Q3 2025 · 13F-HR
Next Capital Management LLCholdings as filed
Filed 2025-11-05 · accession 0001437749-25-033205
$299.6M
Reported value
139
Positions
2025-09-30
Period end
The Brief · Next Capital Management LLC · Q3 2025
AI · grounded in 13F
Next Capital Management LLC established a new position in the iShares Core S&P 500 ETF IVV valued at $45.98M. The fund also initiated new stakes in MidCap Financial Investment Corp MFIC for $16.09M and BlackRock TCP Capital Corp TCPC for $14.89M. Additional new positions include the Invesco QQQ Trust Series 1 ETF QQQ, Meta Platforms Inc META, and the iShares Core MSCI EAFE ETF IEFA.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 464287200 | IVV | ISHARES CORE S&P 500 ETF | $46.0M | 15.3% | 68,699 | Common | NONE |
| 03761U502 | MFIC | MIDCAP FINL INVESTME | $16.1M | 5.37% | 1,341,585 | Common | NONE |
| 09259E108 | TCPC | BLACKROCK TCP CAP CORP | $14.9M | 4.97% | 2,401,416 | Common | NONE |
| 46090E103 | QQQ | INVSC QQQ TRUST SRS 1 ETF | $12.7M | 4.22% | 21,084 | Common | NONE |
| 30303M102 | META | META PLATFORMS INC CLASS A | $12.3M | 4.10% | 16,713 | Common | NONE |
| 46432F842 | IEFA | ISHARES CORE MSCI EAFE ETF | $11.7M | 3.92% | 134,457 | Common | NONE |
| 023135106 | AMZN | AMAZON.COM INC | $10.2M | 3.41% | 46,594 | Common | NONE |
| 464287614 | IWF | ISHARES RUSSELL 1000 GROWTH ETF | $9.0M | 3.01% | 19,225 | Common | NONE |
| 922908769 | VTI | VANGUARD TOTAL STOCK MARKET ETF | $8.9M | 2.99% | 27,256 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $7.1M | 2.35% | 27,703 | Common | NONE |
| 46434G103 | IEMG | ISHARES CORE MSCI EMERGING ETF | $7.0M | 2.35% | 106,775 | Common | NONE |
| 922908363 | VOO | VANGUARD S&P 500 ETF | $6.2M | 2.05% | 10,037 | Common | NONE |
| 464287309 | IVW | ISHARES S&P 500 GROWTH ETF | $6.1M | 2.04% | 50,548 | Common | NONE |
| 464287804 | IJR | ISHARES CORE S&P SMALL CAP ETF | $5.2M | 1.75% | 44,138 | Common | NONE |
| 67066G104 | NVDA | NVIDIA CORP | $4.9M | 1.65% | 26,443 | Common | NONE |
| 464287598 | IWD | ISHARES RUSSELL 1000 VALUE ETF | $4.9M | 1.62% | 23,894 | Common | NONE |
| 464287507 | IJH | ISHARES CORE S&P MID CAPETF | $4.6M | 1.53% | 70,191 | Common | NONE |
| 464287622 | IWB | ISHARES RUSSELL 1000 ETF | $4.4M | 1.45% | 11,917 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY CLASS B | $4.2M | 1.42% | 8,449 | Common | NONE |
| 78462F103 | SPY | SPDR S&P 500 ETF | $3.9M | 1.30% | 5,848 | Common | NONE |
| 38173M102 | GBDC | GOLUB CAP BDC INC | $3.3M | 1.12% | 244,213 | Common | NONE |
| 808524607 | SCHA | SCHWAB US SMALL CAP ETF | $3.3M | 1.09% | 117,383 | Common | NONE |
| 808524201 | SCHX | SCHWAB US LARGE CAP ETF | $3.0M | 1.01% | 115,411 | Common | NONE |
| 921908844 | VIG | VANGUARD DIVIDEND APPRECIATION ETF | $2.9M | 0.96% | 13,349 | Common | NONE |
| 808524771 | FNDX | SCHWAB FUNDMNTL US LARGECOM ETF | $2.8M | 0.92% | 105,168 | Common | NONE |
| 48251W104 | KKR | KKR & CO INC | $2.6M | 0.88% | 20,273 | Common | NONE |
| 81369Y209 | XLV | SELECT SECTOR HEALTH CARE SPDR ETF | $2.6M | 0.86% | 18,581 | Common | NONE |
| 922908736 | VUG | VANGUARD GROWTH ETF | $2.5M | 0.82% | 5,152 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $2.3M | 0.76% | 4,371 | Common | NONE |
| 931142103 | WMT | WALMART INC | $2.1M | 0.71% | 20,600 | Common | NONE |
| 46138G649 | QQQM | INVESCO NASDAQ 100 ETF | $2.1M | 0.69% | 8,338 | Common | NONE |
| 500767306 | KWEB | KRANESHARES CSI CHINA INTERNET ETF | $2.1M | 0.69% | 49,020 | Common | NONE |
| 92204A702 | VGT | VANGUARD INFORMATION TECHNOLOGY ETF | $2.1M | 0.69% | 2,755 | Common | NONE |
| 808513105 | SCHW | CHARLES SCHWAB US MC ETF | $1.9M | 0.63% | 26,840 | Common | NONE |
| 464287234 | EEM | ISHARES MSCI EMERGING MARKETS ETF | $1.8M | 0.62% | 34,507 | Common | NONE |
| 81369Y605 | XLF | SELECT STR FINANCIAL SELECT SPDR ETF | $1.8M | 0.58% | 32,532 | Common | NONE |
| 02079K107 | GOOG | ALPHABET INC CLASS C | $1.6M | 0.53% | 6,569 | Common | NONE |
| 084670108 | BRK/A | BERKSHIRE HATHAWAY INC DCLASS A | $1.5M | 0.50% | 2 | Common | NONE |
| 02079K305 | GOOGL | ALPHABET INC CLASS CLASS A | $1.5M | 0.50% | 6,186 | Common | NONE |
| 464287663 | IUSV | ISHARES CORE S&P US VALUE ETF | $1.5M | 0.50% | 15,002 | Common | NONE |
| 922908538 | VOT | VANGUARD MID CAP GROWTH ETF | $1.5M | 0.49% | 5,020 | Common | NONE |
| 922908637 | VV | VANGUARD LARGE CAP ETF | $1.4M | 0.46% | 4,509 | Common | NONE |
| 532457108 | LLY | ELI LILLY AND CO | $1.3M | 0.45% | 1,768 | Common | NONE |
| 60937P106 | MDB | MONGODB INC CLASS A | $1.3M | 0.45% | 4,297 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO | $1.3M | 0.44% | 4,205 | Common | NONE |
| 464287481 | IWP | ISHARES RUSSELL MID CAP GROWTH ETF | $1.3M | 0.44% | 9,235 | Common | NONE |
| 879369106 | TFX | TELEFLEX INC | $1.3M | 0.43% | 10,423 | Common | NONE |
| 718172109 | PM | PHILIP MORRIS INTL INC | $1.2M | 0.41% | 7,588 | Common | NONE |
| 580135101 | MCD | MCDONALDS CORP | $1.2M | 0.41% | 4,007 | Common | NONE |
| 46641Q837 | JPST | JPMORGAN ULTRA SHORT INCOME ETF | $1.2M | 0.40% | 23,682 | Common | NONE |
| 64110L106 | NFLX | NETFLIX INC | $1.2M | 0.40% | 997 | Common | NONE |
| 81369Y803 | XLK | TECHNOLOGY SELECT SECTORSPDR ETF | $1.1M | 0.38% | 4,027 | Common | NONE |
| 38141G104 | GS | GOLDMAN SACHS GROUP INC | $1.1M | 0.38% | 1,415 | Common | NONE |
| 921946406 | VYM | VANGUARD HIGH DIVIDEND YIELD ETF | $1.1M | 0.37% | 7,778 | Common | NONE |
| 808524797 | SCHD | SCHWAB US DIVIDEND EQUITY ETF | $1.1M | 0.36% | 39,869 | Common | NONE |
| 191216100 | KO | THE COCA-COLA CO | $1.1M | 0.36% | 16,386 | Common | NONE |
| 464287655 | IWM | ISHARES RUSSELL 2000 ETF | $1.1M | 0.36% | 4,440 | Common | NONE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $1.0M | 0.35% | 5,579 | Common | NONE |
| 278865100 | ECL | ECOLAB INC | $1.0M | 0.35% | 3,775 | Common | NONE |
| 04626A103 | ALAB | ASTERA LABS INC | $1.0M | 0.34% | 5,182 | Common | NONE |
| 921943858 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | $960,098 | 0.32% | 16,023 | Common | NONE |
| 464287465 | EFA | ISHARES MSCI EAFE ETF | $953,868 | 0.32% | 10,216 | Common | NONE |
| 92189F106 | GDX | VANECK GOLD MINERS ETF | $897,853 | 0.30% | 11,752 | Common | NONE |
| 46137V241 | SPHQ | INVESCO S&P 500 QUALITY ETF | $850,750 | 0.28% | 11,608 | Common | NONE |
| 808524102 | SCHB | SCHWAB US BROAD MARKET ETF | $848,981 | 0.28% | 33,021 | Common | NONE |
| 437076102 | HD | HOME DEPOT INC | $807,544 | 0.27% | 1,993 | Common | NONE |
| 701094104 | PH | PARKER-HANNIFIN CORP | $784,685 | 0.26% | 1,035 | Common | NONE |
| 09260D107 | BX | BLACKSTONE INC | $775,546 | 0.26% | 4,539 | Common | NONE |
| 33738D101 | EMLP | FIRST TRUST NORTH AMERICAN ENERG ETF | $740,720 | 0.25% | 19,345 | Common | NONE |
| 11271J107 | BN | BROOKFIELD CORP FCLASS A | $720,090 | 0.24% | 10,500 | Common | NONE |
| 78518H202 | BRW | SABA CAPITAL INCOME OPPO | $690,963 | 0.23% | 88,927 | Common | NONE |
| 30231G102 | XOM | EXXON MOBIL CORP | $647,636 | 0.22% | 5,744 | Common | NONE |
| 464288240 | ACWX | ISHARES MSCI ACWI EX US ETF | $647,435 | 0.22% | 9,959 | Common | NONE |
| L8681T102 | SPOT | SPOTIFY TECHNOLOGY S A F | $600,280 | 0.20% | 860 | Common | NONE |
| 126349109 | CSN | CSG SYS INTL INC | $579,420 | 0.19% | 9,000 | Common | NONE |
| 682680103 | OKE | ONEOK INC NEW | $575,004 | 0.19% | 7,880 | Common | NONE |
| 025537101 | AEP | AMERICAN ELEC PWR CO INC | $570,938 | 0.19% | 5,075 | Common | NONE |
| 922908744 | VTV | VANGUARD VALUE ETF | $565,731 | 0.19% | 3,031 | Common | NONE |
| 693506107 | PPG | PPG INDS INC | $546,992 | 0.18% | 5,204 | Common | NONE |
| 922042858 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | $538,622 | 0.18% | 9,941 | Common | NONE |
| 747525103 | QCOM | QUALCOMM INC | $535,014 | 0.18% | 3,216 | Common | NONE |
| 69121K104 | OBDC | BLUE OWL CAP CORP | $502,666 | 0.17% | 39,363 | Common | NONE |
| 75508B104 | RYAM | Rayonier Advanced Ma | $478,289 | 0.16% | 66,245 | Common | NONE |
| 76882G107 | OPP | RIVERNORTH DOUBLLINE STR | $470,080 | 0.16% | 55,109 | Common | NONE |
| 464288869 | IWC | ISHARES MICRO CAP ETF | $465,608 | 0.16% | 3,123 | Common | NONE |
| 896215209 | TRS | TRIMAS CORP | $444,360 | 0.15% | 11,500 | Common | NONE |
| 293792107 | EPD | ENTERPRISE PRODS PART LP | $437,561 | 0.15% | 13,993 | Common | NONE |
| 89147L886 | TYG | TORTOISE ENERGY INFRASTR | $420,989 | 0.14% | 9,770 | Common | NONE |
| 83413U100 | SLRC | SLR INVESTMENT CORP | $420,781 | 0.14% | 27,520 | Common | NONE |
| 438516106 | HON | HONEYWELL INTL INC | $419,316 | 0.14% | 1,992 | Common | NONE |
| 46432F834 | IXUS | iShares Core MSCI Totl Intl STCK ETF | $409,762 | 0.14% | 4,962 | Common | NONE |
| 00214Q302 | ARKG | ARK GENOMIC REVOLUTION ETF | $362,287 | 0.12% | 13,046 | Common | NONE |
| 00287Y109 | ABBV | ABBVIE INC | $362,121 | 0.12% | 1,564 | Common | NONE |
| 464287879 | IJS | ISHARES S&P SMALL CAP 600 ETF | $357,206 | 0.12% | 3,230 | Common | NONE |
| 20030N101 | CMCSA | COMCAST CORP NEW CLASS A | $351,213 | 0.12% | 11,178 | Common | NONE |
| 25460E661 | DFEN | DIREXN DLY ARSPC DFNS BL3X SHRS ETF | $343,750 | 0.11% | 5,000 | Common | NONE |
| 452327109 | ILMN | ILLUMINA INC | $339,803 | 0.11% | 3,578 | Common | NONE |
| 02209S103 | MO | ALTRIA GROUP INC | $335,321 | 0.11% | 5,076 | Common | NONE |
| 922042742 | VT | VANGUARD TOTAL WORLD STOCK ETF | $325,747 | 0.11% | 2,364 | Common | NONE |
| 464287473 | IWS | ISHARES RUSSELL MID CAP VALUE ETF | $313,699 | 0.10% | 2,246 | Common | NONE |
| 36828A101 | GEV | GE VERNOVA INC | $311,139 | 0.10% | 506 | Common | NONE |
| 69608A108 | PLTR | PALANTIR TECHNOLOGIES INCLASS A | $306,830 | 0.10% | 1,682 | Common | NONE |
| 46137V357 | RSP | INVSC S P 500 EQUAL WEIGHT ETF | $306,232 | 0.10% | 1,614 | Common | NONE |
| 526107107 | LII | LENNOX INTL INC | $298,030 | 0.10% | 563 | Common | NONE |
| 969457100 | WMB | WILLIAMS COS INC | $294,261 | 0.10% | 4,645 | Common | NONE |
| 233051200 | DBEF | XTRACKERS MSCI EAFE HDGDEQY ETF | $293,885 | 0.10% | 6,331 | Common | NONE |
| 742718109 | PG | PROCTER & GAMBLE CO | $284,560 | 0.09% | 1,852 | Common | NONE |
| 89417E109 | TRV | TRAVELERS COS INC | $280,337 | 0.09% | 1,004 | Common | NONE |
| 578473100 | MAYS | MAYS J W INC | $278,388 | 0.09% | 7,326 | Common | NONE |
| 09857L108 | BKNG | BOOKING HLDGS INC | $275,363 | 0.09% | 51 | Common | NONE |
| 464287796 | IYE | ISHARES US ENERGY ETF | $261,360 | 0.09% | 5,500 | Common | NONE |
| 00039J822 | ILOW | AB INTERNATIONAL LOW VOLATILITY EQUITY ETF | $255,673 | 0.09% | 6,013 | Common | NONE |
| 149123101 | CAT | CATERPILLAR INC | $255,275 | 0.09% | 535 | Common | NONE |
| 647551100 | NMFC | NEW MTN FIN CORP | $252,086 | 0.08% | 26,150 | Common | NONE |
| 67072T108 | JFR | NUVEEN FLOATING RATE INC | $243,674 | 0.08% | 29,789 | Common | NONE |
| 075887109 | BDX | BECTON DICKINSON & CO | $241,449 | 0.08% | 1,290 | Common | NONE |
| 124805102 | CBZ | CBIZ INC | $238,320 | 0.08% | 4,500 | Common | NONE |
| 718546104 | PSX | PHILLIPS 66 | $236,403 | 0.08% | 1,738 | Common | NONE |
| 37954Y632 | AIQ | GLOBAL X FUND GLB X ART INTL TGY ETF | $232,133 | 0.08% | 4,700 | Common | NONE |
| 609207105 | MDLZ | MONDELEZ INTL INC CLASS A | $228,390 | 0.08% | 3,656 | Common | NONE |
| 03769M106 | APO | APOLLO GLOBAL MGMT INC N | $227,492 | 0.08% | 1,707 | Common | NONE |
| 92826C839 | V | VISA INC CLASS A | $227,166 | 0.08% | 665 | Common | NONE |
| 46429B598 | INDA | ISHARES MSCI INDIA INDEXETF | $208,240 | 0.07% | 4,000 | Common | NONE |
| 92939U106 | WEC | WEC ENERGY GROUP INC | $206,950 | 0.07% | 1,806 | Common | NONE |
| 78464A870 | XBI | SPDR S&P BIOTECH ETF | $200,400 | 0.07% | 2,000 | Common | NONE |
| 969136100 | WVVI | WILLAMETTE VY VINEYARD I | $199,472 | 0.07% | 54,800 | Common | NONE |
| 81758H106 | SERV | SERVE ROBOTICS INC | $191,023 | 0.06% | 16,425 | Common | NONE |
| N30577105 | ZGN | ERMENEGILDO ZEGNA N V F | $172,699 | 0.06% | 18,275 | Common | NONE |
| 00091G104 | ACVA | ACV AUCTIONS INC CLASS A | $165,556 | 0.06% | 16,706 | Common | NONE |
| G97229101 | WPLCF | WISE PLC ORDF | $155,915 | 0.05% | 11,116 | Common | NONE |
| G2662B103 | CRML | CRITICAL METALS CORP. F | $124,288 | 0.04% | 19,982 | Common | NONE |
| 88080T104 | WULF | Terawulf Inc Com | $120,196 | 0.04% | 10,525 | Common | NONE |
| 004468500 | ACHV | Achieve Life | $50,810 | 0.02% | 16,130 | Common | NONE |
| 86164T107 | EDF | VIRTUS STONE HARBOR EMG | $50,500 | 0.02% | 10,000 | Common | NONE |
| 142038108 | CRBU | CARIBOU BIOSCIENCES INC | $46,600 | 0.02% | 20,000 | Common | NONE |
| 256086109 | DCGO | DOCGO INC | $20,400 | 0.01% | 15,000 | Common | NONE |
| 08862E109 | BYND | BEYOND MEAT INC | $18,981 | 0.01% | 10,043 | Common | NONE |
| Q8833K103 | TLGRF | TALGA GROUP LTD ORDF | $14,555 | 0.00% | 50,000 | Common | NONE |
| 23283M101 | CYDY | CYTODYN INC | $8,450 | 0.00% | 32,500 | Common | NONE |
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.