Q4 2025 · 13F-HR
Next Capital Management LLCholdings as filed
Filed 2026-02-11 · accession 0001437749-26-003766
$312.3M
Reported value
136
Positions
2025-12-31
Period end
The Brief · Next Capital Management LLC · Q4 2025
AI · grounded in 13F
Next Capital Management LLC exited its position in WMT, reducing its exposure by $2,123,010. The fund also closed positions in PM, MCD, and HD. On the buy side, the manager increased its stake in OBDC by 407.03% and accumulated more shares of IEMG and IVW.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 464287200 | IVV | ISHARES CORE S&P 500 ETF | $47.8M | 15.3% | 69,834 | Common | NONE |
| 03761U502 | MFIC | MIDCAP FINL INVESTME | $17.0M | 5.44% | 1,484,349 | Common | NONE |
| 09259E108 | TCPC | BLACKROCK TCP CAP CORP | $14.7M | 4.70% | 2,683,539 | Common | NONE |
| 46090E103 | QQQ | INVSC QQQ TRUST SRS 1 ETF | $13.2M | 4.21% | 21,424 | Common | NONE |
| 46432F842 | IEFA | ISHARES CORE MSCI EAFE ETF | $13.1M | 4.18% | 146,055 | Common | NONE |
| 30303M102 | META | META PLATFORMS INC CLASS A | $11.0M | 3.51% | 16,611 | Common | NONE |
| 023135106 | AMZN | AMAZON.COM INC | $10.4M | 3.34% | 45,188 | Common | NONE |
| 464287614 | IWF | ISHARES RUSSELL 1000 GROWTH ETF | $10.2M | 3.25% | 21,471 | Common | NONE |
| 922908769 | VTI | VANGUARD TOTAL STOCK MARKET ETF | $10.1M | 3.24% | 30,174 | Common | NONE |
| 46434G103 | IEMG | iShares Core MSCI Emerging ETF | $9.6M | 3.07% | 142,425 | Common | NONE |
| 464287309 | IVW | ISHARES S&P 500 GROWTH ETF | $8.1M | 2.58% | 65,367 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $7.7M | 2.47% | 28,346 | Common | NONE |
| 464287804 | IJR | ISHARES CORE S&P SMALL CAP ETF | $5.6M | 1.81% | 46,975 | Common | NONE |
| 464287598 | IWD | ISHARES RUSSELL 1000 VALUE ETF | $5.4M | 1.73% | 25,679 | Common | NONE |
| 464287507 | IJH | ISHARES CORE S&P MID CAPETF | $5.3M | 1.71% | 80,757 | Common | NONE |
| 922908363 | VOO | VANGUARD S&P 500 ETF | $5.3M | 1.69% | 8,438 | Common | NONE |
| 67066G104 | NVDA | NVIDIA CORP | $4.6M | 1.49% | 24,922 | Common | NONE |
| 464287622 | IWB | ISHARES RUSSELL 1000 ETF | $4.5M | 1.43% | 11,948 | Common | NONE |
| 78462F103 | SPY | SPDR S&P 500 ETF | $4.2M | 1.35% | 6,195 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY CLASS CLASS B | $4.2M | 1.33% | 8,289 | Common | NONE |
| 808524607 | SCHA | SCHWAB US SMALL CAP ETF | $3.4M | 1.09% | 119,142 | Common | NONE |
| 38173M102 | GBDC | GOLUB CAP BDC INC | $3.3M | 1.06% | 244,213 | Common | NONE |
| 808524771 | FNDX | SCHWAB FUNDMNTL US LARGECOM ETF | $3.3M | 1.05% | 120,237 | Common | NONE |
| 808524201 | SCHX | SCHWAB US LARGE CAP ETF | $3.1M | 0.98% | 113,652 | Common | NONE |
| 921908844 | VIG | VANGUARD DIVIDEND APPRECIATION ETF | $2.9M | 0.94% | 13,360 | Common | NONE |
| 46138G649 | QQQM | INVESCO NASDAQ 100 ETF | $2.8M | 0.90% | 11,175 | Common | NONE |
| 81369Y209 | XLV | STATE STRT HLTH CRE SLT SEC SPDR ETF | $2.8M | 0.89% | 17,965 | Common | NONE |
| 48251W104 | KKR | KKR & CO INC | $2.6M | 0.83% | 20,273 | Common | NONE |
| 69121K104 | OBDC | BLUE OWL CAP CORP | $2.5M | 0.80% | 199,584 | Common | NONE |
| 922908736 | VUG | VANGUARD GROWTH ETF | $2.4M | 0.77% | 4,942 | Common | NONE |
| 92204A702 | VGT | VANGUARD INFORMATION TECHNOLOGY ETF | $2.1M | 0.67% | 2,773 | Common | NONE |
| 464287663 | IUSV | ISHARES CORE S&P US VALUE ETF | $2.1M | 0.67% | 20,381 | Common | NONE |
| 02079K305 | GOOGL | ALPHABET INC CLASS CLASS A | $2.0M | 0.65% | 6,515 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $2.0M | 0.65% | 4,212 | Common | NONE |
| 02079K107 | GOOG | ALPHABET INC CLASS CLASS C | $2.0M | 0.64% | 6,387 | Common | NONE |
| 464287234 | EEM | ISHARES MSCI EMERGING MARKETS ETF | $1.9M | 0.61% | 34,874 | Common | NONE |
| 532457108 | LLY | ELI LILLY AND CO | $1.9M | 0.61% | 1,768 | Common | NONE |
| 81369Y605 | XLF | STE STRT FINCL SLCT SECTOR SPDR ETF | $1.8M | 0.58% | 32,904 | Common | NONE |
| 60937P106 | MDB | MONGODB INC CLASS CLASS A | $1.8M | 0.57% | 4,212 | Common | NONE |
| 500767306 | KWEB | KRANESHARES CSI CHINA INTERNET ETF | $1.7M | 0.53% | 49,020 | Common | NONE |
| 46641Q837 | JPST | JPMORGAN ULTRA SHORT INCOME ETF | $1.6M | 0.53% | 32,562 | Common | NONE |
| 808513105 | SCHW | CHARLES SCHWAB CORP | $1.6M | 0.52% | 16,323 | Common | NONE |
| 084670108 | BRK/A | BERKSHIRE HATHAWAY INC DCLASS A | $1.5M | 0.48% | 2 | Common | NONE |
| 922908637 | VV | VANGUARD LARGE CAP ETF | $1.4M | 0.45% | 4,509 | Common | NONE |
| 922908538 | VOT | VANGUARD MID CAP GROWTH ETF | $1.4M | 0.45% | 5,020 | Common | NONE |
| 879369106 | TFX | TELEFLEX INC | $1.3M | 0.41% | 10,423 | Common | NONE |
| 464287481 | IWP | ISHARES RUSSELL MID CAP GROWTH ETF | $1.3M | 0.41% | 9,242 | Common | NONE |
| 38141G104 | GS | GOLDMAN SACHS GROUP INC | $1.2M | 0.40% | 1,415 | Common | NONE |
| 81369Y803 | XLK | STATE STRET TEC SELECT SEC SPDR ETF | $1.2M | 0.38% | 8,348 | Common | NONE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $1.2M | 0.37% | 5,592 | Common | NONE |
| 191216100 | KO | THE COCA-COLA CO | $1.1M | 0.37% | 16,386 | Common | NONE |
| 921946406 | VYM | VANGUARD HIGH DIVIDEND YIELD ETF | $1.1M | 0.36% | 7,778 | Common | NONE |
| 808524797 | SCHD | SCHWAB US DIVIDEND EQUITY ETF | $1.1M | 0.35% | 40,381 | Common | NONE |
| 464287655 | IWM | ISHARES RUSSELL 2000 ETF | $1.1M | 0.35% | 4,441 | Common | NONE |
| 92189F106 | GDX | VANECK GOLD MINERS ETF | $1.0M | 0.32% | 11,752 | Common | NONE |
| 921943858 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | $1.0M | 0.32% | 16,023 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO | $989,598 | 0.32% | 3,071 | Common | NONE |
| 464287465 | EFA | ISHARES MSCI EAFE ETF | $981,042 | 0.31% | 10,216 | Common | NONE |
| 278865100 | ECL | ECOLAB INC | $959,511 | 0.31% | 3,655 | Common | NONE |
| 701094104 | PH | PARKER-HANNIFIN CORP | $909,724 | 0.29% | 1,035 | Common | NONE |
| 46137V241 | SPHQ | INVESCO S&P 500 QUALITY ETF | $871,180 | 0.28% | 11,608 | Common | NONE |
| 808524102 | SCHB | SCHWAB US BROAD MARKET ETF | $868,864 | 0.28% | 33,125 | Common | NONE |
| 04626A103 | ALAB | ASTERA LABS INC | $862,078 | 0.28% | 5,182 | Common | NONE |
| 33738D101 | EMLP | FIRST TRUST NORTH AMERICAN ENERG ETF | $732,595 | 0.23% | 19,345 | Common | NONE |
| 11271J107 | BN | BROOKFIELD CORP FCLASS A | $722,768 | 0.23% | 15,750 | Common | NONE |
| 09260D107 | BX | BLACKSTONE INC | $702,821 | 0.23% | 4,560 | Common | NONE |
| 126349109 | CSN | CSG SYS INTL INC | $690,210 | 0.22% | 9,000 | Common | NONE |
| 464288240 | ACWX | ISHARES MSCI ACWI EX US ETF | $668,548 | 0.21% | 9,959 | Common | NONE |
| 30231G102 | XOM | EXXON MOBIL CORP | $667,285 | 0.21% | 5,545 | Common | NONE |
| 92189F411 | BIZD | VANECK BDC INCOME ETF | $652,280 | 0.21% | 46,000 | Common | NONE |
| 78518H202 | BRW | SABA CAPITAL INCOME OPPO | $623,378 | 0.20% | 88,927 | Common | NONE |
| 64110L106 | NFLX | NETFLIX INC | $611,784 | 0.20% | 6,525 | Common | NONE |
| 025537101 | AEP | AMERICAN ELEC PWR CO INC | $585,198 | 0.19% | 5,075 | Common | NONE |
| 682680103 | OKE | ONEOK INC NEW | $579,180 | 0.19% | 7,880 | Common | NONE |
| 922908744 | VTV | VANGUARD VALUE ETF | $578,880 | 0.19% | 3,031 | Common | NONE |
| 747525103 | QCOM | QUALCOMM INC | $555,057 | 0.18% | 3,245 | Common | NONE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $540,341 | 0.17% | 2,256 | Common | NONE |
| 922042858 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | $534,782 | 0.17% | 9,948 | Common | NONE |
| 693506107 | PPG | PPG INDS INC | $525,517 | 0.17% | 5,129 | Common | NONE |
| L8681T102 | SPOT | SPOTIFY TECHNOLOGY S A F | $499,411 | 0.16% | 860 | Common | NONE |
| 464288869 | IWC | ISHARES MICRO CAP ETF | $492,497 | 0.16% | 3,123 | Common | NONE |
| 75508B104 | RYAM | Rayonier Advanced Ma | $484,423 | 0.16% | 82,245 | Common | NONE |
| 452327109 | ILMN | ILLUMINA INC | $469,290 | 0.15% | 3,578 | Common | NONE |
| 293792107 | EPD | ENTERPRISE PRODS PART LP | $448,616 | 0.14% | 13,993 | Common | NONE |
| 76882G107 | OPP | RIVERNORTH DOUBLLINE STR | $438,117 | 0.14% | 55,109 | Common | NONE |
| 83413U100 | SLRC | SLR INVESTMENT CORP | $425,459 | 0.14% | 27,520 | Common | NONE |
| 46432F834 | IXUS | iShares Core MSCI Totl Intl STCK ETF | $419,984 | 0.13% | 4,962 | Common | NONE |
| 896215209 | TRS | TRIMAS CORP | $407,675 | 0.13% | 11,500 | Common | NONE |
| 89147L886 | TYG | TORTOISE ENERGY INFRASTR | $399,593 | 0.13% | 9,770 | Common | NONE |
| 438516106 | HON | HONEYWELL INTL INC | $388,619 | 0.12% | 1,992 | Common | NONE |
| 00214Q302 | ARKG | ARK GENOMIC REVOLUTION ETF | $377,943 | 0.12% | 13,046 | Common | NONE |
| 464287879 | IJS | ISHARES S&P SMALL CAP 600 ETF | $367,316 | 0.12% | 3,230 | Common | NONE |
| 36828A101 | GEV | GE VERNOVA INC | $333,974 | 0.11% | 511 | Common | NONE |
| 922042742 | VT | VANGUARD TOTAL WORLD STOCK ETF | $333,510 | 0.11% | 2,364 | Common | NONE |
| 20030N101 | CMCSA | COMCAST CORP NEW TRADES WITH DUE BILLS | $326,638 | 0.10% | 10,928 | Common | NONE |
| 46137V357 | RSP | INVSC S P 500 EQUAL WEIGHT ETF | $326,563 | 0.10% | 1,705 | Common | NONE |
| 464287473 | IWS | ISHARES RUSSELL MID CAP VALUE ETF | $316,798 | 0.10% | 2,246 | Common | NONE |
| 149123101 | CAT | CATERPILLAR INC | $306,485 | 0.10% | 535 | Common | NONE |
| 808524508 | SCHM | CHARLES SCHWAB US MC ETF | $305,767 | 0.10% | 10,169 | Common | NONE |
| 233051200 | DBEF | XTRACKERS MSCI EAFE HDGDEQY ETF | $304,584 | 0.10% | 6,331 | Common | NONE |
| 46428Q109 | SLV | ISHARES SILVER TRUST ETF | $295,366 | 0.09% | 4,585 | Common | NONE |
| 578473100 | MAYS | MAYS J W INC | $292,600 | 0.09% | 7,326 | Common | NONE |
| 89417E109 | TRV | TRAVELERS COS INC | $291,378 | 0.09% | 1,005 | Common | NONE |
| 69608A108 | PLTR | PALANTIR TECHNOLOGIES INCLASS CLASS A | $280,490 | 0.09% | 1,578 | Common | NONE |
| 969457100 | WMB | WILLIAMS COS INC | $279,211 | 0.09% | 4,645 | Common | NONE |
| 526107107 | LII | LENNOX INTL INC | $273,382 | 0.09% | 563 | Common | NONE |
| 647551100 | NMFC | NEW MTN FIN CORP | $273,353 | 0.09% | 29,680 | Common | NONE |
| 92203J407 | BNDX | Vanguard Total International BND ETF | $266,678 | 0.09% | 5,519 | Common | NONE |
| 464287796 | IYE | ISHARES US ENERGY ETF | $261,415 | 0.08% | 5,500 | Common | NONE |
| 09857L108 | BKNG | BOOKING HLDGS INC | $257,056 | 0.08% | 48 | Common | NONE |
| 00039J822 | ILOW | Ab Active Etfs Inc (international Low Volatility Equity Etf) | $256,094 | 0.08% | 6,013 | Common | NONE |
| 03769M106 | APO | APOLLO GLOBAL MGMT INC NCLASS CLASS A | $254,633 | 0.08% | 1,759 | Common | NONE |
| 37954Y632 | AIQ | GLOBAL X FUND GLB X ART INTL TGY ETF | $246,569 | 0.08% | 4,848 | Common | NONE |
| 78464A870 | XBI | STATE STREET SPDR S&P BIOTCH ETF | $243,860 | 0.08% | 2,000 | Common | NONE |
| 922908629 | VO | VANGUARD MID CAP ETF | $234,446 | 0.08% | 808 | Common | NONE |
| 67072T108 | JFR | NUVEEN FLOATING RATE INC | $233,792 | 0.07% | 29,858 | Common | NONE |
| 124805102 | CBZ | CBIZ INC | $227,025 | 0.07% | 4,500 | Common | NONE |
| 075887109 | BDX | BECTON DICKINSON & CO | $225,897 | 0.07% | 1,164 | Common | NONE |
| 718546104 | PSX | PHILLIPS 66 | $224,272 | 0.07% | 1,738 | Common | NONE |
| 46429B598 | INDA | ISHARES MSCI INDIA INDEXETF | $216,200 | 0.07% | 4,000 | Common | NONE |
| 92826C839 | V | VISA INC CLASS CLASS A | $211,631 | 0.07% | 603 | Common | NONE |
| 552953101 | MGM | MGM RESORTS INTL | $209,818 | 0.07% | 5,750 | Common | NONE |
| 46435U861 | DIVB | ISHARES CORE DIVIDEND ETF | $204,862 | 0.07% | 3,854 | Common | NONE |
| 00287Y109 | ABBV | ABBVIE INC | $203,229 | 0.07% | 889 | Common | NONE |
| H2927K103 | AMRZ | AMRIZE LTD F | $202,800 | 0.06% | 3,750 | Common | NONE |
| N30577105 | ZGN | ERMENEGILDO ZEGNA N V F | $187,319 | 0.06% | 18,275 | Common | NONE |
| 81758H106 | SERV | SERVE ROBOTICS INC | $170,492 | 0.05% | 16,425 | Common | NONE |
| 969136100 | WVVI | WILLAMETTE VY VINEYARD I | $167,140 | 0.05% | 54,800 | Common | NONE |
| 00091G104 | ACVA | ACV AUCTIONS INC CLASS A | $133,982 | 0.04% | 16,706 | Common | NONE |
| G97229101 | WPLCF | WISE PLC ORDF | $133,451 | 0.04% | 11,116 | Common | NONE |
| 88080T104 | WULF | Terawulf Inc Com | $120,932 | 0.04% | 10,525 | Common | NONE |
| 004468500 | ACHV | Achieve Life | $80,166 | 0.03% | 16,130 | Common | NONE |
| 86164T107 | EDF | VIRTUS STONE HARBOR EMG | $49,700 | 0.02% | 10,000 | Common | NONE |
| 142038108 | CRBU | CARIBOU BIOSCIENCES INC | $31,800 | 0.01% | 20,000 | Common | NONE |
| 256086109 | DCGO | DOCGO INC | $13,167 | 0.00% | 15,000 | Common | NONE |
| 23283M101 | CYDY | CYTODYN INC | $9,100 | 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.