Q4 2025 · 13F-HR
North Ground Capitalholdings as filed
Filed 2026-02-12 · accession 0001420506-26-000329
$201.4M
Reported value
45
Positions
2025-12-31
Period end
The Brief · North Ground Capital · Q4 2025
AI · grounded in 13F
North Ground Capital established a new position in XAI OCTAGN FLT RAT & ALT INM valued at $7.1M. The fund closed out positions in EIC and JAAA, reducing exposure by $6.45M and $6.43M respectively. Additionally, the fund increased its holdings in BCSF by 258% and OXLC by 144.5%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 10949T109 | BRSP | BRIGHTSPIRE CAPITAL INC | $17.1M | 8.49% | 3,054,552 | Common | SOLE |
| 691543847 | OXLC | OXFORD LANE CAP CORP | $15.1M | 7.51% | 1,032,585 | Common | SOLE |
| 78163D100 | RWAY | RUNWAY GROWTH FINANCE CORP | $14.0M | 6.96% | 1,569,050 | Common | SOLE |
| 302635206 | FSK | FS KKR CAP CORP | $13.3M | 6.59% | 895,746 | Common | SOLE |
| 225655109 | CCAP | CRESCENT CAP BDC INC | $11.7M | 5.83% | 835,312 | Common | SOLE |
| 872280102 | CGBD | CARLYLE SECURED LENDING INC | $11.4M | 5.66% | 912,220 | Common | SOLE |
| 17259U204 | CION | CION INVT CORP | $10.5M | 5.22% | 1,086,992 | Common | SOLE |
| 05684B107 | BCSF | BAIN CAP SPECIALTY FIN INC | $8.7M | 4.33% | 626,514 | Common | SOLE |
| 03761U502 | MFIC | MIDCAP FINANCIAL INVSTMNT CO | $7.5M | 3.70% | 651,326 | Common | SOLE |
| 04013V108 | ACRE | ARES COML REAL ESTATE CORP | $7.4M | 3.68% | 1,551,806 | Common | SOLE |
| 98400T106 | — | XAI OCTAGN FLT RAT & ALT INM | $7.1M | 3.53% | 1,482,418 | Common | SOLE |
| 55374X208 | MSIF | MSC INCOME FUND INC | $6.6M | 3.27% | 501,678 | Common | SOLE |
| 18914E106 | GLO | CLOUGH GLOBAL OPPORTUNITIES | $6.3M | 3.13% | 1,112,636 | Common | SOLE |
| 670656107 | NRK | NUVEEN NEW YORK AMT QLT MUNI | $6.1M | 3.01% | 601,212 | Common | SOLE |
| 38173M102 | GBDC | GOLUB CAP BDC INC | $4.4M | 2.20% | 326,106 | Common | SOLE |
| 09259E108 | TCPC | BLACKROCK TCP CAPITAL CORP | $4.3M | 2.14% | 787,946 | Common | SOLE |
| 870875101 | SWZ | TOTAL RETURN SECURITIES FUND | $4.1M | 2.04% | 661,145 | Common | SOLE |
| 095924106 | OTF | BLUE OWL TECHNOLOGY FIN CORP | $3.9M | 1.96% | 271,645 | Common | SOLE |
| 67071L106 | NVG | NUVEEN AMT FREE MUN CR INC F | $3.9M | 1.92% | 305,064 | Common | SOLE |
| 601137102 | MRP | MILLROSE PPTYS INC | $3.8M | 1.89% | 127,189 | Common | SOLE |
| 09262F100 | ECAT | BLACKROCK ESG CAP ALLC TERM | $3.4M | 1.71% | 223,714 | Common | SOLE |
| 67070X101 | NZF | NUVEEN MUNICIPAL CREDIT INC | $2.8M | 1.40% | 223,536 | Common | SOLE |
| 592835102 | MXF | MEXICO FD INC | $2.5M | 1.26% | 126,312 | Common | SOLE |
| 46133G107 | IQI | INVESCO QUALITY MUN INCOME T | $2.4M | 1.18% | 238,367 | Common | SOLE |
| 269808101 | ECC | EAGLE POINT CREDIT COMPANY I | $2.2M | 1.12% | 390,468 | Common | SOLE |
| 03464Y108 | AOMR | ANGEL OAK MORTGAGE REIT INC | $2.1M | 1.07% | 249,628 | Common | SOLE |
| 644323107 | FSSL | FS SPECIALTY LENDING FD | $1.9M | 0.95% | 135,324 | Common | SOLE |
| 670972108 | XNQPX | NUVEEN PENNSYLVANIA QLT MUN | $1.8M | 0.90% | 152,529 | Common | SOLE |
| 003057106 | ACP | ABRDN INCOME CREDIT STRATEGI | $1.8M | 0.88% | 329,148 | Common | SOLE |
| 18913Y103 | GLV | CLOUGH GLOBAL DIVID & INCOME | $1.5M | 0.72% | 244,254 | Common | SOLE |
| 67069Y102 | XNXJX | NUVEEN NEW JERSEY QULT MUN F | $1.4M | 0.71% | 112,826 | Common | SOLE |
| 92835W107 | ZTR | VIRTUS TOTAL RETURN FD INC | $1.4M | 0.70% | 222,186 | Common | SOLE |
| 43010E404 | HFRO | HIGHLAND OPPS & INCOME FD | $1.2M | 0.57% | 192,701 | Common | SOLE |
| 78518H202 | BRW | SABA CAPITAL INCOME & OPRNT | $1.1M | 0.57% | 163,114 | Common | SOLE |
| 00301W105 | AEF | ABRDN EMERGING MARKETS EX CH | $1.1M | 0.53% | 152,370 | Common | SOLE |
| 46132K109 | VPV | INVESCO PA VALUE MUN INC TR | $977,811 | 0.49% | 93,481 | Common | SOLE |
| 670657105 | XNEAX | NUVEEN AMT FREE QLTY MUN INC | $887,857 | 0.44% | 76,342 | Common | SOLE |
| 46132E103 | VKI | INVESCO ADVANTAGE MUN INCOME | $870,440 | 0.43% | 95,443 | Common | SOLE |
| 25065A502 | DMA | DESTRA MULTI-ALTERNATIVE FD | $693,471 | 0.34% | 77,310 | Common | SOLE |
| 03762U105 | ARI | APOLLO COML REAL EST FIN INC | $580,800 | 0.29% | 60,000 | Common | SOLE |
| 18914C100 | XGLQX | CLOUGH GLOBAL EQUITY FD | $551,666 | 0.27% | 72,019 | Common | SOLE |
| 31423P108 | FMN | FEDERATED HERMES PREM MUNI I | $426,946 | 0.21% | 38,429 | Common | SOLE |
| 30290Y101 | FSCO | FS CREDIT OPPORTUNITIES CORP | $172,204 | 0.09% | 27,334 | Common | SOLE |
| 46090R104 | ICMB | INVESTCORP CR MGMT BDC INC | $146,607 | 0.07% | 54,299 | Common | SOLE |
| 95766Q106 | XWIAX | WESTERN ASST INFLTN LKD INM | $90,077 | 0.04% | 10,892 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.