SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Northern Right Capital Management, L.P.

CIK 0001346543 · 9 OLD KINGS HWY. S., 4TH FLOOR, DARIEN, CT, 06820 · (203) 951-6084

Reported Value
$292M
Q2 2025
Positions
24
Filings on Record
31
2019–present window
Filed
Aug 15, 2025
amendment (RESTATEMENT)

Summary

Northern Right Capital Management, L.P. reported $292M in U.S.-listed holdings across 24 positions for Q2 2025.

Its largest position, NWSA, represents 10.6% of the portfolio.

Compared with Q1 2025, the fund opened 5 new positions and exited 4.

Portfolio Metrics

Turnover
+17.9%
vs prior filed quarter
Top-10 Concentration
+71.9%
share of reported value
Largest Position
+10.6%
News
New / Exited
5 / 4
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $89MQ4 ’18Q1 ’19: $115MQ2 ’19: $113MQ3 ’19: $75MQ4 ’19: $106MQ4 ’19Q1 ’20: $69MQ2 ’20: $162MQ3 ’20: $191MQ4 ’20: $276MQ4 ’20Q1 ’21: $354MQ2 ’21: $342MQ3 ’21: $338MQ4 ’21: $330MQ4 ’21Q1 ’22: $231MQ2 ’22: $169MQ3 ’22: $189MQ4 ’22: $179MQ4 ’22Q1 ’23: $197MQ2 ’23: $248MQ3 ’23: $257MQ4 ’23: $250MQ4 ’23Q1 ’24: $278MQ2 ’24: $271MQ3 ’24: $269MQ4 ’24: $270MQ4 ’24Q1 ’25: $245MQ2 ’25: $292MQ3 ’25: $323MQ4 ’25: $381MQ4 ’25Q1 ’26: $281Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 91.9%REIT: 4.9%MLP: 2.6%Other: 0.6%
  • Common Stock · 91.9% · $268M
  • REIT · 4.9% · $14M
  • MLP · 2.6% · $8M
  • Other · 0.6% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
HHHHOWARD HUGHES HOLDINGS INCNEW+261.4K261.4K+$18M$18M
FIPFTAI INFRASTRUCTURE INCNEW+885.7K885.7K+$5M$5M
MGMMGM RESORTS INTERNATIONALNEW+143.1K143.1K+$5M$5M
CIFRCIPHER MINING INCNEW+177.0K177.0K+$846,060$846,060
PTBPOTBELLY CORPNEW+48.1K48.1K+$589,801$589,801
CORZCORE SCIENTIFIC INC NEWADDED+1.57M1.72M+$28M$29M
FTAI AVIATION LTDSOLD OUT−90.0K0−$10M$0
HOODROBINHOOD MKTS INCSOLD OUT−127.2K0−$5M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

23 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NWSANEWS CORP NEWCL A · CL B12.03%$35M1.16M
2CORZCORE SCIENTIFIC INC NEWhistory →COM10.07%$29M1.72M
3APOAPOLLO GLOBAL MGMT INChistory →COM8.40%$25M173.0K
4CARTMAPLEBEAR INChistory →COM7.40%$22M478.0K
50J7QIAC INChistory →COM NEW7.27%$21M568.4K
6HUTHUT 8 CORPhistory →COM6.19%$18M971.9K
7HHHHOWARD HUGHES HOLDINGS INChistory →COM6.04%$18M261.4K
8TKOTKO GROUP HOLDINGS INChistory →CL A5.51%$16M88.4K
9MSGEMADISON SQUARE GARDEN ENTMThistory →COM CL A5.43%$16M396.5K
10ARESARES MANAGEMENT CORPORATIONhistory →CL A COM STK4.99%$15M84.2K
11RITMRITHM CAPITAL CORPhistory →COM NEW4.91%$14M1.27M
12TRUTRANSUNIONhistory →COM4.85%$14M160.9K
13GEGGREAT ELM GROUP INChistory →COM NEW3.01%$9M4.24M
14GECCGREAT ELM CAP CORPhistory →COM NEW2.92%$9M798.5K
15PINSPINTEREST INChistory →CL A2.16%$6M176.1K
16FIPFTAI INFRASTRUCTURE INChistory →COMMON STOCK1.87%$5M885.7K
17ETENERGY TRANSFER L Phistory →COM UT LTD PTN1.73%$5M278.0K
18MGMMGM RESORTS INTERNATIONALhistory →COM1.69%$5M143.1K
19TPBTURNING PT BRANDS INChistory →COM1.58%$5M60.9K
20MPLXMPLX LPCOM UNIT REP LTD0.90%$3M51.2K
21BROOKFIELD RENEWABLE PARTNERPARTNERSHIP UNIT0.56%$2M64.6K
22CIFRCIPHER MINING INCCOM0.29%$846,060177.0K
23PTBPOTBELLY CORPCOM0.20%$589,80148.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$281M25May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$381M27Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$323M24Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$292M24Aug 15, 2025RESTATEMENTchanges · EDGAR ↗
Q1 2025$245M23May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$270M24Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$269M27Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$271M29Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$278M30May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$250M28Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$257M27Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$248M26Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$197M21May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$179M20Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$189M24Nov 15, 202213F-HRchanges · EDGAR ↗
Q2 2022$169M21Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$231M31May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$330M79Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$338M87Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$342M79Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$354M87May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$276M55Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$191M41Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$162M29Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$69M20May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$106M24Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$75M16Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$113M22Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$115M19May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$89M14Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.