SEC 13F Intelligence

Managers / Q3 2025 · view latest →

North Ground Capital

CIK 0002055446 · 87 ELM STREET, SUITE 103, COHASSET, MA, 02025 · 781.923.0975

Reported Value
$163M
Q3 2025
Positions
51
Filings on Record
6
2025–present window
Filed
Oct 29, 2025
original filing

Summary

North Ground Capital reported $163M in U.S.-listed holdings across 51 positions for Q3 2025.

Its largest position, BRSP, represents 8.4% of the portfolio.

Compared with Q2 2025, the fund opened 18 new positions and exited 5.

Portfolio Metrics

Turnover
+15.5%
vs prior filed quarter
Top-10 Concentration
+48.8%
share of reported value
Largest Position
+8.4%
Brightspire Capital
New / Exited
18 / 5
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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 ’24: $93MQ4 ’24Q1 ’25: $98MQ1 ’25Q2 ’25: $78MQ2 ’25Q3 ’25: $163MQ3 ’25Q4 ’25: $201MQ4 ’25Q1 ’26: $83MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Closed-End Fund: 46.0%Common Stock: 35.9%REIT: 14.2%ETP: 3.9%
  • Closed-End Fund · 46.0% · $75M
  • Common Stock · 35.9% · $59M
  • REIT · 14.2% · $23M
  • ETP · 3.9% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
OXLCOXFORD LANE CAP CORPNEW+422.2K422.2K+$7M$7M
EICEAGLE POINT INCOME COMPANY INEW+422.2K422.2K+$6M$6M
JAAAJANUS DETROIT STR TRNEW+126.7K126.7K+$6M$6M
CGBDCARLYLE SECURED LENDING INCNEW+476.1K476.1K+$6M$6M
ACREARES COML REAL ESTATE CORPNEW+1.16M1.16M+$5M$5M
OTFBLUE OWL TECHNOLOGY FIN CORPNEW+375.0K375.0K+$5M$5M
ECCEAGLE POINT CREDIT COMPANY INEW+633.3K633.3K+$5M$5M
MSIFMSC INCOME FUND INCNEW+319.8K319.8K+$4M$4M

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

Holdings — Q3 2025

51 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRSPBRIGHTSPIRE CAPITAL INChistory →COM CL A8.40%$14M2.52M
2CIONCION INVT CORPhistory →COM5.83%$10M1.00M
3FSKFS KKR CAP CORPhistory →COM5.63%$9M615.0K
4RWAYRUNWAY GROWTH FINANCE CORPhistory →COM4.83%$8M775.0K
5ZTRVIRTUS TOTAL RETURN FD INChistory →COM4.74%$8M1.20M
6OXLCOXFORD LANE CAP CORPhistory →COM4.15%$7M422.2K
7EICEAGLE POINT INCOME COMPANY Ihistory →COM3.96%$6M422.2K
8JAAAJANUS DETROIT STR TRhistory →HENDRSON AAA CL3.95%$6M126.7K
9CCAPCRESCENT CAP BDC INChistory →COM3.66%$6M418.0K
10CGBDCARLYLE SECURED LENDING INChistory →COM3.65%$6M476.1K
11NRKNUVEEN NEW YORK AMT QLT MUNIhistory →COM3.37%$5M538.6K
12GLOCLOUGH GLOBAL OPPORTUNITIEShistory →SH BEN INT3.31%$5M947.4K
13ACREARES COML REAL ESTATE CORPhistory →COM3.20%$5M1.16M
14OTFBLUE OWL TECHNOLOGY FIN CORPhistory →COMMON STOCK3.18%$5M375.0K
15ECCEAGLE POINT CREDIT COMPANY Ihistory →COM3.05%$5M633.3K
16ECATBLACKROCK ESG CAP ALLC TERMhistory →SHS BEN INT2.87%$5M285.0K
17MSIFMSC INCOME FUND INChistory →COM2.58%$4M319.8K
18AOMRANGEL OAK MORTGAGE REIT INChistory →COM2.24%$4M388.8K
19NVGNUVEEN AMT FREE MUN CR INC Fhistory →COM2.06%$3M273.6K
20NZFNUVEEN MUNICIPAL CREDIT INChistory →COM SH BEN INT1.98%$3M256.5K
21TCPCBLACKROCK TCP CAPITAL CORPhistory →COM1.90%$3M500.0K
22MFICMIDCAP FINANCIAL INVSTMNT COhistory →COM NEW1.84%$3M250.0K
23BCSFBAIN CAP SPECIALTY FIN INChistory →COM STK1.53%$2M175.0K
24NMCONUVEEN MUN CR OPPORTUNITIEShistory →COM1.38%$2M206.4K
25XNXJXNUVEEN NEW JERSEY QULT MUN Fhistory →COM1.30%$2M171.0K
26IQIINVESCO QUALITY MUN INCOME Thistory →COM1.29%$2M213.8K
27GLVCLOUGH GLOBAL DIVID & INCOMEhistory →COM1.14%$2M313.0K
28XGLQXCLOUGH GLOBAL EQUITY FDhistory →COM1.09%$2M234.2K
29ACPABRDN INCOME CREDIT STRATEGIhistory →COM1.05%$2M295.9K
30XNQPXNUVEEN PENNSYLVANIA QLT MUNhistory →COM1.01%$2M136.8K
31KBDCKAYNE ANDERSON BDC INCCOM SHS0.82%$1M100.0K
32HFROHIGHLAND OPPS & INCOME FDHIGHLAND INCOME0.77%$1M197.0K
33TYGTORTOISE ENERGY INFRA CORPCOM0.76%$1M28.9K
34SWZTOTAL RETURN SECURITIES FUNDCOM0.72%$1M193.5K
35VTNINVESCO TR INVT GRADE NEW YOCOM0.72%$1M106.7K
36AEFABRDN EMERGING MARKETS EX CHCOM0.55%$894,486138.0K
37VPVINVESCO PA VALUE MUN INC TRCOM0.53%$864,52883.7K
38BRWSABA CAPITAL INCOME & OPRNTSHS NEW0.52%$854,700110.0K
39XWIAXWESTERN ASST INFLTN LKD INMCOM SH BEN INT0.52%$840,67099.8K
40XNEAXNUVEEN AMT FREE QLTY MUN INCCOM0.48%$779,07668.4K
41XAODXABRDN TOTAL DYNAMIC DIVIDENDCOM SH BEN INT0.47%$766,01481.0K
42VKIINVESCO ADVANTAGE MUN INCOMESH BEN INT0.46%$749,83585.5K
43EMOCLEARBRIDGE ENERGY MIDSTRM OCOM0.45%$738,75416.4K
44GBDCGOLUB CAP BDC INCCOM0.42%$684,50050.0K
45MXFMEXICO FD INCCOM0.37%$608,11930.9K
46RWTREDWOOD TRUST INCCOM0.34%$550,05095.0K
47DMADESTRA MULTI-ALTERNATIVE FDCOMMON SHARES0.31%$509,81259.0K
48FMNFEDERATED HERMES PREM MUNI ICOM0.23%$379,45634.4K
49XENWXEATON VANCE NEW YORK MUN BDCOM0.22%$364,24836.9K
50XEVMXEATON VANCE CALIF MUN BD FDCOM0.10%$167,24217.6K
51OXSQOXFORD SQUARE CAP CORPCOM0.05%$79,50050.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$83M40May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$201M45Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$163M51Oct 29, 202513F-HRchanges · EDGAR ↗
Q2 2025$78M38Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$98M42May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$93M46Feb 14, 202513F-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 ↗.