SEC 13F Intelligence

Managers / Q4 2025 · view latest →

North Ground Capital

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

Reported Value
$201M
Q4 2025
Positions
45
Filings on Record
6
2025–present window
Filed
Feb 12, 2026
original filing

Summary

North Ground Capital reported $201M in U.S.-listed holdings across 45 positions for Q4 2025.

Its largest position, BRSP, represents 8.5% of the portfolio.

Compared with Q3 2025, the fund opened 6 new positions and exited 12.

Portfolio Metrics

Turnover
+20.9%
vs prior filed quarter
Top-10 Concentration
+58.0%
share of reported value
Largest Position
+8.5%
Brightspire Capital
New / Exited
6 / 12
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
Common Stock: 47.9%Closed-End Fund: 33.1%REIT: 15.4%Other: 3.5%
  • Common Stock · 47.9% · $97M
  • Closed-End Fund · 33.1% · $67M
  • REIT · 15.4% · $31M
  • Other · 3.5% · $7M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
XAI OCTAGN FLT RAT & ALT INMNEW+1.48M1.48M+$7M$7M
MRPMILLROSE PPTYS INCNEW+127.2K127.2K+$4M$4M
FSSLFS SPECIALTY LENDING FDNEW+135.3K135.3K+$2M$2M
ARIAPOLLO COML REAL EST FIN INCNEW+60.0K60.0K+$580,800$580,800
FSCOFS CREDIT OPPORTUNITIES CORPNEW+27.3K27.3K+$172,204$172,204
ICMBINVESTCORP CR MGMT BDC INCNEW+54.3K54.3K+$146,607$146,607
GBDCGOLUB CAP BDC INCADDED+276.1K326.1K+$4M$4M
MXFMEXICO FD INCADDED+95.4K126.3K+$2M$3M

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

Holdings — Q4 2025

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRSPBRIGHTSPIRE CAPITAL INChistory →COM CL A8.49%$17M3.05M
2OXLCOXFORD LANE CAP CORPhistory →COM7.51%$15M1.03M
3RWAYRUNWAY GROWTH FINANCE CORPhistory →COM6.96%$14M1.57M
4FSKFS KKR CAP CORPhistory →COM6.59%$13M895.7K
5CCAPCRESCENT CAP BDC INChistory →COM5.83%$12M835.3K
6CGBDCARLYLE SECURED LENDING INChistory →COM5.66%$11M912.2K
7CIONCION INVT CORPhistory →COM5.22%$11M1.09M
8BCSFBAIN CAP SPECIALTY FIN INChistory →COM STK4.33%$9M626.5K
9MFICMIDCAP FINANCIAL INVSTMNT COhistory →COM NEW3.70%$7M651.3K
10ACREARES COML REAL ESTATE CORPhistory →COM3.68%$7M1.55M
11XAI OCTAGN FLT RAT & ALT INMCOM3.53%$7M1.48M
12MSIFMSC INCOME FUND INChistory →COM3.27%$7M501.7K
13GLOCLOUGH GLOBAL OPPORTUNITIEShistory →SH BEN INT3.13%$6M1.11M
14NRKNUVEEN NEW YORK AMT QLT MUNIhistory →COM3.01%$6M601.2K
15GBDCGOLUB CAP BDC INChistory →COM2.20%$4M326.1K
16TCPCBLACKROCK TCP CAPITAL CORPhistory →COM2.14%$4M787.9K
17SWZTOTAL RETURN SECURITIES FUNDhistory →COM2.04%$4M661.1K
18OTFBLUE OWL TECHNOLOGY FIN CORPhistory →COMMON STOCK1.96%$4M271.6K
19NVGNUVEEN AMT FREE MUN CR INC Fhistory →COM1.92%$4M305.1K
20MRPMILLROSE PPTYS INChistory →COM CL A1.89%$4M127.2K
21ECATBLACKROCK ESG CAP ALLC TERMhistory →SHS BEN INT1.71%$3M223.7K
22NZFNUVEEN MUNICIPAL CREDIT INChistory →COM SH BEN INT1.40%$3M223.5K
23MXFMEXICO FD INChistory →COM1.26%$3M126.3K
24IQIINVESCO QUALITY MUN INCOME Thistory →COM1.18%$2M238.4K
25ECCEAGLE POINT CREDIT COMPANY Ihistory →COM1.12%$2M390.5K
26AOMRANGEL OAK MORTGAGE REIT INChistory →COM1.07%$2M249.6K
27FSSLFS SPECIALTY LENDING FDCOM SH BEN INT0.95%$2M135.3K
28XNQPXNUVEEN PENNSYLVANIA QLT MUNCOM0.90%$2M152.5K
29ACPABRDN INCOME CREDIT STRATEGICOM0.88%$2M329.1K
30GLVCLOUGH GLOBAL DIVID & INCOMECOM0.72%$1M244.3K
31XNXJXNUVEEN NEW JERSEY QULT MUN FCOM0.71%$1M112.8K
32ZTRVIRTUS TOTAL RETURN FD INCCOM0.70%$1M222.2K
33HFROHIGHLAND OPPS & INCOME FDHIGHLAND INCOME0.57%$1M192.7K
34BRWSABA CAPITAL INCOME & OPRNTSHS NEW0.57%$1M163.1K
35AEFABRDN EMERGING MARKETS EX CHCOM0.53%$1M152.4K
36VPVINVESCO PA VALUE MUN INC TRCOM0.49%$977,81193.5K
37XNEAXNUVEEN AMT FREE QLTY MUN INCCOM0.44%$887,85776.3K
38VKIINVESCO ADVANTAGE MUN INCOMESH BEN INT0.43%$870,44095.4K
39DMADESTRA MULTI-ALTERNATIVE FDCOMMON SHARES0.34%$693,47177.3K
40ARIAPOLLO COML REAL EST FIN INCCOM0.29%$580,80060.0K
41XGLQXCLOUGH GLOBAL EQUITY FDCOM0.27%$551,66672.0K
42FMNFEDERATED HERMES PREM MUNI ICOM0.21%$426,94638.4K
43FSCOFS CREDIT OPPORTUNITIES CORPCOMMON STOCK0.09%$172,20427.3K
44ICMBINVESTCORP CR MGMT BDC INCCOM0.07%$146,60754.3K
45XWIAXWESTERN ASST INFLTN LKD INMCOM SH BEN INT0.04%$90,07710.9K

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 ↗.