Northern Right Capital Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Northern Right Capital Management, L.P. reported 27 stock positions worth $380.9 million. Its top holding was News Class A (NWSA) at 8.2% of the portfolio, followed by Echostar Class A (ECHO, 7.4%) and Hut 8 (HUT, 7.3%). Compared with Q3 2025, it opened 6 new positions, sold out of 3, added to 11 and reduced 5. The biggest buy was a new position in Ftai Aviation (FTAI) and the biggest sale an exit from Pinterest Class A (PINS).
- Most Recent 13F
- Q2 2026
- Location
- DARIEN, CT
- CIK
- 0001346543
- Portfolio Value
- $380.9M (Q4 2025)
- SEC Filing
- 0001346543-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 27 stocks · $380.9M
| NWSA News Corp. Class A | 8.20% | 1,196,066 | $31.2M | Add +2.5% |
| ECHO Echostar Corp. Class A | 7.37% | 258,223 | $28.1M | Add +78.1% |
| HUT Hut 8 Corp. | 7.28% | 603,201 | $27.7M | Reduce -11.9% |
| DBRG Digitalbridge Group Inc. | 7.08% | 1,756,872 | $27.0M | Add +27.0% |
| HHH Howard Hughes Holdings Inc. | 7.06% | 336,926 | $26.9M | Add +11.4% |
| TKO Tko Group Holdings Inc. | 7.04% | 128,326 | $26.8M | Add +25.5% |
| FOX Fox Corp. Class B | 6.39% | 374,629 | $24.3M | Add +64.9% |
| FTAI Ftai Aviation Ltd. | 5.89% | 114,000 | $22.4M | New |
| ARES Ares Management Corp. Class A | 5.23% | 123,338 | $19.9M | Add +46.5% |
| RITM Rithm Capital Corp. | 5.21% | 1,821,861 | $19.9M | Add +7.3% |
| MSGE Madison Square Garden Entert | 5.18% | 366,377 | $19.7M | Reduce -23.0% |
| APO Apollo Global Management Inc. | 5.02% | 132,095 | $19.1M | Reduce -29.1% |
| CTRI Centuri Holdings Inc. | 3.70% | 557,938 | $14.1M | Add +73.7% |
| SRTA Strata Critical Medical Inc. | 3.62% | 2,869,014 | $13.8M | New |
| GEG Great Elm Group Inc. | 2.84% | 4,243,168 | $10.8M | No change |
| DUOT Duos Technologies Group Inc. | 2.30% | 777,626 | $8.7M | No change |
| FLUT Flutter Entertainment PLC-Di | 2.18% | 38,654 | $8.3M | New |
| SMRT Smartrent Inc. | 1.85% | 3,479,459 | $7.0M | Add +31.2% |
| GECC Great Elm Capital Corp. | 1.48% | 798,471 | $5.6M | No change |
| BEP Brookfield Renewable Partner | 1.15% | 162,398 | $4.4M | Add +112.0% |
| NWS News Corp. Class B | 1.09% | 140,459 | $4.2M | No change |
| ET Energy Transfer LP | 0.92% | 212,512 | $3.5M | Reduce -8.3% |
| AIV Apartment Invt & Mgmt Co. Class A | 0.57% | 363,042 | $2.2M | New |
| MPLX MPLX LP | 0.49% | 35,038 | $1.9M | Reduce -26.0% |
| CART Maplebear Inc. | 0.35% | 29,778 | $1.3M | No change |
| LION Lionsgate Studios Corp. | 0.31% | 131,226 | $1.2M | New |
| SSTI Soundthinking Inc. | 0.19% | 92,260 | $741K | New |
Portfolio Sells Q3 2025 → Q4 2025
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −6.58 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −6.03 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −2.74 |
| APO Apollo Global Management Inc. | Reduce -29.1% | 5.02% | −2.66 |
| MSGE Madison Square Garden Entert | Reduce -23.0% | 5.18% | −1.48 |
| ET Energy Transfer LP | Reduce -8.3% | 0.92% | −0.31 |
| MPLX MPLX LP | Reduce -26.0% | 0.49% | −0.24 |
| HUT Hut 8 Corp. | Reduce -11.9% | 7.28% | −0.10 |
Portfolio Buys Q3 2025 → Q4 2025
| FTAI Ftai Aviation Ltd. | New | 5.89% | +5.89 |
| ECHO Echostar Corp. Class A | Add +78.1% | 7.37% | +3.94 |
| SRTA Strata Critical Medical Inc. | New | 3.62% | +3.62 |
| FOX Fox Corp. Class B | Add +64.9% | 6.39% | +2.36 |
| FLUT Flutter Entertainment PLC-Di | New | 2.18% | +2.18 |
| DBRG Digitalbridge Group Inc. | Add +27.0% | 7.08% | +2.07 |
| CTRI Centuri Holdings Inc. | Add +73.7% | 3.70% | +1.60 |
| ARES Ares Management Corp. Class A | Add +46.5% | 5.23% | +1.07 |
| SMRT Smartrent Inc. | Add +31.2% | 1.85% | +0.69 |
| TKO Tko Group Holdings Inc. | Add +25.5% | 7.04% | +0.65 |
| AIV Apartment Invt & Mgmt Co. Class A | New | 0.57% | +0.57 |
| BEP Brookfield Renewable Partner | Add +112.0% | 1.15% | +0.54 |
| LION Lionsgate Studios Corp. | New | 0.31% | +0.31 |
| SSTI Soundthinking Inc. | New | 0.19% | +0.19 |
| HHH Howard Hughes Holdings Inc. | Add +11.4% | 7.06% | −0.63 |
| RITM Rithm Capital Corp. | Add +7.3% | 5.21% | −0.77 |
| NWSA News Corp. Class A | Add +2.5% | 8.20% | −2.89 |
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 |