North Ground Capital 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
North Ground Capital disclosed 45 US equity positions worth $201.4m in its Q4 2025 13F filing. The largest position was BRSP at 8.5% of the reported book, followed by OXFORD LANE CAP CORP and RWAY. Against the Q3 2025 filing, it opened 6 new positions, added to 28 and reduced 11 among the top 45 holdings.
What did North Ground Capital own in Q4 2025? Top 45 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | BRSP BRIGHTSPIRE CAPITAL INC | 8.5% | $17.1m | 3,054,552 | 21% | added | |
| 2 | OXFORD LANE CAP CORP | 7.5% | $15.1m | 1,032,585 | 145% | added | |
| 3 | RWAY RUNWAY GROWTH FINANCE CORP | 7.0% | $14.0m | 1,569,050 | 102% | added | |
| 4 | FSK FS KKR CAP CORP | 6.6% | $13.3m | 895,746 | 46% | added | |
| 5 | CCAP CRESCENT CAP BDC INC | 5.8% | $11.7m | 835,312 | 100% | added | |
| 6 | CARLYLE SECURED LENDING INC | 5.7% | $11.4m | 912,220 | 92% | added | |
| 7 | CION CION INVT CORP | 5.2% | $10.5m | 1,086,992 | 8% | added | |
| 8 | BAIN CAP SPECIALTY FIN INC | 4.3% | $8.7m | 626,514 | 258% | added | |
| 9 | MFIC MIDCAP FINANCIAL INVSTMNT CO | 3.7% | $7.5m | 651,326 | 161% | added | |
| 10 | ACRE ARES COML REAL ESTATE CORP | 3.7% | $7.4m | 1,551,806 | 34% | added | |
| 11 | XAI OCTAGN FLT RAT & ALT INM | 3.5% | $7.1m | 1,482,418 | – | new | |
| 12 | MSC INCOME FUND INC | 3.3% | $6.6m | 501,678 | 57% | added | |
| 13 | CLOUGH GLOBAL OPPORTUNITIES | 3.1% | $6.3m | 1,112,636 | 17% | added | |
| 14 | NUVEEN NEW YORK AMT QLT MUNI | 3.0% | $6.1m | 601,212 | 12% | added | |
| 15 | GBDC GOLUB CAP BDC INC | 2.2% | $4.4m | 326,106 | 552% | added | |
| 16 | BLACKROCK TCP CAPITAL CORP | 2.1% | $4.3m | 787,946 | 58% | added | |
| 17 | TOTAL RETURN SECURITIES FUND | 2.0% | $4.1m | 661,145 | 242% | added | |
| 18 | OTF BLUE OWL TECHNOLOGY FIN CORP | 2.0% | $3.9m | 271,645 | -28% | reduced | |
| 19 | NUVEEN AMT FREE MUN CR INC F | 1.9% | $3.9m | 305,064 | 12% | added | |
| 20 | MRP MILLROSE PPTYS INC | Real Estate | 1.9% | $3.8m | 127,189 | – | new |
| 21 | BLACKROCK ESG CAP ALLC TERM | 1.7% | $3.4m | 223,714 | -22% | reduced | |
| 22 | NUVEEN MUNICIPAL CREDIT INC | 1.4% | $2.8m | 223,536 | -13% | reduced | |
| 23 | MEXICO FD INC | 1.3% | $2.5m | 126,312 | 309% | added | |
| 24 | INVESCO QUALITY MUN INCOME T | 1.2% | $2.4m | 238,367 | 12% | added | |
| 25 | EAGLE POINT CREDIT COMPANY I | 1.1% | $2.2m | 390,468 | -38% | reduced | |
| 26 | AOMR ANGEL OAK MORTGAGE REIT INC | 1.1% | $2.1m | 249,628 | -36% | reduced | |
| 27 | FS SPECIALTY LENDING FD | 1.0% | $1.9m | 135,324 | – | new | |
| 28 | NUVEEN PENNSYLVANIA QLT MUN | 0.9% | $1.8m | 152,529 | 11% | added | |
| 29 | ABRDN INCOME CREDIT STRATEGI | 0.9% | $1.8m | 329,148 | 11% | added | |
| 30 | CLOUGH GLOBAL DIVID & INCOME | 0.7% | $1.5m | 244,254 | -22% | reduced | |
| 31 | NUVEEN NEW JERSEY QULT MUN F | 0.7% | $1.4m | 112,826 | -34% | reduced | |
| 32 | VIRTUS TOTAL RETURN FD INC | 0.7% | $1.4m | 222,186 | -81% | reduced | |
| 33 | HIGHLAND OPPS & INCOME FD | 0.6% | $1.2m | 192,701 | -2% | reduced | |
| 34 | SABA CAPITAL INCOME & OPRNT | 0.6% | $1.1m | 163,114 | 48% | added | |
| 35 | ABRDN EMERGING MARKETS EX CH | 0.5% | $1.1m | 152,370 | 10% | added | |
| 36 | INVESCO PA VALUE MUN INC TR | 0.5% | $977.8k | 93,481 | 12% | added | |
| 37 | NUVEEN AMT FREE QLTY MUN INC | 0.4% | $887.9k | 76,342 | 12% | added | |
| 38 | INVESCO ADVANTAGE MUN INCOME | 0.4% | $870.4k | 95,443 | 12% | added | |
| 39 | DESTRA MULTI-ALTERNATIVE FD | 0.3% | $693.5k | 77,310 | 31% | added | |
| 40 | ARI APOLLO COML REAL EST FIN INC | Real Estate | 0.3% | $580.8k | 60,000 | – | new |
| 41 | CLOUGH GLOBAL EQUITY FD | 0.3% | $551.7k | 72,019 | -69% | reduced | |
| 42 | FEDERATED HERMES PREM MUNI I | 0.2% | $426.9k | 38,429 | 12% | added | |
| 43 | FS CREDIT OPPORTUNITIES CORP | 0.1% | $172.2k | 27,334 | – | new | |
| 44 | INVESTCORP CR MGMT BDC INC | 0.1% | $146.6k | 54,299 | – | new | |
| 45 | WESTERN ASST INFLTN LKD INM | 0.0% | $90.1k | 10,892 | -89% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.