Northern Right Capital Management, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Northern Right Capital Management, L.P. reported 24 stock positions worth $323.1 million. Its top holding was News Class A (NWSA) at 11.1% of the portfolio, followed by Howard Hughes (HHH, 7.7%) and Apollo Global Management (APO, 7.7%). Compared with Q2 2025, it opened 8 new positions, sold out of 8, added to 9 and reduced 4. The biggest buy was a new position in Norwegian Cruise Line Holdin (NCLH) and the biggest sale an exit from Core Scientific (CORZ).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001346543
- Portfolio Value
- $323.1M (Q3 2025)
- SEC Filing
- 0001346543-25-000009 ↗ filed Nov 14, 2025
Holdings Value
Holdings 24 stocks · $323.1M
| NWSA News Corp. Class A | 11.09% | 1,167,372 | $35.8M | Add +12.6% |
| HHH Howard Hughes Holdings Inc. | 7.69% | 302,450 | $24.9M | Add +15.7% |
| APO Apollo Global Management Inc. | 7.68% | 186,204 | $24.8M | Add +7.6% |
| HUT Hut 8 Corp. | 7.38% | 684,905 | $23.8M | Reduce -29.5% |
| MSGE Madison Square Garden Entert | 6.66% | 475,942 | $21.5M | Add +20.0% |
| PINS Pinterest Inc. Class A | 6.58% | 661,096 | $21.3M | Add +275.4% |
| TKO Tko Group Holdings Inc. | 6.39% | 102,224 | $20.6M | Add +15.7% |
| NCLH Norwegian Cruise Line Holdin | 6.03% | 790,760 | $19.5M | New |
| RITM Rithm Capital Corp. | 5.99% | 1,698,003 | $19.3M | Add +33.6% |
| DBRG Digitalbridge Group Inc. | 5.01% | 1,383,723 | $16.2M | New |
| ARES Ares Management Corp. Class A | 4.17% | 84,205 | $13.5M | No change |
| FOX Fox Corp. Class B | 4.03% | 227,226 | $13.0M | New |
| ECHO Echostar Corp. Class A | 3.43% | 145,000 | $11.1M | New |
| GEG Great Elm Group Inc. | 3.22% | 4,243,168 | $10.4M | No change |
| VRT Vertiv Holdings Co. Class A | 2.74% | 58,684 | $8.9M | New |
| GECC Great Elm Capital Corp. | 2.48% | 798,471 | $8.0M | No change |
| CTRI Centuri Holdings Inc. | 2.10% | 321,129 | $6.8M | New |
| DUOT Duos Technologies Group Inc. | 1.77% | 777,626 | $5.7M | New |
| NWS News Corp. Class B | 1.50% | 140,459 | $4.9M | Add +12.0% |
| ET Energy Transfer LP | 1.23% | 231,821 | $4.0M | Reduce -16.6% |
| SMRT Smartrent Inc. | 1.16% | 2,651,516 | $3.7M | New |
| MPLX MPLX LP | 0.73% | 47,350 | $2.4M | Reduce -7.6% |
| BEP Brookfield Renewable Partner | 0.61% | 76,616 | $2.0M | Add +18.6% |
| CART Maplebear Inc. | 0.34% | 29,778 | $1.1M | Reduce -93.8% |
Portfolio Sells Q2 2025 → Q3 2025
| CORZ Core Scientific Inc. | Sold out | 0.00% | −10.07 |
| PPLI People Inc. | Sold out | 0.00% | −7.27 |
| CART Maplebear Inc. | Reduce -93.8% | 0.34% | −7.07 |
| TRU Transunion | Sold out | 0.00% | −4.85 |
| FIP Ftai Infrastructure Inc. | Sold out | 0.00% | −1.87 |
| MGM MGM Resorts International | Sold out | 0.00% | −1.69 |
| TPB Turning Point Brands Inc. | Sold out | 0.00% | −1.58 |
| ET Energy Transfer LP | Reduce -16.6% | 1.23% | −0.49 |
| CIFR Cipher Digital Inc. | Sold out | 0.00% | −0.29 |
| PBPB Potbelly Corp. | Sold out | 0.00% | −0.20 |
| MPLX MPLX LP | Reduce -7.6% | 0.73% | −0.17 |
| HUT Hut 8 Corp. | Reduce -29.5% | 7.38% | +1.19 |
Portfolio Buys Q2 2025 → Q3 2025
| NCLH Norwegian Cruise Line Holdin | New | 6.03% | +6.03 |
| DBRG Digitalbridge Group Inc. | New | 5.01% | +5.01 |
| PINS Pinterest Inc. Class A | Add +275.4% | 6.58% | +4.42 |
| FOX Fox Corp. Class B | New | 4.03% | +4.03 |
| ECHO Echostar Corp. Class A | New | 3.43% | +3.43 |
| VRT Vertiv Holdings Co. Class A | New | 2.74% | +2.74 |
| CTRI Centuri Holdings Inc. | New | 2.10% | +2.10 |
| DUOT Duos Technologies Group Inc. | New | 1.77% | +1.77 |
| HHH Howard Hughes Holdings Inc. | Add +15.7% | 7.69% | +1.65 |
| MSGE Madison Square Garden Entert | Add +20.0% | 6.66% | +1.24 |
| SMRT Smartrent Inc. | New | 1.16% | +1.16 |
| RITM Rithm Capital Corp. | Add +33.6% | 5.99% | +1.07 |
| TKO Tko Group Holdings Inc. | Add +15.7% | 6.39% | +0.88 |
| NWSA News Corp. Class A | Add +12.6% | 11.09% | +0.54 |
| BEP Brookfield Renewable Partner | Add +18.6% | 0.61% | +0.05 |
| NWS News Corp. Class B | Add +12.0% | 1.50% | +0.03 |
| APO Apollo Global Management Inc. | Add +7.6% | 7.68% | −0.72 |
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 |