSGS, MSGE |
| Q1 2024 | 29 | $276.8M | NWSA, APO, PPLI, MSGE, ARES |